1 month ago
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Soumya Eswaran
Mon, July 27, 2026 astatine 10:58 AM CDT 3 min read
The EMA GARP Fund, managed by Equity Management Associates, precocious released its second-quarter capitalist missive for 2026. The missive tin beryllium downloaded here. The missive emphasizes that superior expenditures successful artificial quality (AI) are driving maturation and earnings, contempt utmost valuations successful the U.S. market, which lucifer a bubble-like situation. It besides discusses the interaction of passive ETF flows, fiscal deficits, and inflationary policies. For the quarter, the Fund's worth decreased by 20.00%, and it is down 21.96% for the archetypal fractional of the year, adjacent though AI and related maturation stocks were salient during Q2. Additionally, the steadfast identified precious metals miners arsenic a perchance beardown investment, noting that they are importantly undervalued and contiguous important asymmetrical opportunities. In addition, delight cheque the Strategy's apical 5 holdings to cognize its champion picks successful 2026.
In its Q2 2026 capitalist letter, EMA GARP Fund highlighted Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) is simply a Canadian precious metallic mining institution that engages successful the acquisition, exploration, and advancement of mineral properties. On July 24, 2026, Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) closed astatine $5.63 per share, reflecting a marketplace capitalization of $986.77 million. Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) posted a one-month instrumentality of -10.21%, portion its shares gained 69.07% implicit the past 52 weeks.
EMA GARP Fund stated the pursuing regarding Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) successful its Q2 2026 capitalist update:
"The miners are way, mode excessively inexpensive astatine contiguous golden and metallic prices. And their net outlook is robust astatine higher bullion prices fixed the important operating leverage. Miner manufacture profitability is arsenic bully arsenic it's been astatine immoderate constituent successful the past 25 years. Two Miner Case Studies are outlined – Aris and Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Crazy inexpensive and monolithic asymmetry.
Avino Silver and Gold is simply a mid-tier shaper of mostly metallic with immoderate golden and copper credits. They run 2 mines which stock 1 mill successful Mexico's Durango Province, a mostly harmless country escaped of cartel activity. In calendar 2025, they produced 2.6 cardinal metallic equivalent ounces astatine an mean outgo (AISC) of $23.75/ounce. With an mean metallic selling terms of $44.70 per ounce during the twelvemonth their mean borderline was $20.95/ounce. So, astatine the excavation operating level they had publication of $54 million. After SG&A, EBITDA for 2025 was $28.5 million. However metallic prices contiguous ($60/ounce) are substantially supra past year's mean terms and successful Q1 of 2026 they had EBITDA of $20 million. Bloomberg analyst's statement for 2026 EBITDA is $80 million. So, the Company is trading astatine 12.5x EBITDA…." (Click present to work the afloat text)
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