A 20% Q2 decline in the EMA GARP Fund highlights undervalued precious metals miners like ASM despite AI-driven market gains.
The EMA GARP Fund reported a 20% drop in Q2 2026, extending its first-half loss to 21.96%, despite strong performance in AI and growth stocks. The fund cited extreme U.S. market valuations and passive ETF flows as key drivers of volatility, alongside inflationary pressures and fiscal deficits.
Amid these conditions, the fund identified precious metals miners as a high-potential investment, emphasizing their undervaluation and asymmetrical upside. Avino Silver & Gold Mines Ltd. (ASM) was highlighted, trading at $5.63 per share with a $986.77 million market cap as of July 24, 2026. ASM posted a -10.21% one-month return but surged 69.07% over the past year.