download fact sheet

The Firm

Equity Management Associates, LLC (EMA), founded in 2006, is a Boston-based investment firm that invests in public & private equity opportunities.

---

STRATEGY: “MONETARY DEBASEMENT INSURANCE”

Presently, the fund’s strategy is focused on providing “Monetary Debasement Insurance” through investments in gold & silver miners and Bitcoin. The objective is to provide long-term total returns in excess of the Van Eck Vectors Gold Miners ETF (GDX) as well as the S&P 500.

EMA’S EDGE

Our edge lies in our team’s deep knowledge of companies, management teams and risk/reward trade-offs in sizing positions. The gold mining sector requires active portfolio management as plenty of things can go wrong: poor management, permitting challenges and the general nature of high-fixed operating cost businesses.

EMA IS DIFFERENTIATED

Whereas the mining ETFs GDX and GDXJ will avoid certain junior miners and private investments, we select those riskier growth opportunities through a highly diversified portfolio across the publicly traded mining spectrum. We also diversify further by investing in Bitcoin/Bitcoin-related infrastructure companies.

---

INVESTMENT TYPES

• Primarily direct investments in public gold & silver mining and Bitcoin related companies
• Selective investment in private mining and Bitcoin-related companies
• Private placements in public companies (often with warrants to buy additional shares)

PORTFOLIO STRATIFICATION

---

Fund Details

Assets:	US $40 million
Inception Date:	January 1, 2006
Minimum Investment:	$250,000
Management/Incentive Fees:	2% / 20% (after 10% hurdle rate)
Liquidity:	1 year lock; then quarterly 25% withdrawal
Administrator:	NAV Fund Administration Group
Prime Broker:	Fidelity Investments
Auditor:	Richey May & Co.

---

THE FUND’S OPPORTUNITY

Given the high level of Debt/GDP globally, economic and market dislocations are leading to aggressive monetary and fiscal policies. This is creating low to negative real yields. We believe we are in the early innings of a sound money bull market for both precious metals and Bitcoin. In total, “sound money alternatives” are less than 1% of Total Global Liquid Financial Assets.⁽¹⁾

Asset Class	Global Value $US Trillion	% of Global Assets
Tradable Gold Bullion	$2.5 T
Publicly Traded Gold Miners	$0.8 T
Bitcoin @$30,00/coin	$0.6 T
Total Sound Money	$3.9 T	0.9%
Total Global Financial Assets	$440.0 T
Global Real Estate	$280.0 T
Total Global Assets (Incl. RE)	$720.0 T

There is a lot of room for substitution as holders of legacy financial assets seek sound money alternatives. If global investors substituted only 5-10% of their financial assets with sound money alternatives, it would represent $20-40 trillion of demand vs. only about $4 trillion of sound money supply.

(1) Source: www.thevisualcapitalist.com Assumes Bitcoin price of $30,000 and gold & silver prices of $2,000/oz and $25/oz, respectively.

---

GROWTH OF $10,000 INVESTED IN:

EMA GARP FUND VS. S&P 500 AND THE GOLD MINERS ETF (GDX)

---

Portfolio Performance

Annual IRR	1 yr	3 yr	5 yr
EMA GARP Fund	-40.7%	4.7%	41.3%
GDX	-9.0%	3.3%	30.1%
GDXJ	-14.5%	-10.4%	9.2%
S&P500	-18.2%	24.7%	56.2%

Annual	Return**	Since Inception
2022	-40.7%	46.1%
2021	-20.4%	146.3%
2020	121.8%	212.1%
2019	97.9%	40.7%
2018	-31.8%	-28.9%
2017	-7.8%	4.3%
2016	75.0%	13.2%
2015	-8.0%	-35.3%
2014	-26.8%	-29.7%
2013	-50.8%	-4.0%
2012	-7.9%	93.3%
2011	-32.2%	110.0%
2010	47.1%	209.5%
2009	33.2%	110.4%
2008	-5.8%	58.0%
2007	40.5%	67.9%
2006	19.5%	19.5%

---

EMA CONTACT INFORMATION

Equity Management Associates, LLC

59 North Main Street
Suite # 1
Sherborn, MA 01770
Tel: (508) 975-4281

Managing Partners