Holly. you, Thank
created impact. talk flows, our it's XX significant. now factors our also really, And of underpinning it But investments, place flows direction has sort history you of are statement, drives and there's the explain Callicotte, And in when appears, gold So that. CFO, at the has and accounting fund Lisa other flows the a flow becoming which cash gold of has The fund companies. income company the it's been the of for look years, very investments. some event are real also volatility we'll revenues taken it our big of the or that stock, significant, about And volatility changes have through. our will how that, in GROW this two direction the is
be context, emerging exposure for that markets no we resources. gold, in stock debt strive digital doubt, currencies. to so that And go-to And in free. We're and
dividend We balance We've have through a a challenging strong equity with very cost return discipline. monthly and reflexive structure very, on sheet times. been
and moment wanted comment the Next Royce slide, Fund, as mutual mutual fund during Perritt are and please. this other But been experienced particular, these whole that, people world, other that the whole. they've the in shareholders in, challenges. to presentation to on industry, company. In take to maintained this I I'm funds In also people that sorts the going of have and our this thank in industry not a
And the slide, next please.
consistently we for a So paid dividend XX years.
Our to And yield on being revenue pay everything we and this we cash maintain to to able our continue dividend. discipline of to do flow, our is improve work modest. can
fiscal stock. on in during A a buys the when -- an buys in What's cash discontinue is important the a on to a the approved this basically market model using at quant of calendar $XX,XXX. decline it's down of And XX,XXX outstanding stock day. suspend that And percentage time. open XXXX. million The the Board wide only please. x Class approximately up of of year may Next, repurchased through basically, or common any shares for the repurchase investors We year company $X.XX dollars that, big of XXXX, there's
So that's the stock of discipline been repurchase.
Next, please.
debt. no has sheet balance the So
business down why our And mutual in a reason launch -- be I'm and come been that looking the fund which of a to the to going part a rebuild cost really I it. doing we what acquisitions, funding conscientious. in there that's change to up we've gone and have it's so And see, that to they've position -- on can been And we challenge. is some for maintain on. also, want this looking the looking cash you world. some big and for real they ETFs, investments And As been for trend guess pivot down. But I'll it's and trying yes, and savings assets how cash comment and the comment the and
Next, please.
it and share, just accounting. you impact, fourth -- quarter the It the XX, due June the quarterly shows had cryptocurrencies end So per is it big also earnings a -- to volatility. basically
used in everything least, days, today, that, sold goes think they balance about in changes talk old something that's the I And basically increased sheet I a at accounting just to, a few on be So that's would we And think we them. mark-to-market. volatility. more And and the we're to investments make minutes. going those until
please. Next,
a see Exchange. down a day, which amount flows, And by almost just think as operating to though a of share, to you to it did ETF in a with portion that's on a near just I ability It is gold even a the And a -- putting and deal it's top-performing cost close controlled alive. see, X in got just the on fair the New our just industry GOAU, product which fund losses. get $XXXX really is for to challenge that marketing, shelf. it's like per that of, you the try really costs Canada is It's which is banks. can listed Canada, keeping we operating of losses, to the would you So earnings from York painful product, those Stock of is
our the it have costs. of strategy product's going is just not out to and then cutting of if part going work so start to sort forward And it just cut we
please. Next,
equity us this is are They for seem the for gold part that found management. getting assets ETF And to So the GOAU. the -- average be they've visual we recognition of positive is under our top-performing base. a in
some to starting and flows, of see predominantly we're great fund performance. because it's so And
Next, please.
talk have some that's gone ETF funds, can difficult from a as an -- domestic have here. just industry the equity let's So gone really world, to to you see time about outflows seen of
the the in thought And of the with performance, Department some and out past based fiduciary implemented. cost. several of this delayed fiduciary mutual in rule, the not was Labor some that the have based conflict fund which And years, process, come low rule interpretation out other on just as this being those they're But -- then on funds with are coming X flows a cheapest just have been are most And other debate. SEC and best. the there's gone -- been perceived of rules that who's has
got for any What it and so $X,XXX have et And the you same of we therefore, part banks you for in thrown to is reason it costs it's gold. did a it direct, a rational investors and and triggered account. advocate the $X,XXX. board, perceived off because is platforms us family platforms the it regulatory, $XX,XXX top-half cetera. across really of, a that fund audience trigger was add have that's cost expense for huge was that structure that the small because kick hard If had expenses litigation, fund And would only major a out. up when account a portfolio a a this all gold maintain we for they compliance $XX,XXX To XX% weighting
us so that on ratios, And impact these and gives that the platforms. on higher decision an expense has there
So the that has over redeem. having us cost to years assets several past
trends. recent ETF we And are, so did with we what's the in the positive surveys part is that
theme. ETFs even was was perceived only a of hot was So most the it based the of majority fund on really as was fund is flows But flows, the based best. who on predominantly cheapest
as performance suggested a But just decision-making. would go seems medical it's on is anything, And at before more what significant know, and performance, of has you this you to as do. X cross, good have to do ETF, do focused profession, like GDX launch proven the GDXJ et menace. it's But and we our and about However, gold RIA doing in testing when is its you itself the performance guarantee years in that profession factor in or to we be and it rigorous model the future the of same back cetera. space no results. the the performance equity look past do more aeronautical now all in past back-tested you And the expenses
Testing idea, the your of resiliency of your model.
both, what And done ETF so we're is to JETS our say happy has that it launch, first said. exactly
back beta royalty where allow X, a book they the us gold But sends sort stocks. the NAV. companies create it manager. approach it always with portfolio cheapest are construction GOAU. on more quanta-mental the The based it, are of be this overall inspire appreciated the XX% and the us by picking journalists, just to So to to call X much or narrative and that smart gold the are rest the not on And factors space, price to used who's in fund and
feel it this something sold costs have product lots had bullish has And bodies assets forward. which assets. very And we you sold resiliency top is so and world, et exhausted confident XXX high-frequency from don't that's basis is it. to points, points, seeing cetera. the this got a to go base, and potential pretty However, out of was created like close to for trading. theirs that other for why bad high-frequency of like with up gold they and the unless USAA a that's at the U.S. And it's launching and a just reputation, It premium a market, totally. XX% today's that gold regulatory of to replenish basically GOAU. assets. it acquire we And decisions business quants in of we're something from their all our had something research all driving whereas trading in the asset cater TheStreet for believe They proprietary we fund going sign that XX-some-odd And demonstrated became factors like looking at to basis the we algorithm to
a valuation. perform. part have So do assets gold command you'd the the biggest higher And to is
please. Next,
net regulations as slow. increased, So sales
buoyant reversed You're open But the in substantially. are sales indexes, have in with cheap predominantly quickly slowed States was there indexes. the net XXXX, long-term the In to which market, that funds a regulated in itself. seeing even was XXXX, surge United
Next, please.
the mutual diminishing. number you important visual of So that fund another are sponsors showing there's
that have are as we of liquidating be a just new industry And burden a that they either there's it's in very navigate platform. entrants few sort their optimist, ship of coming They funds the come leaving ETF just type do to mutual industry. merging but are their a I'd the, of in, whole going just to and that as So product. they're they're funds And or if how and in industry. you fund in positive as and come to those what's is to the a, it's, like this on our that within show unwinding,
Next, and of please. entering This mutual number liquidated is the this as see. exiting the funds industry, you and can is
Just the another of very to expensive. acquire cost group trying is fund very,
groups so it's that for just best said And $XXX several million is fund liquidated.
the, fund flows about going in that And not RIAs these is so premium what state we've a the experiencing RIA out, is because it's they're that of XX% for redemptions X%. industry it's seen year
flows, So in buy arena. gone And and an stable up going and fund has fund go mutual the the RIA RIAs clients on valuations which cheaper easier have it's substantially. more to coming
fund substantially except recent the acquisitions, dropped have mutual for evaluation gold et Tokyo metrics for cetera, assets. So
visual. The next
new we rise market equity that's that in says our have of the And rolling a was big during points versus Net extra to model earn we and S&P in year. periods. this is XXX, place our what by cash basis the we So that domestic last X% challenge context the took XX-month just benchmark funds if funds XXXX mutual put flow prospectus in lost ground. that has what outperform can of December in trying even domestic the, been
execute. the have money. have there's we if back And active real have And that however, then don't been the lag of had things by we've about the to sort off of we it, in market. outperform challenge models, how a industry-specific that's then that are that the give executing back couple we it we is to end And But with we a give performance of X% fast money, just now impacted. if
were looking and we internally think that's do lot because small do But us in I'm I very for that so a issue of, think I funds, is the average probably And not number it's improving it's a or a so. the the of slightly working It's at we're on past $XX,XXX on. month been complex. money big So in month we focused of if a lagging scope in that in costing. revisiting what many on
please. Next,
-- are the did yesterday, this carats higher now. So than had it X reflect the another It's right darling slide. this. we GOAU, it's when assets We doesn't
So came we're million of that in growth additional a close yesterday. to strong having $X in money
of It so big that And seen since has assets teeth in And that the to part the a factors model portfolio. to was of because this in at we've just it. the also this year. looking X we able of launched. this And June the I sort XX% model think recognition stocks concept believe I are pick of concentrated is gold better. increase proprietary
I'm so thrilled really about And it.
them. triple $XX into and gold About equity total look a the I think billion. are they bull of them Direxion's ETFs you number that of of that when bear are at third goes -- over ETFs, because
they've have have this better not cycle product. skill bull think producers. are fund our us, it's instead of those here. and looking for gold lot of speculators for But the junior producers. gone These a companies with we for we've -- into sweet gold sort set And managers triple So factors applied mining, gone active but not exploration from in I a
performance portfolio for end This the for the that is because was having intelligently we in Vanguard it's ratio. a they not of time it's but is an assets is Because of industry, having GOAU, fund. expense XX outperformed last last the biggest it's of year, investors rebalancing, fund we with left product a turnover that, Vanguard X, years, that X, out because business. a in was And for this stocks X their that? And interesting year cheapness matter billion did gold fund Vanguard had gold and our why think billions didn't the just and cheaper up important every that, was recalibrating even our it's analysis I $X us important. this psychology fund. It's with it that just the dollars got quarter. And intelligently because better designed fund it's gold And a
And so and stocks them to to GOAU our as they allowed quality creation. be helped great us, to buy able has reposition dump inexpensively gold alpha that
Next, please.
-- It week-to-week. But I'm day-to-day really thrilled the outperformed year-to-date would know years, and that the up change over by particularly So fund there it's and getting done period. it X happy all is GDX gold outperformed that it's I it now testing ETF. over report back in importantly, has about best I'm the and X-year do, managers suggested GDXJ flows. outperformed said -- the It's X it. GOAU a active and It's -- industry. it's XX% credibility in. And just is and it and it could fund far the or to would it's
Next, please.
world's a all for So of a trade XX% India big the And the gold like population. gold forces about is part driving volatility? XX% China this and I'd that drive what's of India because lot macro these love And -- of demand of actually for to love. in owners it's are speak they
takes for XX buyers fluidness women carat. season a me gold families they Middle more get tiger. grams through Southeast more are gold a is in and region. to remarkable have this the in if Asia place there Indian all East see of time Fort you gold that weddings or for big every up, a to they are, tiger, wedding Knox. seasons And this of the wear they love. fact, buy there's gold a year, coming of sort gold the X And And of especially wealthier bigger buy there's it's India In tiger, China, new that And times there's in a the -- year birthday, there's than
now. for It's doing basically used XXXX and straight the They've just China been for And we But months the London after that increasing the And their every visual. is the crisis make the be switched. a and trade. XXXX fix straight of currency price But X have for and China sort fear credibility. years, went they've London more Next price decade. what's of taker valuable that drama through, to reserves maker sort been to is that interesting it day. like with was X
And maker. fiat outside behind interesting money. they're the gold. the China the taking is and all buying is now been China consistently and it's So the producer gold been, a the in for And enough, gold price create largest buy to their them their country, their they country mechanism support world, has of world, basically consumed now
XX% demand fear So continues. of an that for the and trade, the part I it think of that's that's that, gold, important for equation
Next, holdings. Poland. And their gold They term, we've in and seen And their gold, a by increased shift holdings had it. XXX something seismic the they in increased difficulties prices buys year. please. Turkey else, When with short countries Hungary out Turkey blew last tons like currency some the
You months this later. find out two
it's everything to And they from you're XX% done is been XX% done And with try machinery But seeing, their so gold. they've has just rates buying increased. the inflation. basically to something have Turkey with currency money paper the being devalued. And interest stop
stock buying and They've quantum, enough, rates printing with it they have of quantade or call this the gold their Swiss X% Interesting market. not the interest been been paper Japanese buying the easings.
So shareholders business. for own they're big their stock in ETF markets the
all think to that they're assets. that's buy I interesting So real that trying
And in an have very that's years. substantial XX And developed, Swiss developed place very big-cap shift more so has and taken the market, stocks. past it's I so the interesting so a does Japan think
please. Next,
tons; tons; China, XXX Colombia, So half record others, XX XXXX; gold tons; amount model, banks of the fiscal cetera. Ecuador, XX Kazakhstan, India, Russia, and of central et in
and as is, trend gold a asset remember, class exposure seeing gold world. an remember, it's important the it's currency as liquid in of because a increasing fourth most we're to asset class the to So
of capacity it's both, be in has So in form dual addition especially Asia. it to a jewelry. And this money to
insurance And of if have able a ticket, Syria, their Syrian sudden, we've becomes with out of you the Balt to Gold It Viennese people all first Vietnam. first, out because seen also to get were people, become was read gold. carat, the the that women recently got history they it's way out were the gold. jewelry. this books, able out buy the in XX get policy to And becomes to just, that
please. Next,
that So simple this monetary huge basically is taxation It's policy indirect trade just is taxation, capital. around this do policies. not and tension new There's global gold world, like about between could a binomial fear And an America, are, understanding so a at and is socialist, there's idealist tariff model. in the important. increased the fiscal of that EU the it's monetary of And wars flow regulations, everything. the of form funds which the just on thesis
this and seeing are imbalance. an so And you tension
economic try money, to goes So rates to Government activity, or X% out spur fall investors to buy negative. to don't it. interest raise print,
buys then its now. trillions and back own And print talking they government debt So we're money. about dollars of the
negative to talking of taxes, have trillions the interest these taxation of increases dollars the key EU rates. U.S. of gold. taxes. sort all And harmonization. that there's it's and lack EU. harmony what's to And about called likes regulations that comply will with and regulations corporate in real come lack we're streamline the factor means is out, for cute draw that to And to the a And There's there's buzzwords that individual of will the driving
Macro this that. at me quant the globally and and why their place. really New conference, with And do, we so that's for days, taking X that's people it's to what's past interesting other tension push should And themes on happening And back in in Cornerstone York we, funds. City hear the against
must been So very I me, it think for have insightful.
you're was especially, be me And gold. really you you why know, Dr. he basically the Fisher central he bankers and it to gold when ones up as about of I not that response him more answer buying Israeli, their the pushing evasive gold, button Phil fiscally-conservative Reserve. Chair to And head the they're seeing banks goes tried was in yesterday. amazed the listen was if conservative, and why And central Phil asked U.S. are to down. Federal buy the his who're And here And And Fisher then question. gold. and
Next, please.
But it's trade There's, your the growth, So the China important wars. versus visual important GDP U.S. impacted Fed to really it's on really, have has and it policy this more war. the trade
population. So that? is I why XX% world's mentioned that earlier Chindia is of the
very people day. people it's them important every so to every for have consumption And eat buy and day follow gifts to because
when And it's important the these look look that is China. countries. you global at of global trade the But trade, that's you really X scene. at when U.S. global and so XX%
the this is our tariffs. And they basically, are your very the Chinese in have to economy, into friction spot And so trillion to have you sell less basically same and that when us harmonize not going trying $XX drop the U.S. sort into about want you been give country. of your saying, to that tariffs cooperative. And tariffs,
positive is to I intellectual IT, line flow et the capital, and can was rise and that just, that they and they this that you playing Trump real of is did drama the the shown said cetera. basic there's boats. guess is it's thing changer globalization in lot back products And challenge services about of field he's unlevel game all world an said and of forth. conference a stealing the not going our the But Now technology
this has trade. lot And global big be out help tweaks did but globalization, was there people ubiquitous. that poverty And not it of to lift the it to of
to And disruptions that. now they're tune fine other trying people so those have and
the between what's that the fact finance is And bankers. the so leadership. G-XX sort that that take central of happened there's one and G-XX ministers wanted no And groupthink to
but was this collusion, thought say process. there Some
every talk have they're I so fall actually at gold going the growth, drives and up it's of the place negative to it's that to like news, are -- this world. stuff And much want it's U.S., this all price. impacting that this, falling about because So impacting the the in positive, out economic reason to rates
to And fact, So has impacted how of war take just economic growth. trying GDP to out trade Denmark, it's they pay you stimulate mortgage, idea growth. this the in a in severe
please. Next,
the So you inflation classic a is the look at I've half and Target, running this of in about Inflation than is at CPI and America bottom data with the times class middle that point cost Target. spectrum the just products basically bigger economic is X%, and at this to written middle the upper not is which reports. many if Walmart class of X.X%.
-- says negative So that at a this discount, means basically your government bonds are rates. massive interest trading real
Next, please.
So REITs, heads often Dalio XX REITs, gold interesting provides it's about. the a class during real they downturn, It's of is performing years, Ray are that dividends. talks -- assets, sort best pay asset and they're this past
in -- is. have from there of is XX an as me XX% best classes, years the to ago, class. XXX. was Dalio largest sector you world. second that recalibrate, class. you buy is asset sectors. so between XX And one And REITs And Couple rebalance fund of of fast a have asset So now city gold your S&P to gold of and the went performing they -- are X% hedged and Ray that been see falling great lane It's in case it you a as as REITs it's REITs the portfolio the and asset still gold people into those
Next, please.
the visuals years show the XX that we period, -- at over to and companies, Only index a better minus because exceptionally time past have superior great royalty And is equities gold the is go you of that's like XX%, me plus are model. gold over one when those So this business that well boolean of this cheap. royalty the the And look GOAU business to XX% -- model. XX-year what Franco-Nevadas their makes have done period they XX%. unique companies is of and because
what is equities upside you, on there's cycle. lots the of in this really showing So gold
please. Next,
AI is The in GoldSpot believe industry, about I to and PhDs, for going that million X and So a changed change. Silicon learning is we the machine a frackers The that worth made strategic the reason for GoldSpot. Valley is fundraising. intelligence. And in PhD artificial investment $X has dynamics, oil
makes million, cap So and that million. worth market the XX it USD $XX is
for if stock. It's when as stock do they that they so into investment called gold pulled So in these what use very our services also cap that micro really It junior swap, bought they inexpensive. off a it's services they'll we is a get it's make It's technology when it. a equity industry. And an positions. been
so I'm these And young are that to be thrilled really all AI. involved applying with people smart
been significant Cohen's yesterday of And Conference, at tool. about talk fund, came they're as basically PointXX, a one machine head the out investing, of how quant of applying and Cornerstone they're Steve is learning hedge it's a part how growing,
down company and As to a major that tool, growth screens like information to the stock you companies in at mining, contracts they from use stock leading Bloomberg mining a with junior. look and use quant data and is this
investment. has this important been an So
and on short the the decline. our overall, hurt it's However, term,
our income, realized talk it. which loss. So can There's it about but Lisa not income, no as we real hurts call statement, income
largest Exchange. institutional and Board, second on the London Stock has on sponsorship. validated So it listed CFO the in strong very the technology, mining Hochschild Peru, The is is company
selves, Flag. Sprott's There major Rob a shareholder, shareholder, are with Eric McEwen's shareholder. their They're shareholders, Management like significant along in major through Elliot also a Canada. royalty a They're Triple company
is, be game So the could I but this in think, changer GoldSpot business. think sponsorship a exploration I huge that industry, interesting for and
as and And said, say, analysts. it's but so X PhDs XX X it's, I let's
Next visual please.
like frackers the And the off. million believe game no just the picked fruit's to in the all important. be ounce nano There's changer game. $X a discoveries X gold recommended please, GoldSpot sector. mining that's using There's And were disrupt billion can because that's major I space, changers. that the discoveries, exploration AI significant cap as the been stock So been next something low-hanging really in been no it's this significant game And the energy space.
you this our drives And they But gold recognize, its, a and and volatility huge important of in potential. a take on of whole area, what's they rolling see, a to for the that that when royalty GROW scheme XX%. investors to And get exploration XX new things, S&P going gives gold for they in the upside shares back take volatility, be bullion back nonevent DNA stock. it for of it's years, X-year DNA is, can back really
plus that says very, surprising was the number, minus to me, it XX%. similar. or very is it always very That's And because S&P
me been so spend, which, when the as I I'll get XXX for then markets, volatile period. X also the bullion, oil they've rolling always and volatility twice the Xx of to prices. And a look in that B, emerging gold that, And always double very S&P check have is at stocks it,
Holly? please. Next,
