Fund Evaluator:
The Ambassador S (EMPSX)
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Best Performing in Miscellaneous Fixed Income Over the Last Year
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Fund Details
The Ambassador S Overview
The Ambassador S (EMPSX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. EMBASSY launched the fund in 2026.
The investment seeks current income. Under normal circumstances, the fund invests primarily in “catastrophe” or “cat” bonds (“Cat Bonds”). A cat bond is a type of event-linked bond and is a variable rate debt security for which the return of principal and payment of interest are contingent on the non-occurrence of a specified trigger event(s). The fund typically invests in Cat Bonds that have maturities of three to five years and in other insurance-linked securities that typically have a term of one year. The fund is non-diversified.
About The Ambassador S (EMPSX)
There are 1 members of the management team with an average tenure of 4.59 years: Niall MacGillivray (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and SwissRe Global Cat Bond TR USD index with a weighting of 100%. The Ambassador S has 193 securities in its portfolio. The top 10 holdings constitute 20.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
The Ambassador S is part of the Fixed Income global asset class and is within the Taxable Bond fund group. The Ambassador S has 50.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 12.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 75.9% (25.1% domestic bond, 50.9% foreign bond and 0.0% convertible bond). The Ambassador S has 10.0% of the portfolio in cash.
Assets Under Management
The fund has $12 million in total assets, which is below the $734 million average for the Miscellaneous Fixed Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EMPSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The The Ambassador S expense ratio is high compared to funds in the Miscellaneous Fixed Income category. The Ambassador S has an expense ratio of 1.66%, which is 477% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. The Ambassador S has a portfolio turnover rate of 67%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 115% for the Miscellaneous Fixed Income category.
Recently, in the month of July 2026, The Ambassador S returned 1.0%, which earned it a grade of A, as the Miscellaneous Fixed Income category had an average return of -0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
The Ambassador S has a trailing yield of 0.00%, which is below the 5.98% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
The Ambassador S Grades
Year to date, the fund has returned 3.6%, 2.1 percentage points better than the category, which translates into a grade of A. The fund has returned 9.5% over the past year (grade of A) and 11.4% over the past three years (grade of A).
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EMPSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EMPSX Return (NAV) | 1.0% | 1.9% | 9.5% | 11.4% | na | na |
| EMPSX Grade | A | A | A | A | na | na |
| +/- Category | 1.7% | 1.6% | 3.8% | 4.7% | na | na |
| Miscellaneous Fixed Income Avg | -0.7% | 0.3% | 5.7% | 6.7% | 1.7% | 3.0% |
| EMPSX Tax Cost Ratio | na | na | na | na | na | na |
EMPSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EMPSX Return (NAV) | 3.6% | 10.7% | 14.3% | 10.9% | 0.1% | na | na | na | na | na | na |
| EMPSX Grade | A | B | A | B | A | na | na | na | na | na | na |
| +/- Category | 2.1% | 2.8% | 8.1% | 2.1% | 10.6% | na | na | na | na | na | na |
| Miscellaneous Fixed Income Avg | 1.5% | 7.9% | 6.3% | 8.8% | -10.6% | 2.2% | 6.2% | 9.0% | 0.4% | 5.0% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 2.5% |
| Total Risk Index: | 0.21 - Low |
| Category Risk Index: | 0.49 - Below Average |
| Category Risk Grade: | B (22% Rank) |
| Beta: | -0.04 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | -- |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $921 Mil |
| Fund Total Assets: | $ 12 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 67% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): MacGillivray Niall (2021) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 193 |
| % in Top 10 Holdings: | 20.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 50.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 12.7% |
| Domestic Bond: | 25.1% |
| Foreign Bond: | 50.9% |
| Convertible Bond: | 0.0% |
| Other: | 1.3% |
| Cash: | 10.0% |
Purchase Information
| Fund Family: | EMBASSY |
| Phone Number: | 877-771-7731 |
| Website: |
| Status: | Open |
| Inception Date: | March 2, 2026 |
| Min. Initial Purchase: | $250,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.66% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.29% |
| Share Class: | Ambassador Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
