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EMA GARP Fund flags Avino Silver & Gold as deeply undervalued
In its Q2 2026 investor letter, the fund said Avino Silver & Gold is “way, way too cheap” at current bullion prices and pointed to operating leverage from higher gold and silver.
EMA GARP Fund, managed by Equity Management Associates, highlighted Avino Silver & Gold Mines Ltd. in its second-quarter 2026 investor letter, arguing that precious metals miners offer asymmetrical opportunities despite what it described as bubble-like valuations in US markets. The fund reported its own value fell 20.0% in Q2 and is down 21.96% for the first half of 2026, even as AI and related growth stocks were prominent during the quarter. The letter also cited factors including passive ETF flows, fiscal deficits, and inflationary policies. On the company, EMA GARP Fund said the miner industry is as profitable as it has been in the last 25 years, and it singled out Avino Silver & Gold as deeply undervalued relative to current gold and silver prices. The letter also said miners could benefit from a robust earnings outlook at higher bullion prices due to operating leverage. In market data cited alongside the commentary, Avino Silver & Gold Mines Ltd., which is based in Canada and trades on NYSE American as ASM, closed on July 24, 2026 at $5.63 per share. The article also states the stock had a one-month return of -10.21% and was up 69.07% over the past 52 weeks, with a market capitalization of $986.77 million.
Latest closeGold $4,023.80 ▼1.2%|Silver $57.33 ▼2.0%