U.S. Global Investors offers exchange traded funds (ETFs) in addition to mutual funds.

Get the need-to-know information about our financial products, from investment objectives, strategies, and performance to fees and fund management.

Explore the performance of our eight no-load mutual funds here, which invest in a range of industries from natural resources and emerging markets, to precious metals and bonds.

The Gold and Precious Metals Fund is the first no-load gold fund in the U.S. We have a history as pioneers in portfolio management in this specialized sector. Our team brings valuable background in geology and mining finance, important to understanding the technical side of the business.

The World Precious Minerals Fund complements our Gold and Precious Metals Fund by giving investors increased exposure to junior and intermediate mining companies for added growth potential. With a high level of expertise in this specialized sector, our portfolio management team includes professionals with experience in geology, mineral resources and mining finance.

The Global Resources Fund takes a multi-faceted 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 China Region Fund invests in one of the world’s fastest-growing regions. The China region has experienced many changes since the fund opened in 1994 but we believe the region continues to hold further investment opportunities. Many countries in the region possess characteristics similar to the United States prior to the industrial revolution: a thriving, young workforce, migration from rural to urban areas and shifting sentiment toward consumption.

The Emerging Europe Fund focuses on a region that shares the same continent as the established economies of Western Europe, but has more in common with other emerging markets around the world. Many countries across emerging Europe are rich in resources, have strong banking and manufacturing sectors, healthy economies and lower debt levels than their western neighbors.

The Global Luxury Goods Fund provides investors access to companies around the world that are involved in the design, manufacture and sale of products and services that are not considered to be essential but are highly desired within a culture or society.

The Near-Term Tax Free Fund invests in municipal bonds with relatively short maturity. The fund seeks to provide tax-free monthly income by investing in debt securities issued by state and local governments from across the country.

The U.S. Government Securities Ultra-Short Bond Fund is designed to be used as an investment that takes advantage of the security of U.S. Government bonds and obligations, while simultaneously pursuing a higher level of current income than money market funds offer.

U.S. Global Investors, Inc. is an innovative investment manager with vast experience in global markets and specialized sectors.

Meet the leadership team and investment managers that bring unique knowledge and experience from a variety of fields.

Here at U.S. Global Investors, we strive to serve our clients to the best of our abilities by using explicit and tacit knowledge to detect and account for trends and patterns not only in the domestic markets, but also globally.

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Get the need-to-know information about our financial products, from investment objectives, strategies, and performance to fees and fund management.

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Many Californians right now are no doubt feeling the whipsaws of conflicting government policies. Not a month ago, they learned that the state will ban the sale of gas-powered vehicles by 2035, mandating that all new passenger cars and trucks sold in the state must be electric vehicles (EVs).

Then, in a dizzying about-face, residents were asked not to charge their EVs to conserve energy as California’s electrical grid was pushed to the limit due to a punishing heatwave.

A recent Newsweek headline perfectly summarizes the apparent absurdity of it all:

Today, about 1% of our vehicles are electric. What will happen in 2035 when many more EVs need to be charged, potentially during another heatwave? If climate change activists are correct and the temperature continues to tick up, wouldn’t the extra burden of having to charge millions of EVs cripple an already-strained electric system?

Before continuing, I should point out how massive California’s decision is to move to 100% EVs 13 years from now. California is the most populous and wealthiest state in the U.S. If it were its own country, it would be about the size of Poland in terms of population, with an economy the size of Germany’s.

(California also continues to have the nation’s worst air quality, ostensibly a major reason for the aggressive action against emissions. In its 2022 State of the Air report, the American Lung Association (ALA) listed six California counties—San Bernardino, Riverside, Los Angeles, Kern, Tulare and Fresno—as having worse ozone pollution than any other U.S. counties.)

The sheer heft of the Golden State’s auto market means that carmakers will need to ramp up their gas-to-electric transition plans, especially if more states and countries follow California’s lead and implement their own combustion engine bans, which I believe is all but guaranteed.

Even before the regulation saw the light of day, California drivers led the nation in embracing EVs on a per-capita basis, as you can see in the chart above. EV sales within the state surpassed 1 million in February, and by the summer, they accounted for more than 16% of all new vehicle sales.

This puts EVs safely within the “early majority” phase of the widely-accepted technology adoption curve, also known as the diffusion of innovation (DOI) theory, developed by sociologist Everett Rogers in 1962.

The early majority phase is past the so-called “chasm,” Rogers’s word for the critical tipping point that separates early adopters and everyone else.     

One of the main challenges going forward, as I’ve discussed before, will be to get the state’s charging infrastructure ready to support a fully electric fleet of cars and trucks. California has around 80,000 charging ports, more than any other state, but that obviously won’t cut it in 2035, when millions of EVs are expected to be driving on California roads and highways. At the moment, the state has among the worst EV-to-charger port ratios in the nation, with more than 27 plug-in vehicles per charging port. That’s well above the median U.S. ratio of 14 EVs per port.

I see this as a huge opportunity for electric vehicle charging infrastructure companies. Among the biggest is California-based ChargePoint, with an approximately $6 billion market cap. According to the company’s June presentation, 52% of Fortune 500 companies use ChargePoint solutions, including its hardware, subscription software and other services.

That brings me back to the state’s (and country’s) energy grid. Will it be able to support millions more electric vehicles? Will drivers be told not to charge their cars on days of extreme temperatures? By one estimate, California would need to be generating 50% more electricity than it is today if all cars were plug-ins.

One solution is to make sure that new EVs are equipped with bidirectional chargers. Vehicle-to-grid (V2G) technology allows for energy to be sent from the vehicle back into the grid or building as needed.

Not only does this technology provide power to the grid during more expensive high-demand periods, but it could also help reduce the cost of ownership of the EV.

What’s more, owners are able to schedule when they need their car to be fully charged. Even if it’s plugged in all day, smart charging technology will find the optimal time to charge and, if necessary, deploy energy back into the grid.

Right now, the only vehicle available with bidirectional charging is the Nissan LEAF. This week, Fermata Energy announced that Nissan approved its bidirectional charger for use in its newest LEAF model, which will not impact the battery’s warranty. Fermata Energy says that its proprietary V2G system can “turn EVs into mobile energy storage assets, making it possible for owners to combat climate change, increase energy resilience and reduce energy costs.”

With this technology, the hope is that grids will not only be able to support millions more EVs but will actually be strengthened by them.

But then, aren’t we just transferring emissions from vehicles to coal- and gas-burning power plants?

Today, the answer to that is mostly yes. By 2035, perhaps less so, due to the growth in renewable energy sources such as wind and solar.

As it does with EVs, California currently leads the U.S. in cumulative solar capacity, with as much as 37,086 megawatts (MW) installed, according to the Solar Energy Industries Association (SEIA). The state’s next big solar project, named Project Nexus, will see miles of solar panel “canopies” covering sections of the Turlock Irrigation District’s irrigation canals. The project, which will break ground early next year and be completed in 2024, is expected to generate an incredible 13 gigawatts (GW) of power, which is equal to one sixth of the state’s current electricity capacity.

But what about the rest of the U.S.? The so-called Inflation Reduction Act (IRA), signed into law last month, is expected to be a “massive growth catalyst for the solar industry,” according to a new report by the SEIA and Wood Mackenzie. The groups project nationwide solar deployment to increase by as much as 40% over the next five years (2023 – 2027), even as the industry will remain supply-constrained through the end of 2023.

In the chart below, the green line indicates the SEIA and Wood Mackenzie’s solar capacity installation forecast prior to the passage of the IRA, while the bars represent current forecasts.

This buildout should benefit not only solar panel manufacturers but also the companies that supply the metals and other materials—silver and copper in particular. Following the passage of the IRA, Arizona-based First Solar announced it would invest up to $1.2 billion to build a new manufacturing facility in the Southwest and to upgrade and expand its Northwest Ohio complex. Shares of First Solar are up more than 55% year-to-date, and up 25% over the past 30 days alone.

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This week gold futures closed at $1,726.90, up $4.30 per ounce, or 0.25%. Gold stocks, as measured by the NYSE Arca Gold Miners Index, ended the week higher by 5.51%. The S&P/TSX Venture Index came in up 2.14%. The U.S. Trade-Weighted Dollar fell 0.49%.

U.S. Global Investors, Inc. is an investment adviser registered with the Securities and Exchange Commission (“SEC”). This does not mean that we are sponsored, recommended, or approved by the SEC, or that our abilities or qualifications in any respect have been passed upon by the SEC or any officer of the SEC.

This commentary should not be considered a solicitation or offering of any investment product. Certain materials in this commentary may contain dated information. The information provided was current at the time of publication. Some links above may be directed to third-party websites. U.S. Global Investors does not endorse all information supplied by these websites and is not responsible for their content. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

Holdings may change daily. Holdings are reported as of the most recent quarter-end. The following securities mentioned in the article were held by one or more accounts managed by U.S. Global Investors as of (06/30/22): 

*The above-mentioned indices are not total returns. These returns reflect simple appreciation only and do not reflect dividend reinvestment.

The Dow Jones Industrial Average is a price-weighted average of 30 blue chip stocks that are generally leaders in their industry. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. The Nasdaq Composite Index is a capitalization-weighted index of all Nasdaq National Market and SmallCap stocks. The Russell 2000 Index® is a U.S. equity index measuring the performance of the 2,000 smallest companies in the Russell 3000®, a widely recognized small-cap index.

The Hang Seng Composite Index is a market capitalization-weighted index that comprises the top 200 companies listed on Stock Exchange of Hong Kong, based on average market cap for the 12 months. The Taiwan Stock Exchange Index is a capitalization-weighted index of all listed common shares traded on the Taiwan Stock Exchange. The Korea Stock Price Index is a capitalization-weighted index of all common shares and preferred shares on the Korean Stock Exchanges.

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 U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar. The S&P/TSX Canadian Gold Capped Sector Index is a modified capitalization-weighted index, whose equity weights are capped 25 percent and index constituents are derived from a subset stock pool of S&P/TSX Composite Index stocks. 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 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 S&P 500 Energy Index is a capitalization-weighted index that tracks the companies in the energy sector as a subset of the S&P 500. The S&P 500 Materials Index is a capitalization-weighted index that tracks the companies in the material sector as a subset of the S&P 500. The S&P 500 Financials Index is a capitalization-weighted index. The index was developed with a base level of 10 for the 1941-43 base period. The S&P 500 Industrials Index is a Materials Index is a capitalization-weighted index that tracks the companies in the industrial sector as a subset of the S&P 500. The S&P 500 Consumer Discretionary Index is a capitalization-weighted index that tracks the companies in the consumer discretionary sector as a subset of the S&P 500. The S&P 500 Information Technology Index is a capitalization-weighted index that tracks the companies in the information technology sector as a subset of the S&P 500. The S&P 500 Consumer Staples Index is a Materials Index is a capitalization-weighted index that tracks the companies in the consumer staples sector as a subset of the S&P 500. The S&P 500 Utilities Index is a capitalization-weighted index that tracks the companies in the utilities sector as a subset of the S&P 500. The S&P 500 Healthcare Index is a capitalization-weighted index that tracks the companies in the healthcare sector as a subset of the S&P 500. The S&P 500 Telecom Index is a Materials Index is a capitalization-weighted index that tracks the companies in the telecom sector as a subset of the S&P 500. The Consumer Price Index (CPI) is one of the most widely recognized price measures for tracking the price of a market basket of goods and services purchased by individuals. The weights of components are based on consumer spending patterns. The Purchasing Manager’s Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

The S&P Global Luxury Index is comprised of 80 of the largest publicly traded companies engaged in the production or distribution of luxury goods or the provision of luxury services that meet specific investibility requirements.

The Bloomberg Dollar Spot Index tracks the performance of a basket of 10 leading global currencies versus the U.S. Dollar.

The Shanghai Containerized Freight Index reflects the ocean freight and the associated seaborne surcharges of individual shipping routes on the spot market.

Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by clicking here or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.

Bond funds are subject to interest-rate risk; their value declines as interest rates rise. 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. The Near-Term 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. 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. 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. 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. The Emerging Europe Fund invests more than 25% of its investments in companies principally engaged in the oil & gas or banking industries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fund’s performance more volatile. 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. Stock markets can be volatile and share prices can fluctuate in response to sector-related and other risks as described in the fund prospectus.

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.)

Each of the mutual funds or services referred to in the U.S. Global Investors, Inc. website may be offered only to persons in the United States. This website should not be considered a solicitation or offering of any investment product or service to investors residing outside the United States. Certain materials on the site may contain dated information. The information provided was current at the time of publication. For current information regarding any of the funds mentioned in such materials, please visit the fund performance page. Some link(s) above may be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

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