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U.S. Global Investors Reports Financial Results for the Second Quarter of Fiscal Year 2023
SAN ANTONIO, June 09, 2023 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with
About this update from U.s. Global Investors, Inc.
[{"type":"text","content":"SAN ANTONIO, June 09, 2023 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with longstanding experience in global markets and specialized sectors from gold mining to emerging markets, today reported operating income of $908,000 for the quarter ended December 31, 2022, on total revenues of $3.7 million. The Company recorded net income of $869,000, or $0.06 per share. Average assets under management (AUM) for the three-month period ended December 31, 2022, were $2.5 billion. Total AUM at December 31, 2022, was $2.4 billion, an increase of approximately $112 million from the previous quarter. The Company was delayed in submitting its financial results for the quarter ending December 31, 2022, but with the December 2022 quarter results now filed, the Company is focusing on preparing and submitting the financial statements for the quarter that concluded on March 31, 2023. “2022 was a particularly challenging year for capital markets, with a historic drop in both stocks and bonds, and against this backdrop, I’m pleased that we managed to generate positive income in the second quarter of fiscal 2023,” says Frank Holmes, the Company’s CEO and Chief Investment Officer. “Investors appeared to minimize risk on fears that persistently high inflation and interest rate hikes might trigger a recession. U.S.-based mutual funds and ETFs saw collective net outflows of $370 billion in 2022, the first annual loss since Morningstar began tracking this data in 1993. In December alone, outflows were $86 billion.”1 China Finally Opened Its Economy, Lifting Asian Airlines and Luxury Sales “The good news is that Inflation is abating, and the U.S. economy continues to expand at a healthy clip,” Mr. Holmes continues. “China finally relaxed its zero-Covid travel policy after three long years, which I believe is bullish for our U.S. Global Jets ETF (JETS) . In the fourth quarter of 2022, shares of Asian airlines, as measured by the Bloomberg Asia Pacific Airlines Index, rose 17.51%, compared to the NYSE Arca Airline Index, which fell 8.60%, mostly on winter weather-related delays and groundings in the U.S. “I believe China’s reopening will also be constructive for our Global Luxury Goods Fund (USLUX), the only luxury-focused mutual fund available to U.S. investors. In the years preceding t...