Description

Aegis Financial Corporation is a boutique, high-conviction, long-term oriented $1.4 billion asset manager focused on deeply undervalued equities, primarily in North America, England and Australia. Founded on the principles of disciplined fundamental analysis and margin of safety, we identify companies trading at substantial discounts to intrinsic value—typically measured by normalized free cash flow, book value, replacement cost, or liquidation value. Our concentrated portfolio is managed with patience and intellectual honesty. We do not chase momentum, sector fads, or macro forecasts. Instead, we seek asymmetric risk/reward opportunities, with a bias toward misunderstood asset-rich businesses with strong balance sheets.  While we are generalist investors, we will often concentrate investments in the areas offering the best risk/reward. In recent years, that has included energy, mining and industrial materials. With a stable capital base and a lean team of experienced professionals, we are able to focus on delivering long-term results through multiple market cycles. 

The Opportunity: 

We are seeking a talented, intellectually curious Equity Investment Analyst to join our small, collaborative team. This is a high-impact role for someone who thrives on deep fundamental work, enjoys building detailed models from the ground up, and is passionate about researching genuinely undervalued businesses. You will have direct exposure to senior management and the opportunity to influence real capital deployment from day one. 

Key Responsibilities 

• Evaluate numerous equities found using rigorous deep-value criteria (low EV/EBITDA, P/B, P/FCF, net-nets, etc.) to build a high-quality opportunity pipeline
• Conduct exhaustive fundamental research: construct three-statement and DCF models, perform sum-of-the-parts and liquidation analyses, normalize earnings, and stress-test assumptions under multiple scenarios
• Perform intensive due diligence, including leading calls and meetings with management teams, as well as site visits, channel checks, and competitor analysis
• Prepare clear and concise investment memos that distill complex analysis into actionable recommendations
• Monitor existing holdings for changes in thesis or valuation and contribute to portfolio construction, position sizing, and risk management discussions
• Continuously help refine and evolve our proprietary screening and valuation frameworks

Qualifications 

• Minimum of 5 years relevant buy-side or sell-side experience (hedge fund, value-oriented mutual fund, or investment banking equity research strongly preferred); candidates with slightly less experience but strong analytical training and demonstrated passion in investing may be considered
• Demonstrated track record of identifying and analyzing deep-value opportunities with a clear understanding of intrinsic value versus market price
• Excellent financial modeling skills and FactSet proficiency expected
• Bachelor’s or Master’s degree in Finance, Accounting, Economics, Engineering or related field required; MBA or CFA viewed favorably
• Strong written and verbal communication skills; ability to defend investment theses under scrutiny
• High emotional intelligence, intellectual humility, and a long-term, patient investment temperament
• Authorization to work in the United States

What We Offer 

• Competitive compensation: base salary, meaningful performance bonus
• Flat organizational structure with direct mentorship from the senior staff
• True ownership of research ideas and the ability to see them move from thesis to portfolio position
• A professional yet collegial environment that values rigorous debate and continuous learning

The firm hires, pays and promotes exclusively on the basis of merit, performance and competence. All are welcome to apply.

Interested candidates should send resume, cover letter, and one example of a recent investment memo or deep-dive analysis of a value idea to careers@aegisfunds.com with the subject line: “Equity Investment Analyst – Deep Value Application.” We review applications on a rolling basis. We look forward to hearing from exceptional candidates who share our passion for disciplined, deep-value investing.