First Quarter 2018

The All American Equity Fund had a total return of negative 0.20 percent in the first quarter of 2018, outperforming its benchmark, the S&P 500 Index, which returned negative 0.76 percent. See complete fund performance.

Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.


  • The largest contributors to the fund’s performance were its allocations to consumer staples and industrials.
  • The fund’s overweight in sector-specific investments proved to be a good decision, evidenced by the allocation’s outperformance.
  • Investments in Dr Pepper, Estee Lauder and Boeing were among the best contributors to fund performance.


  • The fund’s allocations to consumer discretionary, information technology and financials were the largest drags on the fund.
  • The underweight allocations to financials and technology were drivers of underperformance.
  • Signet Jewelers, Cabot Oil & Gas and Corning were the fund’s worst contributors to performance.


  • The Atlanta Fed's GDPNow for predicting U.S. economic growth became more optimistic than the forecasts of Wall Street economists for the first quarter of 2018. The index forecasts U.S. gross domestic product (GDP) will expand 3.54 percent in the quarter, up from 2.58 percent in its previous release on February 27. This compares with the 2.7 percent consensus forecast of 64 economists and contributors in a Bloomberg survey. The New York Fed's first quarter GDP forecast was unchanged at 3.11 percent on February 23.
  • An estimated pickup in business investment could provide an important tailwind to economic growth in 2018. Tax cuts for households and businesses should further support acceleration beyond the 2 percent GDP growth rate that has prevailed for most of the current cycle. While consumer spending will remain the key driver, business investment should strongly support economic growth in the coming quarters.
  • Industrial-production growth slowed in the first quarter of the year as inclement weather in parts of the country at the beginning of the month impaired manufacturing. Looking beyond the weather impact, industrial output will likely pick up this year, supported by tax reform and a more optimistic economic outlook, which should further increase capacity constraints and bolster business-investment growth.


  • According to the World Bank, between 2013 and 2017, global potential output growth was half a percentage point below its long-term average. In many countries, the output gap—the difference between the actual output and the maximum potential output of an economy—is closing or has already closed. This will restrain future economic growth, the World Bank said.
  • Almost 40 percent of industries are weakened or stressed this year, up from just 9 percent in 2015, loan market data from Highland Capital shows. Issuers with junk ratings are also spread across a wider range of industries, rather than clustered in the usual categories such as retail and energy, according to Standard & Poor’s.
  • The U.S. merchandise trade deficit expanded in January to the widest level in more than nine years, while inventories rose at wholesalers and retailers, according to preliminary Commerce Department figures. The goods-trade gap increased to $74.4 billion (estimate of $72.3 billion) from $72.3 billion in the prior month. Wholesale inventories rose 0.7 percent from a month earlier, while retail stockpiles climbed 0.8 percent.

The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.

The Atlanta Fed’s GDPNow forecasting model provides a "nowcast" of the official estimate prior to its release by estimating GDP growth using a methodology similar to the one used by the U.S. Bureau of Economic Analysis.

Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the All American Equity Fund as a percentage of net assets as of 3/31/2018: Dr Pepper Snapple Group Inc. 0.00%, The Estee Lauder Cos. Inc. 3.91%, The Boeing Co. 3.55%, Signet Jewelers Ltd. 1.81%, Cabot Oil & Gas Corp. 0.00%, Corning Inc. 2.34%.

Standard Disclosure

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 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.

Stock markets can be volatile and share prices can fluctuate in response to sector-related and other risks as described in the fund prospectus.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.


Net Asset Value
as of 09/18/2018

Global Resources Fund PSPFX $5.37 0.05 Gold and Precious Metals Fund USERX $6.57 No Change World Precious Minerals Fund UNWPX $3.49 0.06 China Region Fund USCOX $9.02 0.15 Emerging Europe Fund EUROX $6.36 0.09 All American Equity Fund GBTFX $26.52 0.12 Holmes Macro Trends Fund MEGAX $20.20 0.08 Near-Term Tax Free Fund NEARX $2.19 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change