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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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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