U.S. Global Investors Q1 2027 Earnings Results & Report

U.S. Global Investors EPS Results

• Actual EPS: $0.01
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

U.S. Global Investors Revenue Results

• Actual Revenue: $2.66 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

U.S. Global Investors (NASDAQ:GROW) (NASDAQ:GROW) is an investment management company headquartered in San Antonio, Texas. The company provides investment advisory and management services to mutual funds, exchange-traded funds and other investment accounts.

Its investment products focus on specialized areas of the global economy, including natural resources, precious metals, emerging markets, global infrastructure, airlines and maritime transportation. The company also offers separately managed accounts and related shareholder and fund administration services.

U.S. Global Investors traces its history to 1968 and serves investors through funds and investment strategies with exposure to domestic and international markets. Frank Holmes has served as the company's chief executive officer and chief investment officer.

U.S. Global Investors Q1 2027 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Quarterly operating revenue rose 18% year over year to $2.7 million, driven mainly by higher advisory fees from the company’s gold and natural-resource funds. Operating expenses fell 6%, and operating results improved to $55,000 of income from a $515,000 loss a year earlier.
• Negative Sentiment: Net income declined to $171,000, or $0.01 per share, from $1.5 million, or $0.12 per share, a year ago. The drop largely reflected lower investment results, including a prior-year unrealized gain and current-period unrealized losses.
• Neutral Sentiment: Average assets under management were $1.6 billion for the quarter; management described them as stable amid market volatility.
• Positive Sentiment: The company reported $24.3 million in cash and cash equivalents, $9.8 million in current investments, and $35.4 million in net working capital. It also repurchased 105,457 shares for about $319,000 during the quarter and said it has reduced shares outstanding by roughly 20% since December 2019.

Presentation

[Holly Schoenfeldt, Director of Marketing at U.S. Global Investors]

As seen on slide number two, the presenters for today's program are Frank Holmes, U.S. Global Investors CEO and Chief Investment Officer, Lisa Callicotte, Chief Financial Officer, and myself, Holly Schoenfeldt, Director of Marketing. On slide number three, 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 that may materially affect actual results. Please refer to our press release and corresponding Form 10-Q filing for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today, and U.S. Global Investors accepts no obligation to update them in the future.

[Holly Schoenfeldt, Director of Marketing at U.S. Global Investors]

On slide number four, don't forget, if you'd like to receive one of our USGI hats featured here, just send your mailing address to us at info@usfunds.com, and we will get one sent over to you. All right, moving on to the next slide, I will briefly review the company. U.S. Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantamental strategy to create thematic Smart Beta 2.0 products. The company was originally founded as an investment club, becoming a registered investment advisor in 1968, and has had a longstanding history of global investing and launching first-of-their-kind investment products, including the first no-load gold fund. Finally, we're experts in thematic investing, in particular, gold and precious metals, natural resources, airlines, and luxury goods, all using a quantamental approach that includes both macro and micro factors.

[Holly Schoenfeldt, Director of Marketing at U.S. Global Investors]

Moving on to the next slide. We often begin our presentations with this slide, and we call it the DNA of volatility, as a reminder that market swings are a normal part of long-term investing. With that in mind, I will turn it over now to our CEO, Frank Holmes, to walk us through the chart and share his macro analysis for the first quarter. Frank.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

Thank you, Holly. I always start my presentations off with a safe harbor commentary, and that is the DNA of volatility. Every asset class has its own DNA of volatility, and when major events happen throughout a year, they can change this DNA of volatility. Going back a few years ago, before COVID, the S&P 500 and gold bullion were both like 1% on a daily, meaning 70% of the time, it was a non-event to go up or down 1%. Gold has become more volatile than the S&P 500. But it's always the benchmark is the S&P 500, and as you can see, oil is two times greater on a daily basis, and more than double, almost three times on a 10-day basis to the S&P 500. That impacts the JETS ETF, and that impacts other assets that we may have.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

gold stocks themselves, they have a much higher volatility, Bitcoin is much higher volatility than gold bullion, and HIVE Digital Technologies, which is a company we have invested in. It is in the AI business, Tier-3 data centers, in addition to being the first public company in the crypto ecosystem in 2017, and it is about 2% of the global network of Bitcoin mining using only green energy. So, those different asset classes all have their own volatility, and for investors, it is important to appreciate them. Next, please. I would like to thank our shareholders, the top institutional shareholders. The next slide, please. Capital Wealth Advisors and Gator Capital Management and Vanguard. Well, Vanguard probably, I believe, is one of their index funds. Next, please. I am the CEO and Chief Investment Officer.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

My presentation will predominantly be scoping as a Chief Investment Officer, and Lisa Callicotte will get into a lot of the financial metrics to talk about. But coming back on the data, I own 21% of the company and approximately 99% of the voting control, which has to do with regulatory compliance reasons. Next, please. Strategy and tactics. Our job is, we believe, is to have a structured discipline investment process, which we like to call Smart Beta 2.0, and this basically creates thematic products that are sustainable using this strategy. It requires a rigorous back testing of thousands of hours before we launch one. Our mission is to make people feel financially happy and secure that their wealth is consistently growing with this discipline in those thematic investments. One of the long stays has always been gold and being 10%-15%.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

The largest hedge funds in the world goes between 10% and 25%, Ray Dalio's fund in gold. We focus on gold stocks, and we also believe that other things are important to try to embrace new technology, such as our exposure early to the Bitcoin ecosystem, which then that knowledge of data centers led us down the path to AI for rebuilding NATO. Next, please. Marketing strategy. Well, it is also investment strategy, and I think it is important that you cannot connect the dots looking forward. You can only connect them looking backwards, so you have to trust the dots will somehow connect in your future is the famous quote by Steve Jobs. I think that that is sort of the journey of how we create new products and look at the world, how well can we connect the dots looking back. Next, please.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

GROW dividends, the company has been paying monthly dividends since June of 2007. The current yield is about 3.36%. Next, please. Why we buy back our stock. The company believes the stock is undervalued and therefore buys back shares of GROW when the price is flat or down from previous trading day using an algorithm. This is part of the company's two-pillar strategy to enhance shareholder value by paying the dividend as well as the buyback amount per year. Next, please. Current share purchase program. During the quarter, September 30, 2026, the company repurchased a total of 105,457 Class A shares using cash of about $319,000. Since December of 2019, we have reduced the shares outstanding by approximately 20%. Next, please. So this is a sort of a visual to help you with the GROW buyback. It is the more volatile it is, that we end up buying back more stock.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

It is interesting that the fund flows are pretty stable, even with the meltdown in the quarter. This previous quarter had the huge carry trade in Japan, crashed the technology sector, and also the volatility in the gold sector. Our assets basically went sideways during this turmoil in the global markets. Next, please. Meb Faber wrote a well-known book called "Shareholder Yield" and launched an ETF that focuses on companies that are paying dividends, buying back their stock, and debt reduction, divided by its market cap. He calls the total shareholder yield. Next, please. This is the formula which he uses for picking his basket of stocks. Next, please. U.S. Global Investors committed to returning value to shareholders when compared to treasury yields, which are GROW's overall yield is about 8.33%, and the 10 year is 5.29%, and the five year is 5.01%.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

On a relative GARP, as a GARP analyst, GROW's overall yield still makes it attractive. Next, please. We have had tremendous volatility in the Russell Midcap Growth Index, which we like to compare ourselves to, and now it is both corrected. We have corrected from our highs earlier in August. As you can see here, I mentioned to you that we had this run-up and then the unwind of the carry trade and then the sell-off. We are still ahead about 10% of the Russell Microcap Growth Index. Next, please. Average assets under management remain stable. Next, please. They are highly leveraged, so any serious growth in assets, big, substantial cash flow falls to the bottom line. I think that that is what is really important, and we are showing you here the net income quarter-over-quarter. Next, please. U.S. Global Investors versus some of the competition.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

We quite often get discussed regarding WisdomTree, which is 100% ETFs. U.S. Global Investors, 59% of our business, almost 60%, comes from ETFs, and Invesco is about 40% with the famous QQQ ETF. This is a way to do relative evaluation analysis, price to book. WisdomTree is expensive. We are inexpensive. Return on assets, they have a higher return. We are more attractive than Invesco. Pre-tax margins, we are more attractive than Invesco. Dividend yield is about the same as Invesco, but better than WisdomTree. Shareholder yield, we are high, like Invesco is, and we traded a price to EBITDA of roughly 15 times. Next, please. We always like to talk about our fund distribution, and it is important to look at the two big comparative platforms. Robinhood, the new kid on the block, and this cycle really exploded during COVID. It is interesting to see how many assets they have. Schwab has $12 trillion.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

Robinhood has 377 billion account customers, 39 million active brokerage accounts versus 30 million funded customers. What is really interesting is that the average asset size of Schwab is substantially bigger than Robinhood, but Robinhood has all the day traders and has a lot of the voters that went blue, in particular this past election cycle, they are at Robinhood. You can see that the day traders and the RIA asset allocators, I think their average clientele is under the age of 35 at Robinhood. Next, please. Probably one of the best analysts out there following fund flows and what is happening in the capital markets relating to ETFs is Eric Balchunas.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

Active ETFs now account for about 13% of overall ETFs. Despite representing only 13% of assets, active ETFs generate about 30% of ETF industry revenue because of the greater complexities that are necessary, from covered call writing programs to Smart Beta 2.0. A lot of the index funds, it appears, make most of their money with the very, very low fees on securities lending, which helps offset a lot of the costs, especially where the transfer agency owns the fund group and it is sort of mass where costs are. It is interesting for me that it is important for investors to realize that securities lending is a very big component for passive revenue, passive ETFs. Next, please. Defensive sectors held up best under a GOP president and Democratic Congress, going back over previous cycles.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

The reason why I bring this up is because we launched, 18 months ago, a new ETF for NATO rebuilding. It is called WAR on the New York Stock Exchange to rebuild NATO, and it is a lot of AI, very critical. This policy change took place in 2018, and it really has captured significant growth of AI rebuilding in the past three, four years. So, what does it mean, even though the sweep into the blue, what does it mean to overall market stocks, et cetera? This sort of gives you an idea of what the average return has been. Next, please. Year three has been very positive every time, which is really quite interesting that consumer staples and healthcare rebound, especially under the blue sweep, which is very much pushing healthcare.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

We can see under President Obama, the two terms that some of the best performing stocks and industry groups were hospitals and healthcare. Even though there was such a negative narrative, the opposite is where money flew into. You can see what the differences are regarding expect more regulations in financials and communications and services. So, this is sort of looking back at history, and it gives you a better flavor for life is all about managing expectations. Next, please. Government policies are precursor to change, and this is in our perspectives. RIAs are, we have seen going into this election, rotating to real assets as advisor pro, precious metals, infrastructure, and equity, energy because of the war in Iran. Then you also have Ukraine blowing up refineries in Russia. That puts another big dent.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

I think what is really important to recognize is for the state of Texas, which is about 25% of the energy for data centers, that there is something new that is happening in that trend, and that is where you build the power station outside of the grid, where there is a big natural gas field. So you have what is called electricity before the grid. It does not impact local energy costs, and you do not have to worry about the volatility of natural gas prices, and you can turn around and produce compute power from electrical power. We are seeing this phenomena happen in Canada with a mega project announced by Bell Canada in Saskatchewan.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

Other countries had challenges of getting pipelines going from east to west. Rather than worrying about these pipelines, now you can turn around and you can export compute power through the telecom system and through fiber optic systems throughout North America. That gas field all of a sudden is converted into where data center is beside it. These are new changes what we are seeing in this sort of build-out for AI. What is really important here is that the energy space is not going away, and neither is the need for infrastructure or precious metals. Next visual really is important to recognize that MMT, modern monetary theory, this century has led to huge money printing, always promises that they will cut back on the money printing when the economy turns around, and never really does.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

Each time we have a real serious recession, or a crisis financially, the money printing is exponentially bigger than the last cycle. MMT is $350 trillion worldwide. What really surprises many investors is that, in fact, the U.S. is more attractive when you do this against a total global debt cycle. It is not going away. Next, please. This is what lends itself for this century of showing gold as an asset class has in fact outperformed the S&P 500, and having a 10% to a 15% weighting has only been a prudent asset class and rebalance each year. We have been focused on the gold stocks that give you that growth and momentum and revenue and cash flow. Next, please. Gold's all-time high signals renewed investor interest, big correction, bounce back up.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

A lot has to do with dollar swings, but if the money is going towards social programs and welfare programs and other more far left, as they like to call it, programs, then gold most likely will go through an acceleration and the dollar will go through a difficulty. It does not really matter if it is Democrats or Republicans this century. The MMT is not going away by the G20 countries, and governments will continue to print money. Next, please. That is why one of the largest hedge funds and most respected global macro money managers, Ray Dalio, says a well-diversified portfolio should have 5%-15% in gold. He also mentions Bitcoin. Next, please. One of the things we have noticed since Putin invaded, first time was Crimea under President Obama, and then the second time under President Biden, going in that cycle.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

What you see in that time period is an apathy and a discouragement of anyone investing, Americans investing in Eastern Europe or Asia because of the China threat and the Putin threat. More money has gone into domestic spending and investing, and one of those things has been defense spending. The world is one of the things that President Trump has held accountable is the G20 countries, the NATO countries in particular of the G20, to maintain what they said they were going to do. He has held them accountable for their 2%. Now we are seeing that spend take place in Canada, and you are seeing it take place in Europe. Now there is a greater focus on AI.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

I do not think national security is going to go away, even with the sweep which just took place in this last election, because Trump coming into power a lot had to do with national security and the waves of crime that were taking place in urban areas. We know this well in Texas. I think that the concerns of Xi Jinping and Putin, we know that the Iran war was an upset and really hurt President Trump. I think that the gas pump is the outcome of that, but what we have to also recognize that China's been through the One Belt One Road with railway going into Iran is helping fuel the battle, giving them weapons and to fight against anyone else and drones, et cetera.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

The same thing has happened in North Korea, and the same thing for Putin and Russia has been receiving Chinese technology and weapons. This concern about AI and the race for AI is not going away. Even though that there's lots of bantering and fear, and there's lots of conspiracy theories around it that it's funded by China, it really doesn't matter is that people now have seen the potential of ChatGPT and the additional ones like Claude coming out and Perplexity and Grok. I use them all. I think they're all quite remarkable, especially for doing research. I've also realized it's the quality of your prompt. You have to be able to debate and argue with these various platforms and have them drill down when you do not like the answer.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

The sad part is that a lot of young people just take the tip of the iceberg, their answer, which seems to have a lot of biases. Next, please. The actively managed WAR ETF joins JETS and GOAU, GO GOLD, and SEA on the Lima Stock Exchange. This is all part of our platform in Latin America. We do believe that the Western Hemisphere, the Monroe Doctrine is not going away. We also know prior to this whole Monroe Doctrine being dusted off by the new administration, we talked about this during COVID, that the digital nomads flying north to south are quite significant for the airlines ETF of absorbing seats that were never there being used and demanded for before. This phenomena is here to stay. Next, please. I'm very proud of what we've been able to create our fundamental approach to Smart Beta 2.0 of investing.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

It requires a broad and deep understanding of global economic trends, policies, and geopolitical events at the same time of looking at what stocks, what factors relate to those industries that the stocks are in. You make that determination by doing a regression analysis, a detailed thousands of hours of portfolio construction and looking at the factors that worked out the best, and before you launch a product. Some of the products is momentum and revenue cash flow are dominant for the gold royalty, and a lot has to do with the royalty model itself and income per employee is one of those special factors that allow you to look at this industry in a different frame. Next, please. Building a Smart Beta thematic ETF platform is what we are doing at U.S. Global. Please look and score SEA.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

I think it's one of the most fascinating to me. PULSE is the arteries of global trade. As a money manager, I love it because it tells you what is the real cost and is trade around the world rising or falling. Since Trump came out with his Liberation Day on April 2, 2025, you would have thought that cargo travel, everything would have, cargo would have collapsed and it's done nothing but go up. Then you have the crisis in the Straits of Hormuz just this year, and then we had other problems in other areas, and the cost for cargo goes up dramatically. The cargo ships which carry all the commodities and also carry the bulk finished product like cars or Samsung refrigerators, they are predominantly shipped by cargo shipping. Then we have WAR, which is AI.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

It's really a technology-focused fund for the rebuilding of military, and it's done a great job. JETS continues to show you the smart beta is its longest-standing smart beta product that we can outperform an index both short term and long term, and then GO GOLD. Next, please. Gains seen across the thematic fund lineup. Let's look next, please. WAR ETF has outperformed the market year to date, up 35%. Market's up 12%. It's been more volatile, but it does capture where money is going by the deficits, by governments who are spending, and going into national security. Next, please. SEA ETF has even outperformed in a more significant fashion. It's up 40%. One of the interesting parts to put that also is PMI, which we write about every month.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

If you're not a subscriber to Investor Alert, I highly recommend you do, because when PMI is above 50, it means the global economy is expanding. That's very bullish six months out for commodity demand, and we update that every month. We have found also regressional studies that when one month is above three months and above 50, it's very bullish overall for global trade. So that's another factor why the performance is doing well. Next, please. JETS ETF has outperformed the NYSE Arca Airline. That's really the NYSE Arca Global Airline Index, and I think what's important there is that percentage-wise, it's really quite significant when you look at short-term or long-term, even after 60 basis points. Remember that the index itself has no drag of 60 basis points. We still outperform it. That is the whole idea behind creating this Smart Beta 2.0.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

Next, please. GOAU ETF has outperformed the market since inception by a significant. All this really does is substantiate the thought process of having a 10% weighting in a product like this against a diversified portfolio and rebalancing once a year. It has done its job. When the dollar is weak and gold prices are stronger, it trades higher. We cover a lot of research on why that's been going on and the different stocks, so please subscribe to Frank Talk and Investor Alert if you're not, so that you keep in touch with us in a weekly recap of what we're doing and going. We've also covered what's happened in the presidential election cycle when the president will be a Republican and the Senate and Congress are Democrat, what happens to the market, what happens to these various themes.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

What is important is going back to, I think, 1950, the market is up. Sometimes it is up more, and other times it is less, but overall, it is up. I do not want to throw in the towel. The only difference really is to recognize that the Democratic Socialists of America, the DSA, they like to call it, backed candidates, and they scored significant victories across the country. We will see what happens between now and January, what will be the rhetoric, and what will they really do for maintaining job growth. The research is pretty strong of showing with this sort of socialist mindset that Canada had is if you are a lawyer and you are going to law school, well, you are going to study case studies, and you go to Harvard Business School, it is all case studies.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

Canada is a great case study over a decade under former Prime Minister Justin Trudeau with his expanded definition of DEI and ESG policies and regulations and hiring more government employees, what it did to the overall economy. When we look at GDP per capita relative to America, when we look at money that went into infrastructure and technology and innovation, it is now substantially lagged. The new Prime Minister Mark Carney, he is also with the Liberal Party like Justin Trudeau, but he is reversing a lot of those ideas because they did not work. Those ideas did not work in England, and they have not worked in the EU, especially countries like France.

[Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors]

I believe that, stay positive and optimistic with a growth mindset, that the new election body will recognize that you have to have growth to maintain this drive that we are going through in this global arena that we function in. So stay tuned, and I want to turn over to Lisa Callicotte, our CFO, to get into the granularity of the financials. Thank you.

[Lisa Callicotte, CFO at U.S. Global Investors]

Thank you, Frank. Good morning. First, I will start with our financial highlights on slide 41. Our quarterly average assets under management were $1.6 billion, and operating revenues were $2.7 million, and net income $171,000, or a penny per share. Slide 42 is a reminder of the different components of our earnings. We have operational earnings that consist of our advisory fees, and we have other earnings, mainly consisting of realized and unrealized gains and losses of our investment holdings. Our operational earnings are based on our average assets under management for the period, and our investment earnings are primarily based on change in market value of our investments. The next slides provide more detail of our results from operations for the quarter ended September 30th, 2026.

[Lisa Callicotte, CFO at U.S. Global Investors]

We see that quarterly operating revenues were $2.7 million for the quarter, which is an increase of $406,000, or 18%, from the $2.3 million the same quarter last year. The increase is primarily due to increase in advisory fees in our gold and natural resource mutual funds and ETFs. Our operating expenses decreased $164,000, or 6%, mainly due to decreases in general administrative expenses of $117,000, or 8%, primarily due to lower ETF costs, and a decrease in advertising expenses of $37,000 or 23%, related to expanding ETF marketing efforts in the prior year. On slide 44, we see our operating income for the quarter ending September 30th, 2026, is $55,000, and this is compared to an operating loss in the prior year of $515,000. Other income for the quarter was $193,000 compared to $2.4 million in the prior year.

[Lisa Callicotte, CFO at U.S. Global Investors]

The decrease of $2.2 million was primarily due to lower net investment income in the current period versus the prior, and it was mainly due to a $1.3 million unrealized gain recognized in the prior period, and $185,000 unrealized losses in equity and debt securities in the current period. Net income after taxes for the quarter was $171,000, or a penny per share, which is a decrease of $1.3 million compared to the net income of $1.5 million, or $0.12 per share the same quarter, fiscal year 2026. Moving on to page 45, we see we still have a strong balance sheet. It includes high level of cash and investments. Cash and cash equivalents was approximately $24.3 million at September 30th, 2026, and current investments totaled $9.8 million. On slide 46, we see a detail of our other assets that total approximately $9.1 million.

[Lisa Callicotte, CFO at U.S. Global Investors]

Slide 47 notes our liabilities decreased from June 30th, 2026, by approximately $310,000. On slide 48, you can see our stockholders' equity detail, and at September 30th, 2026, the company had a net working capital of $35.4 million and a current ratio of 23.1-1. With that, I'll turn it over to Holly.

[Holly Schoenfeldt, Director of Marketing at U.S. Global Investors]

Thank you, Lisa. On the first slide in my section, I want to highlight our new podcast that's called "Return on Ideas" that we launched back in September. In it, we explore the people, innovations, and ideas that are shaping the world we live in and the markets we invest in. The show comes out twice a month and can be found on our YouTube channel or wherever you get your podcasts, and we hope you'll check it out if you haven't already and become a subscriber. Moving on to the next slide, we can see some of our latest interactive research pieces that, if you haven't checked out yet, I highly recommend that you do. They can all be found on the Resources tab of our website.

[Holly Schoenfeldt, Director of Marketing at U.S. Global Investors]

We have slideshows and infographics on everything from AI, what is driving gold and energy prices, the top 10 travel destinations, and much more. On the next slide, we take a look back at the most read Frank Talk posts from the past quarter. The topics reflect many of the themes making headlines today, from home and diesel prices to the risks and opportunities emerging in AI, the data center boom, and the technology stocks capturing investors' attention. Frank Talk is one of the longest-running financial blogs offering timely market insights and investment perspectives, and best of all, it is free to subscribe. Moving on, this next slide highlights some events that we will be participating in during the final months of 2026.

[Holly Schoenfeldt, Director of Marketing at U.S. Global Investors]

First, CEO Frank Holmes will deliver a keynote address at the Swiss Mining Institute in Zürich, sharing his outlook on gold and commodities. Later in the month, in collaboration with the Lima Stock Exchange, where our WAR ETF recently dual listed, we will host a virtual webinar for Latin American investors. The session will introduce investors to the WAR ETF and provide a closer look at our Smart Beta 2.0 approach. Finally, on my last slide, I do encourage you all to follow us on social media. We are on Twitter or X, LinkedIn, YouTube, Instagram, and Facebook, so wherever you prefer to get your news, be sure to check us out, and that way, you are up to date with what is going on with GROW, our funds, and just broader market insights.

[Holly Schoenfeldt, Director of Marketing at U.S. Global Investors]

All right, to wrap up, as a reminder to our audience, if you have any questions today, please email those to us at info@usfunds.com, and we will gladly follow up with you to get anything clarified that you need some more information on. With that, thank you for tuning in today. That concludes our webcast summarizing the first quarter of 2027.

Participants

Executives

• Holly Schoenfeldt, Director of Marketing
• Frank Holmes, CEO and Chief Investment Officer
• Lisa Callicotte, CFO