AEGIS Doubles Down on Vermillion Energy (VET), Should You Invest?

AEGIS Financial Corp disclosed a buy of 350,000 Vermilion Energy shares, lifting its stake by $3.01 million, per a November 12, 2025, SEC filing.

• Increased holding by 350,000 shares, adding $3.01 million in position value
• Change equals 1.03% of 13F reportable assets under management (AUM) (rounded from 1.0348%)
• New stake: 870,492 shares valued at $6.80 million
• Represents 2.6% of fund AUM, which places it outside the fund's top five holdings

What happened

According to a November 12, 2025, SEC filing, AEGIS Financial Corp increased its position in Vermilion Energy (NYSE:VET) by 350,000 shares in the third quarter. The updated holding stands at 870,492 shares, with a quarter-end value of $6.80 million. The fund reported total U.S. equity positions of $261.32 million spread across 26 holdings at the quarter’s close.

What else to know

• AEGIS Financial Corp bought more Vermilion Energy, bringing the stake to 2.6% of 13F AUM
• Top holdings after the filing:
  • NYSEMKT: EQX: $53.99 million (20.66% of AUM)
  • NASDAQ: HNRG: $39.36 million (15.06% of AUM)
  • NYSE: PDS: $25.49 million (9.75% of AUM)
  • NYSE: NGS: $18.78 million (7.19% of AUM)
  • NYSE: PBF: $18.72 million (7.16% of AUM)
• As of November 11, 2025, shares were priced at $9.08, down 2.05% over the past year, lagging the S&P 500 by 17.91 percentage points

Company Overview

Company snapshot

• Focuses on the acquisition, exploration, development, and production of petroleum and natural gas in North America, Europe, and Australia.
• Operates an upstream business model, generating revenue from oil and gas production and sales, with a diversified asset base across multiple regions.
• Serves a broad customer base including utility companies, industrial users, and energy distributors in international markets.

Vermilion Energy Inc. is a Calgary-based energy producer with a broad international footprint and a focus on upstream oil and gas operations. The company leverages diversified assets and working interests in key energy regions to support stable production volumes and cash flow. Its integrated approach and global reach provide resilience in volatile commodity markets and position Vermilion to capitalize on energy demand across multiple geographies.

Foolish take

AEGIS Financial Corp increased its stake in Vermillion Energy to 870k shares worth about $6.8 million during Q3 2025. This represented a 350k increase in shares for the fund that is largely focused on energy, oil, and mining, moving Vermillion from its lower 50% of investments to the upper half, indicating a lot of belief in the company’s trajectory and leadership.

Vermillion Energy is an upstream oil and gas business that generates revenue from oil and gas production and sales with wide geographical spread in North America, Europe, and Australia. The Canadian company has been listed since 2010 and shares hit peaks as high as $69 per share in 2014 before sinking to $3 in 2020. It has since recovered some of that value, closing just over $8 on December 18, 2025.

The dividend yield for this oil stock has been substantial, depending on when it was purchased. It ended Q3 at 4.02%, so was somewhere in that area when AEGIS purchased its new shares.

As always, it’s important to not buy a stock simply because an entity made the same move, but Vermillion Energy has been relatively stable during 2025, and is a vertically integrated company that has a lot of potential for gaining additional market share in the oil and gas industry.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their U.S. equity holdings.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm on behalf of clients.
Quarter-end: The last day of a fiscal quarter, used as a reference point for financial reporting.
Dividend yield: The annual dividend payment divided by the stock's price, shown as a percentage.
Upstream operations: Activities related to the exploration and production of oil and natural gas, before refining or distribution.
Working interests: An ownership stake in an oil or gas project that entitles the holder to a share of production and requires sharing costs.
Integrated approach: A business strategy that combines multiple stages of production or operations within a single company.
Commodity markets: Markets where raw materials like oil, gas, or metals are bought and sold.
TTM: The 12-month period ending with the most recent quarterly report.

Kristi Waterworth has no position in any of the stocks mentioned. The Motley Fool recommends Vermilion Energy. The Motley Fool has a disclosure policy.