U.S. Global Investors Searching for Opportunities, Managing Risk
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1 U.S. Global Investors Searching for Opportunities, Managing Risk Frank E. Holmes CEO and CIO Susan McGee President and General Counsel Catherine Rademacher CFO Susan Filyk Investor Relations US.FUNDS August 30,
2 Today s Presenters Frank Holmes Susan McGee Catherine Rademacher Susan Filyk 2
3 Forward-Looking Statements 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. Please refer to our press release and the corresponding Form 10-K 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 U.S. Global Investors accepts no obligation to update them in the future. 3
4 GROW Strengths Go-to stock for exposure to emerging markets and resources Debt-free, strong balance sheet with a reflexive cost structure Monthly dividend and return on equity discipline 4
5 Top Institutional Holders of GROW 1. Royce and Associates 15% 2. Financial and Investment 9% Management Group 3. Perritt Capital Management 4% 4. TEAM Financial Managers 4% Source: NASDAQ 5. Fidelity Management 4% & Research Co. Percentage of shares outstanding as of 6/30/2012 5
6 Company Snapshot NASDAQ: GROW Price on 6/30/12: $4.37 Market Cap: $67.2 million 52-wk Range: $ $ Year Annualized 17.6% Source: Bloomberg 6
7 Industry Trend Asset Managers Have Declined with Markets and Redemptions 7
8 Asset Breakdown Data for SEC-registered funds as of June 30,
9 Managing Expectations The Math Standard Deviation (as of 06/30/12) based on 10-Year Data Rolling 1 Year NYSE Arca Gold BUGS Index (HUI) 37.2% WTI Crude Oil 35.0% MSCI Emerging Markets (MXEF) 31.1% S&P 500 Index (SPX) 18.9% Gold Bullion 13.3% 12-month rolling volatility of price action over 10 year period View the presentation Anticipate Before You Participate at /investor-resources/publications/research 9
10 Managing Expectations Anticipate Before You Participate Measuring Volatility Number of +10% Moves Number of -10% Moves Frequency of ±10% Moves U.S. Global Investors (GROW) % NYSE Arca Gold BUGS Index (HUI) % WTI Crude Oil % MSCI Emerging Markets (MXEF) % Gold Bullion % S&P 500 Index (SPX) % Calculated over rolling 20-trading day periods. Based on approximately 2,550 total occurrences over the past 10 years as of 06/30/
11 GROW Dividends Paid Monthly *At share price of $4.37 as of 6/30/2012 Dividends through 6/30/
12 Quarterly Average Assets Under Management 12
13 Annual Earnings Per Share Past 5 Years 13
14 Annual Pre-Tax Profit Margin Past 5 Years 14
15 Balance Sheet Strength No Debt 15
16 3 Reasons GROW is More Attractive than Peers Growth 3 Year Average EPS Growth Value 3 Year Average Return on Equity Income Dividend Yield GROW 38.7% 12.9% 5.5% Peers* 3.4% 12.5% 2.8% Dividend yields calculated as of 6/30/2012. Earnings per share and return on equity based on the quarter ended 6/30/2012. * Median calculations based from quarterly results ended 6/30/2012 by Affiliated Managers Group, Artio Global Investors, Blackrock, Calamos Asset Management, Cohen & Steers, Federated Investors, GAMCO Investors, INVESCO Ltd., Janus Capital Group, Legg Mason, Pzena Investment Management, T. Rowe Price and Westwood Holdings. Source: FactSet 16
17 GROW Performance 12 Months 17
18 GROW Performance Past 2 Months 18
19 Income Statement Financial Analysis Catherine Rademacher CFO 19
20 Income Statement 20
21 Income Statement 21
22 Income Statement 22
23 Balance Sheets 23
24 Balance Sheets 24
25 Significant Events Susan McGee President and General Counsel 25
26 Performance and Results Oriented Investment leadership results in performance Winner of 29 Lipper performance awards, certificates and top rankings since 2000 (Four out of 13 U.S. Global Investors Funds received Lipper performance awards from 2005 to 2008, six out of 13 received certificates from 2000 to 2007, and two out of 13 received top rankings from 2009 to 2010.) 26
27 Fund Recognition: 4 Funds in the Top 2 Percent for 10-Year Period 27
28 28
29 Branding and Marketing of GROW 14 TV/Radio 26 Total Interviews 1,061 Web mentions 26 Frank Talk blog entries 93 Newsletter recommendations Data from 3/31/2012 6/30/
30 Recent PR Achievements Goldwatcher presentation pulled nearly 180,000 pageviews on Business Insider subscription of Frank Talk blog launched Syndication of commentaries and blog posts continued to grow with more than 60 websites who share our insights with curious investors Financial Planning recognized the Global Resources Fund and the power of natural resources 30
31 Expanded Sales Team 31
32 Upcoming Sales and Marketing Activities Chicago Chicago Hard Assets Conference, 9/21-22 San Antonio FPA National Conference, 9/29 New Orleans New Orleans Investment Conference, 10/24-27 Singapore Asia Mining Indaba, 10/
33 Sales & Marketing Strategy Opportunities Investors are underweight what the world needs Resources Tax free bond funds yielding more than the 10-Year Treasury Attractive dividend yields in resources and emerging markets Price reversal on equity funds 33
34 Are You Underweight? Energy & Basic Materials 15% of S&P
35 S&P Sectors, 500 Stocks Source: S&P 35
36 Apple is a Want, Global Resources Are Needs: Energy, Food, Water, etc. 36
37 Compare Market Capitalizations 37
38 Global Resources Fund Outperformed 10 year Past performance is no guarantee of future results. 38
39 Compare Our Tax Free Yields to Treasury and CDs Source: U.S. Global Investors, CD Rates from Bankrate.com as of 7/25/12 39
40 Low Volatility No Down Years Over Past Decade Past performance does not guarantee future results. 40
41 NEARX Short Term Tax Free Solution The chart illustrates the performance of a hypothetical $10,000 investment made in the fund during the depicted time frame. Figures include reinvestment of capital gains and dividends, but the performance does not include the effect of any direct fees described in the fund s prospectus which, if applicable, would lower your total returns. 41
42 Compare Dividend Yields to 10-Year Government Note Past performance is no guarantee of future results. 42
43 Attractive Dividend Yields 43
44 Price Reversal: Funds Move Above 50-Day Moving Average Past performance is no guarantee of future results. 44
45 Apathy in Global Markets Provides Opportunity for Dividend Paying Stocks
46 Is Over Regulation Causing Apathy for Investing as Stocks Rally? 46
47 Metaphor: Tipping Points, Melting Points H 2 O is Like Money Ice Turns to Water at 32º, but Still H 2 O 47
48 The S-Curve Big Question is Where Are We On The Curve for Emerging Markets and Commodity Demand? The S-Curve is a type of curve that shows a rapid, exponential increase in growth for a period of time, followed by a tapering or leveling off. 48
49 Urbanization Drives Dramatic Rise in Wealth 49
50 Emerging World Holds 50% of the Global Population, Just 21% of GDP 50
51 Reasons for Active Money Management Past performance does not guarantee future results. 51
52 China s GDP Growth Tends to Stabilize in Fifth Year of Leadership Transition Cycle 52
53 China Poised to Revert to Its Mean Past performance does not guarantee future results. 53
54 Rising Wealth Driving +$4 Trillion in Global Infrastructure Spending 54
55 China and India Increasing Share of Global Oil Demand 55
56 Tipping Point Explosive Growth in Emerging Markets Auto Market Zhanxi bridge highway, Beijing China 56
57 Gold Price Surged With Increase of U.S. Monetary Base 57
58 Global Liquidity Boom Good for Gold 58
59 Strong Correlation Between Gold and Negative Real Interest Rates Ben Bernanke, Chairman of the Federal Reserve 59
60 Seasonality Fluctuations Appear Poised to Rebound XAU Gold Stock Index Philadelphia Stock Exchange Gold and Silver Index (XAU) Source: CIBC 60
61 Gold Stocks Underperform Bullion and Offer Opportunity 61
62 Gold Stocks Appear Undervalued to Gold 62
63 Oil Stocks Underperform Oil 63
64 Disconnect Between Oil Prices and Junior Oil Stocks Suggest Opportunities in Stocks 64
65 Reasons for Active Money Management Returns are based on historical spot prices or futures prices. Past performance does not guarantee future results. 65
66 Trying to Stop a Bull Market Has Risks 66
67 Fund Performance 67
68 Come Visit Us at Facebook: Twitter: Frank Talk: Investor Alert: 68
69 U.S. Global Investors is Mobile Get Investor Alert and Frank Talk On the Go Visit /apps 69
70 Contact Us For more information or questions, please contact our Investor Relations Department: Susan Filyk June Falks
71 Disclosures Please consider carefully a fund s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting or by calling US-FUNDS ( ). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc. Unlike bank savings accounts, an investment in a municipal bond fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5% to 10% of your portfolio in these sectors. Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. Because the Global Resources Fund concentrates its investments in a specific industry, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries. By investing in a specific geographic region, a regional fund s returns and share price may be more volatile than those of a less concentrated portfolio. Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local income taxes, and if applicable, may subject certain investors to the Alternative Minimum Tax as well. Each tax free fund may invest up to 20% of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes. Bond funds are subject to interest-rate risk; their value declines as interest rates rise. The tax free funds may be exposed to risks related to a concentration of investments in a particular state or geographic area. These investments present risks resulting from changes in economic conditions of the region or issuer. 71
72 Disclosures Morningstar Ratings are based on risk-adjusted return. The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance does not guarantee future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user's own risk. This is not an offer to buy or sell securities. Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is also known as historical volatility. M2 Money Supply is a broad measure of money supply that includes M1 in addition to all time-related deposits, savings deposits, and non-institutional money-market funds. M3 money supply is the broadest monetary aggregate, including physical currency, demand accounts, savings and money market accounts, certificates of deposit, deposits of eurodollars and repurchase agreements. Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. 72
73 Disclosures It s important to consider the differences between the Near-Term Tax Free Fund and Tax Free Fund and a Bank CD before investing. Compare Near-Term Tax Free Fund and Tax Free Fund Bank CD Type of Investment and Objective Municipal bond fund; seeks current income that is exempt from federal income tax and seeks preservation of capital Certificate of deposit; entitles the bearer to receive interest Primary Investments Investment grade municipal bonds A promissory note issued by a bank Stable share price? No, but seeks minimal fluctuations Yes Withdrawal penalty? No FDIC insured? No Yes, up to $250,000 Yes, withdrawal before the maturity date usually incurs a penalty The CD interest rate is typically a fixed rate of interest, and payable on a set maturity date. The 30-day yield is used for bond funds, balanced funds, and stock funds. It consists of the interest income the fund pays over a 30-day period, net of expenses, expressed as an annualized percentage of the fund s share price. Tax Equivalent Yield is the before-tax yield you would have to get from a higher-paying but taxable investment to equal the yield from a tax-exempt investment and was computed assuming a 35% tax rate. 73
74 Disclosures The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The NYSE Arca Gold BUGS (Basket of Unhedged Gold Stocks) Index (HUI) is a modified equal dollar weighted index of companies involved in gold mining. The HUI Index was designed to provide significant exposure to near term movements in gold prices by including companies that do not hedge their gold production beyond 1.5 years. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The index benchmark value was at the close of trading on December 20, The Russell 2000 Index is a U.S. equity index measuring the performance of the 2,000 smallest companies in the Russell The Russell 3000 Index consists of the 3,000 largest U.S. companies as determined by total market capitalization. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. The S&P/TSX Venture Composite Index is a broad market indicator for the Canadian venture capital market. The index is market capitalization weighted and, at its inception, included 531 companies. A quarterly revision process is used to remove companies that comprise less than 0.05% of the weight of the index, and add companies whose weight, when included, will be greater than 0.05% of the index. The Philadelphia Stock Exchange Gold and Silver Index (XAU) is a capitalization-weighted index that includes the leading companies involved in the mining of gold and silver. The S&P 500 Oil & Gas Exploration & Production Index is a capitalization-weighted Index. The index is comprised of six stocks whose primary function is exploring for natural gas and oil resources on land or at sea. Holdings as a percentage of net assets as of 6/30/2012: Apple: (All American Equity Fund 3.43%, Holmes Growth Fund 4.08%); AT&T: (All American Equity Fund 1.05%, Global MegaTrends Fund 2.05%); BMO Junior Oil ETF: 0.00%; Energy Select Sector SPDR: 0.00%; General Electric Co: 0.00%; ishares Russell 2000 Index ETF: 0.00%; Market Vectors Gold Miners ETF: (Gold and Precious Metals Fund 0.07%, World Precious Minerals Fund 0.07%); Market Vectors Junior Gold Miners ETF: 0.00%; Materials Select Sector SPDR: (Global Resources Fund 0.08%); SPDR S&P Global Natural Resources ETF: 0.00%; Sprint: (Global MegaTrends Fund 1.69%); Verizon: (All American Equity Fund 1.18%, Global MegaTrends Fund 2.03%). 74
75 Disclosures Investment Objective: The Global Resources Fund is an actively managed fund that takes a diversified approach to the natural resources sector by investing in energy and basic materials. The fund invests in companies involved in the exploration, production and processing of petroleum, natural gas, coal, alternative energies, chemicals, mining, iron and steel, and paper and forest products, and can invest in any part of the world. The Select Sector SPDR ETFs are passively managed funds that seek to replicate as closely as possible, before fees and expenses, the performance of the S&P 500 Index. Each Select Sector SPDR is an index fund that invests in a particular sector or group of industries represented by a specified Select Sector Index. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the S&P 500 Index. Liquidity: The Global Resources Fund can be purchased or sold at a net asset value (NAV) determined at the end of each trading day. The Select Sector SPDR ETFs can be purchased or sold intraday. These purchases and redemptions may generate brokerage commissions and other charges not reflected in the ETF s published expense ratio. Safety/Fluctuations of principal/return: Loss of money is a risk of investing in the Global Resources Fund and the Select Sector SPDR ETFs. Shares of the three securities are subject to sudden fluctuations in value. The Energy Select Sector and Materials Select Sector SPDR Funds may also be subject to bid-ask premiums or discounts to net asset value (NAV) that could adversely affect a shareholder s actual returns. Tax features: The Global Resources Fund may make distributions that may be taxed as ordinary income or capital gains. Under current federal law, long-term capital gains for individual investors in the fund are taxed at a maximum rate of 15%. For the Energy Select Sector and Materials Select Sector SPDR Funds, long-term capital gain distributions will result from gains on the sale or exchange of capital assets held by a Fund for more than one year. Any long-term capital gains distributions you receive from a Fund are taxable as long-term capital gain regardless of how long you have owned your shares. Long-term capital gains are currently taxed at a maximum of 15%. Information provided here is neither tax nor legal advice and is general in nature. Federal and state laws and regulations are subject to change. 75
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