U S Global Investors INC: management transactions · United States · SEC (Form 4)

About U S Global Investors INC

U.S. Global Investors, Inc. (ticker GROW) is a U.S.-based asset-management company listed on the NASDAQ in the United States. For French-, Belgian- and Swiss-based investors, it represents a niche investment manager rather than a broad diversified platform. The firm traces its roots to Texas in 1968 and today maintains its principal office and headquarters in San Antonio, Texas, where it owns and occupies its main office building. Its business model is driven primarily by advisory fees and administrative services fees charged to the funds it manages, supplemented by investment income from its own balance sheet. ([sec.gov](https://www.sec.gov/Archives/edgar/data/754811/000143774925028574/usglobal20250630_10k.htm)) U.S. Global Investors has historically positioned itself around specialized global and sector-focused strategies. Instead of competing as a large all-purpose asset manager, it concentrates on areas where it claims longstanding expertise, especially gold and precious-metals mining, natural resources, airlines, travel, cargo, and more recently defense-related technology. That specialization is its main competitive differentiator, but it also means the company is more exposed than a generalist manager to sector rotations, commodity cycles, and investor sentiment swings. ([sec.gov](https://www.sec.gov/Archives/edgar/data/754811/000143774925028574/usglobal20250630_10k.htm)) From a product standpoint, the company serves as investment adviser to U.S. Global Investors Funds, a family of mutual funds, and to several U.S.-listed ETFs: U.S. Global Jets ETF (JETS), U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU), U.S. Global Sea to Sky Cargo ETF (SEA), and U.S. Global Technology and Aerospace & Defense ETF (WAR). It also advises one European-listed ETF, The Travel UCITS ETF (TRIP). The company notes that ETF advisory fees are the largest component of operating revenue, making assets under management, fund flows, and strategy performance the key drivers of earnings power. The company’s own shares trade on the NASDAQ, while its ETF products are listed on the NYSE. ([sec.gov](https://www.sec.gov/Archives/edgar/data/754811/000143774925028574/usglobal20250630_10k.htm)) Geographically, the business is highly concentrated in the United States, although its investment themes are global in scope and one ETF serves European investors. Its core strategies are tied to international airlines, travel, logistics, gold miners, precious metals, broader natural resources, and defense technology. This thematic focus can create meaningful volatility in assets under management, but it can also allow the firm to benefit quickly when a theme comes back into favor. ([sec.gov](https://www.sec.gov/Archives/edgar/data/754811/000143774925028574/usglobal20250630_10k.htm)) Recent operating results point to a healthier backdrop. For the quarter ended March 31, 2026, U.S. Global Investors reported net income of $2.7 million, operating revenues of $2.8 million, and average assets under management of $1.6 billion, the highest level since the quarter ended June 30, 2024. Management attributed the improvement mainly to strength in gold and natural-resources strategies, while the WAR ETF also saw rising investor interest. Earlier, for the quarter ended September 30, 2025, the company reported a return to profitability, supported by higher investment income and renewed flows into its gold and precious-metals products. ([sec.gov](https://www.sec.gov/Archives/edgar/data/754811/000143774926016753/ex_962278.htm))