You are misinterpreting emergency fund. Any type of fund is not an investment strategy. You can call emergency fund or other funds together as backup fund. Backup fund is the protection of long-term investments. Just as every asset needs protection, investment needs protection. Emergency fund is a strategy for protecting investments. It is essential to have emergency fund or necessary backup funds ready to succeed in long-term investment.

Even in the use of emergency fund, you are ignorant or wrongly defined. Emergency fund is only for emergency moments. Emergency moments are like: 1) Unexpected accident of you or any member of your family or accident of someone for whom you have responsibility or duty. 2) You or someone in your charge getting sick (arrange medical treatment). Especially these two situations are considered as emergency moments. You can consider some other necessary moments along with emergencies like: getting fired from your job suddenly, helping your close friend in distress, buying something that you need urgently. However, you can consider these along with the reserve fund. If you are not able to meet these needs with the reserve fund, then you can consider meeting these needs with the emergency fund. You should keep various backup funds ready as per the need and use the funds according to the plan. Using the emergency fund only to meet the needs will not be the right thing to do.