The Ambassador Fund (EMPIX) · As of 06/30/2026
H1 2026 commentary
We review a first half marked by strong cat bond issuance, spread moderation, and a relatively benign loss period, and discuss why we remain constructive on the sector’s role in long-term portfolio diversification.
The Diplomat Fund (EMWIX) · As of 06/30/2026
Q2 2026 commentary
We review a second quarter shaped by continued geopolitical volatility and a hawkish leadership transition at the Federal Reserve, and discuss why a difficult quarter for our rules-based process does not change our view of the fund’s long-term rationale.
The Diplomat Fund (EMWIX) · As of 03/31/2026
Q1 2026 commentary
We walk through a volatile first quarter for Treasuries, driven by the outbreak of conflict with Iran and a sharp spike in oil prices, and discuss how the fund’s duration-focused, model-based approach navigated the resulting swings in rates.
The Ambassador Fund (EMPIX) · As of 12/31/2025
H2 2025 commentary
We discuss the fund’s record of zero impairments through the 2025 California wildfires and Hurricane Melissa, record cat bond issuance for the year, and why we believe our more conservative, more remote trigger approach can win over time by losing less along the way.