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Frank Talk, a CEO Blog by Frank Holmes

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Please note: The Frank Talk articles listed below contain historical material. The data provided was current at the time of publication. For current information regarding any of the funds mentioned in these presentations, please visit the appropriate fund performance page.

Does Socialism Threaten Germany's Economy?
September 29, 2021: The Berlin Wall came down 32 years ago this November, ushering in a new era of freedom and opportunity. But judging from the results of a recent local election, it looks as if socialism is trying to stage something of a comeback in Germany’s capital city.

Running a Fossil Fuel Business Isn't What It Used to Be
September 20, 2021: It’s becoming more and more difficult to be in the fossil fuel business. On both sides of the Atlantic, lawmakers and unelected bureaucrats are turning up the heat, so to speak, on companies over the issue of climate change.

No Country Has Ever Taxed Itself into Prosperity
May 10, 2021: Violent protests have erupted in the streets of Bogota, Cali and other cities in Colombia. The immediate cause? Proposed reforms to the South American country’s tax system, which would have lifted taxes on everything from salaries and dividends to fossil fuels, single-use plastic items and more.

The Top 5 Most Popular Investment Stories of 2020
December 30, 2020: Now that 2020 has drawn to a close, I’m revisiting my most popular investment posts of the year, based on views. It was a truly historic 12 months, to say the least, but I won’t be covering everything that happened. For many of you, that’s probably a good thing. So without further ado, below are the top five most-read stories of 2020, in descending order.

Markets Have Outperformed When a President Seeks Reelection
August 12, 2020: By now you’ve all heard the news. Joe Biden, the Democrats’ presumptive nominee for president, has selected as his running mate Kamala Harris, junior senator from California and the state’s former attorney general.

The Contrarian Investment Case for Russian Stocks
August 6, 2020: Russian stocks, as measured by the MOEX Russia Index, turned positive for the year on August 4 after plunging 30 percent due to the pandemic.

A $10 Trillion Response to the Global Pandemic
March 23, 2020: Last week I was introduced to a board game called Pandemic. In the game, players are up against the clock to find the cure to viral outbreaks and contain them before they spread across the entire globe.

Here's Why You Shouldn't Panic Over China's Factory Slowdown
March 5, 2020: Chinese manufacturing activity slumped to a record low in February as the coronavirus outbreak temporarily shuttered plants and factories and travel restrictions impacted the supply of labor.

Where to Get Income in a Low-Yield World
February 18, 2020: So far in 2020, the yield on the 10-year Treasury has averaged an anemic 0.01 percent when adjusted for inflation. Since the end of January, it’s actually dipped below 0 percent, trading as low as negative 0.14 percent on January 31.

Here's What the Trucking Industry Could Learn From Airlines
December 18, 2019: This year alone, nearly 800 U.S.-based trucking companies have gone bankrupt. That’s almost three times the rate as in 2018, when things were looking remarkably positive.

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Net Asset Value
as of 10/19/2021

Global Resources Fund PSPFX $6.97 0.04

Gold and Precious Metals Fund USERX $12.25 0.05

World Precious Minerals Fund UNWPX $4.70 0.01

China Region Fund USCOX $8.65 0.20

Emerging Europe Fund EUROX $7.45 0.08

Global Luxury Goods Fund USLUX $24.61 0.04

Near-Term Tax Free Fund NEARX $2.23 No Change

U.S. Government Securities Ultra-Short Bond Fund UGSDX $1.99 No Change

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.

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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.)

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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.

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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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