Fund Evaluator:
The Diplomat Fund (EMWIX)
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Best Performing in Intermediate Government Over the Last Year
| 1.9% | Victory Government Securities (USGNX) |
| 1.7% | Fidelity Advisor Government Income Z (FIKPX) |
| 1.7% | PGIM Government Income Z (PGVZX) |
| 1.6% | Fidelity Government Income (FGOVX) |
| 1.5% | American Century Government Bond Inv (CPTNX) |
Fund Details
The Diplomat Fund Overview
The Diplomat Fund (EMWIX) is an actively managed Taxable Bond Intermediate Government fund. EMBASSY launched the fund in 2022.
The investment seeks total return. Under normal circumstances, the fund pursues its investment objective by investing primarily in debt securities of the U.S. government (the “Core Portfolio”) and interest rate futures contracts related to debt securities (“Interest Rate Futures”). The maturity and duration of both the core portfolio and the interest rate futures may vary depending on market conditions, model output and other relevant factors.
About The Diplomat Fund (EMWIX)
There are 1 members of the management team with an average tenure of 1.03 years: Richard Campagna (2025). 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 Bloomberg US Treasury 3-10 Yr TR USD index with a weighting of 100%. The Diplomat Fund has 4 securities in its portfolio. The top 10 holdings constitute 99.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
The Diplomat Fund is part of the Fixed Income global asset class and is within the Taxable Bond fund group. The Diplomat Fund has 0.0% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.2% (96.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). The Diplomat Fund has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $13 million in total assets, which is below the $935 million average for the Intermediate Government 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.
EMWIX 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 Diplomat Fund expense ratio is high compared to funds in the Intermediate Government category. The Diplomat Fund has an expense ratio of 1.02%, which is 67% 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 Diplomat Fund has a portfolio turnover rate of 323%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 99% for the Intermediate Government category.
Recently, in the month of August 2026, The Diplomat Fund returned 0.7%, which earned it a grade of A, as the Intermediate Government category had an average return of 0.3%. 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 Diplomat Fund has a trailing yield of 2.95%, which is below the 3.55% category average. The fund normally distributes its income annually 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 Diplomat Fund Grades
Year to date, the fund has returned -4.5%, 3.7 percentage points worse than the category, which translates into a grade of F. The fund has returned -4.4% over the past year (grade of F) and 0.2% over the past three years (grade of F).
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EMWIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EMWIX Return (NAV) | 0.7% | -1.4% | -4.4% | 0.2% | na | na |
| EMWIX Grade | A | F | F | F | na | na |
| +/- Category | 0.4% | -0.7% | -5.4% | -3.1% | na | na |
| Intermediate Government Avg | 0.3% | -0.7% | 0.9% | 3.3% | -0.7% | 0.8% |
| EMWIX Tax Cost Ratio | na | na | 1.1% | 1.7% | na | na |
EMWIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EMWIX Return (NAV) | -4.5% | 6.7% | -0.7% | 7.7% | na | na | na | na | na | na | na |
| EMWIX Grade | F | D | F | A | na | na | na | na | na | na | na |
| +/- Category | -3.7% | -0.2% | -1.4% | 3.9% | na | na | na | na | na | na | na |
| Intermediate Government Avg | -0.8% | 6.9% | 0.7% | 3.8% | -11.8% | -2.0% | 7.2% | 5.9% | 0.5% | 1.8% | 0.8% |
| Risk Measures | |
| Standard Deviation: | 7.7% |
| Total Risk Index: | 0.63 - Below Average |
| Category Risk Index: | 1.45 - High |
| Category Risk Grade: | F (103% Rank) |
| Beta: | 1.10 |
| R-Squared: | 64% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $13 Mil |
| Fund Total Assets: | $ 13 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 323% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 1.0 years | |||
| Average Tenure: 1.0 years | |||
| Managers (Year): Campagna Richard (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 99.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.3% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | EMBASSY |
| Phone Number: | 877-771-7731 |
| Website: |
| Status: | Open |
| Inception Date: | September 13, 2022 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| 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 (%): | 1.02% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.61% |
| Share Class: | The Diplomat Fund |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
