U S Global Investors Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 24, 2025), U S Global Investors Inc. reported 135 stock positions worth $849.1 million. Its top holding was United Airlines (UAL) at 10.3% of the portfolio, followed by Delta Air Lines (DAL, 10.2%) and American Airlines (AAL, 10.2%). Compared with Q1 2025, it opened 22 new positions, sold out of 23, added to 50 and reduced 31. The biggest buy was Embraer SA-Spon ADR (EMBJ, shares +143%) and the biggest sale Southwest Airlines (LUV, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SAN ANTONIO, TX
- CIK
- 0000754811
- Portfolio Value
- $849.1M (Q2 2025)
- SEC Filing
- 0001437749-25-023434 ↗ filed Jul 24, 2025
Holdings Value
Holdings 135 stocks · $849.1M
| UAL United Airlines Holdings Inc. | 10.34% | 1,102,816 | $87.8M | Add +0.9% |
| DAL Delta Air Lines Inc. | 10.23% | 1,766,167 | $86.9M | Reduce -1.9% |
| AAL American Airlines Group Inc. | 10.20% | 7,718,224 | $86.6M | Add +7.5% |
| LUV Southwest Airlines Co. | 10.15% | 2,657,069 | $86.2M | Reduce -0.3% |
| SKYW Skywest Inc. | 2.92% | 240,403 | $24.8M | Reduce -11.0% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 2.87% | 2,076,107 | $24.4M | Add +20.6% |
| ALK Alaska Air Group Inc. | 2.79% | 479,052 | $23.7M | Add +12.0% |
| ALGT Allegiant Travel Co. | 2.78% | 430,153 | $23.6M | Add +4.3% |
| ULCC Frontier Group Holdings Inc. | 2.65% | 6,204,862 | $22.5M | Add +59.2% |
| JBLU Jetblue Airways Corp. | 2.50% | 5,021,419 | $21.2M | Add +25.2% |
| SABR Sabre Corp. | 2.10% | 5,646,761 | $17.8M | Add +23.3% |
| BKNG Booking Holdings Inc. | 2.06% | 3,018 | $17.5M | Reduce -15.1% |
| GD General Dynamics Corp. | 2.05% | 59,749 | $17.4M | Add +3.4% |
| TXT Textron Inc. | 2.01% | 212,794 | $17.1M | Add +4.2% |
| BA The Boeing Co. | 1.92% | 77,873 | $16.3M | Reduce -21.3% |
| EXPE Expedia Group Inc. | 1.89% | 95,298 | $16.1M | Add +1.8% |
| FNV Franco-Nevada Corp. | 1.80% | 93,305 | $15.3M | Add +8.8% |
| TRIP Tripadvisor Inc. | 1.79% | 1,163,738 | $15.2M | Add +4.2% |
| OR Or Royalties Inc. | 1.74% | 574,831 | $14.8M | Add +6.3% |
| RGLD Royal Gold Inc. | 1.69% | 80,839 | $14.4M | Add +9.0% |
| WPM Wheaton Precious Metals Corp. | 1.52% | 143,810 | $12.9M | Reduce -10.9% |
| EMBJ Embraer SA-Spon ADR | 1.17% | 175,040 | $10.0M | Add +142.6% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.96% | 140,783 | $8.1M | Reduce -11.2% |
| TCOM Trip.com Group Ltd.-ADR | 0.93% | 134,738 | $7.9M | Add +11.4% |
| AGI Alamos Gold Inc. Class A | 0.78% | 250,000 | $6.6M | Reduce -3.9% |
| SAND Sandstorm Gold Ltd. | 0.77% | 699,747 | $6.6M | Reduce -19.9% |
| AAUC Allied Gold Corp. | 0.71% | 451,848 | $6.1M | New |
| SVM Silvercorp Metals Inc. | 0.60% | 1,206,666 | $5.1M | Add +277.1% |
| VOXR Vox Royalty Corp. | 0.60% | 1,600,000 | $5.1M | No change |
| TFPM Triple Flag Precious Met | 0.59% | 209,767 | $5.0M | Reduce -2.2% |
| AEM Agnico Eagle Mines Ltd. | 0.58% | 41,500 | $4.9M | Add +27.7% |
| CPA Copa Holdings SA Class A | 0.52% | 40,269 | $4.4M | Add +0.7% |
| LTM Latam Airlines Group SA-ADR | 0.51% | 107,017 | $4.3M | New |
| HMY Harmony Gold MNG-Spon ADR | 0.51% | 307,960 | $4.3M | Add +105.3% |
| ASR Grupo Aeroportuario Sur-ADR | 0.50% | 13,279 | $4.2M | Reduce -6.7% |
| MMYT Makemytrip Ltd. | 0.49% | 42,204 | $4.1M | Reduce -49.9% |
| CDE Coeur Mining Inc. | 0.48% | 464,000 | $4.1M | Reduce -3.5% |
| KGC Kinross Gold Corp. | 0.48% | 260,000 | $4.1M | Reduce -45.5% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 0.47% | 556,542 | $4.0M | New |
| ASM Avino Silver & Gold Mines | 0.45% | 1,065,432 | $3.8M | New |
| CGAU Centerra Gold Inc. | 0.45% | 527,284 | $3.8M | Reduce -31.0% |
| IAG Iamgold Corp. | 0.43% | 500,000 | $3.7M | Add +150.0% |
| FSM Fortuna Mining Corp. | 0.43% | 553,143 | $3.6M | Reduce -4.1% |
| DRD Drdgold Ltd.-Sponsored ADR | 0.42% | 265,755 | $3.5M | Add +91.3% |
| HL Hecla Mining Co. | 0.39% | 550,000 | $3.3M | Add +10.0% |
| VZLA Vizsla Silver Corp. | 0.37% | 1,050,000 | $3.1M | No change |
| AU Anglogold Ashanti PLC | 0.35% | 65,000 | $3.0M | Add +8.3% |
| RACE Ferrari NV | 0.32% | 5,485 | $2.7M | Reduce -15.4% |
| MAG Mag Silver Corp. | 0.31% | 125,000 | $2.6M | Add +66.7% |
| TSLA Tesla Inc. | 0.29% | 7,840 | $2.5M | Add +5.4% |
| RCL Royal Caribbean Cruises Ltd. | 0.29% | 7,855 | $2.5M | Add +34.2% |
| CCL Carnival Corp. | 0.28% | 86,000 | $2.4M | Add +17.0% |
| GFI Gold Fields Ltd.-Spons ADR | 0.28% | 100,000 | $2.4M | Add +53.9% |
| EXK Endeavour Silver Corp. | 0.26% | 452,500 | $2.2M | No change |
| GS Goldman Sachs Group Inc. | 0.21% | 2,525 | $1.8M | Reduce -10.6% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.20% | 250,000 | $1.7M | New |
| BTG B2GOLD Corp. | 0.18% | 425,000 | $1.5M | No change |
| LNG Cheniere Energy Inc. | 0.17% | 6,000 | $1.5M | Add +20.0% |
| NTR Nutrien Ltd. | 0.17% | 25,000 | $1.5M | Add +42.9% |
| DVS Dolly Varden Silver Ltd. | 0.16% | 412,500 | $1.4M | New |
| HLT Hilton Worldwide Holdings Inc. | 0.16% | 5,150 | $1.4M | No change |
| NGD New Gold Inc. | 0.16% | 275,000 | $1.4M | Reduce -81.9% |
| NTRS Northern Trust Corp. | 0.16% | 10,450 | $1.3M | Reduce -12.6% |
| EMX Emx Royalty Corp. filed as EMX RTY CORP | 0.15% | 500,000 | $1.3M | Reduce -50.0% |
| USAS Americas Gold and Silver Cor | 0.14% | 1,500,000 | $1.2M | Add +275.0% |
| NEM Newmont Corp. | 0.14% | 20,000 | $1.2M | New |
| XOM Exxon Mobil Corp. | 0.13% | 10,500 | $1.1M | Add +50.0% |
| GEV GE Vernova Inc. | 0.12% | 2,000 | $1.1M | New |
| LTH Life Time Group Holdings Inc. | 0.12% | 33,600 | $1.0M | New |
| HBM Hudbay Minerals Inc. | 0.12% | 95,000 | $1.0M | No change |
| TTE Totalenergies SE -Spon ADR | 0.11% | 15,000 | $921K | Add +275.0% |
| BIRK Birkenstock Holding PLC | 0.10% | 17,500 | $861K | New |
| SHEL Shell PLC-ADR | 0.09% | 11,000 | $775K | Add +120.0% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.09% | 9,500 | $768K | Reduce -13.6% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.09% | 15,000 | $764K | Reduce -23.9% |
| LULU Lululemon Athletica Inc. | 0.09% | 3,200 | $760K | New |
| AMZN Amazon.com Inc. | 0.08% | 3,125 | $686K | Reduce -16.7% |
| CNL Collective Mining Ltd. | 0.08% | 60,000 | $657K | Reduce -50.0% |
| FCX Freeport-McMoran Inc. | 0.08% | 15,000 | $650K | New |
| PPTA Perpetua Resources Corp. | 0.07% | 50,000 | $607K | Add +66.7% |
| SA Seabridge Gold Inc. | 0.07% | 40,000 | $581K | No change |
| TPR Tapestry Inc. | 0.07% | 6,500 | $571K | New |
| OSISKO DEVELOPMENT CORP | 0.06% | 250,000 | $537K | Add +150.0% |
| TOL Toll Brothers Inc. | 0.06% | 4,350 | $496K | No change |
| NCLH Norwegian Cruise Line Holdin | 0.06% | 24,000 | $487K | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.05% | 8,650 | $450K | Add +61.7% |
| CTVA Corteva Inc. | 0.05% | 6,000 | $447K | No change |
| RRC Range Resources Corp. | 0.05% | 10,500 | $427K | Add +50.0% |
| AR Antero Resources Corp. | 0.05% | 10,000 | $403K | Add +33.3% |
| ZIM Zim Integrated Shipping Serv | 0.05% | 24,475 | $394K | Add +49.4% |
| LIN Linde PLC | 0.04% | 800 | $375K | No change |
| ARLP Alliance Resource Partners | 0.04% | 14,000 | $366K | No change |
| IE Ivanhoe Electric Inc. / US | 0.04% | 40,000 | $363K | No change |
| BP BP PLC-Spons ADR | 0.04% | 12,000 | $359K | Add +20.0% |
| IP International Paper Co. | 0.04% | 7,500 | $351K | No change |
| TECK Teck Resources Ltd.-CLS B | 0.04% | 8,500 | $343K | No change |
| ICL Icl Group Ltd. | 0.04% | 49,300 | $339K | New |
| WY Weyerhaeuser Co. | 0.04% | 13,000 | $334K | No change |
| TK Teekay Corp. Ltd. | 0.04% | 40,156 | $331K | New |
| DVN Devon Energy Corp. | 0.04% | 10,000 | $318K | No change |
Options reported separately and not counted above: NEM calls ($611K), B calls ($594K), DECK calls ($75).
Portfolio Sells Q1 2025 → Q2 2025
| LUV Southwest Airlines Co. | Reduce -0.3% | 10.15% | −1.67 |
| MMYT Makemytrip Ltd. | Reduce -49.9% | 0.49% | −0.60 |
| NGD New Gold Inc. | Reduce -81.9% | 0.16% | −0.59 |
| EGO Eldorado Gold Corp. | Sold out | 0.00% | −0.45 |
| ORLA Orla Mining Ltd. | Reduce -93.8% | 0.03% | −0.43 |
| MUX McEwen Inc. | Sold out | 0.00% | −0.40 |
| KGC Kinross Gold Corp. | Reduce -45.5% | 0.48% | −0.32 |
| BA The Boeing Co. | Reduce -21.3% | 1.92% | −0.31 |
| BVN Cia DE Minas Buenaventur-ADR | Sold out | 0.00% | −0.30 |
| SKYW Skywest Inc. | Reduce -11.0% | 2.92% | −0.20 |
| CGAU Centerra Gold Inc. | Reduce -31.0% | 0.45% | −0.19 |
| AXP American Express Co. | Sold out | 0.00% | −0.19 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.18 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.16 |
| DAL Delta Air Lines Inc. | Reduce -1.9% | 10.23% | −0.14 |
| SUB iShares Short-Term National | Sold out | 0.00% | −0.14 |
| AGI Alamos Gold Inc. Class A | Reduce -3.9% | 0.78% | −0.14 |
| WPM Wheaton Precious Metals Corp. | Reduce -10.9% | 1.52% | −0.13 |
| EMX Emx Royalty Corp. | Reduce -50.0% | 0.15% | −0.12 |
| BKNG Booking Holdings Inc. | Reduce -15.1% | 2.06% | −0.11 |
| CG The Carlyle Group Inc. | Sold out | 0.00% | −0.10 |
| SAND Sandstorm Gold Ltd. | Reduce -19.9% | 0.77% | −0.10 |
| COP Conocophillips | Sold out | 0.00% | −0.08 |
| MSTZ T-Rex 2X Inverse MSTR DT ETF | Reduce -98.3% | 0.00% | −0.07 |
| H Hyatt Hotels Corp. Class A | Sold out | 0.00% | −0.06 |
| CNL Collective Mining Ltd. | Reduce -50.0% | 0.08% | −0.06 |
| IMO Imperial Oil Ltd. | Sold out | 0.00% | −0.06 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −0.06 |
| RACE Ferrari NV | Reduce -15.4% | 0.32% | −0.05 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −0.04 |
| EOG EOG Resources Inc. | Sold out | 0.00% | −0.04 |
| JMST JPM Ultra-Short Muni Income | Reduce -23.9% | 0.09% | −0.04 |
| FSM Fortuna Mining Corp. | Reduce -4.1% | 0.43% | −0.04 |
| TRMD Torm PLC-A | Sold out | 0.00% | −0.03 |
| X United States Steel Corp. | Sold out | 0.00% | −0.03 |
| NUE Nucor Corp. | Sold out | 0.00% | −0.02 |
| AA Alcoa Corp. | Sold out | 0.00% | −0.02 |
| INSW International Seaways Inc. | Sold out | 0.00% | −0.02 |
| ASR Grupo Aeroportuario Sur-ADR | Reduce -6.7% | 0.50% | −0.02 |
| HAFN Hafnia Ltd. | Reduce -48.6% | 0.02% | −0.02 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −0.01 |
| STNG Scorpio Tankers Inc. | Reduce -38.5% | 0.02% | −0.01 |
| RIVN Rivian Automotive Inc. Class A | Sold out | 0.00% | −0.01 |
| MTN Vail Resorts Inc. | Sold out | 0.00% | −0.01 |
| AMZN Amazon.com Inc. | Reduce -16.7% | 0.08% | −0.01 |
| WTTR Select Water Solutions Inc. | Reduce -33.3% | 0.01% | −0.01 |
| DNN Denison Mines Corp. | Sold out | 0.00% | −0.01 |
| EL Estee Lauder Companies Class A | Reduce -13.6% | 0.09% | −0.01 |
| EU Encore Energy Corp. | Reduce -50.0% | 0.02% | −0.00 |
| NTRS Northern Trust Corp. | Reduce -12.6% | 0.16% | +0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| EMBJ Embraer SA-Spon ADR | Add +142.6% | 1.17% | +0.73 |
| AAUC Allied Gold Corp. | New | 0.71% | +0.71 |
| LTM Latam Airlines Group SA-ADR | New | 0.51% | +0.51 |
| SBSW Sibanye-Stillwater Ltd.-ADR | New | 0.47% | +0.47 |
| ASM Avino Silver & Gold Mines | New | 0.45% | +0.45 |
| SVM Silvercorp Metals Inc. | Add +277.1% | 0.60% | +0.44 |
| ULCC Frontier Group Holdings Inc. | Add +59.2% | 2.65% | +0.42 |
| SABR Sabre Corp. | Add +23.3% | 2.10% | +0.40 |
| UAL United Airlines Holdings Inc. | Add +0.9% | 10.34% | +0.37 |
| IAG Iamgold Corp. | Add +150.0% | 0.43% | +0.27 |
| OR Or Royalties Inc. | Add +6.3% | 1.74% | +0.23 |
| HMY Harmony Gold MNG-Spon ADR | Add +105.3% | 0.51% | +0.21 |
| ARIS Aris Mining Corp. | New | 0.20% | +0.20 |
| AAL American Airlines Group Inc. | Add +7.5% | 10.20% | +0.19 |
| DVS Dolly Varden Silver Ltd. | New | 0.16% | +0.16 |
| MAG Mag Silver Corp. | Add +66.7% | 0.31% | +0.16 |
| NEM Newmont Corp. | New | 0.14% | +0.14 |
| DRD Drdgold Ltd.-Sponsored ADR | Add +91.3% | 0.42% | +0.13 |
| RCL Royal Caribbean Cruises Ltd. | Add +34.2% | 0.29% | +0.13 |
| GEV GE Vernova Inc. | New | 0.12% | +0.12 |
| LTH Life Time Group Holdings Inc. | New | 0.12% | +0.12 |
| AEM Agnico Eagle Mines Ltd. | Add +27.7% | 0.58% | +0.12 |
| USAS Americas Gold and Silver Cor | Add +275.0% | 0.14% | +0.11 |
| BIRK Birkenstock Holding PLC | New | 0.10% | +0.10 |
| CCL Carnival Corp. | Add +17.0% | 0.28% | +0.10 |
| RGLD Royal Gold Inc. | Add +9.0% | 1.69% | +0.09 |
| LULU Lululemon Athletica Inc. | New | 0.09% | +0.09 |
| GFI Gold Fields Ltd.-Spons ADR | Add +53.9% | 0.28% | +0.09 |
| FCX Freeport-McMoran Inc. | New | 0.08% | +0.08 |
| TTE Totalenergies SE -Spon ADR | Add +275.0% | 0.11% | +0.07 |
| SNCY Sun Country Airlines Holding | Add +20.6% | 2.87% | +0.07 |
| TPR Tapestry Inc. | New | 0.07% | +0.07 |
| TXT Textron Inc. | Add +4.2% | 2.01% | +0.06 |
| NTR Nutrien Ltd. | Add +42.9% | 0.17% | +0.06 |
| AU Anglogold Ashanti PLC | Add +8.3% | 0.35% | +0.05 |
| OSISKO DEVELOPMENT CORP | Add +150.0% | 0.06% | +0.04 |
| SHEL Shell PLC-ADR | Add +120.0% | 0.09% | +0.04 |
| ICL Icl Group Ltd. | New | 0.04% | +0.04 |
| TK Teekay Corp. Ltd. | New | 0.04% | +0.04 |
| TSLA Tesla Inc. | Add +5.4% | 0.29% | +0.04 |
| CPA Copa Holdings SA Class A | Add +0.7% | 0.52% | +0.03 |
| PPTA Perpetua Resources Corp. | Add +66.7% | 0.07% | +0.03 |
| WDS Woodside Energy Group-ADR | New | 0.03% | +0.03 |
| ITRG Integra Resources Corp. | New | 0.03% | +0.03 |
| XOM Exxon Mobil Corp. | Add +50.0% | 0.13% | +0.02 |
| ONON On Holding AG Class A | Add +61.7% | 0.05% | +0.02 |
| HL Hecla Mining Co. | Add +10.0% | 0.39% | +0.02 |
| GSL Global Ship Lease Inc. Class A | New | 0.02% | +0.02 |
| PPL PPL Corp. | New | 0.02% | +0.02 |
| LNG Cheniere Energy Inc. | Add +20.0% | 0.17% | +0.02 |
Options Activity Q1 2025 → Q2 2025
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 |