Investment Objective
The Ambassador Fund seeks current income.
Investment Approach
The Fund is invested primarily in a portfolio of catastrophe (“cat”) bonds. The Fund is for long-term investors only. The Fund invests using an underwriting-driven approach to each underlying security and sponsor, evaluating both quantitative and qualitative factors. In general, the Fund is expected to hold 40–70% of all available cat bonds.
Cat bonds tend to have low credit, duration, and equity risk. These bonds are exposed to large insured natural disasters. Should such a disaster occur, investors could lose money. The Fund may also gain exposure to reinsurance-related risk through other insurance-linked securities (ILS), including industry loss warranties (ILWs), collateralized reinsurance and collateralized retrocession trades. For a more complete discussion of the risks associated with investing in cat bonds, please refer to the Fund’s prospectus, which you can find in the fund literature tab.
| Ticker Symbol | EMPIX |
|---|---|
| CUSIP | 46141T133 |
| Inception Date | December 29, 2021 |
| Investment Advisor | Embassy Asset Management LP |
| Structure | Open-end mutual fund (1940 Act) |
| Minimum Initial Investment | $250,000 (firm level) |
| Minimum Subsequent Investment | None |
| Gross Expense Ratio | 1.41% |
| Net Expense Ratio | 1.41% |
| Net Assets | Approximately $968 million (most recently reported) |
Investment Team
Niall MacGillivray is the Portfolio Manager of the Ambassador Fund. Mr. MacGillivray was formerly a Portfolio Manager with Nephila Capital. Prior to Nephila, Mr. MacGillivray worked at Deutsche Bank. Mr. MacGillivray qualified as a Fellow of the Society of Actuaries and earned a Bachelor of Mathematics from the University of Waterloo (Canada) with the highest honors.
Bert Ji supports Mr. MacGillivray in the main day-to-day management of the Ambassador Fund. Prior to joining Embassy in 2026, he served as CEO of Authors of Boston. Prior to that, Bert worked at Nephila Capital as the Head of Portfolio Management. Mr. Ji earned a Bachelor of Science in Physics Co-Operative Option from University of Waterloo (Canada) with honors.
Figures shown are for the Institutional Class (EMPIX). The Fund also offers Class S (EMPSX), which bears a Rule 12b-1 distribution and service fee of 0.25% of average daily net assets; Class S gross and net expense ratios are 1.66%. Expense ratios are as stated in the Fund’s prospectus dated February 28, 2026. The Advisor has contractually agreed to waive fees and reimburse expenses so that operating expenses, excluding the Class S 12b-1 fee, certain other fund fees and interest expense, do not exceed 1.40% of average daily net assets through February 28, 2027, terminable before then only by the Board of Trustees. The minimum initial investment is calculated across all accounts held with Embassy and may be waived; intermediaries may impose their own minimums and fees. Net assets are as of August 31, 2026 and are unaudited.
The 40–70% figure is Embassy’s expectation as of the date hereof. It is not an investment policy or a limit and may vary with market conditions, new issuance and the size of the Fund.
The Fund invests in catastrophe bonds and other insurance-linked securities, which are generally unrated or rated below investment grade, are privately negotiated, may be difficult to value or to sell, and can lose some or all of their value if a covered event occurs. Because the Fund is non-diversified, a change in the value of a single holding may have a greater effect on the Fund’s value. 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.