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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Driven by a violent catch-up rally across gold and silver mining equities, while rotating exposure deeper into high-torque mine developers."
EMA GARP Fund, LP posted a net return of 21.41% for the third quarter of 2026, narrowing its year-to-date net decline to -5.25%. The strategy outpaced major equity and precious metal indices during the quarter, aided by an operational and market rebound across mining equities, where underlying equities rallied three to five times more than physical bullion. The portfolio maintains an aggressive, equity-heavy stance weighted 65% in gold miners, 25% in silver miners, and 10% in Bitcoin and related investments, with a distinct tilt toward high-quality development-stage mining assets. The manager's macroeconomic framework centers on an intensifying sovereign debt crisis, characterized by unsustainable federal budget deficits near 7% of GDP and spiking global long-term sovereign bond yields. EMA contends that ballooning interest expense and refinancing pressures will inevitably force the Federal Reserve and U.S. Treasury into financial repression through Yield Curve Control and renewed quantitative easing. With fiat currencies facing systemic structural debasement and de-dollarization accelerating, the fund views scarce hard assets—specifically physical precious metals, miners, and decentralized digital commodities—as the principal beneficiaries of upcoming monetary expansion. Portfolio allocation remains concentrated within mining equities, where free cash flow generation has reached multi-year highs while valuations linger well below historical multiples relative to bullion prices. Allocations are structured across mine developers (46%), producers (35%), exploration drill plays (9%), and Bitcoin holdings (10%). Rather than harvesting gains, the managers have strategically increased exposure to development-stage miners to capitalize on lower cost of capital, project de-risking, and outsized operating leverage.
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