U S Global Investors Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 23, 2024), U S Global Investors Inc. reported 127 stock positions worth $1.1 billion. Its top holding was Delta Air Lines (DAL) at 14.6% of the portfolio, followed by United Airlines (UAL, 14.5%) and American Airlines (AAL, 9.4%). Compared with Q1 2024, it opened 21 new positions, sold out of 37, added to 28 and reduced 37. The biggest buy was Wheaton Precious Metals (WPM, shares +10%) and the biggest sale American Airlines (AAL, shares −9%).

Most Recent 13F
Q2 2026
Location
SAN ANTONIO, TX
CIK
0000754811
Portfolio Value
$1.1B (Q2 2024)
SEC Filing
0001437749-24-023260 ↗ filed Jul 23, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.1B $1.1B Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $756.6M Q1 2025 Q2 2025: $849.1M Q2 2025 Q3 2025: $882.3M Q3 2025 Q4 2025: $934.0M Q4 2025 Q1 2026: $857.6M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 127 stocks · $1.1B
DAL Delta Air Lines Inc. 14.57% 3,012,604 $153.7M Reduce -9.2%
UAL United Airlines Holdings Inc. 14.46% 2,878,821 $152.5M Reduce -9.3%
AAL American Airlines Group Inc. 9.36% 8,580,069 $98.7M Reduce -9.3%
LUV Southwest Airlines Co. 9.32% 3,662,890 $98.3M Reduce -9.3%
ALK Alaska Air Group Inc. 3.76% 943,451 $39.6M Reduce -9.3%
SKYW Skywest Inc. 3.74% 528,468 $39.5M Reduce -9.3%
JBLU Jetblue Airways Corp. 2.73% 5,146,965 $28.8M Reduce -9.3%
BKNG Booking Holdings Inc. 2.49% 6,964 $26.3M Reduce -7.9%
ALGT Allegiant Travel Co. 2.46% 488,231 $26.0M Reduce -9.3%
GD General Dynamics Corp. 2.44% 85,831 $25.7M Reduce -9.3%
SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 2.38% 2,369,703 $25.1M Reduce -9.3%
ATSG Air Transport Services Group 2.33% 1,819,350 $24.6M Reduce -9.3%
ULCC Frontier Group Holdings Inc. 2.29% 4,414,186 $24.1M Reduce -9.3%
TXT Textron Inc. 2.18% 262,913 $23.0M Reduce -9.3%
BA The Boeing Co. 1.97% 116,917 $20.8M Reduce -9.2%
EXPE Expedia Group Inc. 1.87% 174,808 $19.7M Reduce -9.3%
TRIP Tripadvisor Inc. 1.53% 880,195 $16.2M Reduce -9.3%
TCOM Trip.com Group Ltd.-ADR 1.34% 274,383 $14.1M Reduce -9.3%
WPM Wheaton Precious Metals Corp. 1.19% 229,227 $12.5M Add +9.5%
RGLD Royal Gold Inc. 1.05% 86,570 $11.1M Reduce -0.3%
FNV Franco-Nevada Corp. 1.01% 86,484 $10.6M Reduce -3.0%
RYAAY Ryanair Holdings PLC-SP ADR 0.98% 85,361 $10.4M Reduce -9.2%
EMBJ Embraer SA-Spon ADR 0.73% 277,789 $7.7M Reduce -9.3%
MMYT Makemytrip Ltd. 0.70% 98,221 $7.4M Reduce -9.2%
OR Osisko Gold Royalties Ltd. 0.68% 434,432 $7.1M Add +19.3%
FSM Fortuna Mining Corp. 0.66% 1,127,718 $7.0M Reduce -12.9%
CGAU Centerra Gold Inc. 0.66% 1,009,583 $6.9M Add +3.2%
ASR Grupo Aeroportuario Sur-ADR 0.65% 20,493 $6.9M Reduce -9.1%
NGD New Gold Inc. 0.59% 2,993,831 $6.3M Add +3.3%
CPA Copa Holdings SA Class A 0.55% 59,296 $5.8M Reduce -9.2%
SILV Silvercrest Metals Inc. 0.49% 577,698 $5.2M Reduce -15.1%
HMY Harmony Gold MNG-Spon ADR 0.49% 562,701 $5.1M Reduce -25.4%
VOXR Vox Royalty Corp. 0.45% 1,700,000 $4.7M No change
AZUL S A 0.41% 793,558 $4.3M Reduce -9.3%
TFPM Triple Flag Precious Met 0.40% 253,405 $4.2M Reduce -19.7%
SAND Sandstorm Gold Ltd. 0.40% 733,800 $4.2M Reduce -19.8%
EGO Eldorado Gold Corp. 0.39% 261,668 $4.2M Add +27.0%
AGI Alamos Gold Inc. Class A 0.37% 250,000 $3.9M Add +25.0%
SBSW Sibanye-Stillwater Ltd.-ADR 0.31% 637,006 $3.2M Add +3.3%
EQX Equinox Gold Corp. 0.27% 550,000 $2.9M Add +175.0%
EMX Emx Royalty Corp. filed as EMX RTY CORP 0.23% 1,250,000 $2.4M No change
AMZN Amazon.com Inc. 0.22% 11,980 $2.3M Add +117.8%
KKR KKR & Co. Inc. 0.20% 20,450 $2.2M Add +68.3%
UBS UBS Group AG-Reg 0.19% 68,000 $2.0M No change
STZ Constellation Brands Inc. Class A 0.17% 6,940 $1.8M No change
APO Apollo Global Management Inc. 0.17% 15,000 $1.8M Add +11.1%
VZLA Vizsla Silver Corp. 0.16% 913,000 $1.7M Reduce -9.9%
LULU Lululemon Athletica Inc. 0.16% 5,550 $1.7M Add +50.0%
AU Anglogold Ashanti PLC 0.15% 65,000 $1.6M No change
BX Blackstone Inc. 0.14% 12,300 $1.5M New
AEM Agnico Eagle Mines Ltd. 0.14% 22,500 $1.5M Reduce -50.0%
LNG Cheniere Energy Inc. 0.12% 7,500 $1.3M No change
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.12% 301,660 $1.3M Add +20.7%
CDE Coeur Mining Inc. 0.12% 225,000 $1.3M Add +50.0%
GS Goldman Sachs Group Inc. 0.12% 2,700 $1.2M New
KGC Kinross Gold Corp. 0.11% 145,000 $1.2M Add +45.0%
CCL Carnival Corp. 0.11% 63,200 $1.2M Add +5.0%
NCLH Norwegian Cruise Line Holdin 0.11% 59,000 $1.1M New
HL Hecla Mining Co. 0.09% 200,000 $970K New
DECK Deckers Outdoor Corp. 0.09% 995 $963K Add +1.5%
GATO Gatos Silver Inc. 0.09% 90,000 $940K New
IAG Iamgold Corp. 0.09% 250,000 $938K No change
KRP Kimbell Royalty Partners LP 0.09% 55,000 $900K No change
LIN Linde PLC 0.08% 2,000 $878K No change
SVM Silvercorp Metals Inc. 0.08% 250,000 $840K Reduce -78.6%
RACE Ferrari NV 0.07% 1,850 $755K Reduce -67.3%
VNOM Viper Energy Inc. 0.07% 20,000 $751K No change
EU Encore Energy Corp. 0.07% 150,000 $722K No change
B Barrick Gold Corp. 0.06% 40,000 $667K New
OXY Occidental Petroleum Corp. 0.06% 10,000 $630K No change
PAAS Pan American Silver Corp. 0.06% 30,000 $596K New
WTTR Select Water Solutions Inc. 0.05% 50,000 $535K No change
JPM JPMorgan Chase & Co. 0.05% 2,600 $526K Reduce -61.8%
RL Ralph Lauren Corp. 0.05% 3,000 $525K New
MPC Marathon Petroleum Corp. 0.05% 3,000 $520K No change
MRO Marathon Oil Corp. 0.05% 17,500 $502K No change
CCJ Cameco Corp. 0.05% 10,000 $492K No change
AXP American Express Co. 0.05% 2,100 $486K New
GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 0.05% 15,000 $486K New
MEOH Methanex Corp. 0.05% 9,000 $483K Add +125.0%
BG Bunge Global SA 0.05% 4,500 $480K New
SLVM Sylvamo Corp. 0.05% 7,000 $480K No change
SA Seabridge Gold Inc. 0.05% 35,000 $479K Add +133.3%
RCL Royal Caribbean Cruises Ltd. 0.05% 3,000 $478K Reduce -66.3%
BTG B2GOLD Corp. 0.04% 175,000 $473K New
WYNN WYNN Resorts Ltd. 0.04% 5,200 $465K New
INGR Ingredion Inc. 0.04% 4,000 $459K New
DNN Denison Mines Corp. 0.04% 230,000 $458K No change
NKE Nike Inc. Class B 0.04% 5,000 $377K New
GOLD RESOURCE CORP 0.04% 1,000,000 $374K No change
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.04% 5,000 $371K No change
BP BP PLC-Spons ADR 0.03% 10,000 $361K New
HAL Halliburton Co. 0.03% 10,000 $338K No change
RRC Range Resources Corp. 0.03% 10,000 $335K No change
SKE Skeena Resources Ltd. 0.03% 75,000 $332K No change
TNK Teekay Tankers Ltd. Class A 0.03% 4,411 $321K Add +0.6%
EOG EOG Resources Inc. 0.03% 2,500 $315K New
IE Ivanhoe Electric Inc. / US 0.03% 30,596 $302K No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.03% 6,000 $283K No change
PROSHARES ULTRASHORT GOLD 0.03% 13,000 $282K No change
TTE Totalenergies SE -Spon ADR 0.03% 4,000 $267K New
XPL Solitario Resources Corp. 0.03% 300,000 $266K New
TRMD Torm PLC-A 0.03% 7,166 $266K Add +0.8%
PR Permian Resources Corp. Class A 0.02% 15,000 $242K No change
IAUX I-80 Gold Corp. 0.02% 200,000 $219K No change
CNQ Canadian Natural Resources 0.02% 6,000 $214K New
URG Ur-Energy Inc. 0.02% 150,000 $210K No change
ZTO Zto Express Cayman Inc.-ADR 0.02% 8,987 $205K Add +1.9%
BHP BHP Group Ltd.-Spon ADR 0.02% 3,500 $200K No change
GXO Gxo Logistics Inc. 0.02% 3,714 $187K Add +1.8%
FDX FedEx Corp. 0.02% 725 $184K Add +1.3%
EXPD Expeditors Intl Wash Inc. 0.02% 1,516 $183K Add +2.2%
NXE Nexgen Energy Ltd. 0.02% 25,000 $175K No change
COP Conocophillips 0.02% 1,500 $172K No change
UPS United Parcel Service Class B 0.02% 1,195 $166K No change
LBRT Liberty Energy Inc. 0.01% 7,500 $157K No change
CSIQ Canadian Solar Inc. 0.01% 10,000 $148K No change
STNG Scorpio Tankers Inc. 0.01% 1,789 $147K Add +1.4%
INSW International Seaways Inc. 0.01% 2,258 $145K Add +1.5%
MATX Matson Inc. 0.01% 1,131 $145K No change
SFL SFL Corp. Ltd. 0.01% 8,841 $127K Add +1.7%
DQ Daqo New Energy Corp.-ADR 0.01% 7,500 $110K No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.01% 1,000 $106K No change
PZG Paramount Gold Nevada Corp. 0.01% 170,000 $68K No change
DIREXION DAILY S&P OIL & GAS 0.00% 4,400 $42K New
SGML Sigma Lithium Corp. 0.00% 3,000 $36K No change
ATLX Atlas Lithium Inc. 0.00% 3,000 $31K No change

Portfolio Sells Q1 2024 → Q2 2024
AAL American Airlines Group Inc. Reduce -9.3% 9.36% −2.59
ULCC Frontier Group Holdings Inc. Reduce -9.3% 2.29% −0.96
ALGT Allegiant Travel Co. Reduce -9.3% 2.46% −0.87
SNCY Sun Country Airlines Holding Reduce -9.3% 2.38% −0.86
JBLU Jetblue Airways Corp. Reduce -9.3% 2.73% −0.74
TRIP Tripadvisor Inc. Reduce -9.3% 1.53% −0.69
LUV Southwest Airlines Co. Reduce -9.3% 9.32% −0.38
EXPE Expedia Group Inc. Reduce -9.3% 1.87% −0.31
SVM Silvercorp Metals Inc. Reduce -78.6% 0.08% −0.23
AAPL Apple Inc. Sold out 0.00% −0.16
AZUL S A Reduce -9.3% 0.41% −0.15
RYAAY Ryanair Holdings PLC-SP ADR Reduce -9.2% 0.98% −0.14
RACE Ferrari NV Reduce -67.3% 0.07% −0.13
TXT Textron Inc. Reduce -9.3% 2.18% −0.10
AEM Agnico Eagle Mines Ltd. Reduce -50.0% 0.14% −0.08
LVS Las Vegas Sands Corp. Sold out 0.00% −0.08
COTY Coty Inc. Class A Sold out 0.00% −0.08
MAR Marriott International Class A Sold out 0.00% −0.08
BA The Boeing Co. Reduce -9.2% 1.97% −0.08
GDX Vaneck Gold Miners ETF Sold out 0.00% −0.06
JPM JPMorgan Chase & Co. Reduce -61.8% 0.05% −0.06
TOL Toll Brothers Inc. Sold out 0.00% −0.06
RCL Royal Caribbean Cruises Ltd. Reduce -66.3% 0.05% −0.06
VLO Valero Energy Corp. Sold out 0.00% −0.04
CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.04
SSRM SSR Mining Inc. Sold out 0.00% −0.04
EXE Expand Energy Corp. Sold out 0.00% −0.04
UUP Invesco DB US Dollar Index B Sold out 0.00% −0.03
BTU Peabody Energy Corp. Sold out 0.00% −0.03
AY Atlantica Sustainable Infras Sold out 0.00% −0.03
PAVE Global X US Infrastructure Sold out 0.00% −0.02
HMY Harmony Gold MNG-Spon ADR Reduce -25.4% 0.49% −0.02
MOO Vaneck Agribusiness ETF Sold out 0.00% −0.02
CGW Invesco S&P Global Water Ind Sold out 0.00% −0.02
GLD SPDR Gold Shares Sold out 0.00% −0.02
USO United States Oil Fund LP Sold out 0.00% −0.01
CPA Copa Holdings SA Class A Reduce -9.2% 0.55% −0.01
ONON On Holding AG Class A Sold out 0.00% −0.01
DBA Invesco DB Agriculture Fund Sold out 0.00% −0.01
SLV iShares Silver Trust Sold out 0.00% −0.01
UGA United States Gas Fund LP Sold out 0.00% −0.01
COPX Global X Copper Miners ETF Sold out 0.00% −0.01
DBB Invesco DB Base Metals Fund Sold out 0.00% −0.01
IEZ iShares U.S. Oil Equipment & Sold out 0.00% −0.01
XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.01
IYE iShares U.S. Energy ETF Sold out 0.00% −0.01
TEUCRIUM WHEAT FUND Sold out 0.00% −0.01
URA Global X Uranium ETF Sold out 0.00% −0.01
GBTC Grayscale Bitcoin Trust ETF Sold out 0.00% −0.01
KRBN KS Global Carbon Stratgy ETF Sold out 0.00% −0.00

Portfolio Buys Q1 2024 → Q2 2024
WPM Wheaton Precious Metals Corp. Add +9.5% 1.19% +0.38
NGD New Gold Inc. Add +3.3% 0.59% +0.19
OR Osisko Gold Royalties Ltd. Add +19.3% 0.68% +0.18
CGAU Centerra Gold Inc. Add +3.2% 0.66% +0.18
EQX Equinox Gold Corp. Add +175.0% 0.27% +0.17
EGO Eldorado Gold Corp. Add +27.0% 0.39% +0.16
BX Blackstone Inc. New 0.14% +0.14
AMZN Amazon.com Inc. Add +117.8% 0.22% +0.14
AGI Alamos Gold Inc. Class A Add +25.0% 0.37% +0.13
GS Goldman Sachs Group Inc. New 0.12% +0.12
NCLH Norwegian Cruise Line Holdin New 0.11% +0.11
KKR KKR & Co. Inc. Add +68.3% 0.20% +0.10
HL Hecla Mining Co. New 0.09% +0.09
GATO Gatos Silver Inc. New 0.09% +0.09
CDE Coeur Mining Inc. Add +50.0% 0.12% +0.07
SBSW Sibanye-Stillwater Ltd.-ADR Add +3.3% 0.31% +0.07
KGC Kinross Gold Corp. Add +45.0% 0.11% +0.06
B Barrick Gold Corp. New 0.06% +0.06
PAAS Pan American Silver Corp. New 0.06% +0.06
RL Ralph Lauren Corp. New 0.05% +0.05
AXP American Express Co. New 0.05% +0.05
GOLD Gold.com Inc. New 0.05% +0.05
BG Bunge Global SA New 0.05% +0.05
BTG B2GOLD Corp. New 0.04% +0.04
WYNN WYNN Resorts Ltd. New 0.04% +0.04
ORLA Orla Mining Ltd. Add +20.7% 0.12% +0.04
INGR Ingredion Inc. New 0.04% +0.04
APO Apollo Global Management Inc. Add +11.1% 0.17% +0.04
LULU Lululemon Athletica Inc. Add +50.0% 0.16% +0.04
NKE Nike Inc. Class B New 0.04% +0.04
BP BP PLC-Spons ADR New 0.03% +0.03
CCL Carnival Corp. Add +5.0% 0.11% +0.03
MEOH Methanex Corp. Add +125.0% 0.05% +0.03
EOG EOG Resources Inc. New 0.03% +0.03
SA Seabridge Gold Inc. Add +133.3% 0.05% +0.03
TTE Totalenergies SE -Spon ADR New 0.03% +0.03
XPL Solitario Resources Corp. New 0.03% +0.03
CNQ Canadian Natural Resources New 0.02% +0.02
DECK Deckers Outdoor Corp. Add +1.5% 0.09% +0.02
TNK Teekay Tankers Ltd. Class A Add +0.6% 0.03% +0.01
TRMD Torm PLC-A Add +0.8% 0.03% +0.00
ZTO Zto Express Cayman Inc.-ADR Add +1.9% 0.02% +0.00
INSW International Seaways Inc. Add +1.5% 0.01% +0.00
DIREXION DAILY S&P OIL & GAS New 0.00% +0.00
STNG Scorpio Tankers Inc. Add +1.4% 0.01% +0.00
SFL SFL Corp. Ltd. Add +1.7% 0.01% +0.00
EXPD Expeditors Intl Wash Inc. Add +2.2% 0.02% +0.00
GXO Gxo Logistics Inc. Add +1.8% 0.02% +0.00
FDX FedEx Corp. Add +1.3% 0.02% +0.00

Options Activity Q1 2024 → Q2 2024
TSLA Tesla Inc. call Sold out 50 $21Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 127$1.0BAAL, UAL, LUV, DAL, ALGT
Q1 2026 135$857.6MDAL, UAL, AAL, LUV, JBLU
Q4 2025 129$934.0MUAL, LUV, AAL, DAL, ALGT
Q3 2025 133$882.3MLUV, DAL, UAL, AAL, OR
Q2 2025 135$849.1MUAL, DAL, AAL, LUV, SKYW
Q1 2025 136$756.6MLUV, DAL, AAL, UAL, SKYW
Q4 2024 125$1.0BUAL, LUV, AAL, DAL, ULCC
Q3 2024 130$1.0BUAL, DAL, AAL, LUV, ALGT
Q2 2024 127$1.1BDAL, UAL, AAL, LUV, ALK
Q1 2024 143$1.2BDAL, UAL, AAL, LUV, ALK