Wall Street Is Wrong on Airlines: Americans Are Flying Like Never Before

Fourth of July Expected to Break Even More Records

The commercial aviation industry isn’t anticipating a slowdown in flight demand. The Fourth of July holiday weekend, traditionally one of the busiest travel periods of the year, is shaping up to be even more historic. AAA projects 72.2 million Americans will travel at least 50 miles from home this holiday period, with nearly 6 million taking to the skies—an unprecedented number.

Meanwhile, the Federal Aviation Administration (FAA) reports that U.S. airlines are flying more planes than last year. Daily scheduled flights are up 4% from 2024, with July 3 expected to see over 51,000 flights. American Airlines alone plans to transport 7.6 million customers during the July Fourth holiday. United is gearing up for over 6 million.

These aren’t signs of a shrinking industry. They’re the hallmarks of a surging one.

Bullish Indicators

Let’s step back and think about what this means. Despite inflation, rising ticket prices and geopolitical concerns, Americans continue to prioritize travel. They’re seeing loved ones. They’re taking long-postponed vacations. They’re doing business face-to-face. And crucially, they’re flying to do so.

According to analysts at Jefferies, these record-setting TSA numbers are proof that the economy is performing better than many talking heads would have you believe.

I agree! When people feel secure enough in their jobs and finances to book flights and hit the skies, it’s a bullish indicator for both consumer confidence and economic resilience.

Europe in Full Recovery Mode

Europe is telling a similar story. According to Eurocontrol, the continent’s daily flight activity in mid-June reached 99% of 2019 levels—just shy of full pre-pandemic recovery. Low-cost carriers like Ryanair, Wizz Air and Turkish Airlines are outperforming 2024 numbers and flying more routes than in 2019. Four of the top 10 European airline groups now exceed pre-COVID volume.

Global jet fuel demand has risen right alongside passenger traffic. Bloomberg reports that the world will consume over 7.3 million barrels per day of jet fuel during the July Fourth holiday week, up 3.1% from last year.

Record Investment

So why is Wall Street still cool on airline stocks? Some of it might be fear. Some investors might remember the shutdowns of 2020 and worry about recession risk and/or inflation.

In my view, those fears are backward-looking.

What I think the market is missing is that airlines have become leaner and more disciplined. They’ve improved cost structures, expanded profitable routes and leaned into loyalty programs and ancillary fees for services like extra legroom.

According to Airlines for America, U.S. carriers are investing a record amount right now in aircraft, ground equipment, technology and more. Reinvestment averaged an incredible $21 billion annually from 2022 to 2024. Common sense says they wouldn’t be spending this heavily if they were anticipating turbulence.

Happy Independence Day!

As contrarian investors, we seek discrepancies between perception and reality. And right now, airline stocks appear to be unfairly punished based on outdated narratives. The data suggests robust demand. Every flight I’ve been on in the past year has been fully booked.

While Wall Street is looking in the rearview mirror, we believe the runway ahead is longer than they think.

Happy Fourth of July, and safe travels!

Index Summary

• The major market indices finished up this week. The Dow Jones Industrial Average gained 3.32%. The S&P 500 Stock Index rose 2.25%, while the Nasdaq Composite climbed 2.15%. The Russell 2000 small capitalization index gained 3.54% this week.
• The Hang Seng Composite lost 0.75% this week; while Taiwan was up 0.98% and the KOSPI rose 1.19%.

• The 10-year Treasury bond yield rose 10 basis points to 4.348%.

Airlines and Shipping

Strengths

• The best-performing airline stock for the week was Tripadvisor, up 35.4%. Jet fuel prices appear set to finish the quarter near $2.00 per gallon, down from $2.32 on June 20 but up from $1.88 on June 2. Easing tensions in the Middle East are a positive, according to TD.
• Volatility has been evident in freight rates on the China–U.S. West Coast lane, which moved +167% between the quarter’s peak and trough. Similar turbulence has been seen on other major lanes: China–U.S. East Coast (+115%) and China–Europe (+60%), according to Morgan Stanley.
• Boeing deliveries accelerated toward the end of the quarter, with 42 MAXs delivered in June. This exceeded Aero Analysis Partners’ expectations of at least 30 units and surpassed the 31 MAXs delivered last month.

Weaknesses

• The worst-performing airline stock for the week was Make My Trip, down 2.4%. According to Bank of America, American Airlines cut 440 basis points from its domestic schedules in October, while Allegiant and Frontier removed an average of 100 basis points from their August–October domestic schedules.
• Container throughput at key ports in China decreased slightly by 1% week over week last week. Import volume estimates from the Port of Los Angeles indicated a 16% decline this week, reports UBS.
• Delta Air Lines saw 4.1% of its scheduled flights canceled last week. Inclement weather at its Atlanta hub led to 15% of operations being scrubbed on Saturday and 2% on Sunday, according to Morgan Stanley.

Opportunities

• SAS placed 45 firm orders for the E195, with an option for 10 additional aircraft. This order may add up to $1.5 billion to the backlog. Combined with recent orders from ANA and SkyWest, Embraer is seeing strong growth in its backlog.
• The Wall Street Journal reports that Delta Air Lines, through its Cargo Deliver Direct offering, currently carries “tens of thousands of packages a day” across the U.S., with plans to deliver “hundreds of thousands” in the coming years. Initially launched in January 2024, Delta’s Cargo Deliver Direct offers a “competitive and customizable solution for e-commerce retailers seeking to optimize their direct-to-consumer shipping solutions.”

• RBC views the firm order for 50 Challenger and Global jets, along with a services agreement, as a clear positive for Bombardier, underscoring robust demand for its aircraft and maintenance offerings. The order represents a 12% increase to the current backlog, which could grow to 28% if the additional 70 jet options are exercised. Notably, the inclusion of a maintenance contract is particularly encouraging, as it is expected to deliver higher incremental margins over time.

Threats

• UBS expects negative domestic airfare growth in China this summer, despite continued increases in passenger volume and higher load factors. This is attributed to: 1) rising price sensitivity among leisure travelers; 2) a focus by most airlines on volume and load factor over pricing; and 3) potential upside in flight volume growth, supported by Flight Master’s 4% year-over-year growth forecast. UBS thus flags downside risk to the share price performance of Chinese airlines.

• The recent nationwide strike in Belgium caused disruptions across all terminals at the Port of Antwerp, adding to the backlog from earlier strikes in July. Current barge congestion in Antwerp is causing delays of up to 90 hours, according to UBS.

• While Goldman had expected the demand step-down observed earlier this year to continue through 2025, they also anticipated that significant industry capacity cuts would begin to support unit revenue. However, despite nearly 200 basis points of capacity cuts in the September quarter, demand continues to lag supply, which they believe is putting pressure on fares.

Luxury Goods and International Markets

Strengths

• Royal Caribbean’s announcement of bookings opening for the Royal Beach Club Paradise Island in the Bahamas marks a significant growth opportunity. This first-of-its-kind, all-inclusive beach club—launching in December 2025—will offer exclusive experiences including pristine beaches, multiple pools, and diverse dining options. Royal Caribbean shares hit a new record high this week.
• Hilton has opened its first all-inclusive resort in the Dominican Republic, expanding its footprint in a popular vacation destination. The resort blends local culture with extensive amenities and family-friendly activities, appealing to a broad range of travelers. Located in Zemi Miches Punta Cana, it positions Hilton in a less crowded, high-potential market.
• Melco Resorts & Entertainment, a Hong Kong-listed casino and gaming company, was the top performer in the S&P Global Luxury sector, rising 18.9% over the past five days. Macau-related stocks rallied on the back of stronger-than-expected gaming revenue reports from the region.

Weaknesses

• Armani’s sales fell 5% last year, reflecting weaker demand in China and broader uncertainty in the luxury sector. The company’s cash holdings dropped sharply—by about 40%—following significant investments in flagship store renovations.
• U.S. credit card spending on luxury goods declined from January to May compared to the same period last year, CNBC reports, citing new data from Citigroup. However, luxury jewelry sales have steadily increased year-over-year since September, with May 2025 spending more than 10% higher than in May 2024.
• Star Entertainment Group, casino and hotels operator in Australia, was the worst-performing stock in the S&P Global Luxury Index, falling 9.9%. Shares fell due to growing concerns about its liquidity crisis, delayed financial filings, and the risk of a trading suspension.

Opportunities

• Broker analyst estimates suggest that Tesla’s vehicle deliveries will gradually increase over the next five years. For 2025, analysts project deliveries of approximately 1,640,759 vehicles, rising to 3,279,151 vehicles by 2029. This forecast reflects a steady upward trajectory in Tesla’s global

• Constellation Brands reported net revenue of $2.5 billion, reflecting a 5.3% year-over-year decrease due to softer consumer demand and challenging macroeconomic conditions. However, the company posted a notable sequential improvement: first-quarter fiscal 2026 revenue increased by $380 million compared to the fourth quarter of fiscal 2025, representing a 17.8% quarter-over-quarter gain. This uptick suggests a potential rebound in profitability.
• Macau’s gaming revenue rose 19% in June, reaching $2.6 billion and marking the fifth consecutive month of year-over-year growth. This strong performance, driven by increased visitor traffic and premium play, signals a robust recovery and renewed momentum for the region’s casino operators. Continued revenue growth creates new opportunities for investment, expansion, and enhanced profitability in Macau’s gaming industry.

Threats

• Tesla shares declined this week after Donald Trump stated he wants to review the company’s government subsidies and contracts. Investors are concerned that changes to federal support could hurt Tesla’s profits and future growth. The uncertainty surrounding these potential policy shifts has added pressure to Tesla’s already volatile stock price.
• Citigroup downgraded Prada and lowered its target price, citing slower expected sales and profits over the next two years. The bank expressed concern that Prada’s high spending on advertising and new stores will limit profit growth. Although Miu Miu is performing well, Citi expects these costs to weigh on Prada’s overall performance.
• Watches of Switzerland posted an earnings beat and is launching its U.S. websites through Shopify. The U.S. division generated over $1 billion in sales for the fiscal year. However, despite the strong results, shares fell on Thursday after the company warned that U.S. tariffs could negatively impact profit margins.

Energy and Natural Resources

Strengths

• The best performing commodity for the week was lumber, rising 11.58%. The U.S. Lumber Coalition is pushing for stronger trade enforcement against Canadian softwood lumber imports, arguing that Canada’s government subsidies allow below-market pricing that unfairly displaces American production and undermines U.S. self-reliance efforts. If successful, increased trade duties on Canadian lumber would remove lower-priced competition from the market, creating upward pressure on lumber prices as the U.S. industry seeks to restore what it considers fair market pricing.
• China’s steel production has come down slightly, hitting a series of record highs earlier this year, and around 10% of the excess output is shipped abroad. Elevated steel exports have been contentious externally, with authorities long pushing to reduce supply of standard-grade, low value-added products, according to Bank of America.
• Copper rose to a three-month high on an ongoing supply squeeze, and as risk sentiment improved due to optimism, the U.S. will reach trade deals with other major economies. Spot copper contracts traded at steep premiums to those for later delivery, a market structure known as backwardation that indicates tight supply, according to Bloomberg.

Weaknesses

• The worst performing commodity for the week was coffee, dropping 5.51%. Arabica coffee futures plunged to seven-month lows as dry weather in Brazil accelerated harvesting of the world’s largest coffee crop, with early reports showing improved yields and higher-quality beans compared to last season. Additionally, global coffee demand is expected to decline by 0.5% this year as persistently high retail prices continue to deter consumers, despite the recent drop in wholesale coffee prices.
• Iron ore headed for a fifth straight monthly decline on ample supply and slowing demand from China’s steel industry, with top exporter Australia trimming its price forecasts due to a weak outlook. The steel-making ingredient was steady near $94 a ton on Monday, down more than 1% for June and on track for the longest run of monthly losses since 2022, according to Bloomberg.
• The Democratic Republic of the Congo’s government recently extended its export ban, prompting IXM—China Molybdenum’s trading unit—to formally declare force majeure under its cobalt supply contracts. Citing the ongoing ban, IXM stated: “As the global cobalt supply chain faces heightened volatility, IXM remains committed to navigating this disruption responsibly,” according to Bank of America.

Opportunities

• The updated comprehensive tax bill in its current form includes several provisions that would significantly benefit the coal industry, most notably reclassifying metallurgical coal as a critical mineral. This reclassification would make met coal eligible for the advanced manufacturing production tax credit (45X), providing substantial financial incentives that could boost domestic coal production and competitiveness, according to BMO analysis.
• Shell Plc started exports from Canada’s first liquefied natural gas project, helping to meet rising Asian demand and extending its position in the global LNG market. The first cargo from the plant in British Columbia was loaded on the vessel Gaslog Glasgow. Operator LNG Canada Development Inc. said on Monday that the ship is destined for “global markets.”
• The Mail on Sunday reports that the government gave “informal guidance” that it would allow a purchase of BP by Shell before the stories were published last week, suggesting that the companies were in early-stage talks about a potential purchase. Some fuel for the M&A bulls here, who will argue that Shell would not be asking the government’s opinion on a potential run at BP if it did not have more than a passing interest in a future deal.

Threats

• Ford Motor Co. temporarily idled factories in the U.S. over the last three weeks due to a shortage of magnets containing rare earth minerals, key components embroiled in U.S. trade tensions with China. Chief Executive Officer Jim Farley stated that the situation highlights the need to establish a domestic supply chain for critical automotive components. China has instituted a new approval process for exports of rare earths that has slowed supply lines, according to Bloomberg.
• President Trump indicated that talks with Iran are scheduled for this week, though Iranian officials have denied these claims, creating uncertainty around potential diplomatic engagement. If such negotiations materialize, JP Morgan analysts expect additional downward pressure on crude oil prices, as Trump has signaled a softer stance by suggesting China can purchase Iranian oil while Energy Secretary Chris Wright has avoided questions about “maximum pressure” policies in favor of pursuing trade agreements.
• Oil traders expect OPEC+ will agree a fourth bumper oil supply increase this weekend as group leader Saudi Arabia continues its bid to reclaim market share. Eight key OPEC+ nations are preparing to discuss another 411,000-barrel-a-day hike, due to take effect in August, delegates said last week. They will likely approve the move when they hold a video conference on Sunday, according to a survey of 32 traders and analysts.

Bitcoin and Digital Assets

Strengths

• Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Pudgy Penguins, rising 64.74%.
• Michael Saylor’s MicroStrategy is expected to record an unrealized gain of about $14 billion in the second quarter, driven by a rebound in Bitcoin’s price and a recent accounting change. The company’s shares have soared over 3,300% since Saylor began buying Bitcoin in 2020, outperforming the S&P 500, according to Bloomberg.
• The U.S. Supreme Court declined to review an IRS summons that forced Coinbase to turn over transaction data for more than 14,000 cryptocurrency customers. The summons is part of an investigation into widespread underreporting of capital gains on crypto assets, Bloomberg reports.

Weaknesses

• Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was DeXe, down 17.60%.
• The FTX Trading Trust is suing AZA Finance and its executives, alleging they defrauded FTX of over $50 million in assets through a demerger plan called the “Luxembourg Demerger.” The trust claims AZA Finance engaged in a deliberate scheme to delay repayment to FTX, then transferred its assets to a new entity and filed for bankruptcy—leaving its debts to FTX behind, Bloomberg reports.
• South Korea’s central bank recently informed participating banks that it will temporarily pause discussions for the second phase of testing its central bank digital currency (CBDC), according to an article published by Bloomberg.

Opportunities

• Deutsche Bank AG plans to launch its digital asset custody service next year and has enlisted Bitpanda’s technology unit to help build the offering. The project comes as major financial institutions increasingly focus on digital assets, encouraged by new regulations in Europe and a favorable environment in the U.S., according to Bloomberg.
• Mogo Inc. shares surged as much as 217%—the most since July 2020—after the financial technology company announced a $50 million Bitcoin treasury strategy. Mogo is the largest shareholder in WonderFi Technologies, which is being acquired by Robinhood Markets, Bloomberg reports.

• BitGo’s assets under custody increased from $60 billion to $100 billion in the first half of 2025, driven by rising crypto adoption and greater regulatory clarity. Half of the assets are tied to staking, a process in which investors pledge cryptocurrencies to help validate transactions on blockchains.

Threats

• The latest non-fungible token (NFT) market analysis shows that Ethereum-based NFTs experienced a slight downturn in June, with floor prices dropping and trading volumes declining. Over the past 30 days, Ethereum NFTs recorded $107 million in trading volume—down 50% from May 2025, according to Inside Bitcoins.
• Crypto sleuth ZachXBT published an exposé on North Korean hackers working within the crypto industry, claiming they may hold up to 920 IT and software development jobs. These infiltrators operate globally, targeting companies across the sector. Since the Lazarus Group pulled off the largest crypto theft in history earlier this year, the industry has remained especially wary, according to Bloomberg.
• Crypto traders are showing bearish behavior despite Bitcoin (BTC) trading above $110,000 and possibly aiming for a new record high above $112,000. Data from Coinanalyze shows that during Bitcoin’s move from $106,000 to $110,000 this week, the long/short ratio fell from 1.223 (favoring longs) to 0.858 (favoring shorts), Bloomberg reports.

Defense and Cybersecurity

Strengths

• AeroVironment reported a 40% year-over-year revenue increase to $275 million in the fourth quarter, with non-GAAP EPS of $1.61, up from $0.43 a year earlier. Following the report, the stock jumped over 20%, and firms like Jefferies and BTIG raised their price targets to $285–$300, maintaining Buy ratings and highlighting strong drone demand and solid execution.
• Fueled by AI demand, a memory market recovery, and record investments, the chip industry is projected to reach $705 billion in revenue by 2025, with a 12.6% CAGR. Breakthroughs in 2nm process nodes, chiplet designs, and rising geopolitical urgency to localize supply chains are driving long-term momentum—despite mounting U.S.–China tensions.
• The best-performing stock in the XAR ETF this week was National Presto Inc., which rose 10.60% after breaking through a 52-week high on strong volume. Investors reacted to solid first-quarter earnings growth, bullish technical signals, and continued institutional buying.

Weaknesses

• Microsoft has postponed production of its in-house AI chip due to design changes and staffing challenges. The delay hampers the company’s strategy to reduce reliance on Nvidia and may affect competitiveness in AI infrastructure development.
• A California jury ordered Google to pay over $314 million to Android users for unauthorized data collection from idle devices without user consent, and Google plans to appeal the decision.
• The worst-performing stock in the XAR ETF this week was AeroVironment, which declined 11.45% after announcing a $1.35 billion capital raise via a $750 million stock offering and $600 million in convertible notes. The funds will be used to pay down debt from the recent BlueHalo acquisition, triggering dilution fears—despite management emphasizing the need to boost manufacturing capacity.

Opportunities

• Austal just secured over $320 million in new funding to complete its U.S. shipyard expansion in Alabama, boosting submarine and Navy ship production. This strengthens its position in AUKUS defense projects and follows interest from Hanwha to become the company’s largest shareholder.

• Leidos will lead a multinational team to build NATO’s new private cloud-based cyber defense system under an $87 million contract. This enhances NATO’s digital infrastructure and positions Leidos at the forefront of secure cloud transformation in defense.
• The U.S. Senate passed a bill increasing the investment tax credit for semiconductor manufacturers to 35%, which could significantly benefit companies like Intel, TSMC and Micron Technology by reducing costs for building advanced chip facilities in the U.S.

Threats

• Chinese state media unveiled a weapon that disperses fine carbon fibers mid-air to short-circuit power grids and trigger blackouts across entire regions. This introduces a new threat in electronic warfare and raises global concerns about infrastructure vulnerability.
• The Pentagon has paused shipments of air defense missiles and precision munitions to Ukraine amid concerns over U.S. stockpile depletion. This move could weaken Ukraine’s military resilience and signals a potential recalibration of aid priorities by the Trump administration.
• Following strikes by Israel and the U.S. on its nuclear sites during a 12-day conflict, Iran has officially suspended cooperation with the UN nuclear watchdog. The move was condemned by the U.S. and others as dangerous, while Tehran claimed it was defending its rights and warned of further withdrawal from global treaties.

Gold Market

This week gold futures closed at $3,341.30, up $53.70 per ounce, or 1.63%. Gold stocks, as measured by the NYSE Arca Gold Miners Index, ended the week higher by 3.85%. The S&P/TSX Venture Index came in up 3.75%. The U.S. Trade-Weighted Dollar fell 0.35%.

Strengths

• The best-performing precious metal for the week was platinum, up 2.26%. MMC Norilsk Nickel projects global platinum deficits of 200,000 ounces in 2025 and 300,000 ounces in 2026, driven by rising investor demand that may outpace available supply. These anticipated shortages represent a significant bullish catalyst for platinum prices, as physical deficits typically push prices higher to rebalance supply and demand in the market.

• Laopu Gold Co., a Chinese gold jewelry retailer, saw its shares surge as optimism over new store openings outweighed concerns about the expiry of the lock-up period following its IPO last year. Shares jumped as much as 18% in Hong Kong on Monday before closing up 15% at a record high. The company, which is undercutting LVMH and Cartier to attract customers, is gaining investor attention, according to Bloomberg.
• Canaccord research shows that gold has risen 94% of the time when the U.S. dollar weakens, with an average dollar decline of 19% corresponding to average gold gains of 33%. The U.S. dollar is currently in a depreciation trend, which historically supports a bullish outlook for gold based on this strong inverse correlation.

Weaknesses

• The worst-performing precious metal for the week was palladium, down 0.68%. Prices dipped after last week’s unexplained surge. Nornickel expects a balanced palladium market through 2026, with no supply deficits, as the shift to electric vehicles is projected to reduce consumption by 3% to 7.5 million ounces. With internal combustion engine production forecast to fall 3% to 76 million units, palladium faces a structural headwind, as auto catalysts remain its largest demand source.
• Canaccord analyzed monthly share price performance for six steady-state gold producers over six years and found a clear seasonal trend: June was consistently the worst month on average—supporting the “sell in May and go away” adage. However, this past June, gold stock returns were above average, though still below the S&P 500’s exceptionally strong performance.
• Raymond James has turned bearish on gold’s short-term technical outlook, forecasting a pullback in precious metals as investors rotate into industrial metals like copper, which benefit from economic growth and infrastructure spending. The firm expects silver to also face pressure despite its industrial uses, due to its strong correlation with gold and risk of being caught in a broader precious metals sell-off.

Opportunities

• Gold climbed on optimism that the Federal Reserve will resume rate cuts in the second half of the year, while investors closely watched U.S. trade talks ahead of the July 9 tariff deadline. Bullion rose 0.6%, nearing $3,323 an ounce, as traders priced in higher odds of at least two U.S. rate cuts in 2025, according to Bloomberg.
• J.P. Morgan, which joined the $4,000-an-ounce club last month by raising its 2026 gold forecast from $3,019 to $4,068, called gold “one of the most optimal hedges” against stagflation, recession, debasement, and U.S. policy risks. Bloomberg also highlighted that silver has historically outperformed gold in past bull markets—gaining 1,363% from 1974–1980, 414% from 2001–2008, and 321% from 2006–2012.
• B2Gold announced the first gold pour from its Goose gold mine in Nunavut, Canada, as scheduled. The company reported that ore was first introduced to the Goose processing plant on June 24, 2025, and the mill has been running consistently at 50% of nameplate capacity during this initial phase, according to Scotiabank.

Threats

• Australia cut its commodity export forecast, as surging gold prices failed to offset weakness in iron ore and natural gas. Total resource and energy export earnings fell about 7% to A$385 billion ($252 billion) in the 12 months through June, according to the Department of Industry, Science and Resources. Meanwhile, Australia’s largest superannuation fund, managing $365 billion, is rotating out of financial stocks into the underperforming commodities sector.
• Precious metals refiner Heraeus notes that “supply slipped to start the year.” Tightness in platinum supply may have driven the price breakout above $1,150/ounce, but easing pressure on the supply side is likely why platinum prices are forecast to trend lower in H2 2025.
• Santana’s feasibility update for Bendigo Ophir shows lower gold volumes, 30% higher costs, but reduced upfront capital expenditure. While RBC views the update negatively, the staged pit approach offers flexibility for expansion once the mine becomes operational.

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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 (06/30/2025):

Boeing

Allegiant Travel

Frontier Group Holdings

Delta Air Lines

American Airlines

Bombardier Inc.

Prada

Tesla

Constellation Brands

Hilton

Royal Caribbean

Shell PLC

BP PLC

MMC Norilsk Nickel

Laopu Gold

B2Gold

*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.

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