US Global Investors Inc (GROW) 2025 Q1 法說會逐字稿

Recording in profitable investors results for the first quarter of fiscal year 2025. As seen on slide number two, the presenters for today's program are Frank Holmes, us global investors, CEO and Chief Investment Officer Lisa Callicotte, Chief Financial Officer and myself Holly Schoonveld, 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. 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 us global investors accepts no obligation to update them in the future.

2025 財年第一季投資者錄得獲利業績。如第二張投影片所示，今天節目的主持人是美國全球投資者Frank Holmes、執行長兼首席投資長Lisa Callicotte、財務長和我本人以及第三張投影片上的行銷總監Holly Schoonveld，在此網路廣播中，我們可能會對我們的相關業務前景做出前瞻性陳述。任何前瞻性陳述以及本網路廣播期間所做的與歷史事實無關的所有其他陳述均面臨可能對實際結果產生重大影響的風險和不確定性。請參閱我們的新聞稿和相應的10-Q 表格文件，以了解可能導致實際結果與今天前瞻性陳述中描述的任何結果存在重大差異的因素的更多詳細信息，任何此類陳述均截至今天為止，美國全球投資者不承擔任何義務以便將來更新它們。

On slide number four, this is another slide we like to highlight that kind of goes along with our disclosure or our safe harbor slide. I'll speak about it briefly and if Frank you want to jump in, please feel free. But this is what we call the DNA of volatility graphic. What it does is allows investors to manage their expectations of various asset classes. So if you see what it's showing is the standard deviation over a year for various industries from large caps to gold airlines. And then of course, the gross stock. And so what's most important is to realize that over a one day and a 10 day period, it's essentially a non-event for our gross stock to go up or down 2% and then subsequently up or down 4%. But then if you look at more volatile assets, for example, if you look like at the company like Hyde, which deals with Bitcoin, that fluctuation has historically seen bigger swings, Frank, I don't know if you want to add any other color on this slide.

在第四張投影片上，這是我們想要強調的另一張投影片，它與我們的揭露或安全港投影片一致。我將簡要介紹一下，如果弗蘭克您想加入，請隨意。但這就是我們所說的波動率圖形的 DNA。它的作用是讓投資者管理他們對各種資產類別的期望。因此，如果你看到它顯示的是從大盤股到黃金航空公司的各個行業一年的標準差。當然，還有總庫存。因此，最重要的是要認識到，在一天和 10 天內，我們的總庫存上漲或下跌 2%，然後隨後上漲或下跌 4%，這基本上是一個非事件。但是，如果你看看波動性更大的資產，例如，如果你看看像Hyde 這樣處理比特幣的公司，這種波動在歷史上會出現更大的波動，弗蘭克，我不知道你是否想添加任何其他資產這張幻燈片上的顏色。

No, I think, I think it's very helpful and the derivative of this is that we are in the fund business and, and a lot of our funds are in the gold business. So as you can see from this visual, our biggest fund is Airlines. And so it's a non event for those assets to go up or down 6% over a 10 day rolling period and gold is plus or minus 6%. We are less than that over a 10 day period, but it's just helpful to put that in context that each asset class has its own unique DNA of volatility and to manage those expectations. As Haley said, it's important to understand them. We update this on a regular basis because government policies over time can change an industry or category. And so it's, it is helpful. I further like to point out to investors is that we used to trade when I first bought us global, moved here off of money market. Funds rates were very, very high and we had big growth in our government agency fund and it went from basically nothing to a billion dollars in assets. And that was the sort of correlation. But we were known for gold and then our gold assets took off and we started to trade as a stock or highly correlated around what gold was doing and what the fund flows were in and out of our gold funds. And then it became predominantly off of Bitcoin and hive when we made the initial investment in hive in 2017, because we realized we weren't going to allow an ETF in the crypto industry. And it was only this year, this year that it was allowed. And now this week, we elected a future President who is pro the Bitcoin ecosystem. So I I think we were way ahead of our times, but with that, a hive was at one time a unique investment. We were early and we caught that wave and we were having this tremendous volatility around Bitcoin. That's not happened today because we have a high structure of note. And, and so that is a very different composition of our, of our key investments. And I'm happy to see that all these other ET F's have enjoyed success and grown. But it's taken them something like seven years before this, this event took place. I think that the industry now follows what the airline index is doing, what the flow fund flows are, which is moving around. And I hope during this presentation to give you some color on the airline industry and gold because gold is making all time highs. Also. Next please.

不，我認為，我認為這非常有幫助，由此衍生出我們從事基金業務，而且我們的許多基金都從事黃金業務。正如您從這張圖中看到的那樣，我們最大的基金是航空公司。因此，這些資產在 10 天的滾動期內上漲或下跌 6% 並不是什麼大事，而黃金則上漲或下跌 6%。我們在 10 天的時間裡低於這個數字，但將其置於每個資產類別都有其獨特的波動性 DNA 的背景下並管理這些預期是有幫助的。正如海莉所說，理解它們很重要。我們定期更新此訊息，因為隨著時間的推移，政府政策可能會改變一個行業或類別。確實如此，這很有幫助。我還想向投資者指出的是，當我第一次收購我們的全球股票時，我們曾經進行交易，從貨幣市場轉移到這裡。基金利率非常非常高，我們的政府機構基金也大幅成長，資產從基本沒有增加到十億美元。這就是這種相關性。但我們以黃金聞名，然後我們的黃金資產起飛，我們開始作為股票進行交易，或者與黃金的走勢以及資金流入和流出我們的黃金基金的情況高度相關。然後，當我們在 2017 年對 Hive 進行初始投資時，它主要脫離了比特幣和 Hive，因為我們意識到我們不會允許加密貨幣行業出現 ETF。而且直到今年、今年才被允許。本週，我們選出了一位支持比特幣生態系統的未來總統。所以我認為我們遠遠領先於我們的時代，但蜂巢曾經是一項獨特的投資。我們很早就抓住了這一浪潮，並且比特幣周圍出現了巨大的波動。今天這種情況沒有發生，因為我們有一個值得注意的高結構。因此，我們的主要投資組成非常不同。我很高興看到所有其他 ETF 都取得了成功並不斷成長。但他們距離這件事發生已經過了大約七年。我認為這個行業現在關注的是航空指數在做什麼，資金流動在哪裡，它在移動。我希望在這次演講中能讓您對航空業和黃金有一些了解，因為黃金正在創下歷史新高。也.接下來請。

I can take it back briefly on this slide as always to our loyal shareholders that are tuning in. We invite you to email us at info at us funds dotcom and we would love to send you one of our hats scene here and we actually have some new go gold hats on the way. So like I said, shoot us a message with your mailing address. We're happy to get you some us G I swag on the next slide. Before I hand this over to Frank, I will briefly review our company us Global Investors is an innovative investment manager specializing in smart beta 2.0 thematic products. We have vast experience in global markets and specialized sectors and we use a quantamental strategy to create the smart beta 2.0 funds. The company was originally founded as an investment club, becoming a registered investment advisor in 1,968. The company has a longstanding history of global investing and launching first of their kind investment products including the first No load gold fund. We're well known for our thematic investing in gold and precious metals, natural resources, airlines, and luxury goods. Now on slide number seven, I would like to hand the presentation over to CEO Frank Holmes Frank.

我可以像往常一樣在這張投影片上向我們正在收聽的忠實股東簡要回顧一下。我們邀請您透過我們的基金網路公司的資訊給我們發送電子郵件，我們很樂意在這裡向您發送我們的帽子場景之一，實際上我們正在準備一些新的金帽子。就像我說的，請給我們留言並附上您的郵寄地址。我們很高興為您提供一些我們在下一張投影片上展示的東西。在我把這個交給Frank之前，我先簡單回顧一下我們公司，Global Investors是一家專注於smart beta 2.0主題產品的創新投資管理公司。我們在全球市場和專業領域擁有豐富的經驗，並採用量化策略來創建 smart beta 2.0 基金。該公司最初成立時是一個投資俱樂部，於 1,968 年成為註冊投資顧問。該公司擁有悠久的全球投資歷史，並推出了第一個此類投資產品，包括第一個免傭黃金基金。我們以黃金和貴金屬、自然資源、航空公司和奢侈品的主題投資而聞名。現在，在第七張投影片上，我想將簡報交給執行長 Frank Holmes Frank。

Thank you, Holly. We have over 30 years of experience, unique global footprint, particular that grew out of gold in the world of gold and looking for gold mining assets and and the big growth in the past 30 years has been in Africa and Latin America. And in certain little regions of North America, particular Canada, the two states was Nevada and we saw a success in Pockets in from Quebec and Ontario and British Columbia. But the, the big growth in the gold mining industry was in emerging countries and with the rise of GDP per capita, with China embracing capitalism and having a cultural affinity for gold. It led to a new world, especially this century, the year 2000. And we'd look after the great tech bubble. Commodities in particular gold started to get this, I call the love trade. And that led us to open up a China Region Fund which we have had incredible success with. And then there's sort of an anti China concerns. And, and, and rightfully so, so we, we've shut that down. There's just no interest in and it led us into other emerging countries. And, and with that, in that journey, we have created three ETFs because that's a new technology in the, in the mutual fund, 40 Act industry and, and they've been related to our global travels. But it's always, as Holly said, Smart beat at 2.0 which means that you're, you have very qualitative progressional work. That's, that's a minimum 1,000 hours of studies going back over a decade to look at. What is the ideal portfolio construction for up and down cycles in the economy. And what are the industry specific factors that you start are best for stock picking and you try to create a portfolio that recalibrates every quarter. And so we've been, we've been very successful in creating sustainable products. And with that, we have 100,000 readers in, in 80 countries and we've won many award winning financial bloggers as as we've grown the sort of footprint of sharing our global knowledge and trade with our weekly investor alert. Next, please.

謝謝你，霍莉。我們擁有 30 多年的經驗，獨特的全球足跡，特別是在黃金世界中從黃金發展而來並尋找金礦資產，過去 30 年的大幅成長是在非洲和拉丁美洲。在北美的某些小地區，特別是加拿大，這兩個州是內華達州，我們在魁北克省、安大略省和不列顛哥倫比亞省的口袋裡看到了成功。但金礦開採業的大幅成長是在新興國家，隨著人均國內生產毛額的上升，中國擁抱資本主義並對黃金有文化親和力。它帶來了一個新世界，尤其是本世紀，也就是2000年。我們會照顧偉大的科技泡沫。大宗商品尤其是黃金開始出現這種情況，我稱之為愛情交易。這促使我們設立了中國地區基金，並取得了令人難以置信的成功。還有一種反華擔憂。而且，而且，理所當然，所以我們，我們已經關閉了它。只是沒有興趣，這導致我們進入其他新興國家。在此過程中，我們創建了三隻 ETF，因為這是共同基金、40 Act 行業的一項新技術，而且它們與我們的全球旅行有關。但正如 Holly 所說，Smart 總是在 2.0 上領先，這意味著你有非常定性的漸進工作。也就是說，需要回顧十多年前至少 1,000 小時的研究。經濟上行和下行週期的理想投資組合結構是什麼？您啟動的行業特定因素最適合選股，並嘗試創建一個每季重新調整的投資組合。因此，我們在創造永續產品方面非常成功。至此，我們在 80 個國家/地區擁有了 100,000 名讀者，並贏得了許多獲獎的金融部落客，因為我們透過每週投資者警報分享我們的全球知識和交易的足跡不斷擴大。接下來請。

So we want to thank those shareholders in particular, the vanguard group that we show up in their index, they own 5.32%. Franklin Investments, which is interesting, I bought 5.21% and parrot capital has been a loyal investor in the micro cap and small cap sector. And so I I'd like to thank them all for continuing to be a strategic investors with us next week.

所以我們要特別感謝那些股東，我們在他們的指數中出現的先鋒集團，他們擁有 5.32% 的股份。富蘭克林投資公司，很有趣，我買了5.21%，鸚鵡資本一直是微型股和小型股領域的忠實投資者。因此，我要感謝他們下週繼續成為我們的策略投資者。

So this is a nice visual because I want to go from a macro point of view for, for shareholders to recognize that microcaps struggle to keep pace with large caps. And, and this is a classic example of looking since 2020 just before or I guess COVID onset you could see is, is the, is the S&P as far perform ishares micro cap stocks next, please.

所以這是一個很好的視覺效果，因為我想從宏觀角度出發，讓股東意識到微型股很難跟上大型股的步伐。而且，這是自 2020 年以來的一個經典例子，或者我猜你可能會看到新冠疫情爆發，標準普爾指數目前表現如何，接下來請介紹一下 ishares 微型股。

And then when you go and look at the big cap stocks, something else is really quite interesting is the difference between market cap weighted S&P 500 versus equally weighted S&P 500. And you can see here that the market cap only of the S&P 500 is up almost 12% more than the equally weighted. So then it lends us out of what stocks are leading that chart.

然後，當您查看大盤股時，您會發現另一件非常有趣的事情是市值加權的標準普爾 500 指數與同等加權的標準普爾 500 指數之間的差異。您可以在這裡看到，光是標準普爾 500 指數的市值就比同等權重的股票上漲了近 12%。那麼它就可以讓我們了解哪些股票在圖表中處於領先地位。

And you can see that Tesla and Google and Microsoft and Apple and Facebook and Tesla. There, they've been the big seven stocks have skewed the overall tech in particular, the technology of the S&P 500. And so it's not just the micro caps, it's also the big caps. And there you have seven stocks being dominating the overall performance next, please.

你可以看到特斯拉、Google、微軟、蘋果、Facebook 和特斯拉。在那裡，七大股票扭曲了整體技術，特別是標準普爾 500 指數的技術。因此，這不僅是微型股，還有大股。接下來有七隻股票在整體表現中佔據主導地位。

And then we want to go back and look at how we've done over five years and, and, and there's the Russell Microcap index. So we have outperformed it and, and there are times in this journey where we far out performed it, you can see that huge spike that happened going into COVID. And, and that was a combination of the Jets ETF going from 40 million to 4 billion in assets. And and since then, that sort of decline has been people taking their profits off of Jets. And even though Jets as a stock price has not returned to his PRE COVID, even though more people are flying today than pre COVID. And I'll explain that more in detail. So I try to understand that we've had this big run and that big run, as you can see here was a combination of Bitcoin and our investment in hive exploding during this period along with assets coming into the complex. So the real important part is, is relative to having a great product that is sustainable and is thematic enough that it attracts a lot of investor investors next, please.

然後我們想回顧一下我們五年來的表現，還有羅素微型股指數。所以我們的表現已經超越了它，而且在這段旅程中，有時我們的表現遠遠超出了它，你可以看到新冠疫情期間發生的巨大高峰。而且，這是 Jets ETF 資產從 4,000 萬增至 40 億的組合。從那時起，這種下降導致人們從噴射機隊獲得利潤。儘管噴射機隊的股價尚未恢復到新冠疫情之前的水平，儘管今天乘坐飛機的人數比新冠疫情之前還要多。我將更詳細地解釋這一點。所以我試圖理解我們已經經歷了一次大規模的運行，正如你所看到的，比特幣和我們對蜂巢的投資在此期間呈爆炸式增長，同時資產也進入了綜合體。因此，真正重要的部分是，擁有一個可持續的、有足夠主題的優秀產品，以吸引接下來的大量投資者。

So often when you're my age, you get this question and, and sort of good corporate governance is succession planning. And and I always like to say that Warren Buffett is my hero for many reasons, but that 9,594 year old Warren Buffett is now sitting on more than 325 billion in cash. And he is still blown and going and and, and so I often like to run in the morning five kilometers, which is about three miles. So staying healthy is important and I want to keep my brain and my body as robust as possible. So there's no immediate succession that's, that's necessary or planned for me today. So next, please, another sort of sage advice out of Warren Buffett is, is that stock buybacks and they benefit all shareholders, not just the biggest shareholders, increasing dividends, It benefits the biggest shareholders on that income distribution. Whereas the thought process is that when you're buying shares and you're strien the market cap that all shareholders benefit. And it's a combination which I'll explain in a few seconds. But I think that we're going to demonstrate to you that we've been very strong in buying the stock back because we've lived through these cycles before we've lived where you have a hot product or you get a theme. So correct, such as creating the first Eastern European fund that went from 4 million to 1.4 billion. And that fund has had such difficulty with Putin first invading Crimea and then going back and then coming back again and, and invading Ukraine American appetite for anything in Eastern Europe or, or in that region as close to Putin is, is really not happening. And they would rather speculate in technology stuff like NVIDIA and keep that risk domestic So that is something that I've witnessed on. And I think there's a wonderful book by John Sewe on the wisdom of crowds. And it's important to be able to capture that. But I would say share with you that the other unique ETF products we've created are see the sky. It really captures emerging markets and global trade. As global trade picks up the global GDP picks up shipping explodes because 80% of everything is shipping. So we've consolidated our exposure to Asia and Eastern Europe by having a unique smart beta 2.0 for, for cargo, for cargo airplanes and predominantly for shipping. Higher end products across oceans. And, and the other part is is to recognize that that we are with all our cash makes us undervalued. So we are just going to be in our sort of consistent basis, no extreme big moves except for working and analyzing our products and looking to come up with new exciting products. Next, please.

當你在我這個年紀的時候，你常常會遇到這個問題，而好的公司治理就是繼任計畫。我總是喜歡說華倫巴菲特是我的英雄，原因有很多，但 9,594 歲的巴菲特現在坐擁超過 3,250 億美元的現金。而且他還是吹啊吹啊，所以我常常喜歡早上跑五公里，大約三英里。因此，保持健康很重要，我想保持我的大腦和身體盡可能強壯。因此，今天對我來說沒有必要或計劃立即繼任。接下來，華倫·巴菲特的另一個明智建議是，股票回購有利於所有股東，而不僅僅是最大股東，增加股息，它有利於最大股東的收入分配。而思考過程是，當你買股票並限制市值時，所有股東都會受益。這是一個我將在幾秒鐘內解釋的組合。但我認為我們將向你們證明，我們在回購股票方面一直非常堅定，因為在我們擁有熱門產品或獲得主題之前，我們已經經歷過這些週期。非常正確，例如創建第一個東歐基金，資金從 400 萬增加到 14 億。由於普丁先入侵克里米亞，然後又返回，然後又回來，而且入侵烏克蘭，美國對東歐或靠近普丁的地區的任何東西的興趣實際上都沒有發生，所以該基金遇到了很大的困難。他們寧願對像 NVIDIA 這樣的技術產品進行投機，並將這種風險保留在國內，所以這是我親眼所見的。我認為約翰·休（John Sewe）有一本關於群體智慧的精彩書。能夠捕捉到這一點很重要。但我想與您分享的是，我們創建的其他獨特 ETF 產品是「see the sky」。它真正抓住了新興市場和全球貿易。隨著全球貿易的回升，全球 GDP 的回升，航運業出現爆炸性成長，因為 80% 的事物都是航運。因此，我們透過針對貨運、貨運飛機以及主要針對航運的獨特 smart beta 2.0 鞏固了我們在亞洲和東歐的業務。跨越海洋的高端產品。而且，另一部分是認識到我們擁有所有現金使我們被低估。因此，我們將保持一致的基礎，除了工作和分析我們的產品並尋求推出令人興奮的新產品之外，沒有極端的大動作。接下來請。

So often you're asked like, why do you buy back your stock? Besides Warren Buffett, sage advice low. We believe that the US Global is deeply undervalued. We believe that by buying stock back, it's going to enhance shareholder value.

常有人問你，為什麼要回購股票？除了華倫·巴菲特之外，聖人的建議也很低。我們認為美國全球股票被嚴重低估。我們相信，透過回購股票將提高股東價值。

And we believe that during this sort of lull that's taken place in particular, coming into this very challenged election cycle with so much negativity, thank God is behind us that we offered to the shareholders a very strong shareholder yield of 9.34%. And that is a combination of stock buyback and dividends next, please.

我們相信，在這種平靜時期，特別是在進入這個充滿挑戰、充滿負面情緒的選舉週期期間，感謝上帝在我們身後，我們為股東提供了 9.34% 的非常強勁的股東收益率。接下來是股票回購和股利的結合。

So the number of shares repurchased over the past three period, as you can see that as you as growth has gone down in in the overall stock price. It's made it for as a long term vision, just prudent to increase our stock buybacks because we believe is deeply undervalued, but we're not going to go do something that is to pay out all the cash. And as some shareholders have tried to take our cash from us and, and pay some big onetime price or a big dividend, which would really only enrich me, not enrich the company and be able to deal with these, these sort of negative cycles that you can have when you have cyclical thematic products. So we believe we're undervalued and and we have shown that conviction by a very pragmatic and thoughtful way of buying back more stock next, please.

因此，過去三個時期回購的股票數量，正如您所看到的，隨著整體股價的增長，股票價格有所下降。這是一個長期願景，謹慎地增加我們的股票回購，因為我們認為股票被嚴重低估，但我們不會去做支付所有現金的事情。由於一些股東試圖從我們這裡拿走我們的現金，並支付一些巨大的一次性價格或大額股息，這實際上只會讓我變得更富有，而不是讓公司變得更富有，並且能夠應對這些負面循環，有週期性主題產品就可以擁有。因此，我們相信我們被低估了，我們已經透過一種非常務實和深思熟慮的方式表明了這一信念，接下來請回購更多股票。

So dividends, it's interesting that dividends quite often in the quant world that there's a model that looks at the five year government treasuries. And what is that yield? That's a safe yield for five years against what the dividend yield is today? Or can that your dividend grow faster than what the five year yield is? So stocks and this is my first time in 1,978 when I got hired and went into this business and graduated from university was to have a very simple today would be laughed at, but it was a co model using old technology. But it was looking at five year government yields and stocks that were, that had this capacity to grow and had a yield that was higher. And they, so that's why I bring this to your attention that the negativity is as and the fund flows of negativity towards the airline industry, which is predominantly sentiment has has impacted the valuation of the stock. So the yield today is higher than the five year treasury yield. And that makes it a very attractive proposition. And another rational reason for us buying back our stock next please.

所以股息，有趣的是，在量化世界中經常出現股息，有一個模型可以研究五年期政府國庫券。那收益率是多少？相對於今天的股息殖利率，這是五年的安全殖利率嗎？或者您的股息成長速度可以快於五年期殖利率嗎？所以股票，這是我第一次在 1,978 年，當我被錄用並進入這個行業並從大學畢業時，有一個非常簡單的今天會被嘲笑，但它是一個使用舊技術的合作模型。但它關注的是五年期政府收益率和具有成長能力且收益率更高的股票。這就是為什麼我提請您注意這一點，即負面情緒和負面資金流向航空業，這主要是情緒影響了股票的估值。所以今天的殖利率高於五年期公債殖利率。這使得它成為一個非常有吸引力的提議。接下來請談談我們回購股票的另一個合理理由。

So we're going to take a look at the first quarter of 2025. Some of the strengths is that we have a strong balance sheet including cash and other investments, shareholder value. The company can use to buy back stock as I've just mentioned and pay it monthly dividend and gold's record performance of gold reaching all time highs and the company's gold focus as funds have grown modestly year over year on total assets. We're not seeing, you know, the big flows that you would normally see in, in gold and gold stocks. But I I believe that when we look at global debt structures and the contos of printing money and many of the countries in the G 20 still believe in modern monetary theory as a way to stimulate the economy, the gold and other alternative asset classes will continue to be an important part of a diversified portfolio. So that's why we think that we're rightfully positioned for the world of gold. Next, please.

所以我們來看看 2025 年第一季的情況。我們的一些優勢是我們擁有強大的資產負債表，包括現金和其他投資、股東價值。正如我剛才提到的，該公司可以用來回購股票並支付每月股息，黃金的創紀錄表現達到歷史新高，並且隨著基金總資產逐年溫和增長，該公司將重點放在黃金上。你知道，我們沒有看到通常在黃金和黃金股票中看到的大量資金流動。但我相信，當我們審視全球債務結構和印鈔的概念時，以及二十國集團中的許多國家仍然相信現代貨幣理論是刺激經濟的一種方式，黃金和其他另類資產類別將繼續變得多元化投資組合的重要組成部分。這就是為什麼我們認為我們已經為黃金世界做好了正確的定位。接下來請。

So gold, gold theme, we write about it every week. It's always been this sort of idea of having 10% allocated towards gold and the nice, beautiful gold jewelry as a gift for love and the other 5% in our gold funds to be able to capture this run. But you can see the total assets have, have modestly grown next, please.

所以黃金，黃金主題，我們每週都會寫它。我們一直有這樣的想法：將 10% 分配給黃金和精美的黃金首飾，作為送給愛情的禮物，將另外 5% 分配給我們的黃金基金，以便能夠抓住這一機會。但你可以看到總資產接下來略有成長。

And you put that in context in 2007, those assets were 2 billion. So that's the potential leverage is almost a 10, a 10 fold bagger going back to 2007 levels for, for gold stocks. So if gold continues with this March, it was up to deviations over 60 trading days and yes, they correct it. And I think it's just a wonderful buying opportunity as the dollar surged with the election results. It's just normal for the short term mean reversion. But gold as an asset class, I believe will continue as it has this century, outperform the S&P 500 and the gold royalty companies which I've always loved like Franco Nevada have all performed Berkshire Hathaway since been public in 2008 and other funds stocks that we own in our funds like triple flag, it's also over performed and it went public like two just after 2019 that in that time frame area and it's one of the newer royalty companies by that was the dollar was Elliott management as a hedge fund and they want to create their own royalty company and because it's a unique model, and, and you can see that it too has been very successful over performing. Majority of gold stocks has gone public.

考慮到 2007 年，這些資產為 20 億美元。因此，黃金股的潛在槓桿率幾乎是 10 倍，是 2007 年水準的 10 倍。因此，如果金價在今年 3 月繼續存在，那麼它的偏差將超過 60 個交易日，是的，他們會糾正它。我認為這只是一個絕佳的買入機會，因為美元隨著選舉結果而飆升。這對於短期均值回歸來說是正常的。但我相信黃金作為一種資產類別將繼續像本世紀一樣，跑贏標準普爾500 指數，而我一直喜歡的黃金特許權公司，如Franco Nevada，自2008 年上市以來都表現出色，包括伯克希爾哈撒韋公司和其他基金股票我們在我們的基金中擁有像三重旗這樣的基金，它也表現出色，並且在2019 年之後就上市了，在那個時間範圍內，它是較新的特許權使用費公司之一，美元是艾利歐特管理作為對沖基金的，他們想要創建自己的版稅公司，因為它是一個獨特的模式，而且，你可以看到它的表現也非常成功。大多數黃金股票已經上市。

Rule of three strategy and tactics create sustainable thematic products using a smart beta 2.0 strategy. Back testing up to 10,000 hours and then continuously testing every quarter managed to preserve cash for future growth opportunities and market corrections and M&A activity to acquire other funds. We look at deals, we get deals set to us and and still we see this sort of a la la land valuations and other companies that own mutual funds of what they think they're really worth. And, and when I sometimes have the question and I said, well, then why don't you buy our assets if you think that's what your funds are worth? And it's so it's just, it's just what it isn't in the in the industry that people are still holding on to old valuation metrics for mutual funds, mutual funds will slowly over time, be replaced with ETF S that's, that's just an ongoing evolution. They do provide a less expensive, but you need more assets to break even. And you, you have seen that originally it was more index ETF S and now we've seen active ETF S explode in valuations, smart beta 2.0 is in between both. It is, it is a rules based discipline of looking at an industry that recalibrates every quarter versus just buying market cap index of an industry. And, and what we have witnessed, which is very positive in this sort of the adoption of ETF S has been the sort of idea that having active ETF S and the seeding of them and the funding of them, it's evolved, it's evolved just like Bitcoin ETF S evolved and finally got off the launching pad this year. Next please.

三個策略和策略的規則使用 smart beta 2.0 策略創建可持續的主題產品。回溯測試長達 10,000 小時，然後每季持續進行測試，設法為未來的成長機會、市場調整以及收購其他基金的併購活動保留現金。我們查看交易，我們得到了給我們安排的交易，但我們仍然看到這種拉拉土地的估值，以及其他擁有他們認為真正價值的共同基金的公司。而且，當我有時有這個問題時，我說，好吧，如果你認為你的資金值這個價，那你為什麼不購買我們的資產呢？正是如此，這只是業界人們仍然堅持共同基金舊估值指標的情況，隨著時間的推移，共同基金將慢慢被 ETF S 取代，這只是一個持續的過程進化。他們確實提供了更便宜的服務，但你需要更多的資產才能達到收支平衡。而你，你已經看到，最初更多的是指數 ETF S，現在我們看到主動型 ETF S 估值爆炸性成長，Smart Beta 2.0 介於兩者之間。確實如此，這是一種基於規則的紀律，研究每個季度都會重新調整的行業，而不是僅僅購買行業的市值指數。而且，我們所看到的，對於 ETF S 的採用來說非常積極的是這樣一種想法，即擁有活躍的 ETF S 以及它們的種子和資金，它的發展，它的發展就像比特幣ETF S不斷發展，並最終在今年登上了發射台。接下來請。

So the shareholder value is a simple algorithm, dividends plus buybacks and debt reduction divided by market cap gives you what the shareholder value is. We don't have a debt issue, so we have lots of cash. So we're buying back stock and we're maintaining that dividend. And when you take a look at the wealth of valuation, it is a very attractive shareholder yield. Next please.

因此，股東價值是一個簡單的演算法，股利加上回購和債務減少除以市值即可得出股東價值。我們沒有債務問題，所以我們有大量現金。因此，我們正在回購股票並維持股利。當你看一下估值財富時，你會發現這是一個非常有吸引力的股東報酬率。接下來請。

And I say that because it's 9.34%. Next please us co investors committed to returning value to shoulders when compared to treasury yields. 10 year treasury yield is 3.81, 5 years, 3.58 our dividend itself is higher than the five year and the overall stock buyback. When you combine it, there is a better value proposition, buy and grow long term next, please.

我這麼說是因為它是 9.34%。接下來，請美國聯合投資者承諾與國債殖利率相比，將價值回歸到肩上。10年期公債殖利率是3.81，5年期是3.58，我們的股利本身就高於5年期和整體股票回購。當你把它結合起來時，就會有更好的價值主張，接下來請購買並長期發展。

So I like to look at some basic comps and give you a quick idea that wisdom tree they've have what, over $100 billion in assets and they've had some significant growth in new products in this past year. And sometimes it's like having a hot technology or a hot car design. It's like having a hot, a hot and that ETF that sort of garners the interest of investors and it's recognizing that, but Wisdom Tree is 100% ETS and, and their price to book trades at a higher multiple versus investco which 40% of their assets are QQQ, which is a monster of an ETF that covers basic NASDAQ stocks and, and you can see that they've had their challenges with their other fund and asset groups and the return on their assets have have been negative. We've been slightly higher and and that goes up and down, going back a couple of years back. Globe Global had the highest return on, on assets pretax margins. They've shrunk because the funds are shrunk and it's a pretty simple math of how many funds do you need to break even? And the dividend yield. As you can see, Investco stock is, is more significantly down. So therefore, their yield is higher. And there when you take a look at wisdom tree that they trade at a higher price to book, so when you look as a garp investor price to book is important, so automatically it would show up as, as Investco and us global. And then when you look at return of assets, then it would be us global and it'd be Wisdom tree. If you're looking at pretax margins, then you're back to wisdom tree. If you're looking for a dividend yield to be investco, so it's the magic of the matrix that you create, which you long term vision, what's your faith in the company? That how they function and what they do. I think that's what makes that determination. If you're just a pure by the cheapest price of the book, then you're going to look at the Investco. If you're looking for who has the higher return on assets, you're going to like a wisdom tree. If you look, we're doing, you, you're going to look at Invesco. I think the value proposition is right along the middle and that's us global. Next, please.

因此，我喜歡看一些基本的比較，讓您快速了解他們擁有的智慧樹，超過 1000 億美元的資產，並且在過去的一年裡他們的新產品有了一些顯著的增長。有時就像擁有熱門技術或熱門汽車設計。這就像擁有一隻熱門ETF，吸引了投資者的興趣，並且它認識到這一點，但Wisdom Tree是100% ETS，而且他們的預訂交易價格比investco更高，而investco的本益比為40%資產是QQQ，這是一個涵蓋納斯達克基本股票的ETF怪物，你可以看到他們在其他基金和資產組上遇到了挑戰，而且他們的資產回報率為負。我們的水平稍高一些，而且會有所上升和下降，這可以追溯到幾年前。Globe Global 的稅前資產報酬率最高。它們之所以縮水，是因為資金縮水，這是一個非常簡單的數學，你需要多少資金才能達到收支平衡？以及股息收益率。正如您所看到的，Investco 的股票下跌幅度更大。因此，他們的產量更高。當你看一下智慧樹時，他們會以更高的價格進行交易，所以當你作為 garp 投資者時，預訂價格很重要，所以它會自動顯示為 Investco 和 us global。然後，當您查看資產回報時，它將是我們的全球性，它將是智慧樹。如果您關注的是稅前利潤率，那麼您又回到了智慧樹。如果你正在尋找股息殖利率作為投資公司，那麼這就是你創造的矩陣的魔力，這是你的長期願景，你對公司的信心是什麼？他們如何運作以及他們做什麼。我想這就是做出這個決定的原因。如果你只是純粹看最便宜價格的書，那麼你會去看看 Investco。如果您正在尋找誰擁有更高的資產回報率，您會喜歡智慧樹。如果你看，我們正在做，你，你就會看景順。我認為價值主張就在中間，那就是我們的全球性。接下來請。

So when we look at the recent purchase, we made $520,000. I think that it represents the, the associate represents 40% of market cap. Now, what that really means is that the board has approved for us to be able to buy up to approximately 14% of the shares. Lisy, you correct me on that is, is when she speaks. Et but roughly it is, is, it's a, it's capital to that which we have in our balance sheet to, to consistently buy back the stock without any overreaching on one day or one week. Just a consistent as it's undervalued to be buying back the stock. Next, please.

因此，當我們查看最近的購買時，我們賺了 52 萬美元。我認為它代表了聯營公司市值的 40%。現在，這實際上意味著董事會已批准我們能夠購買最多約 14% 的股份。莉西，你糾正我的是，就是她說話的時候。等等，但粗略地說，這是我們資產負債表中的資本，可以持續回購股票，而不會在一天或一周內過度回購。只是一貫的做法，因為回購股票的價值被低估了。接下來請。

So quarterly webcast on our thematic products, Golden Interest Rights Understanding, the interest rate influence on mining stocks. We did a presentation recently on that. And we also did one on why now is the time to consider airline stocks? And, and just after that, it was interesting for me to share with you is, is that Spirit jumped 68%. Well, it's after Spirit had fallen over the past year, especially with not being able to merge with jetblue and all these problems, it had fallen over 80% and it had this, this big pop and, and what we see with that is that people were long hedge funds are our jets ETF and short the stock and, and all of a sudden they got an extension on their debt refinancing and there is massive short covering. And and we see that we see the fund flows. And so what we I'm trying to share with you is that when you look at the ecosystem of investors in jets. It's retail, it's, it's people that trade off the oil price. It's people that use it hedge funds to go long jets, the short various airlines. There are garp investors that are doing as allocation because the airline industry is, is a, is a growth industry at a very reasonable price. So you have a very robust trading around jets as a proxy. We further launched it in, in Colombia and and we're expanding that in the marketing in Latin America. So that so that we have a broader interest in our product lineup. What we did this past six months was to merge our jets, which was listed in London with another group and create a trip and trip is basically has an expanded universe that has more tourism involved with it. So, but it's really the backbone is, is the jet. And so that has more of a critical mass listed over there that we become the global experts in the airline industry like we are in the world of gold. Next, please.

所以每季網路直播我們的主題產品，黃金利息權益理解，利率對礦業股的影響。我們最近就此做了一個演示。我們還做了一個關於為什麼現在是考慮航空股的時候了？就在那之後，我想與大家分享的是，Spirit 上漲了 68%。嗯，是在精神航空在過去的一年裡下跌之後，特別是由於無法與捷藍航空合併以及所有這些問題，它已經下跌了80% 以上，而且它有這個，這個大流行，我們看到的是人們做多我們的噴射 ETF 的對沖基金並做空該股票，突然間他們的債務再融資得到了延期，並且出現了大量的空頭回補。我們看到資金流動。因此，我想與您分享的是，當您觀察噴射機投資者的生態系統時。是零售，是人們在以油價為代價進行交易。人們利用對沖基金做多噴射機，做空各種航空公司。有一些 garp 投資者正在進行配置，因為航空業是一個成長型產業，價格非常合理。因此，圍繞噴氣機作為代理的交易非常活躍。我們進一步在哥倫比亞推出了它，並且我們正在拉丁美洲的營銷中擴展它。這樣我們就可以對我們的產品系列產生更廣泛的興趣。過去六個月我們所做的就是將我們在倫敦上市的噴射機與另一家集團合併，並創建一次旅行，而旅行基本上是一個擴展的宇宙，其中涉及更多的旅遊業。所以，但它真正的支柱是，是噴射機。因此，那裡列出了更多的臨界質量，使我們成為航空業的全球專家，就像我們在黃金世界一樣。接下來請。

They were roughly running a clearing 2.5 million people before COVID fell down to 80,000 people in a day. And, and what you see, I don't think that's right. It was in December 2019, that was in March of 2019 and, and it grew and Warren Buffett got out, he was worried he was turning 90 years old. And and there was such a negative aspect of it, but the millennials and generation Z seem to be the big speculators and we had tremendous fund flows coming in and Jets went from about $11 up to 28. And, and then they start getting these redemptions, which was really interesting because the TS A numbers had not reached even close to 3 million people. So you're, you're seeing that the stock still I believe has another close to $10 on the upside to go to pre coal numbers. And the airline industry remains in the summer had incredible traffic. So it's a very positive inexpensive industry that's critical for global economic activity. Next please.

在新冠疫情一天內人數下降到 8 萬人之前，他們大約清理了 250 萬人。而且，正如你所看到的，我認為這是不對的。那是在 2019 年 12 月，也就是 2019 年 3 月，隨著華倫‧巴菲特退出，他擔心自己即將年滿 90 歲。這也有負面影響，但千禧世代和 Z 世代似乎是大投機者，我們有大量資金流入，噴射機隊的價格從大約 11 美元漲到了 28 美元。然後他們開始獲得這些兌換，這真的很有趣，因為 TS A 的人數還沒有達到接近 300 萬人。所以你會看到，我認為該股仍有接近 10 美元的上漲空間，可以達到煤前價格。航空業在夏季仍然擁有令人難以置信的客流量。因此，這是一個非常積極且廉價的行業，對全球經濟活動至關重要。接下來請。

And we are the go to people. We have the unique, unique product. And it is outperform the benchmark which we first started with was to beat the New York Stock Exchange Global Airline Index. There's been one or two other ones that try to come out, but they do not have the smart beta 2.0 and I believe that that's a very important discipline of stock selection to to over perform the index. And so what have we seen this quarter since we did? Our presentation? United also announces a buyback $1.5 billion buyback. Jets, all of a sudden pops 10% of jets was in United Airlines and United Airlines now is up 36%. And, and so I keep reiterating like for the webcast but going into the election, the sentiment was so pervasively negative, that's just a headwind. And we just continue to be positive and constructive and balanced in how we tell this jet story. Next, please.

我們是最適合的人。我們擁有獨特、獨特的產品。它的表現優於我們最初設定的基準，即擊敗紐約證券交易所全球航空公司指數。還有一兩個其他公司試圖脫穎而出，但他們沒有 smart beta 2.0，我相信這是一個非常重要的選股紀律，以超越指數。那麼自本季以來我們看到了什麼？我們的演講？聯合航空也宣布回購15億美元。噴射機，突然之間，美國聯合航空 (United Airlines) 的噴射機數量增加了 10%，而現在聯合航空 (United Airlines) 的比例上升了 36%。因此，我不斷重申，就像網路廣播一樣，但進入選舉時，人們的情緒普遍消極，這只是一種逆風。我們將繼續以積極、建設性和平衡的方式講述這架噴射機的故事。接下來請。

Airline stocks a century of outperforming S&P from September to November. So we really tried to highlight that at the beginning of October that the mass suggests that there's a higher probability of the airlines overperforming they have. In fact, what's really interesting is that the best time to buy is late spring, early summer when it lags the overall S&P because six months later, the math is so much in your favor that it trades higher.

從 9 月到 11 月，航空公司股票的表現一直跑贏標準普爾指數。因此，我們確實試圖在 10 月初強調，大眾顯示航空公司表現出色的可能性更高。事實上，真正有趣的是，最佳購買時間是春末夏初，此時它落後於整體標準普爾指數，因為六個月後，數學對你非常有利，以至於它的交易價格更高。

And it's just interesting for the traders that we have that come in and out. Like I mentioned, there's oil traders that oil prices are rising the out of jets, oil prices.

對於交易者來說，我們有進出的交易很有趣。就像我提到的，石油交易商認為，飛機的油價正在上漲。