Embark Small Cap Equity Fund Q1 2025 Commentary

Summary

• During the first quarter, the Embark Small Cap Equity Fund (Institutional Class, “Fund”) delivered a total return of -10.53%, underperforming the benchmark, the Russell 2000® Index, which returned -9.48%.
• The Fund's relative performance was challenged by stock-specific effects, while risk factors served as a tailwind.
• As of March 31, 2025, the Fund’s largest relative overweights were found in Industrials, Consumer Discretionary, and Information Technology, while the largest underweights included Financials and Real Estate.

Pawel Kacperek

Performance

Average Annual Returns

Share Class

Ticker

CUSIP

3 Months

YTD

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Inception Date

Net Expense Ratio %

Gross Expense Ratio %

Institutional

ESCWX

41152J405

-10.53%

-10.53%