U.S. Global Investors

At U.S. Global Investors, thematic investing starts here. Through our award-winning research and Smart Beta 2.0 methodology, we educate investors on high-conviction themes ranging from luxury markets and precious metals to global airlines, commodities and aerospace & defense. If you’re a curious investor looking to explore the trends shaping tomorrow’s markets, we invite you to learn more about what we offer. Sign up for FREE research and explore our suite of products at usfunds.com.

Southwest Airlines (LUV) is gaining altitude! The airline, which we own in our funds, posted record third-quarter revenue of $8.4 billion, up 21.2% year over year, while revenue per available seat mile climbed 21.6%. Its turnaround is picking up steam, even as higher fuel costs remain a headwind. Learn more, including ways to gain exposure, at usfunds.com.

Cruise stocks are catching investors' attention. Norwegian Cruise Line Holdings (a stock we own) jumped 13.3% after reporting better-than-expected quarterly results and raising its outlook. Revenue reached $2.95 billion, beating analyst estimates, while adjusted EPS of $1.12 topped expectations of $0.93. A strong reminder that investors are watching for signs of progress across the travel industry! Learn more, including ways to gain portfolio exposure, at usfunds.com.

Twelve ports handle a huge share of North America’s trade, with Los Angeles and Long Beach leading the pack. How much of your holiday shopping do you think came through one of them?

In the 12 months following every midterm election since 1962, the S&P 500 has been higher. Sixteen elections, 16 gains at 14.2% on average. The narrowest was 1986 at just 1.1%, and that 12-month window contained the October 1987 crash. It still finished in the black. Sixteen observations is admittedly a small sample size, and the stock market has risen over any randomly chosen 12-month stretch about 70% of the time since 1960. A good portion of that record is simply the market doing what it usually does. The midterm effect amplifies a tailwind that already exists rather than creating one.

Texas is reshaping American finance. From the Alamo to “Y’all Street,” the Lone Star State is becoming a major hub for business, markets and capital. In this episode of “Return on Ideas,” Holly sits down with Nasdaq’s Winn Bartlett to talk about Nasdaq Texas, why so many financial institutions moved to Texas, and what the rise of “Y’all Street” could mean for the future of finance. youtu.be/Rz9ryNzaJK0?si=e7jw…

The World Bank expects gold to average a record $4,600 an ounce in 2026, up 34% from last year. Even after a projected pullback, the bank expects the yellow metal to trade more than 75% above its 2021 to 2025 average in 2028. Got gold?

CEO Frank @bulldogholmes returns to Zurich next month! Holmes will deliver a keynote address at the Swiss Mining Institute on November 18 at the Dolder Grand. Celebrating its 15th anniversary, SMI brings together leading investors and mining companies worldwide. We’re pleased to join the conversation on the future of the global resources sector.

What can 18 years of investing do? Looking at every 18-year period in the S&P 500 since 1989, investing $1,000 at birth plus $100/month turned $22,600 in contributions into at least $27,914 in every period studied. The typical result? $54,500. The latest? $104,704. Starting early and investing consistently can make a big difference over time. CEO Frank @bulldogholmes explains further: usfunds.com/resource/elon-mu…

Chinese automakers are becoming an increasingly important competitive force in Europe, with their share of new-car registrations rising to nearly 15% in September, roughly double the year-earlier level. These rapid gains suggest Chinese brands are capturing market share from established European and other global automakers.

U.S. spot Bitcoin ETFs recorded $1.08 billion in net inflows over three days, signaling renewed investor demand. However, average daily inflows since July 1 have reached just $86 million, compared with $202 million–$294 million during previous major rallies. The gap suggests that stronger and more sustained institutional buying may be needed to support further Bitcoin price gains.

The AI boom is creating enormous wealth and a new wave of giving. Anthropic, the company behind Claude AI, plans to dedicate 5% of its shares to a public benefit fund, potentially worth $75 billion to $100 billion. Its cofounders have also pledged much of their personal shares to charity. Could AI wealth reshape the future of philanthropy? CEO Frank @bulldogholmes explores this emerging trend in his latest article: usfunds.com/resource/elon-mu…

Widening crack spreads can be good news for refiners. When the gap between crude oil costs and refined fuel prices grows, refiners can earn more from turning oil into gasoline and diesel. Refining margins surged 60% quarter-over-quarter, potentially supporting stronger earnings, more cash flow and shareholder returns. The key? Whether tight fuel supplies continue to support margins. Learn more and follow along at usfunds.com.

Candy may be the treat of the season, but gold has a much longer history of holding value. For centuries, investors have turned to gold as a store of value and a way to diversify their portfolios. This Halloween, enjoy the candy, but don't overlook gold's place in a long-term investment strategy! Learn more about the yellow metal, including ways to gain exposure, at usfunds.com.

Nasdaq connects capital with opportunity, and Winn Bartlett, Nasdaq's managing director of listings, sees Texas as a bellwether for the economic growth and opportunity that drive capital markets.

L’Oréal shares are rising after the beauty giant delivered stronger-than-expected Q3 sales growth of 7.7%, beating forecasts of 5.9%. A rebound in China and strong demand for luxury beauty products are encouraging signs for investors watching consumer spending and the global beauty market. Learn more about the luxury goods space, including ways to gain portfolio exposure, at usfunds.com.

How do you manage your investments?

Airline equities have tended to outperform in the final three months of the year, with the NYSE Arca Global Airlines Index gaining over 3% on average in October. This is followed by an even stronger showing in November and a 3% increase in December on average. According to the Bank of America, the industry has historically outperformed the S&P 500 in three of the last six months of the year—namely September, October and November.

Wheels up! @SouthwestAir (a stock we own!) delivered a strong third quarter, with operating revenue up 21.2% year over year to $8.42 billion, beating estimates of $8.26 billion. Adjusted earnings per share (EPS) of $0.66 also topped expectations of $0.61. For investors, strong results offer encouraging insight into travel demand and the outlook for the aviation industry. Learn more by visiting usfunds.com.