U S Global Investors Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 5, 2025), U S Global Investors Inc. reported 125 stock positions worth $1.0 billion. Its top holding was United Airlines (UAL) at 11.5% of the portfolio, followed by Southwest Airlines (LUV, 11.5%) and American Airlines (AAL, 11.4%). Compared with Q3 2024, it opened 18 new positions, sold out of 23, added to 27 and reduced 42. The biggest buy was a new position in Sabre (SABR) and the biggest sale an exit from Spirit Airlines (SAVEQ).

Most Recent 13F
Q2 2026
Location
SAN ANTONIO, TX
CIK
0000754811
Portfolio Value
$1.0B (Q4 2024)
SEC Filing
0001437749-25-002848 ↗ filed Feb 5, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.0B $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 125 stocks · $1.0B
UAL United Airlines Holdings Inc. 11.53% 1,197,794 $116.3M Reduce -41.7%
LUV Southwest Airlines Co. 11.52% 3,457,661 $116.2M Add +1.7%
AAL American Airlines Group Inc. 11.41% 6,604,634 $115.1M Reduce -27.3%
DAL Delta Air Lines Inc. 11.05% 1,841,470 $111.4M Reduce -19.6%
ULCC Frontier Group Holdings Inc. 3.78% 5,367,750 $38.2M Reduce -29.0%
JBLU Jetblue Airways Corp. 3.71% 4,765,922 $37.5M Reduce -7.5%
ALGT Allegiant Travel Co. 3.64% 390,578 $36.8M Reduce -47.3%
ALK Alaska Air Group Inc. 3.37% 525,131 $34.0M Reduce -30.6%
SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 3.18% 2,199,744 $32.1M Reduce -18.7%
SKYW Skywest Inc. 3.00% 302,238 $30.3M Reduce -24.6%
BA The Boeing Co. 2.29% 130,416 $23.1M Add +5.3%
TRIP Tripadvisor Inc. 2.26% 1,543,056 $22.8M Add +2.0%
EXPE Expedia Group Inc. 2.12% 114,649 $21.4M Reduce -24.8%
GD General Dynamics Corp. 2.08% 79,450 $20.9M Add +18.6%
BKNG Booking Holdings Inc. 2.04% 4,136 $20.5M Reduce -20.7%
SABR Sabre Corp. 2.03% 5,618,937 $20.5M New
TXT Textron Inc. 1.99% 262,574 $20.1M Add +13.3%
FNV Franco-Nevada Corp. 1.04% 89,237 $10.5M Reduce -2.7%
RYAAY Ryanair Holdings PLC-SP ADR 1.02% 235,419 $10.3M Add +0.0%
MMYT Makemytrip Ltd. 1.02% 91,313 $10.3M Reduce -13.3%
TCOM Trip.com Group Ltd.-ADR 1.01% 148,601 $10.2M Reduce -30.5%
WPM Wheaton Precious Metals Corp. 0.99% 177,481 $10.0M Reduce -6.2%
RGLD Royal Gold Inc. 0.98% 74,703 $9.8M Reduce -10.1%
OR Osisko Gold Royalties Ltd. 0.73% 408,013 $7.4M Reduce -6.8%
AGI Alamos Gold Inc. Class A 0.58% 318,500 $5.9M No change
NGD New Gold Inc. 0.55% 2,226,244 $5.5M Reduce -11.4%
EMBJ Embraer SA-Spon ADR 0.53% 145,991 $5.4M Add +4.5%
CPA Copa Holdings SA Class A 0.53% 60,880 $5.4M Add +6.9%
ASR Grupo Aeroportuario Sur-ADR 0.53% 20,711 $5.3M Add +14.3%
SAND Sandstorm Gold Ltd. 0.50% 909,749 $5.1M Add +31.3%
KGC Kinross Gold Corp. 0.45% 494,656 $4.6M Reduce -8.0%
EGO Eldorado Gold Corp. 0.40% 270,196 $4.0M Reduce -2.5%
IAG Iamgold Corp. 0.39% 753,291 $3.9M Reduce -11.8%
VOXR Vox Royalty Corp. 0.37% 1,600,000 $3.7M No change
CGAU Centerra Gold Inc. 0.36% 644,721 $3.7M New
TFPM Triple Flag Precious Met 0.34% 226,239 $3.4M Reduce -7.6%
AEM Agnico Eagle Mines Ltd. 0.29% 37,500 $2.9M Add +36.4%
RACE Ferrari NV 0.29% 6,800 $2.9M Add +40.2%
CDE Coeur Mining Inc. 0.27% 481,000 $2.8M Reduce -17.9%
MUX McEwen Inc. 0.25% 328,612 $2.6M New
MTA Metalla Royalty & Streaming 0.25% 1,004,949 $2.5M New
HL Hecla Mining Co. 0.24% 500,000 $2.5M Add +150.0%
FSM Fortuna Mining Corp. 0.24% 562,401 $2.4M Reduce -18.0%
TSLA Tesla Inc. 0.19% 4,840 $2.0M Reduce -48.4%
RCL Royal Caribbean Cruises Ltd. 0.18% 7,755 $1.8M Reduce -15.7%
VZLA Vizsla Silver Corp. 0.18% 1,050,000 $1.8M Reduce -2.3%
EMX Emx Royalty Corp. filed as EMX RTY CORP 0.17% 1,000,000 $1.7M No change
HMY Harmony Gold MNG-Spon ADR 0.16% 200,000 $1.6M Reduce -63.3%
LNG Cheniere Energy Inc. 0.16% 7,500 $1.6M No change
HLT Hilton Worldwide Holdings Inc. 0.16% 6,450 $1.6M Reduce -25.9%
EXK Endeavour Silver Corp. 0.15% 425,000 $1.6M Add +21.4%
GS Goldman Sachs Group Inc. 0.15% 2,590 $1.5M Reduce -12.8%
CCL Carnival Corp. 0.14% 57,000 $1.4M Reduce -2.9%
STZ Constellation Brands Inc. Class A 0.14% 6,300 $1.4M Add +59.9%
AU Anglogold Ashanti PLC 0.14% 60,000 $1.4M Reduce -40.0%
AXP American Express Co. 0.13% 4,500 $1.3M Add +28.6%
APO Apollo Global Management Inc. 0.12% 7,345 $1.2M Add +3.5%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.11% 192,125 $1.1M New
SUB iShares Short-Term National 0.10% 10,000 $1.1M New
PAAS Pan American Silver Corp. 0.10% 50,000 $1.0M No change
GFI Gold Fields Ltd.-Spons ADR 0.10% 75,000 $990K New
WYNN WYNN Resorts Ltd. 0.09% 10,600 $913K Add +103.8%
MAR Marriott International Class A 0.09% 3,150 $879K Add +162.5%
VIK Viking Holdings Ltd. 0.09% 19,800 $872K Reduce -40.9%
LIN Linde PLC 0.08% 2,000 $837K No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.08% 11,000 $825K Add +83.3%
SVM Silvercorp Metals Inc. 0.07% 250,000 $750K No change
VNOM Viper Energy Inc. 0.07% 15,000 $736K No change
NTRS Northern Trust Corp. 0.07% 7,100 $728K Reduce -24.5%
HBM Hudbay Minerals Inc. 0.06% 75,000 $608K Add +50.0%
COP Conocophillips 0.06% 5,962 $591K Add +297.5%
KKR KKR & Co. Inc. 0.06% 3,950 $584K Reduce -55.9%
SLVM Sylvamo Corp. 0.05% 7,000 $553K No change
INGR Ingredion Inc. 0.05% 4,000 $550K No change
AR Antero Resources Corp. 0.05% 15,000 $526K No change
CNL Collective Mining Ltd. 0.05% 125,000 $519K No change
KRP Kimbell Royalty Partners LP 0.05% 30,000 $487K No change
ONON On Holding AG Class A filed as ON HLDG AG 0.05% 8,450 $463K Add +218.9%
MEOH Methanex Corp. 0.04% 9,000 $450K No change
LVS Las Vegas Sands Corp. 0.04% 8,600 $442K No change
BKR Baker Hughes Co. 0.04% 10,000 $410K No change
SA Seabridge Gold Inc. 0.04% 35,000 $399K No change
WTTR Select Water Solutions Inc. 0.04% 30,000 $397K Reduce -25.0%
USAS Americas Gold and Silver Cor 0.04% 1,000,000 $382K New
XOM Exxon Mobil Corp. 0.04% 3,500 $376K No change
IMO Imperial Oil Ltd. 0.04% 6,000 $370K No change
BG Bunge Global SA 0.03% 4,500 $350K No change
ZIM Zim Integrated Shipping Serv 0.03% 16,082 $345K New
TECK Teck Resources Ltd.-CLS B 0.03% 8,500 $345K No change
EU Encore Energy Corp. 0.03% 100,000 $337K No change
PPTA Perpetua Resources Corp. 0.03% 30,000 $320K Add +20.0%
FMC FMC Corp. 0.03% 6,500 $316K No change
EOG EOG Resources Inc. 0.03% 2,500 $306K No change
IE Ivanhoe Electric Inc. / US 0.03% 40,000 $302K No change
HAFN Hafnia Ltd. 0.03% 56,508 $300K New
BP BP PLC-Spons ADR 0.03% 10,000 $296K No change
CCJ Cameco Corp. 0.03% 5,000 $257K No change
STNG Scorpio Tankers Inc. 0.03% 5,092 $253K Add +4.4%
RRC Range Resources Corp. 0.03% 7,000 $252K No change
TRMD Torm PLC-A 0.02% 12,620 $245K Add +26.3%

Show all 125 holdings

Options reported separately and not counted above: B calls ($2K), NEM calls ($650), RACE calls ($55).

Portfolio Sells Q3 2024 → Q4 2024
SAVEQ Spirit Airlines Inc. Sold out 0.00% −2.78
ATSG Air Transport Services Group Sold out 0.00% −2.11
HMY Harmony Gold MNG-Spon ADR Reduce -63.3% 0.16% −0.37
SILV Silvercrest Metals Inc. Sold out 0.00% −0.34
ALGT Allegiant Travel Co. Reduce -47.3% 3.64% −0.29
SKYW Skywest Inc. Reduce -24.6% 3.00% −0.28
NEM Newmont Corp. Sold out 0.00% −0.26
DRD Drdgold Ltd.-Sponsored ADR Sold out 0.00% −0.23
TCOM Trip.com Group Ltd.-ADR Reduce -30.5% 1.01% −0.21
DAL Delta Air Lines Inc. Reduce -19.6% 11.05% −0.16
B Barrick Gold Corp. Sold out 0.00% −0.16
NGD New Gold Inc. Reduce -11.4% 0.55% −0.15
RGLD Royal Gold Inc. Reduce -10.1% 0.98% −0.15
AMZN Amazon.com Inc. Sold out 0.00% −0.14
LULU Lululemon Athletica Inc. Sold out 0.00% −0.12
WPM Wheaton Precious Metals Corp. Reduce -6.2% 0.99% −0.12
AU Anglogold Ashanti PLC Reduce -40.0% 0.14% −0.12
CDE Coeur Mining Inc. Reduce -17.9% 0.27% −0.12
ULCC Frontier Group Holdings Inc. Reduce -29.0% 3.78% −0.11
BKNG Booking Holdings Inc. Reduce -20.7% 2.04% −0.08
FSM Fortuna Mining Corp. Reduce -18.0% 0.24% −0.07
EGO Eldorado Gold Corp. Reduce -2.5% 0.40% −0.07
GOLD Gold.com Inc. Sold out 0.00% −0.06
SHEL Shell PLC-ADR Sold out 0.00% −0.06
FNV Franco-Nevada Corp. Reduce -2.7% 1.04% −0.06
EXPE Expedia Group Inc. Reduce -24.8% 2.12% −0.06
KKR KKR & Co. Inc. Reduce -55.9% 0.06% −0.05
OR Osisko Gold Royalties Ltd. Reduce -6.8% 0.73% −0.05
IAG Iamgold Corp. Reduce -11.8% 0.39% −0.04
MRO Marathon Oil Corp. Sold out 0.00% −0.04
TFPM Triple Flag Precious Met Reduce -7.6% 0.34% −0.04
TSLA Tesla Inc. Reduce -48.4% 0.19% −0.04
ADM Archer-Daniels-Midland Co. Sold out 0.00% −0.04
HLT Hilton Worldwide Holdings Inc. Reduce -25.9% 0.16% −0.04
WY Weyerhaeuser Co. Sold out 0.00% −0.03
BWLP BW LPG Ltd. Sold out 0.00% −0.03
HAFN Hafnia Ltd. Sold out 0.00% −0.03
KGC Kinross Gold Corp. Reduce -8.0% 0.45% −0.03
TNK Teekay Tankers Ltd. Class A Sold out 0.00% −0.03
INSW International Seaways Inc. Sold out 0.00% −0.03
VIK Viking Holdings Ltd. Reduce -40.9% 0.09% −0.03
VZLA Vizsla Silver Corp. Reduce -2.3% 0.18% −0.02
PROSHARES ULTRASHORT GOLD Sold out 0.00% −0.02
GPK Graphic Packaging Holding Co. Sold out 0.00% −0.02
SKE Skeena Resources Ltd. Sold out 0.00% −0.02
DAC Danaos Corp. Reduce -55.4% 0.01% −0.02
LBRT Liberty Energy Inc. Sold out 0.00% −0.01
ASC Ardmore Shipping Corp. Sold out 0.00% −0.01
FRO Frontline PLC Sold out 0.00% −0.01
NTRS Northern Trust Corp. Reduce -24.5% 0.07% −0.01

Portfolio Buys Q3 2024 → Q4 2024
SABR Sabre Corp. New 2.03% +2.03
LUV Southwest Airlines Co. Add +1.7% 11.52% +1.82
BA The Boeing Co. Add +5.3% 2.29% +0.48
CGAU Centerra Gold Inc. New 0.36% +0.36
MUX McEwen Inc. New 0.25% +0.25
MTA Metalla Royalty & Streaming New 0.25% +0.25
TRIP Tripadvisor Inc. Add +2.0% 2.26% +0.15
GD General Dynamics Corp. Add +18.6% 2.08% +0.13
HL Hecla Mining Co. Add +150.0% 0.24% +0.11
ORLA Orla Mining Ltd. New 0.11% +0.11
SUB iShares Short-Term National New 0.10% +0.10
SAND Sandstorm Gold Ltd. Add +31.3% 0.50% +0.10
GFI Gold Fields Ltd.-Spons ADR New 0.10% +0.10
AEM Agnico Eagle Mines Ltd. Add +36.4% 0.29% +0.08
RACE Ferrari NV Add +40.2% 0.29% +0.07
MAR Marriott International Class A Add +162.5% 0.09% +0.06
EMBJ Embraer SA-Spon ADR Add +4.5% 0.53% +0.05
COP Conocophillips Add +297.5% 0.06% +0.04
WYNN WYNN Resorts Ltd. Add +103.8% 0.09% +0.04
AXP American Express Co. Add +28.6% 0.13% +0.04
STZ Constellation Brands Inc. Class A Add +59.9% 0.14% +0.04
USAS Americas Gold and Silver Cor New 0.04% +0.04
ASR Grupo Aeroportuario Sur-ADR Add +14.3% 0.53% +0.04
APO Apollo Global Management Inc. Add +3.5% 0.12% +0.03
ZIM Zim Integrated Shipping Serv New 0.03% +0.03
ONON On Holding AG Class A Add +218.9% 0.05% +0.03
HAFN Hafnia Ltd. New 0.03% +0.03
EL Estee Lauder Companies Class A Add +83.3% 0.08% +0.02
VFC VF Corp. New 0.02% +0.02
EXK Endeavour Silver Corp. Add +21.4% 0.15% +0.02
AA Alcoa Corp. New 0.02% +0.02
NXE Nexgen Energy Ltd. New 0.02% +0.02
HBM Hudbay Minerals Inc. Add +50.0% 0.06% +0.02
CPA Copa Holdings SA Class A Add +6.9% 0.53% +0.02
TXT Textron Inc. Add +13.3% 1.99% +0.01
NCLH Norwegian Cruise Line Holdin New 0.01% +0.01
MATX Matson Inc. New 0.01% +0.01
SLI Standard Lithium Ltd. New 0.01% +0.01
CME Cme Group Inc. New 0.01% +0.01
PPTA Perpetua Resources Corp. Add +20.0% 0.03% +0.01
ALB Albemarle Corp. New 0.01% +0.01
SGML Sigma Lithium Corp. Add +233.3% 0.01% +0.01
RYAAY Ryanair Holdings PLC-SP ADR Add +0.0% 1.02% −0.01
STNG Scorpio Tankers Inc. Add +4.4% 0.03% −0.01
TRMD Torm PLC-A Add +26.3% 0.02% −0.01

Options Activity Q3 2024 → Q4 2024
RACE Ferrari NV call Add +120.0% 55 $55

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