U S Global Investors Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 24, 2025), U S Global Investors Inc. reported 136 stock positions worth $756.6 million. Its top holding was Southwest Airlines (LUV) at 11.8% of the portfolio, followed by Delta Air Lines (DAL, 10.4%) and American Airlines (AAL, 10.0%). Compared with Q4 2024, it opened 29 new positions, sold out of 18, added to 27 and reduced 51. The biggest buy was Osisko Gold Royalties (OR, shares +33%) and the biggest sale United Airlines (UAL, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- SAN ANTONIO, TX
- CIK
- 0000754811
- Portfolio Value
- $756.6M (Q1 2025)
- SEC Filing
- 0001437749-25-012894 ↗ filed Apr 24, 2025
Holdings Value
Holdings 136 stocks · $756.6M
| LUV Southwest Airlines Co. | 11.83% | 2,664,510 | $89.5M | Reduce -22.9% |
| DAL Delta Air Lines Inc. | 10.37% | 1,800,245 | $78.5M | Reduce -2.2% |
| AAL American Airlines Group Inc. | 10.01% | 7,181,246 | $75.8M | Add +8.7% |
| UAL United Airlines Holdings Inc. | 9.97% | 1,092,438 | $75.4M | Reduce -8.8% |
| SKYW Skywest Inc. | 3.12% | 270,074 | $23.6M | Reduce -10.6% |
| ALGT Allegiant Travel Co. | 2.82% | 412,400 | $21.3M | Add +5.6% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 2.80% | 1,721,538 | $21.2M | Reduce -21.7% |
| ALK Alaska Air Group Inc. | 2.78% | 427,560 | $21.0M | Reduce -18.6% |
| JBLU Jetblue Airways Corp. | 2.55% | 4,010,140 | $19.3M | Reduce -15.9% |
| ULCC Frontier Group Holdings Inc. | 2.24% | 3,898,614 | $16.9M | Reduce -27.4% |
| BA The Boeing Co. | 2.23% | 99,004 | $16.9M | Reduce -24.1% |
| BKNG Booking Holdings Inc. | 2.16% | 3,555 | $16.4M | Reduce -14.1% |
| TRIP Tripadvisor Inc. | 2.09% | 1,117,375 | $15.8M | Reduce -27.6% |
| GD General Dynamics Corp. | 2.08% | 57,780 | $15.7M | Reduce -27.3% |
| EXPE Expedia Group Inc. | 2.08% | 93,639 | $15.7M | Reduce -18.3% |
| TXT Textron Inc. | 1.95% | 204,281 | $14.8M | Reduce -22.2% |
| FNV Franco-Nevada Corp. | 1.79% | 85,773 | $13.5M | Reduce -3.9% |
| SABR Sabre Corp. | 1.70% | 4,579,011 | $12.9M | Reduce -18.5% |
| WPM Wheaton Precious Metals Corp. | 1.66% | 161,378 | $12.5M | Reduce -9.1% |
| RGLD Royal Gold Inc. | 1.60% | 74,177 | $12.1M | Reduce -0.7% |
| OR Osisko Gold Royalties Ltd. | 1.51% | 540,977 | $11.4M | Add +32.6% |
| MMYT Makemytrip Ltd. | 1.09% | 84,193 | $8.3M | Reduce -7.8% |
| TCOM Trip.com Group Ltd.-ADR | 1.02% | 120,993 | $7.7M | Reduce -18.6% |
| AGI Alamos Gold Inc. Class A | 0.92% | 260,000 | $7.0M | Reduce -18.4% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.89% | 158,533 | $6.7M | Reduce -32.7% |
| SAND Sandstorm Gold Ltd. | 0.87% | 873,898 | $6.6M | Reduce -3.9% |
| KGC Kinross Gold Corp. | 0.80% | 477,042 | $6.0M | Reduce -3.6% |
| NGD New Gold Inc. | 0.75% | 1,522,531 | $5.6M | Reduce -31.6% |
| CGAU Centerra Gold Inc. | 0.64% | 764,286 | $4.8M | Add +18.6% |
| VOXR Vox Royalty Corp. | 0.62% | 1,600,000 | $4.7M | No change |
| TFPM Triple Flag Precious Met | 0.54% | 214,471 | $4.1M | Reduce -5.2% |
| ASR Grupo Aeroportuario Sur-ADR | 0.52% | 14,233 | $3.9M | Reduce -31.3% |
| CPA Copa Holdings SA Class A | 0.49% | 40,001 | $3.7M | Reduce -34.3% |
| AEM Agnico Eagle Mines Ltd. | 0.47% | 32,500 | $3.5M | Reduce -13.3% |
| FSM Fortuna Mining Corp. | 0.47% | 576,714 | $3.5M | Add +2.5% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.46% | 372,922 | $3.5M | Add +94.1% |
| EGO Eldorado Gold Corp. | 0.45% | 203,359 | $3.4M | Reduce -24.7% |
| EMBJ Embraer SA-Spon ADR | 0.44% | 72,139 | $3.3M | Reduce -50.6% |
| MUX McEwen Inc. | 0.40% | 405,584 | $3.1M | Add +23.4% |
| CDE Coeur Mining Inc. | 0.38% | 481,000 | $2.8M | No change |
| HL Hecla Mining Co. | 0.37% | 500,000 | $2.8M | No change |
| RACE Ferrari NV | 0.37% | 6,485 | $2.8M | Reduce -4.6% |
| VZLA Vizsla Silver Corp. | 0.32% | 1,050,000 | $2.4M | No change |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.30% | 144,682 | $2.3M | New |
| AU Anglogold Ashanti PLC | 0.29% | 60,000 | $2.2M | No change |
| HMY Harmony Gold MNG-Spon ADR | 0.29% | 150,000 | $2.2M | Reduce -25.0% |
| DRD Drdgold Ltd.-Sponsored ADR | 0.28% | 138,951 | $2.1M | New |
| EMX Emx Royalty Corp. filed as EMX RTY CORP | 0.27% | 1,000,000 | $2.0M | No change |
| EXK Endeavour Silver Corp. | 0.26% | 452,500 | $1.9M | Add +6.5% |
| TSLA Tesla Inc. | 0.25% | 7,440 | $1.9M | Add +53.7% |
| GS Goldman Sachs Group Inc. | 0.20% | 2,825 | $1.5M | Add +9.1% |
| GFI Gold Fields Ltd.-Spons ADR | 0.19% | 65,000 | $1.4M | Reduce -13.3% |
| CCL Carnival Corp. | 0.19% | 73,500 | $1.4M | Add +28.9% |
| AXP American Express Co. | 0.19% | 5,305 | $1.4M | Add +17.9% |
| JPM JPMorgan Chase & Co. | 0.18% | 5,500 | $1.3M | New |
| IAG Iamgold Corp. | 0.17% | 200,000 | $1.3M | Reduce -73.5% |
| SVM Silvercorp Metals Inc. | 0.16% | 320,000 | $1.2M | Add +28.0% |
| AAPL Apple Inc. | 0.16% | 5,550 | $1.2M | New |
| BTG B2GOLD Corp. | 0.16% | 425,000 | $1.2M | New |
| RCL Royal Caribbean Cruises Ltd. | 0.16% | 5,855 | $1.2M | Reduce -24.5% |
| NTRS Northern Trust Corp. | 0.16% | 11,950 | $1.2M | Add +68.3% |
| HLT Hilton Worldwide Holdings Inc. | 0.15% | 5,150 | $1.2M | Reduce -20.2% |
| LNG Cheniere Energy Inc. | 0.15% | 5,000 | $1.2M | Reduce -33.3% |
| MAG Mag Silver Corp. | 0.15% | 75,000 | $1.1M | New |
| SUB iShares Short-Term National | 0.14% | 10,000 | $1.1M | No change |
| CNL Collective Mining Ltd. | 0.14% | 120,000 | $1.0M | Reduce -4.0% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.13% | 19,700 | $1.0M | New |
| NTR Nutrien Ltd. | 0.11% | 17,500 | $869K | New |
| XOM Exxon Mobil Corp. | 0.11% | 7,000 | $833K | Add +100.0% |
| CG The Carlyle Group Inc. | 0.10% | 17,000 | $741K | New |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.10% | 11,000 | $726K | No change |
| HBM Hudbay Minerals Inc. | 0.10% | 95,000 | $721K | Add +26.7% |
| AMZN Amazon.com Inc. | 0.09% | 3,750 | $713K | New |
| COP Conocophillips | 0.08% | 5,962 | $626K | No change |
| MSTZ T-Rex 2X Inverse MSTR DT ETF | 0.07% | 35,600 | $499K | New |
| H Hyatt Hotels Corp. Class A | 0.06% | 4,000 | $490K | New |
| SA Seabridge Gold Inc. | 0.06% | 40,000 | $467K | Add +14.3% |
| TOL Toll Brothers Inc. | 0.06% | 4,350 | $459K | New |
| NCLH Norwegian Cruise Line Holdin | 0.06% | 24,000 | $455K | Add +380.0% |
| IMO Imperial Oil Ltd. | 0.06% | 6,000 | $434K | No change |
| VIK Viking Holdings Ltd. | 0.06% | 10,800 | $429K | Reduce -45.5% |
| IP International Paper Co. | 0.05% | 7,500 | $400K | New |
| ARLP Alliance Resource Partners | 0.05% | 14,000 | $382K | New |
| WY Weyerhaeuser Co. | 0.05% | 13,000 | $381K | New |
| CTVA Corteva Inc. | 0.05% | 6,000 | $378K | New |
| DVN Devon Energy Corp. | 0.05% | 10,000 | $374K | New |
| LIN Linde PLC | 0.05% | 800 | $373K | Reduce -60.0% |
| SHEL Shell PLC-ADR | 0.05% | 5,000 | $366K | New |
| VNOM Viper Energy Inc. | 0.04% | 7,500 | $339K | Reduce -50.0% |
| BP BP PLC-Spons ADR | 0.04% | 10,000 | $338K | No change |
| STZ Constellation Brands Inc. Class A | 0.04% | 1,800 | $330K | Reduce -71.4% |
| PPTA Perpetua Resources Corp. | 0.04% | 30,000 | $321K | No change |
| EOG EOG Resources Inc. | 0.04% | 2,500 | $321K | No change |
| TECK Teck Resources Ltd.-CLS B | 0.04% | 8,500 | $310K | No change |
| AR Antero Resources Corp. | 0.04% | 7,500 | $303K | Reduce -50.0% |
| RRC Range Resources Corp. | 0.04% | 7,000 | $280K | No change |
| HAFN Hafnia Ltd. | 0.03% | 63,643 | $262K | Add +12.6% |
| STNG Scorpio Tankers Inc. | 0.03% | 6,943 | $261K | Add +36.4% |
| TTE Totalenergies SE -Spon ADR | 0.03% | 4,000 | $259K | No change |
| TRMD Torm PLC-A | 0.03% | 15,251 | $251K | Add +20.9% |
Options reported separately and not counted above: B calls ($387K), NEM calls ($372K).
Portfolio Sells Q4 2024 → Q1 2025
| UAL United Airlines Holdings Inc. | Reduce -8.8% | 9.97% | −1.56 |
| ULCC Frontier Group Holdings Inc. | Reduce -27.4% | 2.24% | −1.55 |
| JBLU Jetblue Airways Corp. | Reduce -15.9% | 2.55% | −1.16 |
| DAL Delta Air Lines Inc. | Reduce -2.2% | 10.37% | −0.67 |
| ALK Alaska Air Group Inc. | Reduce -18.6% | 2.78% | −0.59 |
| SNCY Sun Country Airlines Holding | Reduce -21.7% | 2.80% | −0.38 |
| SABR Sabre Corp. | Reduce -18.5% | 1.70% | −0.33 |
| MTA Metalla Royalty & Streaming | Sold out | 0.00% | −0.25 |
| IAG Iamgold Corp. | Reduce -73.5% | 0.17% | −0.22 |
| TRIP Tripadvisor Inc. | Reduce -27.6% | 2.09% | −0.17 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -32.7% | 0.89% | −0.13 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.12 |
| PAAS Pan American Silver Corp. | Sold out | 0.00% | −0.10 |
| STZ Constellation Brands Inc. Class A | Reduce -71.4% | 0.04% | −0.09 |
| WYNN WYNN Resorts Ltd. | Sold out | 0.00% | −0.09 |
| EMBJ Embraer SA-Spon ADR | Reduce -50.6% | 0.44% | −0.09 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.09 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.06 |
| BA The Boeing Co. | Reduce -24.1% | 2.23% | −0.06 |
| SLVM Sylvamo Corp. | Sold out | 0.00% | −0.05 |
| INGR Ingredion Inc. | Sold out | 0.00% | −0.05 |
| KRP Kimbell Royalty Partners LP | Sold out | 0.00% | −0.05 |
| MEOH Methanex Corp. | Sold out | 0.00% | −0.04 |
| LVS Las Vegas Sands Corp. | Sold out | 0.00% | −0.04 |
| CPA Copa Holdings SA Class A | Reduce -34.3% | 0.49% | −0.04 |
| TXT Textron Inc. | Reduce -22.2% | 1.95% | −0.04 |
| EXPE Expedia Group Inc. | Reduce -18.3% | 2.08% | −0.04 |
| BG Bunge Global SA | Sold out | 0.00% | −0.03 |
| LIN Linde PLC | Reduce -60.0% | 0.05% | −0.03 |
| FMC FMC Corp. | Sold out | 0.00% | −0.03 |
| VIK Viking Holdings Ltd. | Reduce -45.5% | 0.06% | −0.03 |
| VNOM Viper Energy Inc. | Reduce -50.0% | 0.04% | −0.03 |
| BKR Baker Hughes Co. | Reduce -65.0% | 0.02% | −0.02 |
| WTTR Select Water Solutions Inc. | Reduce -50.0% | 0.02% | −0.02 |
| CNQ Canadian Natural Resources | Sold out | 0.00% | −0.02 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -24.5% | 0.16% | −0.02 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.02 |
| URG Ur-Energy Inc. | Sold out | 0.00% | −0.02 |
| ONON On Holding AG Class A | Reduce -36.7% | 0.03% | −0.01 |
| ASR Grupo Aeroportuario Sur-ADR | Reduce -31.3% | 0.52% | −0.01 |
| DAC Danaos Corp. | Sold out | 0.00% | −0.01 |
| AR Antero Resources Corp. | Reduce -50.0% | 0.04% | −0.01 |
| CCJ Cameco Corp. | Reduce -50.0% | 0.01% | −0.01 |
| DNN Denison Mines Corp. | Reduce -56.5% | 0.01% | −0.01 |
| GSL Global Ship Lease Inc. Class A | Sold out | 0.00% | −0.01 |
| USAS Americas Gold and Silver Cor | Reduce -60.0% | 0.03% | −0.01 |
| LNG Cheniere Energy Inc. | Reduce -33.3% | 0.15% | −0.01 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -20.2% | 0.15% | −0.00 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -18.6% | 1.02% | +0.01 |
| SLB SLB Ltd. | Reduce -10.0% | 0.02% | +0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| OR Osisko Gold Royalties Ltd. | Add +32.6% | 1.51% | +0.78 |
| ORLA Orla Mining Ltd. | Add +94.1% | 0.46% | +0.35 |
| BVN Cia DE Minas Buenaventur-ADR | New | 0.30% | +0.30 |
| DRD Drdgold Ltd.-Sponsored ADR | New | 0.28% | +0.28 |
| CGAU Centerra Gold Inc. | Add +18.6% | 0.64% | +0.28 |
| FSM Fortuna Mining Corp. | Add +2.5% | 0.47% | +0.23 |
| JPM JPMorgan Chase & Co. | New | 0.18% | +0.18 |
| AAPL Apple Inc. | New | 0.16% | +0.16 |
| BTG B2GOLD Corp. | New | 0.16% | +0.16 |
| MAG Mag Silver Corp. | New | 0.15% | +0.15 |
| MUX McEwen Inc. | Add +23.4% | 0.40% | +0.15 |
| JMST JPM Ultra-Short Muni Income | New | 0.13% | +0.13 |
| NTR Nutrien Ltd. | New | 0.11% | +0.11 |
| EXK Endeavour Silver Corp. | Add +6.5% | 0.26% | +0.10 |
| CG The Carlyle Group Inc. | New | 0.10% | +0.10 |
| AMZN Amazon.com Inc. | New | 0.09% | +0.09 |
| SVM Silvercorp Metals Inc. | Add +28.0% | 0.16% | +0.09 |
| NTRS Northern Trust Corp. | Add +68.3% | 0.16% | +0.08 |
| XOM Exxon Mobil Corp. | Add +100.0% | 0.11% | +0.07 |
| MSTZ T-Rex 2X Inverse MSTR DT ETF | New | 0.07% | +0.07 |
| H Hyatt Hotels Corp. Class A | New | 0.06% | +0.06 |
| TSLA Tesla Inc. | Add +53.7% | 0.25% | +0.06 |
| TOL Toll Brothers Inc. | New | 0.06% | +0.06 |
| GS Goldman Sachs Group Inc. | Add +9.1% | 0.20% | +0.06 |
| AXP American Express Co. | Add +17.9% | 0.19% | +0.06 |
| IP International Paper Co. | New | 0.05% | +0.05 |
| ARLP Alliance Resource Partners | New | 0.05% | +0.05 |
| WY Weyerhaeuser Co. | New | 0.05% | +0.05 |
| CTVA Corteva Inc. | New | 0.05% | +0.05 |
| DVN Devon Energy Corp. | New | 0.05% | +0.05 |
| CCL Carnival Corp. | Add +28.9% | 0.19% | +0.05 |
| SHEL Shell PLC-ADR | New | 0.05% | +0.05 |
| NCLH Norwegian Cruise Line Holdin | Add +380.0% | 0.06% | +0.05 |
| HBM Hudbay Minerals Inc. | Add +26.7% | 0.10% | +0.04 |
| X United States Steel Corp. | New | 0.03% | +0.03 |
| STLD Steel Dynamics Inc. | New | 0.02% | +0.02 |
| NUE Nucor Corp. | New | 0.02% | +0.02 |
| SA Seabridge Gold Inc. | Add +14.3% | 0.06% | +0.02 |
| OSISKO DEVELOPMENT CORP | New | 0.02% | +0.02 |
| BCC Boise Cascade Co. | New | 0.02% | +0.02 |
| INSW International Seaways Inc. | New | 0.02% | +0.02 |
| RIVN Rivian Automotive Inc. Class A | New | 0.01% | +0.01 |
| MTN Vail Resorts Inc. | New | 0.01% | +0.01 |
| ZTO Zto Express Cayman Inc.-ADR | Add +47.0% | 0.03% | +0.01 |
| MGM MGM Resorts International | New | 0.01% | +0.01 |
| EXPD Expeditors Intl Wash Inc. | Add +12.6% | 0.03% | +0.01 |
| HAL Halliburton Co. | New | 0.01% | +0.01 |
| STNG Scorpio Tankers Inc. | Add +36.4% | 0.03% | +0.01 |
| TRMD Torm PLC-A | Add +20.9% | 0.03% | +0.01 |
| FDX FedEx Corp. | Add +24.9% | 0.03% | +0.01 |
Options Activity Q4 2024 → Q1 2025
| B Barrick Gold Corp. | call | Reduce -47.6% | 890 | $387K |
| NEM Newmont Corp. | call | Reduce -48.5% | 335 | $372K |
| RACE Ferrari NV | call | Sold out | 55 | $55before exit |
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 |