U S Global Investors Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 24, 2024), U S Global Investors Inc. reported 143 stock positions worth $1.2 billion. Its top holding was Delta Air Lines (DAL) at 13.1% of the portfolio, followed by United Airlines (UAL, 12.5%) and American Airlines (AAL, 11.9%). Compared with Q4 2023, it opened 32 new positions, sold out of 28, added to 29 and reduced 54. The biggest buy was Fortuna Silver Mines (FSM, shares +488%) and the biggest sale Southwest Airlines (LUV, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- SAN ANTONIO, TX
- CIK
- 0000754811
- Portfolio Value
- $1.2B (Q1 2024)
- SEC Filing
- 0001437749-24-013047 ↗ filed Apr 24, 2024
Holdings Value
Holdings 143 stocks · $1.2B
| DAL Delta Air Lines Inc. | 13.06% | 3,316,024 | $158.7M | Reduce -25.2% |
| UAL United Airlines Holdings Inc. | 12.50% | 3,173,821 | $152.0M | Reduce -23.7% |
| AAL American Airlines Group Inc. | 11.95% | 9,459,309 | $145.2M | Reduce -25.4% |
| LUV Southwest Airlines Co. | 9.70% | 4,038,185 | $117.9M | Reduce -35.0% |
| ALK Alaska Air Group Inc. | 3.68% | 1,040,051 | $44.7M | Reduce -25.1% |
| JBLU Jetblue Airways Corp. | 3.46% | 5,674,365 | $42.1M | Reduce -42.0% |
| ALGT Allegiant Travel Co. | 3.33% | 538,151 | $40.5M | Reduce -16.8% |
| SKYW Skywest Inc. | 3.31% | 582,588 | $40.2M | Reduce -39.2% |
| ULCC Frontier Group Holdings Inc. | 3.25% | 4,866,466 | $39.5M | Reduce -53.6% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 3.24% | 2,612,498 | $39.4M | Reduce -8.3% |
| TXT Textron Inc. | 2.29% | 289,798 | $27.8M | Reduce -28.7% |
| ATSG Air Transport Services Group | 2.27% | 2,005,710 | $27.6M | Add +1.2% |
| BKNG Booking Holdings Inc. | 2.26% | 7,564 | $27.4M | Reduce -25.5% |
| TRIP Tripadvisor Inc. | 2.22% | 970,325 | $27.0M | Reduce -44.0% |
| GD General Dynamics Corp. | 2.20% | 94,591 | $26.7M | Reduce -25.1% |
| EXPE Expedia Group Inc. | 2.18% | 192,688 | $26.5M | Reduce -15.0% |
| BA The Boeing Co. | 2.04% | 128,797 | $24.9M | Reduce -6.2% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.13% | 94,001 | $13.7M | Reduce -27.2% |
| TCOM Trip.com Group Ltd.-ADR | 1.09% | 302,468 | $13.3M | Reduce -38.7% |
| FNV Franco-Nevada Corp. | 0.87% | 89,207 | $10.6M | Reduce -5.8% |
| RGLD Royal Gold Inc. | 0.87% | 86,802 | $10.6M | Reduce -2.6% |
| WPM Wheaton Precious Metals Corp. | 0.81% | 209,262 | $9.9M | Reduce -1.0% |
| EMBJ Embraer SA-Spon ADR | 0.67% | 306,229 | $8.2M | Reduce -28.8% |
| MMYT Makemytrip Ltd. | 0.63% | 108,181 | $7.7M | Reduce -40.4% |
| ASR Grupo Aeroportuario Sur-ADR | 0.59% | 22,533 | $7.2M | Reduce -35.0% |
| CPA Copa Holdings SA Class A | 0.56% | 65,296 | $6.8M | Reduce -60.5% |
| AZUL S A | 0.56% | 874,798 | $6.8M | Add +10.3% |
| HMY Harmony Gold MNG-Spon ADR | 0.51% | 754,261 | $6.2M | Reduce -31.5% |
| OR Osisko Gold Royalties Ltd. | 0.49% | 364,252 | $6.0M | Reduce -22.4% |
| CGAU Centerra Gold Inc. | 0.48% | 978,206 | $5.8M | Add +24.1% |
| NGD New Gold Inc. | 0.41% | 2,897,344 | $4.9M | Reduce -7.9% |
| FSM Fortuna Silver Mines Inc. | 0.40% | 1,294,400 | $4.8M | Add +488.4% |
| SAND Sandstorm Gold Ltd. | 0.40% | 914,404 | $4.8M | Reduce -2.1% |
| TFPM Triple Flag Precious Met | 0.38% | 315,461 | $4.6M | Add +320.6% |
| SILV Silvercrest Metals Inc. | 0.37% | 680,600 | $4.5M | Add +138.8% |
| SVM Silvercorp Metals Inc. | 0.31% | 1,167,700 | $3.8M | Add +367.1% |
| VOXR Vox Royalty Corp. | 0.29% | 1,700,000 | $3.6M | No change |
| AGI Alamos Gold Inc. Class A | 0.24% | 200,000 | $3.0M | Reduce -11.1% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 0.24% | 616,622 | $2.9M | Reduce -13.4% |
| EGO Eldorado Gold Corp. | 0.24% | 206,073 | $2.9M | Reduce -27.9% |
| AEM Agnico Eagle Mines Ltd. | 0.22% | 45,000 | $2.7M | No change |
| RACE Ferrari NV | 0.20% | 5,650 | $2.5M | Reduce -21.5% |
| EMX Emx Royalty Corp. filed as EMX RTY CORP | 0.18% | 1,250,000 | $2.2M | No change |
| UBS UBS Group AG-Reg | 0.17% | 68,000 | $2.1M | Add +40.2% |
| AAPL Apple Inc. | 0.16% | 11,400 | $2.0M | New |
| STZ Constellation Brands Inc. Class A | 0.16% | 6,940 | $1.9M | Reduce -5.6% |
| APO Apollo Global Management Inc. | 0.12% | 13,500 | $1.5M | New |
| LULU Lululemon Athletica Inc. | 0.12% | 3,700 | $1.4M | Add +1133.3% |
| AU Anglogold Ashanti PLC | 0.12% | 65,000 | $1.4M | Add +30.0% |
| JPM JPMorgan Chase & Co. | 0.11% | 6,800 | $1.4M | No change |
| VZLA Vizsla Silver Corp. | 0.11% | 1,013,000 | $1.3M | Reduce -10.0% |
| RCL Royal Caribbean Cruises Ltd. | 0.10% | 8,900 | $1.2M | Add +888.9% |
| KKR KKR & Co. Inc. | 0.10% | 12,150 | $1.2M | Reduce -16.5% |
| LNG Cheniere Energy Inc. | 0.10% | 7,500 | $1.2M | No change |
| EQX Equinox Gold Corp. | 0.10% | 200,000 | $1.2M | New |
| AMZN Amazon.com Inc. | 0.08% | 5,500 | $992K | New |
| CCL Carnival Corp. | 0.08% | 60,200 | $984K | Add +33.2% |
| LVS Las Vegas Sands Corp. | 0.08% | 18,950 | $980K | Reduce -35.9% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.08% | 250,000 | $947K | New |
| COTY Coty Inc. Class A | 0.08% | 79,000 | $945K | No change |
| LIN Linde PLC | 0.08% | 2,000 | $929K | No change |
| MAR Marriott International Class A | 0.08% | 3,670 | $926K | Reduce -54.4% |
| DECK Deckers Outdoor Corp. | 0.08% | 980 | $922K | Reduce -18.3% |
| KRP Kimbell Royalty Partners LP | 0.07% | 55,000 | $854K | No change |
| IAG Iamgold Corp. | 0.07% | 250,000 | $833K | Reduce -16.7% |
| VNOM Viper Energy Inc. | 0.06% | 20,000 | $769K | No change |
| GDX Vaneck Gold Miners ETF | 0.06% | 24,100 | $762K | New |
| TOL Toll Brothers Inc. | 0.06% | 5,550 | $718K | Reduce -10.5% |
| OXY Occidental Petroleum Corp. | 0.05% | 10,000 | $650K | No change |
| EU Encore Energy Corp. | 0.05% | 150,000 | $637K | Reduce -25.0% |
| KGC Kinross Gold Corp. | 0.05% | 100,000 | $613K | Reduce -60.0% |
| MPC Marathon Petroleum Corp. | 0.05% | 3,000 | $605K | No change |
| CDE Coeur Mining Inc. | 0.05% | 150,000 | $566K | New |
| MRO Marathon Oil Corp. | 0.04% | 17,500 | $496K | No change |
| VLO Valero Energy Corp. | 0.04% | 2,750 | $469K | No change |
| WTTR Select Water Solutions Inc. | 0.04% | 50,000 | $462K | No change |
| CLF Cleveland-Cliffs Inc. | 0.04% | 20,000 | $455K | No change |
| DNN Denison Mines Corp. | 0.04% | 230,000 | $449K | Add +53.3% |
| SSRM SSR Mining Inc. | 0.04% | 100,000 | $446K | Reduce -68.4% |
| EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP | 0.04% | 5,000 | $444K | Reduce -33.3% |
| GOLD RESOURCE CORP | 0.04% | 1,000,000 | $435K | No change |
| CCJ Cameco Corp. | 0.04% | 10,000 | $433K | Add +100.0% |
| SLVM Sylvamo Corp. | 0.04% | 7,000 | $432K | Reduce -12.5% |
| UUP Invesco DB US Dollar Index B | 0.03% | 14,900 | $423K | New |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.03% | 5,000 | $416K | Reduce -9.1% |
| HAL Halliburton Co. | 0.03% | 10,000 | $394K | No change |
| BTU Peabody Energy Corp. | 0.03% | 15,000 | $364K | No change |
| SKE Skeena Resources Ltd. | 0.03% | 75,000 | $345K | No change |
| RRC Range Resources Corp. | 0.03% | 10,000 | $344K | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.03% | 6,000 | $329K | Reduce -50.0% |
| AY Atlantica Sustainable Infras | 0.03% | 17,500 | $323K | No change |
| PROSHARES ULTRASHORT GOLD | 0.03% | 13,000 | $304K | New |
| PAVE Global X US Infrastructure | 0.02% | 7,600 | $303K | Add +660.0% |
| IE Ivanhoe Electric Inc. / US | 0.02% | 30,596 | $300K | Add +70.0% |
| PR Permian Resources Corp. Class A | 0.02% | 15,000 | $265K | No change |
| IAUX I-80 Gold Corp. | 0.02% | 200,000 | $263K | No change |
| TNK Teekay Tankers Ltd. Class A | 0.02% | 4,386 | $256K | Add +12.0% |
| TRMD Torm PLC-A | 0.02% | 7,106 | $248K | Reduce -19.0% |
| MOO Vaneck Agribusiness ETF | 0.02% | 3,200 | $240K | New |
| URG Ur-Energy Inc. | 0.02% | 150,000 | $240K | No change |
Options reported separately and not counted above: TSLA calls ($21K).
Portfolio Sells Q4 2023 → Q1 2024
| LUV Southwest Airlines Co. | Reduce -35.0% | 9.70% | −2.37 |
| CPA Copa Holdings SA Class A | Reduce -60.5% | 0.56% | −0.62 |
| ULCC Frontier Group Holdings Inc. | Reduce -53.6% | 3.25% | −0.60 |
| BA The Boeing Co. | Reduce -6.2% | 2.04% | −0.36 |
| TRIP Tripadvisor Inc. | Reduce -44.0% | 2.22% | −0.29 |
| ALGT Allegiant Travel Co. | Reduce -16.8% | 3.33% | −0.27 |
| DRD Drdgold Ltd.-Sponsored ADR | Sold out | 0.00% | −0.23 |
| BVN Cia DE Minas Buenaventur-ADR | Sold out | 0.00% | −0.20 |
| SSRM SSR Mining Inc. | Reduce -68.4% | 0.04% | −0.19 |
| JBLU Jetblue Airways Corp. | Reduce -42.0% | 3.46% | −0.19 |
| BTG B2GOLD Corp. | Sold out | 0.00% | −0.18 |
| BKNG Booking Holdings Inc. | Reduce -25.5% | 2.26% | −0.17 |
| GFI Gold Fields Ltd.-Spons ADR | Sold out | 0.00% | −0.14 |
| EXPE Expedia Group Inc. | Reduce -15.0% | 2.18% | −0.13 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -38.7% | 1.09% | −0.10 |
| ASR Grupo Aeroportuario Sur-ADR | Reduce -35.0% | 0.59% | −0.10 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −0.06 |
| SGI Somnigroup International Inc. | Sold out | 0.00% | −0.06 |
| BSM Black Stone Minerals LP | Sold out | 0.00% | −0.05 |
| SKYW Skywest Inc. | Reduce -39.2% | 3.31% | −0.05 |
| KGC Kinross Gold Corp. | Reduce -60.0% | 0.05% | −0.05 |
| MAR Marriott International Class A | Reduce -54.4% | 0.08% | −0.05 |
| EL Estee Lauder Companies Class A | Reduce -80.0% | 0.01% | −0.04 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -27.2% | 1.13% | −0.03 |
| APA Apa Corp. | Sold out | 0.00% | −0.02 |
| CWEN Clearway Energy Inc. Class C | Sold out | 0.00% | −0.02 |
| JNUG Dirx DLY Junr Gmi B2X ETF-Ui | Sold out | 0.00% | −0.02 |
| CHRD Chord Energy Corp. | Sold out | 0.00% | −0.02 |
| NUGT Dirxn DLY GM Indx B2X ETF-Ui | Sold out | 0.00% | −0.02 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Reduce -13.4% | 0.24% | −0.02 |
| LVS Las Vegas Sands Corp. | Reduce -35.9% | 0.08% | −0.02 |
| SLB SLB Ltd. | Reduce -50.0% | 0.03% | −0.01 |
| SGML Sigma Lithium Corp. | Reduce -62.5% | 0.00% | −0.01 |
| EGO Eldorado Gold Corp. | Reduce -27.9% | 0.24% | −0.01 |
| SLI Standard Lithium Ltd. | Sold out | 0.00% | −0.01 |
| DQ Daqo New Energy Corp.-ADR | Reduce -50.0% | 0.02% | −0.01 |
| ELBM Electra Battery Materials Co. | Sold out | 0.00% | −0.01 |
| GD General Dynamics Corp. | Reduce -25.1% | 2.20% | −0.01 |
| CMBT CMB Tech NV | Sold out | 0.00% | −0.01 |
| CPRI Capri Holdings Ltd. | Sold out | 0.00% | −0.01 |
| ATLX Atlas Lithium Inc. | Reduce -25.0% | 0.00% | −0.00 |
| INSW International Seaways Inc. | Reduce -47.4% | 0.01% | −0.00 |
| ICLN iShares Global Clean Energy | Sold out | 0.00% | −0.00 |
| IYR iShares US Real Estate ETF | Sold out | 0.00% | −0.00 |
| SLX Vaneck Steel ETF | Sold out | 0.00% | −0.00 |
| LIT Global X Lithium & Battery T | Sold out | 0.00% | −0.00 |
| EXE Expand Energy Corp. | Reduce -33.3% | 0.04% | −0.00 |
| ETF MANAGERS TR | Sold out | 0.00% | −0.00 |
| REMX Vaneck Rar Earth ND STG-Usdi | Sold out | 0.00% | −0.00 |
| UNITED STS NAT GAS FD LP | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2023 → Q1 2024
| FSM Fortuna Silver Mines Inc. | Add +488.4% | 0.40% | +0.34 |
| TFPM Triple Flag Precious Met | Add +320.6% | 0.38% | +0.31 |
| SVM Silvercorp Metals Inc. | Add +367.1% | 0.31% | +0.27 |
| SILV Silvercrest Metals Inc. | Add +138.8% | 0.37% | +0.25 |
| AAPL Apple Inc. | New | 0.16% | +0.16 |
| CGAU Centerra Gold Inc. | Add +24.1% | 0.48% | +0.16 |
| APO Apollo Global Management Inc. | New | 0.12% | +0.12 |
| LULU Lululemon Athletica Inc. | Add +1133.3% | 0.12% | +0.11 |
| EQX Equinox Gold Corp. | New | 0.10% | +0.10 |
| RCL Royal Caribbean Cruises Ltd. | Add +888.9% | 0.10% | +0.09 |
| AMZN Amazon.com Inc. | New | 0.08% | +0.08 |
| ORLA Orla Mining Ltd. | New | 0.08% | +0.08 |
| UBS UBS Group AG-Reg | Add +40.2% | 0.17% | +0.07 |
| GDX Vaneck Gold Miners ETF | New | 0.06% | +0.06 |
| AU Anglogold Ashanti PLC | Add +30.0% | 0.12% | +0.06 |
| CDE Coeur Mining Inc. | New | 0.05% | +0.05 |
| AZUL S A | Add +10.3% | 0.56% | +0.04 |
| UUP Invesco DB US Dollar Index B | New | 0.03% | +0.03 |
| PROSHARES ULTRASHORT GOLD | New | 0.03% | +0.03 |
| CCL Carnival Corp. | Add +33.2% | 0.08% | +0.02 |
| PAVE Global X US Infrastructure | Add +660.0% | 0.02% | +0.02 |
| CCJ Cameco Corp. | Add +100.0% | 0.04% | +0.02 |
| MOO Vaneck Agribusiness ETF | New | 0.02% | +0.02 |
| DNN Denison Mines Corp. | Add +53.3% | 0.04% | +0.02 |
| SA Seabridge Gold Inc. | New | 0.02% | +0.02 |
| CGW Invesco S&P Global Water Ind | New | 0.02% | +0.02 |
| GLD SPDR Gold Shares | New | 0.02% | +0.02 |
| BHP BHP Group Ltd.-Spon ADR | New | 0.02% | +0.02 |
| NXE Nexgen Energy Ltd. | New | 0.02% | +0.02 |
| MEOH Methanex Corp. | New | 0.01% | +0.01 |
| USO United States Oil Fund LP | New | 0.01% | +0.01 |
| LBRT Liberty Energy Inc. | New | 0.01% | +0.01 |
| IE Ivanhoe Electric Inc. / US | Add +70.0% | 0.02% | +0.01 |
| DBA Invesco DB Agriculture Fund | New | 0.01% | +0.01 |
| UGA United States Gas Fund LP | New | 0.01% | +0.01 |
| SFL SFL Corp. Ltd. | New | 0.01% | +0.01 |
| SLV iShares Silver Trust | Add +247.1% | 0.01% | +0.01 |
| DBB Invesco DB Base Metals Fund | New | 0.01% | +0.01 |
| IEZ iShares U.S. Oil Equipment & | New | 0.01% | +0.01 |
| FDX FedEx Corp. | Add +32.8% | 0.02% | +0.01 |
| TNK Teekay Tankers Ltd. Class A | Add +12.0% | 0.02% | +0.01 |
| XOP SS SPDR S&P Og Exp & Prod | New | 0.01% | +0.01 |
| IYE iShares U.S. Energy ETF | New | 0.01% | +0.01 |
| GXO Gxo Logistics Inc. | Add +47.6% | 0.02% | +0.01 |
| GBTC Grayscale Bitcoin Trust ETF | New | 0.01% | +0.01 |
| ZTO Zto Express Cayman Inc.-ADR | Add +32.8% | 0.02% | +0.01 |
| EXPD Expeditors Intl Wash Inc. | Add +25.9% | 0.01% | +0.00 |
| UPS United Parcel Service Class B | Add +28.2% | 0.01% | +0.00 |
| TEUCRIUM WHEAT FUND | Add +136.4% | 0.01% | +0.00 |
| GUSH Direxion Daily S&P Oil & Gas | New | 0.00% | +0.00 |
Options Activity Q4 2023 → Q1 2024
| CDE Coeur Mining Inc. | call | Sold out | 3,275 | $249Kbefore exit |
| NEM Newmont Corp. | call | Sold out | 500 | $205Kbefore exit |
| AU Anglogold Ashanti PLC | call | Sold out | 785 | $47Kbefore exit |
| NKE Nike Inc. Class B | call | Sold out | 200 | $41Kbefore exit |
| TSLA Tesla Inc. | call | New | 50 | $21K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 127 | $1.0B | AAL, UAL, LUV, DAL, ALGT |
| Q1 2026 | 135 | $857.6M | DAL, UAL, AAL, LUV, JBLU |
| Q4 2025 | 129 | $934.0M | UAL, LUV, AAL, DAL, ALGT |
| Q3 2025 | 133 | $882.3M | LUV, DAL, UAL, AAL, OR |
| Q2 2025 | 135 | $849.1M | UAL, DAL, AAL, LUV, SKYW |
| Q1 2025 | 136 | $756.6M | LUV, DAL, AAL, UAL, SKYW |
| Q4 2024 | 125 | $1.0B | UAL, LUV, AAL, DAL, ULCC |
| Q3 2024 | 130 | $1.0B | UAL, DAL, AAL, LUV, ALGT |
| Q2 2024 | 127 | $1.1B | DAL, UAL, AAL, LUV, ALK |
| Q1 2024 | 143 | $1.2B | DAL, UAL, AAL, LUV, ALK |