Investment Objective
The Diplomat Fund seeks total return.
Investment Approach
The Fund invests in a Core Portfolio of intermediate U.S. Treasury Notes (with maturities ranging from 2–10 years) plus an overlay of interest rate futures contracts and other interest rate derivatives. The target maturity of the Core Portfolio, as well as the futures overlay, is guided by a proprietary quantitative model that combines macroeconomic, valuation, and technical factors to forecast the direction and size of moves in U.S. interest rates, across different maturities and over different time horizons.
There will be periods where the forecast is incorrect and the Fund underperforms its benchmark. Please see the Fund’s prospectus in the fund literature tab for the full strategy and risks.
| Ticker Symbol | EMWIX |
|---|---|
| CUSIP | 46144X578 |
| Inception Date | September 13, 2022 |
| Investment Advisor | Embassy Asset Management LP |
| Structure | Open-end mutual fund (1940 Act) |
| Minimum Initial Investment | $1,000 |
| Minimum Subsequent Investment | None |
| Gross Expense Ratio | 3.89% |
| Net Expense Ratio | 1.02% |
| Net Assets | Approximately $13 million (most recently reported) |
Portfolio Manager
Rick Campagna is the Portfolio Manager of the Diplomat Fund. He has 35 years of capital markets and asset management experience, including investment banking at Morgan Stanley (London, Tokyo, NY), CIO / CEO of an institutional asset manager, and portfolio manager and principal of a Commodity Pool Operator. Mr. Campagna has managed a variety of quantitative equities and global macro strategies. He has a B.Sc. in Biology from Duke University, an MBA from Harvard University and he is a CFA charterholder.
Expense ratios are as stated in the Fund’s prospectus dated February 28, 2026. The Net Expense Ratio of 1.02% includes 0.02% of estimated interest expense. Embassy has contractually agreed to waive fees and reimburse expenses so that operating expenses do not exceed 1.00% of average daily net assets through February 28, 2027, terminable before then only by the Board of Trustees. All performance shown reflects that waiver, without which returns would have been substantially lower; if it is not renewed, the expenses shareholders bear would increase substantially. Net assets are as of August 31, 2026 and are unaudited.
The Fund uses interest rate futures, which create leverage, so its exposure to rate changes may exceed the amount invested and small rate moves can produce large changes in position value. Futures also involve basis, liquidity, counterparty and clearing risk. The Fund’s positioning is guided by a proprietary model that relies on assumptions and data that may be incomplete or incorrect; there will be periods, possibly extended, in which the model is wrong and the Fund loses money and underperforms. U.S. Treasury securities held by the Fund are backed by the full faith and credit of the United States government as to timely payment of principal and interest. Shares of the Fund are not guaranteed or insured by the United States government, the FDIC, the Federal Reserve Board or any other agency. You can lose money.
Prior employers are named for biographical purposes only. Named firms are not affiliated with Embassy and have not endorsed the Fund.