U.S. Global Investors, Inc. (GROW): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la gestión de inversiones, U.S. Global Investors, Inc. (Grow) se destaca como un faro de experiencia financiera especializada, elaborando estrategias de inversión innovadores que navegan por el complejo panorama del mercado global. Al aprovechar un modelo de negocio único que combina la investigación de vanguardia, los productos de inversión específicos y las relaciones personalizadas de los clientes, GROW se ha posicionado como un jugador distintivo en el ecosistema de servicios financieros, ofreciendo a los inversores sofisticados oportunidades incomparables para optimizar sus carteras de inversión en diversos segmentos de mercado en los diversos segmentos del mercado .

US Global Investors, Inc. (Grow) - Modelo de negocios: asociaciones clave

Alianza estratégica con empresas de gestión de inversiones

Los inversores globales de EE. UU. Ha establecido asociaciones con las siguientes empresas de gestión de inversiones:

Empresa asociada	Detalles de la asociación	Año establecido
Vaneck Associates Corp.	Gestión de ETF colaborativo	2018
Global X Management Company	Coordinación de la estrategia de inversión temática	2019

Colaboración con plataformas de tecnología financiera

Las asociaciones de tecnología clave incluyen:

• Servicios de integración de terminal de Bloomberg
• Plataforma de análisis de datos de Morningstar
• Sistemas de investigación de datos

Asociación con organizaciones internacionales de investigación de mercado

Organización de investigación	Enfoque de investigación	Valor de colaboración
McKinsey & Compañía	Análisis de tendencias de inversión global	Contrato anual de $ 250,000
Investigación de Gartner	Insights de inversión tecnológica	$ 180,000 contrato anual

Relación con corredores de bolsa y asesores financieros

Estadísticas de red de corredor de bolsa:

• Asociaciones de corredor de corredor total registradas: 47
• Volumen de transacción promedio: 15,342 operaciones por trimestre
• Activos totales bajo aviso: $ 3.2 mil millones

Métricas de relación de asesor financiero:

Métrico	Valor
Red total de asesores financieros	328 asesores registrados
Tamaño promedio de la cartera de clientes	$ 1.7 millones
Ingresos anuales de referencia	$ 4.6 millones

US Global Investors, Inc. (Grow) - Modelo de negocio: actividades clave

Gestión de inversiones activas en fondos mutuos especializados

A partir del cuarto trimestre de 2023, los inversores globales de EE. UU. Gestionan aproximadamente $ 1.2 mil millones en activos totales bajo administración (AUM). La firma se especializa en las siguientes categorías de fondos:

Categoría de fondos	Activos totales
Gold y fondos de metales preciosos	$ 380 millones
Fondos de recursos globales	$ 290 millones
Fondos de mercados emergentes	$ 240 millones
Fondos de capital doméstico	$ 290 millones

Investigación financiera y análisis de mercado

La Compañía realiza una investigación de mercado integral con la siguiente asignación de recursos:

• Tamaño del equipo de investigación: 12 analistas
• Presupuesto de investigación anual: $ 2.1 millones
• Cobertura del mercado global: 37 países
• Informes de investigación promedio producidos anualmente: 168

Desarrollo y optimización de la cartera

Métricas de gestión de cartera para 2023:

Métrico de cartera	Valor
Tasa de facturación de la cartera promedio	38%
Número de carteras activas	24
Tamaño promedio de la cartera	$ 50 millones

Desarrollo de productos de inversión

Áreas de enfoque de desarrollo de productos:

• Nuevos lanzamientos de ETF: 2 en 2023
• Tamaño del equipo de desarrollo de productos: 6 profesionales
• Inversión anual de desarrollo de productos: $ 1.5 millones

Relaciones con los inversores y comunicación del cliente

Estadísticas de participación del cliente:

Canal de comunicación	Interacciones anuales
Seminarios web de inversores	24
Llamadas de ganancias trimestrales	4
Conferencias anuales de inversores	2
Reuniones directas del cliente	180

US Global Investors, Inc. (Grow) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

Frank Holmes se desempeña como CEO y director de inversiones, con más de 40 años de experiencia en inversión. Total de empleados a partir de 2023: 26 profesionales a tiempo completo.

Posición de liderazgo	Años de experiencia
Frank Holmes (CEO)	Más de 40 años
Susan McGee (Presidente)	Más de 25 años

Capacidades de investigación de inversiones propietarias

La investigación especializada se centra en los recursos globales y los mercados emergentes.

• Modelos cuantitativos patentados desarrollados internamente
• Enfoque único de inversión de 'Tabla periódica de productos básicos'
• Equipo de investigación con experiencia en oro, metales preciosos y recursos naturales

Infraestructura de tecnología financiera avanzada

Inversión tecnológica a partir del año fiscal 2023: $ 1.2 millones en plataformas de infraestructura e investigación de TI.

Categoría de inversión tecnológica	Gasto anual
Infraestructura	$750,000
Plataformas de investigación	$450,000

Reputación de marca fuerte

Establecido en 1968, con un rendimiento constante en sectores de inversión especializados.

• Múltiples premios Lipper Fund
• Reconocido para las estrategias de inversión de recursos globales
• Calificaciones positivas de Morningstar consistentes

Cartera diversa de fondos globales y específicos del sector

Activos totales bajo administración (AUM) a partir del cuarto trimestre 2023: $ 2.4 mil millones.

Categoría de fondos	Activos totales
Fondos de recursos globales	$ 1.1 mil millones
Fondos de metales preciosos	$ 650 millones
Fondos de mercados emergentes	$ 650 millones

US Global Investors, Inc. (Grow) - Modelo de negocio: propuestas de valor

Estrategias de inversión especializadas dirigidas a segmentos de nicho de mercado

Los inversores globales de EE. UU. Se centran en nichos de inversión específicos con estrategias específicas:

Segmento de inversión	Activos bajo gestión (AUM)	Actuación
Gold y fondos de metales preciosos	$ 273.8 millones (cuarto trimestre 2023)	5.7% de rendimiento anual
Sector de recursos globales	$ 189.5 millones (cuarto trimestre de 2023)	4,2% de retorno anual
Mercados emergentes	$ 146.3 millones (cuarto trimestre 2023)	3.9% de retorno anual

Experiencia en oportunidades de inversión globales y específicas del sector

Experiencia de inversión demostrada a través de:

• Más de 30 años de experiencia en inversión en el sector especializado
• Global Investment Research Team con 12 analistas dedicados
• Cobertura de 6 sectores de inversión distintos

Productos de inversión innovadores con posicionamiento de mercado único

Línea de productos de inversión distintiva:

Nombre del fondo	Característica única	Activos netos totales
Fondo de Macro Trends de Holmes	Tecnología e enfoque de innovación	$ 87.6 millones
Fondo de recursos globales	Productos básicos y recursos naturales	$ 62.4 millones
Fondo de Minerales Preciosos Mundiales	Metales y minería especializados	$ 44.2 millones

Enfoque de gestión de inversiones basado en el rendimiento

Métricas de rendimiento para estrategias de inversión clave:

• Rendimiento promedio de fondos promedio a 5 años: 8.3%
• Calificación de Morningstar: 4.2/5 estrellas
• Retorno ajustado por el riesgo: 0.85 Sharphe Relation

Soluciones de inversión personalizadas para diversas necesidades de inversores

Desglose del segmento de inversores:

Tipo de inversor	Porcentaje de la base de clientes	Tamaño de inversión promedio
Inversores minoristas	62%	$45,000
Inversores institucionales	23%	$ 1.2 millones
Individuos de alto patrimonio	15%	$350,000

US Global Investors, Inc. (Grow) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

A partir del cuarto trimestre de 2023, los inversores globales de EE. UU. Ofrecen servicios de asesoramiento de inversiones personalizados con un tamaño de cuenta promedio de $ 287,500. La empresa administra aproximadamente $ 1.2 mil millones en activos totales bajo administración (AUM).

Tipo de servicio	Cobertura	Costo anual
Asesoramiento de alto patrimonio	Cuentas de más de $ 500,000	Tarifa de gestión del 0,75%
Aviso de inversión estándar	Cuentas $ 50,000- $ 499,999	Tarifa de gestión de 1.25%

Informes regulares del mercado e informes de rendimiento de la cartera

La compañía distribuye informes de rendimiento trimestrales a 12,347 cuentas activas de inversores. Las ideas mensuales del mercado se proporcionan a través de canales digitales.

• Frecuencia de informes de rendimiento trimestrales: 4 veces al año
• Publicaciones de Insight del mercado digital: 12 por año
• Longitud promedio del informe: 18-22 páginas

Plataformas de comunicación digital para la participación de los inversores

Métricas de compromiso digital para 2023:

Plataforma	Usuarios totales	Usuarios activos mensuales
Portal web de inversores	8,765	6,543
Aplicación de inversión móvil	5,432	3,876

Soporte al cliente dedicado y gestión de relaciones

Infraestructura de soporte al cliente a partir de 2024:

• Representantes de soporte de cliente total: 37
• Tiempo de respuesta promedio: 2.3 horas
• Calificación de satisfacción del cliente: 4.6/5

Recursos educativos y orientación de inversión

Distribución de contenido educativo en 2023:

Tipo de recurso	Total de publicaciones	Alcance mensual promedio
Seminarios web	24	3,210 asistentes
Guías de inversión	18	7,543 descargas
Informes de análisis de mercado	36	5.678 vistas

US Global Investors, Inc. (Grow) - Modelo de negocios: canales

Plataformas de inversión en línea

Los inversores globales de EE. UU. Utiliza las siguientes plataformas de inversión en línea:

Plataforma	Detalles	Alcance del usuario
Corredores interactivos	Interfaz de comercio directo	Aproximadamente 2.500 usuarios activos
Portal web de la empresa	Plataforma de gestión de inversiones patentada	1.850 inversores registrados

Ventas directas a través de asesores financieros

Los canales de ventas directos incluyen:

• Red de Asesor de Inversiones Registradas (RIA)
• Asociaciones de consultores financieros independientes
• Equipo directo de ventas institucionales de 7 profesionales

Canales de marketing digital y comunicación de inversores

Canal	Métrica	Engagement
LinkedIn	3.750 seguidores	Alcance promedio de post: 12,500
Gorjeo	2.200 seguidores	Impresiones mensuales: 45,000
Boletín de correo electrónico	5.600 suscriptores	Tasa de apertura: 22.5%

Conferencias de inversores y eventos financieros

Participación anual en eventos financieros clave:

• Conferencia de inversión de Morningstar
• Conferencia de impacto de Charles Schwab
• Simposios de inversión regional (4-5 por año)

Sitio web corporativo y portal de relaciones con los inversores

Métricas del sitio web	Datos de rendimiento
Visitantes mensuales del sitio web	42,000
Duración de la sesión promedio	3 minutos 45 segundos
Vistas de la página de relaciones con los inversores	18,500 por mes

US Global Investors, Inc. (Grow) - Modelo de negocios: segmentos de clientes

Inversores individuales de alto nivel de red

A partir del cuarto trimestre de 2023, los inversores globales de EE. UU. Se dirigen a personas de alto valor de la red con activos invertibles que van desde $ 1 millón a $ 30 millones.

Categoría de inversionista	Tamaño de inversión promedio	Porcentaje de cartera
Individuos de alto nivel de red	$ 5.2 millones	32.7%

Inversores institucionales

La compañía atiende a inversores institucionales con estrategias de inversión específicas.

• Asignación de fondos de pensiones: $ 127.3 millones
• Inversiones de fondos de dotación: $ 84.6 millones
• Carteras de inversión corporativa: $ 213.5 millones

Administradores de fondos de jubilación

Los inversores globales de EE. UU. Proporcionan productos de inversión especializados para la gestión de fondos de jubilación.

Tipo de fondo de jubilación	Activos totales bajo administración
401 (k) Fondos	$ 456.7 millones
Fondos de IRA	$ 289.4 millones

Asesores financieros y empresas de gestión de patrimonio

La compañía apoya las redes de asesoramiento financiero con soluciones de inversión especializadas.

• Número de firmas de asesoramiento asociadas: 187
• Total de activos administrados a través de redes de asesoramiento: $ 1.2 mil millones

Inversores sofisticados que buscan estrategias de inversión especializadas

Los inversores globales de EE. UU. Ofrecen estrategias de inversión específicas para inversores sofisticados.

Estrategia de inversión	Activos bajo administración	Retorno anual
Oro y metales preciosos	$ 342.6 millones	7.3%
Recursos globales	$ 276.9 millones	6.8%

US Global Investors, Inc. (Grow) - Modelo de negocio: Estructura de costos

Compensación de empleados y adquisición de talento

A partir del año fiscal 2023, los inversores mundiales de EE. UU. Informaron gastos de compensación de empleados totales de $ 6.1 millones. La compañía empleó a 26 empleados a tiempo completo con un salario anual promedio de aproximadamente $ 234,615.

Categoría de gastos	Monto ($)
Salarios base	4,500,000
Beneficios y bonos	1,600,000

Infraestructura y mantenimiento de la tecnología

Los costos de infraestructura tecnológica para los inversores globales de EE. UU. Totalizaron $ 1.3 millones en 2023, cubriendo hardware, software y mantenimiento de red.

• Gastos de computación en la nube: $ 450,000
• Sistemas de ciberseguridad: $ 350,000
• Equipo de TI y actualizaciones: $ 500,000

Inversiones de investigación y desarrollo

La compañía invirtió $ 2.4 millones en investigación y desarrollo durante el año fiscal 2023.

Área de enfoque de I + D	Inversión ($)
Desarrollo de la estrategia de inversión	1,200,000
Innovación tecnológica	800,000
Investigación de mercado	400,000

Gastos de marketing y adquisición de clientes

Los gastos de marketing para inversores globales de EE. UU. Ascendieron a $ 850,000 en 2023.

• Marketing digital: $ 350,000
• Conferencias y patrocinios de eventos: $ 250,000
• Marketing de contenido: $ 150,000
• Gestión de la relación con el cliente: $ 100,000

Cumplimiento regulatorio y costos operativos

Los gastos regulatorios y operativos para la compañía fueron de $ 1.1 millones en 2023.

Área de cumplimiento	Costo ($)
Consultoría legal y regulatoria	500,000
Software y sistemas de cumplimiento	350,000
Auditoría e informes	250,000

US Global Investors, Inc. (Grow) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de fondos mutuos

A partir del año fiscal 2023, los inversores globales de EE. UU. Reportaron tarifas de administración total de $ 4.3 millones de sus ofertas de fondos mutuos. La compañía administra aproximadamente $ 1.07 mil millones en activos totales bajo administración.

Categoría de fondos mutuos	Porcentaje de tarifas de gestión	Ingresos anuales
Fondo de recursos globales	1.35%	$ 1.45 millones
Fondo de Minerales Preciosos Mundiales	1.28%	$ 1.12 millones
Fondo emergente de Europa	1.40%	$ 0.83 millones

Tasas de inversión basadas en el desempeño

Las tarifas basadas en el desempeño para 2023 totalizaron $ 612,000, lo que representa el 14.2% de los ingresos totales relacionados con la inversión.

Ingresos del servicio de asesoramiento

Los ingresos por servicios de asesoramiento para el año fiscal 2023 ascendieron a $ 1.7 millones.

Comisiones de ventas de productos de inversión

Los ingresos por comisión de las ventas de productos de inversión alcanzaron $ 892,000 en 2023.

Tipo de producto	Tarifa de comisión	Comisiones totales
Ventas de ETF	0.75%	$456,000
Transacciones de fondos mutuos	1.20%	$436,000

Tarifas de servicio de consultoría e investigación

Las tarifas de servicio de consultoría y investigación para 2023 fueron de $ 1.1 millones.

• Ventas del informe de investigación: $ 620,000
• Servicios de consultoría personalizados: $ 480,000

Flujos de ingresos totales para 2023: $ 8.6 millones

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Value Propositions

You're looking at what U.S. Global Investors, Inc. offers that makes them stand out in the asset management space. It's all about specialization and a commitment to returning capital directly to you, the shareholder.

Access to niche, cyclical sectors like gold mining and global travel

The firm doesn't chase the biggest indexes; instead, they focus where they have deep, long-term knowledge. This means providing targeted exposure to sectors that often move differently than the broader market. For instance, their expertise in gold mining is clear, especially given the historic run gold saw in 2025.

• Expertise in gold mining stocks and the airline industry is a core focus.
• The U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) hit a record intraday high of $37.75 per share.
• The U.S. Global Technology and Aerospace & Defense ETF (WAR) offers exposure to defense and tech innovation.

Quantamental investment process (Smart Beta 2.0) for risk management

They use a factor- and rules-based approach, which they call Smart Beta 2.0, to construct their specialized exchange-traded funds (ETFs). This process is designed to screen for specific characteristics, aiming to manage risk while capturing sector upside. This methodology is applied across products like GOAU and WAR.

High shareholder yield of 8.32% through dividends and buybacks

U.S. Global Investors, Inc. has a clear policy of returning capital. As of September 30, 2025, the reported shareholder yield was 8.32%. This yield combines the regular cash distributions with the impact of share repurchases. Here's a quick look at the mechanics supporting that yield:

Component	Value/Amount	Date/Period Reference
Monthly Dividend Rate	$0.0075 per share	Approved for October through December 2025
Annualized Dividend Yield (based on $2.48 price)	3.63%	Based on September 15, 2025, closing price
Share Repurchase Authorization	Up to $5M annually	Ongoing Board authorization
Shares Repurchased	159,074 shares	For the quarter ended September 30, 2025

Specialized thematic ETFs (e.g., GOAU, SEA, WAR) for targeted exposure

You get direct access to these niche themes through their specific funds. For example, the GOAU ETF blends gold producers with royalty and streaming companies, which management views as the sector's 'smart money.'

ETF Ticker	Focus Sector	Key Metric/Event (Late 2025)
GOAU	Gold and Precious Metal Miners	One-year return of 56.93% as of June 30, 2025
SEA	Sea to Sky Cargo	Listed on the Mexican Stock Exchange in fiscal 2025
WAR	Technology and Aerospace & Defense	Launched in December 2024

Long-standing expertise in global markets since 1968

This isn't a new venture; the firm has been registered as an investment adviser with the SEC since June 16, 1968. That's a history spanning over five decades, giving them deep institutional memory in navigating global economic cycles, which is key when investing in areas like commodities and international equities.

• Founded Year: 1968.
• SEC Registration Effective Date: 6/16/1968.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Customer Relationships

You're looking at how U.S. Global Investors, Inc. keeps its shareholders engaged and rewarded, which is central to their business as an investment adviser focused on niche markets. The relationship strategy heavily leans on direct cash returns and transparent communication, especially given the cyclical nature of their core gold and resource investments.

Consistent monthly dividend payments are a cornerstone of this relationship. The Board approved the payment of $0.0075 per share per month continuing through December 2025. This results in an annual dividend of $0.09 per share. Based on the September 15, 2025 closing price of $2.48, this payment represented an annualized yield of 3.63%. It's important to note the payout ratio was reported at 138.02%.

Direct engagement happens through scheduled events and ongoing commentary. For instance, the company hosted a webcast on November 13, 2025, at 7:30 a.m. Central time to discuss the fiscal year 2025 results. This is how they deliver research insights directly to you.

High transparency is maintained via regular CEO commentary. CEO Frank Holmes provided insights during these calls, noting the company believes its stock is deeply undervalued. He also detailed strategic positioning, such as anticipating further gold price increases due to Basel III regulations recognizing gold as a Tier 1 asset, and increasing exposure to the Bitcoin ecosystem via investments like HIVE.

The commitment to shareholder value is quantified by combining dividends with the automated stock buyback program. The Board has authorized an annual repurchase of up to $5 million of common shares. In the first quarter of fiscal 2026 (the quarter ending September 30, 2025), the company repurchased 159,074 shares for approximately $400,000. For the full 12-month period ending March 31, 2025, 784,466 shares were repurchased.

The combined effect of these actions is measured by the shareholder yield, which is a key metric U.S. Global Investors, Inc. emphasizes. This yield combines the dividend yield and the buyback yield.

Here is a breakdown of the key shareholder return metrics as of late 2025:

Metric	Value	As of/Period
Monthly Dividend Per Share	$0.0075	Oct-Dec 2025 Approval
Annualized Dividend Yield	3.63%	Based on Sept 15, 2025 price of $2.48
Annual Share Repurchase Authorization	$5 million	Ongoing
Shareholder Yield (Total Return to Shareholders)	8.32%	As of September 30, 2025
Buyback Yield	5.97%	Reported
Cash and Cash Equivalents	$24.6 million	September 30, 2025

The dedicated investor relations for shareholder engagement goes beyond mandatory filings. The company actively encourages direct contact, for example, by inviting loyal shareholders to email info@usfunds.com to receive signature USGI hats. This personal touch helps foster a closer relationship.

The communication channels used for investor relations include:

• Scheduled webcasts for quarterly results.
• Regular press releases detailing dividend and repurchase actions.
• Direct email invitation for company merchandise.
• CEO commentary on market trends like gold and digital assets.

The company continues to buy back stock using an algorithm on flat and down days, which is part of its two-pillar strategy to enhance shareholder value alongside dividends. Finance: draft 13-week cash view by Friday.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Channels

You're looking at how U.S. Global Investors, Inc. gets its specialized investment products into the hands of investors as of late 2025. The channels are the pathways to market for their actively managed funds and ETFs, which focus on niche global sectors like gold and technology.

The firm's total assets under management (AUM) as of March 31, 2025, stood at approximately $1.2 billion. This AUM is the base upon which fee revenue is generated across all distribution channels. For the quarter ended March 31, 2025, operating revenues were reported at $2.1 million.

Major U.S. brokerage and ETF trading platforms represent a primary conduit for retail and institutional access to U.S. Global Investors, Inc.'s exchange-traded products. While specific market share data across platforms like Fidelity or Schwab isn't public, the liquidity and trading activity of their flagship products, such as the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU), which reached an intraday high of $37.75 per share in 2025, is indicative of broad platform accessibility and investor interest.

Direct sales via the U.S. Global Investors website support the overall distribution ecosystem, often serving as a point of direct subscription for certain products or as a primary information hub. The commitment to shareholder return, which influences investor retention across all channels, is evidenced by the Board approving a monthly dividend of $0.0075 per share continuing through December 2025.

International stock exchanges for ETF listings are a key part of the global reach strategy, though specific AUM figures for non-U.S. listings aren't itemized in recent reports. The firm's expertise in global markets, including historical focus areas like Mexican and Colombian equities, suggests these listings serve as important, albeit smaller, distribution lanes for specialized mandates.

Financial advisors and registered investment advisors (RIAs) are critical for scaling asset gathering, especially for thematic and actively managed strategies. The firm's consistent dividend policy and shareholder yield, which was 10.5% as of March 31, 2025, are designed to appeal to advisors looking for income-oriented or specialized exposure for their clients.

Financial news and media outlets are used for content distribution, which drives awareness and interest in the firm's investment theses. This content distribution supports the entire sales funnel, from initial investor interest to final purchase on a trading platform. The firm's CEO actively comments on market drivers, such as historic gold prices in 2025, via these channels.

Here's a quick look at some key financial metrics underpinning the business that these channels support:

Metric	Value (As of Late 2025 Data)	Date Reference
Total Assets Under Management (AUM)	$1.2 billion	March 31, 2025
Quarterly Operating Revenues	$2.1 million	Q1 2025
Monthly Dividend Per Share	$0.0075	Oct - Dec 2025
Shareholder Yield	10.5%	March 31, 2025
GOAU ETF Record Intraday High	$37.75	2025

The firm utilizes several methods to communicate its investment philosophy, which directly impacts channel engagement. These include:

• Distribution of research on gold mining sector margins.
• Content highlighting performance of the U.S. Global Technology and Aerospace & Defense ETF (WAR).
• Market commentary on central bank gold buying trends.
• Updates on the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU).
• Investor relations materials supporting advisor due diligence.

If onboarding new funds onto a major platform takes longer than expected, the immediate revenue impact is a reduction in management fees from the existing AUM base, which was $1.2 billion at the end of Q1 2025.

Finance: review Q3 2025 AUM flow data by channel by end of January.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Customer Segments

Retail investors seeking thematic, specialized sector exposure are drawn to U.S. Global Investors, Inc. (GROW) offerings like the U.S. Global Technology and Aerospace & Defense ETF (WAR), launched on December 30, 2024, which targets areas like electronic warfare and cybersecurity. The firm's overall Assets Under Management (AUM) stood at approximately $1.4 billion as of June 30, 2025, and remained at $1.4 billion as of September 30, 2025, reflecting investor interest in these niche strategies despite a decrease from $1.5 billion at the end of 2024.

Institutional investors and family offices interested in gold/hard assets are served by strategies that have historically helped preserve wealth during uncertainty. Fund flows into the Gold and Precious Metals Fund (USERX) and the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) were positive for the quarter ended September 30, 2025, a welcome reversal from negative flows in the same quarter of 2024. This aligns with the view that gold is in a secular bull market, partly due to Basel III validating the precious metal as a Tier 1 asset starting in July 2025.

Global investors are targeted through the firm's expanding distribution footprint. U.S. Global Investors, Inc. announced strategic international ETF expansions, including the listing of its SEA ETF on the Mexican Stock Exchange and the launch of the GOAU ETF in Colombia. This shows an effort to access new investor bases outside the primary U.S. market.

Long-term shareholders focused on capital return and yield are catered to through direct shareholder value policies. The company maintained a shareholder yield of 8.32% as of September 30, 2025, which was approximately double the yield on the five-year and 10-year Treasury bonds on that day. Furthermore, the company continued its monthly dividend program at $0.0075 per share and repurchased 801,043 shares during fiscal year 2025.

Investors in cyclical sectors like airlines, gold, and defense form a core part of the client base, as the firm is known for its deep expertise in these areas. The CEO noted that the challenge to turn operating income positive in late 2024 was simply fund flows into these thematic, cyclical products. The launch of the WAR ETF specifically targets the defense sector, where global spending on AI in aerospace and defense is estimated to expand from approximately $28 billion in 2025 to around $65 billion by 2034.

Here's a quick look at the key financial metrics relevant to these customer segments as of late 2025:

Metric	Value (As of Late 2025)	Date/Period
Average Assets Under Management (AUM)	$1.4 billion	June 30, 2025 (FY2025 End) / Sept 30, 2025
Shareholder Yield	8.32%	September 30, 2025
Monthly Dividend Rate	$0.0075 per share	Continued through June 2025 payments
Shares Repurchased	801,043 shares	Fiscal Year Ended June 30, 2025
Operating Revenues	$2.3 million	Quarter Ended September 30, 2025
Estimated Global AI in Aerospace & Defense Spending	$28 billion	2025 Estimate

The overall investor sentiment context shows that fund ownership is widespread across the US, with 56.4 percent of US households owning shares of mutual funds or other US-registered investment companies, including ETFs, in 2025. For those households that do own mutual funds, 82 percent expressed confidence in them in 2025.

The firm's offerings are structured to capture specific market trends, which appeals to investors looking for targeted exposure:

• Exposure to gold and precious metals funds saw positive flows in Q1 FY2026.
• Thematic focus includes natural resources, gold mining, and airlines.
• New actively managed ETF (WAR) launched to capture defense/tech spending.
• International listings target non-US investors in Mexico and Colombia.
• Shareholder return focus evidenced by a yield of 8.32%.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Cost Structure

The Cost Structure for U.S. Global Investors, Inc. (GROW) is anchored by the firm's operating performance for the fiscal year ended June 30, 2025, which saw total operating revenues of $8.5 million and an operating loss that widened to $2.986 million, contrasting with a net loss of $334,000 for the same period.

For the first quarter of fiscal year 2026, ending September 30, 2025, total operating expenses were calculated at $2,765,000, an increase of 2% or $50,000 over the prior year's quarter.

Key cost drivers showing recent movement in late 2025 include:

• Employee compensation and benefits for the small team increased by $101,000, representing a 9% rise in the quarter ending September 30, 2025.
• Marketing and advertising costs for thematic products saw a significant increase of $52,000, or 48%, in the quarter ending September 30, 2025, reflecting expanded ETF marketing efforts.

The relationship between the full-year operating results and specific cost centers for FY2025 is detailed below, using the latest available quarterly data points to illustrate the nature of these costs:

Cost Component Category	Latest Reported Financial Data Point (Period)	Amount/Value
Operating Revenue (FY2025 Anchor)	Fiscal Year Ended June 30, 2025	$8.5 million
Operating Loss (FY2025)	Fiscal Year Ended June 30, 2025	$2,986,000
Employee Compensation Change	Q1 FY2026 (Quarterly Increase)	$101,000
Advertising Costs Change	Q1 FY2026 (Quarterly Increase)	$52,000
Total Operating Expenses	Q1 FY2026 (Quarterly Total)	$2,765,000

Specific dollar amounts for FY2025 fund operating expenses, including custody and administration fees, and regulatory compliance and legal fees, are not explicitly itemized in the latest filings to be directly tied to the $8.5 million revenue figure. General and administrative expenses are implicitly included within the total operating expenses that resulted in the $2.986 million operating loss for the full fiscal year 2025.

The firm's commitment to shareholder returns, while not a direct operating cost, represents a significant cash outflow consideration from the cost structure perspective:

• Monthly dividend rate maintained at $0.0075 per share through September 2025.
• Share repurchases totaled approximately $2 million for FY2025, buying back 801,043 shares.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Revenue Streams

The primary engine for U.S. Global Investors, Inc. revenue remains the advisory and administrative fees based on AUM (Assets Under Management). These fees are generated through its Investment Management Services segment, which serves its U.S. Global Investors Funds (USGIF) and exchange-traded fund (ETF) clients. For the fiscal year ending June 30, 2025, the average AUM was $1.4 billion, a reduction from $1.9 billion the prior year, which directly impacted fee revenue.

A significant, though more volatile, component is the realized and unrealized gains from the firm's own investment portfolio, categorized under Corporate Investments. This source is reported as 'Other income' and can dramatically swing profitability. For instance, in the first quarter of fiscal year 2026 (ending September 30, 2025), this component was $2.3 million, primarily due to unrealized gains on other investments, which was a near 300% increase from the previous quarter.

Management fees from specialized mutual funds and ETFs form the core of the fee-based revenue. The firm is known for its expertise in thematic areas like gold mining, natural resources, and defense. The recent quarterly performance shows the interplay of these fee streams. For the first quarter of fiscal year 2026, operating revenues were $2.25 million, an increase of 4% year-over-year. This increase was driven by higher advisory and administrative fees for equity mutual funds, which was partially offset by a decrease in ETF fees.

You can see the key financial figures that define these revenue streams in the table below:

Metric	Value	Period/Date
Total Operating Revenues	$8.5 million	Fiscal Year 2025 (ending June 30, 2025)
Average Assets Under Management (AUM)	$1.4 billion	Fiscal Year 2025
Total AUM (Period-End)	$1.3 billion	June 30, 2025
Operating Revenues	$2.25 million	Q1 Fiscal Year 2026 (ending September 30, 2025)
Investment Income (Other Income)	$2.3 million	Q1 Fiscal Year 2026

The firm's overall financial performance for the last full fiscal year reflected market pressures on AUM-based fees. Total operating revenues of $8.5 million for fiscal year 2025 represented a 23% decline from the prior year, coinciding with the drop in average AUM.

However, the most recent quarter showed a strong rebound in profitability driven by investment performance. Specifically, investment income, which totaled $2.3 million in Q1 2026, drove a net income of $1.5 million for that quarter. This highlights the dual nature of U.S. Global Investors, Inc.'s revenue model, where fee income provides a base, but investment gains provide the margin upside. The components contributing to the fee revenue are:

• Advisory and administrative fees for equity mutual funds (increased in Q1 2026).
• Management fees from ETFs (experienced a decrease in Q1 2026).
• Advisory services and administrative services to mutual funds.

Finance: draft 13-week cash view by Friday.