| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 18.6% | 174.5% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 174.5% | 19.2% | -3.9% | -40.7% | -20.4% | 121.8% |
EMA GARP Fund delivered exceptional performance in Q4 2025 with an 18.6% quarterly return and 174.5% annual return, significantly outperforming broad market indices. The fund's thesis centers on a secular shift toward sound money assets as the monetary system faces mathematical constraints requiring continued money printing. Gold and silver bullion surged 12% and 54% respectively in Q4, while precious metals miners indices gained over 150% for the year. The Federal Reserve restarted quantitative easing with $40 billion monthly Treasury purchases after briefly attempting quantitative tightening. The Trump Administration's run it hot strategy with dovish Fed appointments and massive fiscal spending will likely accelerate monetary debasement. Silver faces acute physical shortages as a critical mineral with industrial demand from solar and AI applications. The fund believes investors have not missed this bull market in precious metals, positioning for continued outperformance as mining companies enjoy 70% profit margins at current metal prices. Bitcoin remains digital gold despite short-term volatility.
The fund believes the monetary system is fundamentally broken and people are becoming aware of it, driving a secular shift toward sound money assets like gold, silver, and Bitcoin that cannot be debased through money printing.
The fund believes they are in the second or third inning of this secular trend toward sound money assets and could go into extra innings. They expect precious metals to continue trending up and to the right as the monetary system continues to face mathematical constraints requiring more money printing. The toughest part going forward will be to continue holding and not sell too early.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 23 2026 | 2025 Q4 | - | Bitcoin, Federal Reserve, gold, inflation, Mining, monetary policy, Silver, Sound Money | - | Gold is the ultimate form of money as it is geologically constrained and cannot be debased. The fund believes investors have not missed this bull… |
| Oct 16 2025 | 2025 Q3 | AUMB CN | Hard assets, inflation, Mining stocks, Monetary reset, Precious Metals |
AUMBF ASM CN |
EMA asserts that global monetary debasement and sovereign debt crises are driving a paradigm shift toward hard assets. It forecasts multi-year upside in gold and… |
| Jul 22 2025 | 2025 Q2 | - | fundamentals, interest rates, Market Volatility, tariffs, Valuation discipline | - | The letter discusses navigating heightened market volatility driven by tariffs, interest-rate uncertainty, and narrow leadership. Management emphasizes disciplined portfolio construction and valuation awareness amid sharp… |
| Apr 17 2025 | 2025 Q1 | - | - | - | - |
| Jan 21 2025 | 2024 Q4 | - | - | - | - |
| Oct 18 2024 | 2024 Q3 | - | - | - | - |
| Jul 18 2024 | 2024 Q2 | ASM | - | - | - |
| Apr 15 2024 | 2024 Q1 | - | - | - | - |
| Dec 31 2023 | 2023 Q4 | - | - | - | - |
| Sep 30 2023 | 2023 Q3 | LGC CN | - | - | - |
| Jun 30 2023 | 2023 Q2 | - | - | - | - |
| Mar 31 2023 | 2023 Q1 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
Gold MinersMultiple gold mining companies delivered strong performance with several high-grade discoveries and resource expansions. Companies like Spanish Mountain Gold, Endurance Gold, and Omai Gold reported significant drill results and resource growth potential. |
Gold Mining Exploration Resources High-grade | |
InflationInflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. |
Inflation Corporate Earnings Operating Margins Consumer Behavior Cost Pass-through | |
SilverSilver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. |
Precious Parabolic Retail Blow-off | |
Silver MinersSilver mining companies demonstrated exceptional performance with Capitan Silver up +613% YoY and Santacruz Silver up +988% YoY. Companies benefited from rising silver prices and high-grade discoveries. |
Silver Mining High-grade Production Prices | |
| 2025 Q3 |
Bitcoin |
|
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
SilverSilver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. |
Precious Parabolic Retail Blow-off | |
| 2025 Q2 |
Markets |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | Fund Letters | Lawrence W. Lepard | AUMBF | 1911 Gold Corporation | Materials | Gold | Bull | TSX | CapEx, development, Feasibility, Gold, leverage, Restart, valuation | Login |
| Oct 16, 2025 | Fund Letters | Lawrence W. Lepard | ASM CN | Avino Silver & Gold Mines Ltd. | Materials | Precious Metals & Minerals | Bull | TSX | growth, leverage, Margins, Mining, Production, Silver, valuation | Login |
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