U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a
registered investment advisory firm with longstanding experience in
global markets and specialized sectors, today is pleased to
announce that it repurchased 61,989 of its own shares in July 2023,
at a net cost of over $196,000. This represents an increase of
approximately 162% from the number of shares purchased the previous
month and a significant 951% increase from the same month a year
earlier.
The Board of Directors (the “Board”) modified the Company’s
buyback program in December 2022, making it possible for the
Company to buy back shares of GROW stock when the price is flat or
down from the previous trading day.
Continuation of Monthly Dividends
The Board approved payment of the $0.0075 per share per month
dividend beginning in July 2023 and continuing through September
2023. The record dates are August 14 and September 11, and the
payment dates will be August 28 and September 25.
The continuation of future cash dividends will be determined by
the Board, at its sole discretion, after review of the Company’s
financial performance and other factors, and is dependent on
earnings, operations, capital requirements, general financial
condition of the Company and general business conditions.
Domestic Airlines’ Record-Setting Quarter
On a final note, the Company is excited to share details of the
domestic airline industry’s record-setting quarter ended June 30.
American Airlines Group Inc. (“American”) and Delta Air Lines Inc.
(“Delta”) both reported record revenues during the second
quarter—American with $14.1 billion and Delta with $15.6 billion—on
strong summer travel demand. American raised its full-year 2023
adjusted earnings per share (EPS) guidance to between $3.00 and
$3.75, while Delta says it will be using its cash flow to pay down
a projected $4 billion in debt by year-end.
United Airlines Holdings Inc. (“United”) reported record
adjusted EPS of $5.03 during the June quarter and raised its 2023
guidance to between $11 and $12 per share, up from previous
guidance of between $10 and $12. The carrier said that it flew
2,400 scheduled flights per day on average in the second quarter,
the most in company history.
“American, Delta and United represent three of the largest
holdings in the U.S. Global Jets ETF (NYSE:
JETS), so we believe the record financial results are
highly positive for what remains our largest fund, with
approximately $1.8 billion in assets under management (AUM) as of
July 31, 2023,” says Frank Holmes, the Company’s CEO and Chief
Investment Officer. “Despite higher rates, fears of a recession
appear to be receding as the economy continues to defy expectations
and consumers continue to spend. Against this optimistic backdrop,
airlines are adding new routes and expanding service into
additional countries, with United recently announcing the
largest-ever network expansion from the U.S. to the South Pacific.
For investors who may be seeking a way to gain exposure to this
travel boom, I believe JETS to be an excellent choice.”
Click here to see the top holdings in JETS.
About U.S. Global Investors, Inc.
The story of U.S. Global Investors goes back more than 50 years
when it began as an investment club. Today, U.S. Global Investors,
Inc. (www.usfunds.com) is a registered investment adviser that
focuses on niche markets around the world. Headquartered in San
Antonio, Texas, the Company provides investment advisory services
to U.S. Global Investors Funds and U.S. Global ETFs.
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# # #
Please carefully consider a fund’s investment objectives, risks,
charges, and expenses. For this and other important information,
obtain a statutory and summary prospectus for JETS
by clicking here. Read it carefully before investing.
Investing involves risk, including the possible loss of
principal. Shares of any ETF are bought and sold at market price
(not NAV), may trade at a discount or premium to NAV and are not
individually redeemed from the funds. Brokerage commissions will
reduce returns. Because the funds concentrate their investments in
specific industries, the funds may be subject to greater risks and
fluctuations than a portfolio representing a broader range of
industries. The funds are non-diversified, meaning they may
concentrate more of their assets in a smaller number of issuers
than diversified funds. The funds invest in foreign securities
which involve greater volatility and political, economic and
currency risks and differences in accounting methods. These risks
are greater for investments in emerging markets.
The funds may invest in the securities of
smaller-capitalization companies, which may be more volatile than
funds that invest in larger, more established companies. The
performance of the funds may diverge from that of the index.
Because the funds may employ a representative sampling strategy and
may also invest in securities that are not included in the index,
the funds may experience tracking error to a greater extent than
funds that seek to replicate an index. The funds are not actively
managed and may be affected by a general decline in market segments
related to the index.
Airline Companies may be adversely affected by a downturn in
economic conditions that can result in decreased demand for air
travel and may also be significantly affected by changes in fuel
prices, labor relations and insurance costs.
Earnings Per Share (EPS) is calculated as a company’s profit
divided by the outstanding shares of its common stock.
Fund holdings and allocations are subject to change at any time.
Click to view fund holdings for JETS.
Distributed by Quasar Distributors, LLC. U.S. Global Investors
is the investment adviser to JETS.
Holly Schoenfeldt
U.S. Global Investors, Inc.
210.308.1268
hschoenfeldt@usfunds.com
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