Group 1: Economic Agreements and Defense Spending - President Trump's diplomatic tour in the Persian Gulf resulted in significant economic agreements, including a $142 billion arms deal as part of a broader $600 billion commercial package with Saudi Arabia, marking it as the largest defense sales agreement in history [3][4] - Saudi Arabia is the largest U.S. foreign military sales customer, with nearly 80% of its defense acquisitions sourced from American companies, and spent over $80 billion on defense in 2024, making it the seventh-largest military spender globally [4] - Global defense spending reached a record $2.7 trillion in 2024, reflecting a 9.4% year-over-year increase, the highest rise since at least 1988, indicating a trend of increasing military budgets across all regions [13][14] Group 2: AI and Semiconductor Investments - The emergence of AI and semiconductors as critical assets in defense was highlighted, with Saudi Arabia launching a multibillion-dollar initiative called HUMAIN to build an "AI Zone" in partnership with Amazon Web Services, utilizing American semiconductors [6][7] - NVIDIA is expected to supply at least 18,000 chips for the HUMAIN project, with potential future orders reaching several hundred thousand, while the UAE is negotiating for over a million NVIDIA chips to enhance its AI infrastructure [8] - Saudi Arabia's AI investments could generate $3 to $5 billion in annual chip sales, with long-term infrastructure spending estimated at $15 to $20 billion, positioning sovereign AI as a rapidly growing segment within the $450 billion AI infrastructure market [9] Group 3: Aerospace Industry Developments - Boeing secured its largest-ever widebody aircraft deal with Qatar Airways, valued at $96 billion for up to 210 American-made jets, emphasizing the strategic importance of aviation in economic and national security [10][11] - Commercial aircraft deals often include co-production agreements and maintenance support, which enhance soft power and reinforce the industrial base [11] Group 4: Broader Investment Opportunities - The trends in defense spending, AI infrastructure, and aerospace manufacturing present growing investment opportunities across multiple sectors, including defense contractors, semiconductor makers, and AI infrastructure providers [15]

Core Viewpoint - U.S. Global Investors, Inc. has successfully listed its gold-focused ETF, the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU), on the Bolsa de Valores de Colombia, enhancing its accessibility for Colombian investors and expanding its presence in Latin America [1][2][3] Company Overview - U.S. Global Investors, Inc. is a boutique investment firm specializing in precious metals and emerging markets, with over 50 years of history [7] - The company is headquartered in San Antonio, Texas, and provides money management and other services to various funds and ETFs [7] ETF Details - GOAU offers exposure to companies involved in the production of gold and other precious metals through mining or royalty agreements [2][3] - The ETF is already listed in New York, Mexico, and Peru, and its addition to the BVC increases its visibility across Latin America [2] - GOAU is the only non-UCITS ETF listed on the BVC that provides access to gold and precious metals mining companies [3] Investment Strategy - The GoGold ETF employs a smart-factor, rules-based investment strategy that combines passive investing efficiency with active management selectivity [5] - It tracks the U.S. Global GO GOLD and Precious Metal Miners Index, which screens companies based on valuation, profitability, and balance sheet quality [5][13] - Unlike traditional gold mining funds, GOAU focuses on high-quality, well-managed companies with consistent profitability, particularly North American royalty and streaming companies [6] Market Context - The listing of GOAU on the BVC is seen as timely due to the growing sophistication of Colombia's capital markets and increasing demand for diversified investment options amid economic uncertainty and geopolitical instability [3] - As of May 2025, only two gold-related ETFs are listed on the BVC, highlighting the unique position of GOAU in the Colombian market [3]

Trade Dynamics - A significant slowdown in trade between the U.S. and China is developing into a potential supply shock, driven by new tariffs as high as 145% imposed by President Trump [1][4] - Flexport reports that shipping capacity from China to the U.S. is being reduced at a faster rate than during the pandemic, indicating a shift in logistics patterns [3] - Container ship bookings from China to the U.S. have sharply declined, with only 90,831 TEUs recorded for the week ending April 21, nearly half the volume from the previous year [4] Economic Outlook - Economists are warning of a potential recession as early as summer, with real GDP contracting slightly in the first quarter, marking the first decline since the pandemic [7] - The International Monetary Fund has reduced its U.S. growth forecast for 2025 by nearly 1%, now projecting a growth of only 1.8% for the current year [7] Employment Impact - Layoffs in the trucking and retail sectors are anticipated by late May or early June due to collapsing shipping demand, with reports of 1,800 freight-related job cuts already occurring across several states [6] - The Port of Los Angeles has noted that import-export activities with China are currently very limited, further exacerbating the employment situation [5] Inventory Concerns - There is uncertainty regarding inventory levels for back-to-school and holiday sales, with Flexport indicating that it could take weeks for trade to normalize and goods to be restocked [8] - The Toy Association warns that Christmas 2025 could be at risk, as nearly 80% of toys sold in the U.S. are manufactured in China, and many small to mid-sized toy companies may face closure without immediate relief from tariffs [9] Long-Term Industrial Changes - The administration's protectionist trade policies are expected to encourage manufacturers to return to the U.S., with several companies announcing plans to invest and expand domestically [11][12] - Manufacturing's share of the U.S. economy has declined from about 25% in the 1950s to below 10% currently, highlighting the long-term shifts in industrial dynamics [12] Investment Strategies - Gold is identified as a safe haven asset for investors amid economic and financial turmoil related to trade policies, with significant inflows into gold-backed ETFs and a year-to-date price increase of 25.3% through April [13][14] - The demand for gold is expected to continue rising as long as tariffs remain in place, indicating potential further upside for the precious metal [14]

U.S. Global Investors (GROW) Q3 2025 Earnings Call May 09, 2025 08:30 AM ET Company Participants Holly Schoenfeldt - Director of Marketing, Editor of the Investor Alert newsletterFrank Holmes - CEO & Chief Investment OfficerLisa Callicotte - Chief Financial Officer Holly Schoenfeldt Good morning, everyone, and thank you for joining us today for our webcast announcing U. S. Global Investors Results for the Third Quarter of Fiscal Year twenty twenty five. As you can see on Slide number two, the presenters for ...

Financial Data and Key Metrics Changes - The company reported assets under management of $1.4 billion and operating revenues of $2.1 million for the quarter, with a net loss of $832,000, translating to a loss of $0.03 per share, which is an unfavorable change compared to a net loss of $35,000 in the same quarter last year [65][68] - Operating revenues decreased by $490,000 or 19% from $2.6 million in the same quarter last year, primarily due to decreases in assets under management, particularly in the JET ETF [66] - Operating expenses were $3 million, a decrease of $85,000 or 3%, mainly due to lower fund expenses [67] Business Line Data and Key Metrics Changes - The operational earnings consist of advisory services and other earnings, which are subject to market fluctuations [66] - The operating loss for the quarter was $893,000, an unfavorable change of $405,000 compared to the same quarter last year [67] Market Data and Key Metrics Changes - The company experienced a significant decrease in assets under management, which impacted overall revenues [66] - Despite the challenges, the company maintains a strong balance sheet with high levels of cash and securities, and no long-term debt [68] Company Strategy and Development Direction - The company aims to create thematic products that are sustainable using a Smart Beta 2.0 strategy, which requires rigorous backtesting [13] - There is a strategic focus on increasing exposure to the Bitcoin ecosystem, with plans to deploy capital back into Bitcoin and Hive shares due to their growth potential [17][26] - The company is committed to stock buybacks and increasing dividends as part of its strategy to enhance shareholder value [49][51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the airline industry transitioning from a cyclical to a growth business, citing strong performance from airlines like United [18][23] - There is a belief that gold will continue to perform well as a safe haven asset, especially with increasing central bank purchases and regulatory changes favoring physical gold [30][34] - The company acknowledges current market apathy but remains confident in the long-term growth potential of its products and strategies [45][59] Other Important Information - The company has been actively engaging with shareholders through various platforms, including social media and video content [70][73] - Upcoming participation in industry conferences to connect with potential shareholders and enhance market presence [71] Q&A Session Summary Question: What is the outlook for the airline industry? - Management believes the airline industry will transition from being cyclical to a growth business, supported by strong demand and pricing power [18][23] Question: How does the company plan to address current market challenges? - The company plans to focus on stock buybacks and increasing dividends while maintaining a strong balance sheet to weather market volatility [49][51] Question: What is the company's stance on gold investments? - Management remains bullish on gold, citing its historical performance and the increasing interest from central banks as key factors for future growth [30][34]

U.S. Global Investors September 30, 2024 - December 31, 2024 Second Quarter 2025 Results Webcast Frank Holmes CEO and Clo Lisa Callicotte CFO Holly Schoenfeldt Director of Marketing Today's Presenters WWW.USFUNDS.COM Forward-Looking Statements & SEAETF During this webcast we may make forward- looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties tha ...

Financial Performance - Operating revenues for Q3 2025 were $2.1 million, down from $2.6 million in Q3 2024, with a net loss of $382,000 or $0.03 per share[1][22]. - Total assets under management (AUM) decreased to approximately $1.2 billion as of March 31, 2025, from approximately $1.5 billion at December 31, 2024[2]. - The company repurchased 784,466 shares during the 12-month period ended March 31, 2025, an increase of approximately 12% compared to the same period in 2024[16]. - As of March 31, 2025, the company reported approximately $26.3 million in cash and cash equivalents, providing substantial flexibility for future opportunities[20]. - The company initiated a monthly dividend of $0.0075 per share starting in April 2025[15]. Investment Strategy - The company plans to increase its investment in Bitcoin and HIVE Digital Technologies, reflecting a favorable shift in the U.S. regulatory environment towards digital assets[4]. - The Travel UCITS ETF (TRIP) transitioned to an actively managed strategy, focusing primarily on the airline industry[13][14]. - Smart beta 2.0 merges passive and active investing strategies, offering potential benefits to investors[39]. Market Trends - The U.S. Global Technology and Aerospace & Defense ETF (WAR) launched in December 2024, has gained traction amid rising geopolitical risks, with global defense spending reaching a record $2.7 trillion in 2024[5][7]. - Gold prices reached an all-time high of over $3,500 per ounce, with expectations that it could climb as high as $6,000 due to Basel III rules recognizing gold as a Tier 1 asset[10]. Risks and Volatility - Investments in non-U.S. securities may lead to increased volatility and reduced liquidity due to currency fluctuations and political instability[36]. - Cryptocurrencies, including Bitcoin, are highly speculative with significant risk and historical price volatility expected to continue[37]. Stock Performance - The company's shareholder yield was 10.5%, more than double the yield on five-year and ten-year Treasury bonds[3]. - The IBD 50 index identifies the top 50 growth stocks based on fundamental and technical indicators, published weekly[38].

Financial Performance - Total assets under management decreased to approximately $1.2 billion as of March 31, 2025, down from $1.7 billion a year earlier, representing a decrease of $548.2 million [141]. - Average assets under management for the nine months ended March 31, 2025, were $1.5 billion, compared to $1.9 billion for the same period in 2024, indicating a decline of approximately 21.1% [141]. - Operating revenues for the three months ended March 31, 2025, decreased by $490,000, or 18.9%, compared to the same period in 2024, primarily due to a $494,000 decrease in advisory fees [150]. - The company recorded a net loss of $382,000 ($(0.03) per share) for the three months ended March 31, 2025, compared to a net loss of $35,000 ($(0.00) per share) for the same period in 2024 [149]. - The Company recorded a net loss of $153,000 ($(0.01) per share) for the nine months ended March 31, 2025, compared to net income of $1.0 million ($0.07 per share) for the same period in 2024, a change of approximately $1.2 million [156]. - Total consolidated operating revenues decreased by $2.1 million, or 24.0 percent, for the nine months ended March 31, 2025, primarily due to a decrease in advisory fees of $2.1 million, or 24.3 percent [157]. Expenses and Income - Total consolidated operating expenses decreased by $85,000, or 2.8%, for the three months ended March 31, 2025, primarily due to a $281,000 reduction in general and administrative expenses [151]. - Total consolidated operating expenses decreased by $144,000, or 1.7 percent, for the nine months ended March 31, 2025, driven by an $378,000, or 8.0 percent, reduction in general and administrative expenses [158]. - Total consolidated other income increased by approximately $520,000 to $2.1 million for the nine months ended March 31, 2025, primarily due to net investment income of $1.8 million, an increase of $456,000 compared to the previous year [159]. - Net investment income increased to $548,000 for the three months ended March 31, 2025, up from $460,000 in the same period in 2024, reflecting an increase of approximately 19.1% [152]. - The company recorded a tax expense of $137,000 for the three months ended March 31, 2025, an increase of $62,000 compared to the same period in 2024 [153]. - A tax expense of $229,000 was recorded for the nine months ended March 31, 2025, compared to $446,000 for the same period in 2024, representing a decrease of $217,000 [160]. Assets and Equity - The company held investments carried at fair value of $13.3 million as of March 31, 2025, which is approximately 27.3% of the company's total assets [147]. - The Company had net working capital of approximately $37.5 million as of March 31, 2025, a decrease of $666,000, or 1.7 percent, since June 30, 2024 [163]. - Consolidated shareholders' equity decreased by $2.9 million, or 5.9 percent, to $46.1 million since June 30, 2024, primarily due to stock repurchases and dividends paid [164]. Financing and Contracts - The Company has access to a $1.0 million credit facility, which remains unutilized as of March 31, 2025 [165]. - The investment advisory contracts with USGIF have been renewed through September 2025, and the advisory agreement for U.S.-based ETFs has been renewed through July 2025 [166]. - The Company believes current cash reserves and financing will be sufficient to meet foreseeable cash needs for operating activities [168]. Redemption and Fund Activity - The company experienced net redemptions during the nine months ended March 31, 2024, primarily driven by equity fund liquidations, contrasting with an increase in assets under management in 2025 [144].

Core Viewpoint - The company plans to increase its exposure to Bitcoin on a monthly basis, indicating a strategic shift towards cryptocurrency investments [1] Group 1 - The company is actively seeking to enhance its investment portfolio by incorporating more Bitcoin, reflecting a growing interest in digital assets [1] - This decision aligns with broader trends in the investment industry, where institutional investors are increasingly looking to diversify into cryptocurrencies [1] - The move may signal a potential shift in market dynamics as more traditional investment firms embrace Bitcoin as a viable asset class [1]

Core Viewpoint - U.S. Global Investors, Inc. reported a net loss for Q1 2025 amid challenging market conditions, while emphasizing strategic investments in gold and digital assets as potential growth areas [1][2][3]. Financial Performance - The company reported operating revenues of $2.1 million and a net loss of $382,000, or $0.03 per share, for the quarter ended March 31, 2025 [1][21]. - Total assets under management (AUM) decreased to approximately $1.2 billion from $1.5 billion at the end of 2024 [1]. Investment Strategies - The company is increasing its investment in Bitcoin and HIVE Digital Technologies, citing a favorable regulatory environment for digital assets [3]. - The company's shareholder yield as of March 31, 2025, was 10.5%, significantly higher than the yields on five-year and ten-year Treasury bonds [2]. Market Trends - The U.S. Global Technology and Aerospace & Defense ETF (WAR) launched in December 2024, is gaining traction amid rising geopolitical risks and increased global defense spending, which reached a record $2.7 trillion in 2024 [4][5]. - Gold prices reached all-time highs in early 2025, with global demand hitting nearly 5,000 metric tons in 2024, primarily driven by central bank purchases [9][10]. Shareholder Initiatives - The company approved a monthly dividend of $0.0075 per share starting in April 2025, with scheduled payment dates through June 2025 [15]. - A share repurchase program allows for the annual purchase of up to $5 million of outstanding common shares, with 784,466 shares repurchased in the 12 months ending March 31, 2025, marking a 12% increase from the previous year [16]. Liquidity Position - As of March 31, 2025, the company reported approximately $26.3 million in cash and cash equivalents, providing substantial flexibility for future opportunities [19].