The inception date for AVALX (Class I) is 05/15/1998.
The S&P SmallCap 600 Pure Value Index performance prior to December 16, 2005 cannot be shown since it relies on back-tested data. The Fund Class I has an annualized gross expense ratio of 1.43% and a net annualized expense ratio, after fee waiver and/or Expense Reimbursement and Management Fee Recoupment, of 1.46%. Under the waiver, the Advisor has contractually agreed to limit certain fees and/or reimburse certain of the Fund’s expenses through April 30, 2025.

The performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal value of an investment fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1.800.528.3780 or visit the Fund’s website at https://www.aegisfunds.com.

Portfolio holdings will change due to ongoing management of the funds. References to specific securities or sectors should not be misconstrued as recommended by the Advisor.

Click here for the fund’s Top Ten Holdings

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Definitions:

Intrinsic Value: It refers to the actual value of a company or stock determined through fundamental analysis without reference to its market value.

Cash Flow: A revenue or expense stream that changes a cash account over a given period.

Free cash flow (FCF): Represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base.

Price to Book: A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.

Enterprise Value: The market capitalization plus debt, less cash.

EBITDA: Earnings before interest, taxes, depreciation and amortization expense.

Return on equity: The amount of net income returned as a percentage of shareholders equity.

Book Value: A company’s common stock equity as it appears on a balance sheet.

Discount to Book Value: A company’s stock trades at a discount to book value when its market capitalization is less than the book value.

The Magnificent Seven: The term refers to a group of seven large, influential, and high-performing US tech companies. They are Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla.

S&P 500 Index: An index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.

Nasdaq 100 Index: An index composed of the 100 largest, most actively traded U.S companies listed on the Nasdaq stock exchange. This index includes companies from a broad range of industries with the exception of those that operate in the financial industry, such as banks and investment companies.

Price-to-Earnings: A valuation ratio of a company’s current share price compared to its per-share earnings.

Margin of Safety: A principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value.

Cyclicality: Refers to the tendency of a company’s performance to fluctuate based on the economic cycle. The quality of something that happens or moves in cycles, or the state of recurring at regular intervals. Real Return: The rate of return on an investment after accounting for inflation and taxes.

Index Tracking Errors: Refers to the measurement of how closely an investment portfolio tracks the performance of its designed benchmark index, calculated as the standard deviation of the difference between the portfolio’s returns and the benchmark’s return over time.

Leverage: The use of borrowed money to increase the potential return on an investment or to fund business operations.

Cyclical Downturn: A period when an industry, company, or the economy declines in activity. Cyclical downturns are part of a natural business cycle, and are often temporary.

Quantitative Analyst (Quant): A profession using methods to understand the behavior of financial markets and make more informed investment or trading decisions. It involves the use of mathematical and statistical techniques to analyze financial data.

Volatility Metrics: Statistical measurements of how much an asset’s price fluctuates over time.

Drawdown: A peak-to-trough decline during a specific period for an investment, trading account, or fund. The decline in value of a single investment or an investment portfolio from a relative peak.

Geologic Risk: The potential for damage or loss from natural geologic processes.

Metallurgy Risk: Include health hazards, environmental damage, and accidents.

Construction Risk: The possibility of an event or factor that could negatively affect a construction project.

Regulatory Risk: The possibility that changes in laws or regulations could negatively impact a business, industry, or security.

Country Risk: The uncertainty of investing in a country, and the potential for losses that may result.

Francophile Africa: A region of African countries where French is spoken, and was colonized by France and Belgium.

Risk Factors: Conditions that could lower a company’s profits or cause it to fail.

Share repurchases/Buyback: When a company buys back its own shares from the public.

Restructuring: A reorganization of a company with a view to achieving greater efficiency and profit, or to adapt to a changing market.

CEO Turnover: The rate at which a company’s CEO changes, including both departures and new hires.

Capital Expenditure (CapEx): Money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment.

Margin Calls: A request from a broker for an investor to add more money or securities to their account. This happens when the value of the account falls below the required minimum.

Natural Gas (Nat Gas): A fossil fuel energy source.