Financial Data and Key Metrics Changes - Quarterly average assets under management were $1.4 billion, operating revenues were $2.25 million, and net income was $1.5 million, representing a significant increase from the previous year [26][28][29] - Operating revenues increased by $94,000 or 4% from the same quarter last year, primarily due to increases in advisory and administrative fees for equity mutual funds [27] - Net income after taxes increased by $1.2 million compared to the same quarter last fiscal year, rising from $315,000 to $1.5 million [28][29] Business Line Data and Key Metrics Changes - Operating expenses increased by $50,000 or 2%, mainly due to higher employee compensation and advertising expenses related to expanded ETF marketing efforts [28] - The company has maintained a strong balance sheet with high levels of cash and investments, including approximately $24.6 million in cash and cash equivalents [29] Market Data and Key Metrics Changes - The gold market has seen significant volatility, with gold reaching an all-time high of $4,300 before undergoing a correction [18][19] - The company noted a rebound in fund assets compared to the previous year, indicating improved overall revenue [18] Company Strategy and Development Direction - The company is focused on creating thematic products using Smart Beta 2.0 strategy, which involves rigorous backtesting and active money management [6][7] - A two-pillar strategy is in place to enhance shareholder value through dividends and stock buybacks, with a current share repurchase program purchasing 159,074 Class A shares [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, indicating that the worst impacts of the election and tariff battles are hopefully behind the company [11] - The company remains committed to thematic investing, particularly in gold and precious metals, and believes that current market conditions make resource assets attractive [20][21] Other Important Information - The company has been actively engaging with shareholders through various marketing channels, including YouTube and social media, to provide insights and updates [31][32] - The company has a strong commitment to educational resources, offering white papers on defense and AI sectors, as well as the business model of gold royalty and streaming companies [32] Q&A Session Summary Question: What is the outlook for gold and gold equities? - Management noted that gold has outperformed the S&P 500 and emphasized the importance of having 10%-15% of a diversified portfolio in gold and gold stocks, as recommended by Ray Dalio [19][21] Question: How is the company managing its stock buyback program? - The company is buying back shares when the stock price is flat or down, using a simple algorithm to enhance shareholder value [9][10] Question: What are the company's views on the current macroeconomic environment? - Management highlighted concerns about rising global debt levels and their implications for gold as a diversifier in investment portfolios [20][21]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the equity fund flows in the financial markets, particularly in the context of the week ending September 24, 2025, highlighting trends in both developed and emerging markets. Core Insights 1. **Equity Fund Inflows**: - There was a total inflow of **US$19.6 billion** into equity funds during the week, indicating a positive trend in equity investments [1] - Inflows into bond funds were higher at **US$24.7 billion**, suggesting a continued preference for fixed income securities alongside equities [1] 2. **Regional Fund Flows**: - **US Funds**: Experienced an inflow of **US$6.6 billion** [1] - **Global Funds**: Saw an inflow of **US$2.9 billion** [1] - **European Funds**: Resumed inflows with **US$2.1 billion** [1] - **Gold Funds**: Continued to attract significant investment with inflows of **US$5.0 billion** [1] 3. **Emerging Market (EM) Funds**: - EM funds recorded an inflow of **US$6.7 billion**, with **China ETFs** leading the way at **US$4.9 billion** [2] - **GEM Funds** also saw inflows of **US$2.3 billion** [2] - **Taiwan ETFs** faced redemptions amounting to **US$1.0 billion** for the second consecutive week [2] 4. **Local Market Dynamics**: - Taiwan and India experienced net foreign outflows of approximately **US$0.4 billion** each, while Korea saw an inflow of **US$0.3 billion** [3] - Hong Kong attracted **US$5.0 billion** from Southbound investors, indicating strong interest in the region [3] Additional Insights - The breadth of equity inflows is improving, suggesting a potential recovery in investor sentiment towards equities [1] - The report highlights the importance of monitoring fund flows as a key indicator of market trends and investor behavior [6] - The data indicates a shift in investment strategies, with a notable interest in ESG (Environmental, Social, and Governance) funds, although specific figures were not detailed in the provided content [123] Conclusion - The overall trend in equity fund flows suggests a cautious optimism in the market, with significant inflows into both equity and bond funds, particularly in the US and emerging markets. The dynamics in local markets, especially in Asia, reflect varied investor sentiment, with some regions experiencing outflows while others see substantial inflows.