U S GLOBAL INVESTORS INC Q1 FY2025 earnings call

• U.S. Global Investors is an innovative investment manager specializing in smart beta 2.0 thematic products with vast global market experience.
• Frank Holmes discussed the DNA of volatility across asset classes, noting different volatilities for airlines, gold, and crypto-related assets like Hive.
• The company has created ETFs using smart beta 2.0 strategy, backtesting up to 10,000 hours, and recalibrating every quarter.
• Mentioned shareholder value through dividends, buybacks, and no debt issues, with a strong shareholder yield of 9.34%.
• Talked about the airline industry's dynamics, including fund flows, short covering, and expansion in Latin America.
• Highlighted gold's position due to global debt, currency debasement, and cultural affinity for gold in certain regions.

The company had average assets under management of $1.5 billion. Operating revenues were $2.16 million and net income was $315,000. Product segments include airline funds (biggest fund) and gold funds (making all-time highs). Airline ETFs like Jets had fluctuations with fund flows and oil price impacts. Gold funds saw modest year-over-year asset growth despite not having big fund flows, with gold being influenced by global debt structures and modern monetary theory.

• Positive on capital markets going forward, expecting positive for private sector job creation and innovation.
• Aim to increase average assets under management, with Frank confident in the ability to work towards this.
• Continued focus on maintaining dividends and buying back stock as the company is undervalued.

• Volatility in asset classes which can impact fund flows and valuations.
• Potential challenges in growing average assets under management to improve operating income.
• Impact of election cycles and sentiment on investor perception and fund flows.