ABOUT US
Our Investment Philosophy
The Aegis investment philosophy is predicated upon finding value in the equity markets through rigorous fundamental research. The small cap segments of these markets are often inefficient, with market values at times deviating substantially from intrinsic values. Market inefficiencies can be exploited by patient, long-term oriented, contrarian investors willing to perform detailed analysis of company-specific fundamentals over time to gain a deep knowledge of a company’s value. A strong grasp of each investment’s fundamental value gives the manager the conviction to buy and hold shares of companies when market sentiment is poor and emotion is impacting the investment decision of other investors. Particular emphasis is placed on purchasing equities trading cheaply relative to the value of a company’s assets, with the goal of maintaining robust down-side protection.
Our philosophy is premised on the basis that economic conditions and the resulting company valuations tend to be cyclical. Investor emotion can often exacerbate equity pricing volatility, creating the opportunity for patient investors with a detailed understanding of company fundamentals and a long-term outlook to exploit price movements driven by investor emotion. The manager seeks to buy when valuation levels are low, sentiment is poor and other investors are selling irrationally, and seeks to sell when valuation levels have recovered as investor excitement and complacency are nearing a peak.
Key to the employment of the philosophy is a contrarian, patient, long-term mindset and a systematic, fact-driven, bottom-up investment process that seeks to methodically and dispassionately evaluate a company’s long-term underlying fundamentals while limiting the emotional influence of transitory business challenges or daily trading fluctuations of its stock.
SCOTT BARBEE, CFA
Portfolio Manager
Mr. Barbee has been Portfolio Manager of the Aegis Small Cap Deep Value strategy since its inception in 1998 and is the controlling shareholder of Aegis Financial Corporation. Prior to Aegis, Mr. Barbee worked as an analyst covering oilfield services at Simmons & Company, and later as a generalist with deep value advisor Donald Smith & Company. Mr. Barbee holds a B.S. degree in Mechanical Engineering and a B.A. degree in Economics from Rice University and received his M.B.A. from the Wharton School at the University of Pennsylvania.
JUSTIN HARRISON, CFA
Managing Director
Mr. Harrison is a Managing Director and senior member of Aegis’ investment team, bringing nearly twenty years of asset management experience. Before joining Aegis Financial in 2018, he held key investment roles at multiple long/short equity hedge funds, including Partner & Senior Analyst at Ramsey Asset Management where he specialized in the financial, energy, and technology sectors. Previously, Mr. Harrison spent a decade in the technology industry. Mr. Harrison received his B.S. in Mechanical & Aerospace Engineering from Cornell University.
IVAN MARTINEZ
Trader
Mr. Martinez joined Aegis Financial as Trader in 2013. He has worked in securities trading since 2000, beginning his career with UBS. Mr. Martinez spent five years as Vice President at FBR Capital Markets trading equities and later became Head Trader at BGB Securities, where he was responsible for all debt and equity trading. Mr. Martinez holds a B.B.A. degree in Finance from James Madison University.
CHANPONG KONGKATIGUMJORN
Controller
Mr. Kongkatigumjorn started his career at Aegis Financial in 1998. As Controller, he oversees the firm’s administrative operational activities and back-office functions including trade settlement and account servicing. He received his M.B.A. from The George Washington University and a B.B.A. from Assumption University in Thailand.
MAX STEELE
Associate Analyst
Max Steele is an Associate Analyst for Aegis Financial, where he supports senior members of the investment team researching new investment opportunities and maintaining coverage of existing investments. Prior to Aegis, Mr. Steele worked as a Summer Analyst at Russell Investments in their New York office. He holds a B.S in Finance from The Pennsylvania State University.
BAILEY CAPONI
Compliance & Operations
Bailey Caponi joined Aegis Financial in 2022 as an Operations and Compliance Associate, having previously worked as an Accounting Specialist. Ms. Caponi supports critical financial processes, assists in ensuring regulatory compliance and contributes to the smooth functioning of operational activities. She holds a B.S. in Accounting from George Mason University.