diff --git a/apps/api/src/app/portfolio/portfolio.service.ts b/apps/api/src/app/portfolio/portfolio.service.ts
index c7eff27d3..c628b6107 100644
--- a/apps/api/src/app/portfolio/portfolio.service.ts
+++ b/apps/api/src/app/portfolio/portfolio.service.ts
@@ -1263,7 +1263,8 @@ export class PortfolioService {
         [
           new EmergencyFundSetup(
             this.exchangeRateDataService,
-            userSettings.emergencyFund
+            userSettings.emergencyFund ||
+              this.getEmergencyFundPositionsValueInBaseCurrency({ holdings })
           )
         ],
         userSettings