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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and Bitcoin to exploit the global 'monetary debasement trade'."
For the third quarter ended September 30, 2025, the EMA GARP Fund delivered a return of 48.85% (131.4% YTD), significantly outperforming mainstream stock indices like the S&P 500 (8.1%) and NASDAQ (11.4%). The fund's performance was driven by a powerful secular breakout in gold, silver, and mining equities. EMA argues that the US is facing an inescapable sovereign debt crisis, marked by a $37.8T national debt and a rapidly expanding $1.2T interest expense burden. To mitigate this, the Fed is expected to deploy aggressive easing policies, including eventual Yield Curve Control (YCC) championed by new Fed Governor Stephen Miran. EMA believes the precious metals bull market is only in its '3rd inning'. The fund's portfolio is heavily weighted toward Producers (47%) and Developers (41%), with a tactical shift underway toward Developers to capture maximum asymmetry. The managers are also strongly bullish on silver due to an acute inventory shortage, and continue to back Bitcoin as a premier digital scarcity asset.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and ...
Growth Outlook
Market outlook remains low conviction: EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and ...
Risk Appetite
Risk appetite posture is high conviction: EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and ...
Forward Guidance
Forward guidance signal: EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and ...
Language Signal
Tone analysis indicates high conviction language: EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and ...
Perceived Risk
Perceived risk level is evaluated as high conviction. EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and ...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and ...
Time Horizon
Investment time horizon reflects a high conviction orientation. EMA GARP Fund returned an extraordinary 48.85% in Q3 2025, riding a paradigm-shifting bull run in precious metals. The fund remains fully committed to junior mining developers and ...