Financial Data and Key Metrics Changes - The company reported average assets under management of $1.4 billion and operating revenues of $2.25 million for the quarter, with net income of $1.5 million, an increase from $315,000 in the same quarter last year [28][30] - Operating revenues increased by $94,000 or 4% from the previous year, primarily due to higher advisory and administrative fees for equity mutual funds [29] - The company has maintained a strong balance sheet with cash and cash equivalents of approximately $24.6 million, reflecting a slight increase since June 2025 [30] Business Line Data and Key Metrics Changes - The company has seen a rebound in investment income, which has improved due to unrealized gains on investments [30] - The operational earnings consist of advisory fees, while other earnings include realized and unrealized gains and losses on investments [28] Market Data and Key Metrics Changes - The gold market has shown significant volatility, with gold reaching an all-time high of $4,300 before undergoing a correction [20][19] - The company noted that gold has outperformed the S&P 500, doubling its performance this century, which has led to increased interest in gold investments [20][21] Company Strategy and Development Direction - The company is focused on creating thematic products using a smart beta 2.0 strategy, which involves rigorous backtesting and active money management [7][14] - A two-pillar strategy is in place to enhance shareholder value through dividends and stock buybacks, with a current yield of 3.46% [10][9] - The company is actively buying back stock when prices are flat or down, indicating a belief that the stock is undervalued [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, stating that the worst impacts of the tariff wars may be behind them, with a rebound in assets and investment income [11][13] - The company highlighted the importance of gold as a diversifier in investment portfolios, especially in light of rising global debt levels [21][22] Other Important Information - The company has been expanding its subscriber base and increasing exposure to the Bitcoin ecosystem through investments [8] - The company has maintained a monthly dividend since June 2007, reflecting its commitment to returning value to shareholders [10] Q&A Session Summary Question: What is the company's outlook on gold investments? - Management noted that gold has reached an all-time high and has outperformed the S&P 500, suggesting a strong future for gold investments [20][21] Question: How is the company managing its stock buyback program? - The company is using an algorithm to buy back shares on flat and down days, believing the stock is undervalued [9][10] Question: What are the key themes driving the company's investment strategy? - The focus is on thematic investing, particularly in gold, precious metals, and AI defense sectors, which are expected to see growth [18][26]

| | | Global Fund Flows Summary | | | | --- | --- | --- | --- | --- | | | Millions USD | | % AUM | | | | 4wk sum | 5-Nov | 4wk avg | 5-Nov | | Equity | 98,927 | 39,405 | 0.09 | 0.15 | | Fixed Income | 60,863 | 20,186 | 0.17 | 0.22 | | of which: EM | 1,936 | 759 | 0.08 | 0.12 | | Money Markets | 152,869 | 117,299 | 0.36 | 1.11 | | FX Flows* | 41,624 | 14,125 | 0.07 | 0.10 | +1(212)357-7628 | isabella.rosenberg@gs.com Goldman Sachs & Co. LLC *Cross-border fund flows, excluding hard currency and FX-hedged fund ...

Investment Rating - The report indicates a volatile environment for equity funds with significant inflows and outflows, particularly highlighting a negative trend in bond funds [1][2]. Core Insights - Equity funds experienced inflows of US$7.9 billion, while bond funds faced redemptions totaling US$20.1 billion during the week ending April 16, 2025 [1]. - Emerging Market (EM) funds saw outflows of US$3.2 billion, primarily driven by US$3.7 billion in redemptions from China funds [2]. - Developed Markets (DM) funds, particularly in Western Europe, showed resilience with inflows of US$6.0 billion, while North America faced outflows of US$6.3 billion [3][4]. Summary by Sections Fund Flows Overview - Global funds recorded inflows of US$8.7 billion, with gold funds also seeing a notable increase of US$7.6 billion [1]. - The report highlights a significant divergence in performance across regions, with MSCI Europe gaining up to 11% compared to a 3% loss in MSCI US [1][3]. Emerging Markets - EM funds resumed net outflows, with specific regions like Korea and Taiwan experiencing foreign outflows of US$0.9 billion and US$0.5 billion, respectively [2]. - Japan recorded a second consecutive week of foreign inflows amounting to US$1.1 billion, indicating a potential shift in investor sentiment [2]. Geographic Focus - The report provides detailed insights into fund flows by geographic focus, showing that North America and EM Asia faced significant outflows, while Western Europe and Japan attracted inflows [3][4]. - The cumulative flows to equity funds versus bond funds indicate a preference for equities in the current market environment [29][40]. ESG Funds - The report also touches on flows to ESG funds, indicating trends in both developed and emerging markets, with specific figures illustrating the performance of these funds relative to traditional funds [121][127]. Alternative Funds - Alternative funds, including gold and cryptocurrency funds, are highlighted for their performance, with gold funds showing a positive trend in inflows [144][149]. Local Intelligence - The report includes local intelligence on foreign investor flows in various Asian markets, indicating a mixed sentiment across the region [157][161].