Fund Description

The Aegis Value Fund was incepted in May 1998. The fund is managed by Berno, Gambal & Barbee, Inc. (BGB), a value-oriented investment advisor. The fund's principal investment goal is to seek long-term capital appreciation by investing in small-cap value equities. The fund primarily invests in securities that trade at significant discounts to the market using such measures as price to book value, price to cash flow, and price to revenues. This investment style is commonly known as a 'deep value' portfolio strategy. Common stocks generally entitle the holder to participate in a company's business operating results. The fund's managers may take a temporary defensive position when the securities markets are experiencing excessive volatility or a prolonged general decline, or when other adverse conditions exist. Under these circumstances, the fund may be unable to pursue its investment goal, because it may not invest or may invest less in securities of companies that the managers believe are undervalued in the marketplace relative to underlying asset values. The fund's defensive investment position may not be effective in protecting its value. Dividends and capital gains, if any, are distributed in December.