U.S. Global Investors CEO Frank Holmes joined Steve Darling from Proactive to discuss the continued strength in global tourism and how this momentum is being reflected in the performance of the company’s TRIP ETF. Despite persistent negative headlines around the global economy and geopolitical uncertainty, Holmes emphasized that real-world travel demand tells a very different story.
He pointed to international tourist arrivals reaching approximately 1.52 billion over the past year, with major travel destinations around the world continuing to experience steady growth. According to Holmes, these figures underscore a global appetite for travel that remains resilient and robust. “The world is not afraid of a global event happening or you wouldn’t have such incredible travel,” he said.
Cruising was highlighted as a particularly strong segment, with Holmes noting that an estimated 22 million Americans are expected to take a cruise this year alone. He added that cruising’s affordability and convenience—especially for European itineraries—has made it increasingly attractive to travelers seeking value and simplicity.
Holmes also identified Ryanair as a standout performer within the European airline sector, benefiting from strong passenger demand and lower fuel costs. In the U.S., he pointed to a rebound in business travel as another positive indicator for the industry, noting that major carriers such as American Airlines are working to enhance their business-class offerings to better compete with peers.
Addressing industry dynamics, Holmes emphasized that structural constraints are contributing to pricing power across the sector. “There’s not enough airports, not enough places to dock and land and take off… so they have pricing power,” he said, adding that limited infrastructure capacity continues to support strong margins for travel and tourism operators.
Overall, Holmes said these trends reinforce the investment thesis behind the TRIP ETF, which is positioned to capture sustained growth across airlines, cruise operators, and broader global tourism activity.
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