U S Global Investors Inc.

Name: U S GLOBAL INVESTORS INC 13F holdings, Q2 2025
Creator: U S GLOBAL INVESTORS INC
Published: 2025-07-24

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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
STZ Constellation Brands Inc. Class A	0.03%	1,800	$293K	No change
FDX FedEx Corp.	0.03%	1,150	$261K	Add +41.6%
UPS United Parcel Service Class B	0.03%	2,475	$250K	Add +45.5%
ZTO Zto Express Cayman Inc.-ADR	0.03%	14,048	$249K	Add +39.1%
EXPD Expeditors Intl Wash Inc.	0.03%	2,179	$249K	Add +29.5%
WDS Woodside Energy Group-ADR	0.03%	15,000	$231K	New
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW	0.03%	23,000	$231K	Reduce -93.8%
ITRG Integra Resources Corp.	0.03%	150,000	$225K	New
PR Permian Resources Corp. Class A	0.02%	15,000	$204K	No change
XPL Solitario Resources Corp.	0.02%	310,000	$202K	Add +3.3%
STLD Steel Dynamics Inc.	0.02%	1,500	$192K	No change
CCJ Cameco Corp.	0.02%	2,500	$186K	No change
GSL Global Ship Lease Inc. Class A	0.02%	6,594	$173K	New
PPL PPL Corp.	0.02%	5,000	$169K	New
BHP BHP Group Ltd.-Spon ADR	0.02%	3,500	$168K	No change
STNG Scorpio Tankers Inc.	0.02%	4,272	$167K	Reduce -38.5%
MATX Matson Inc.	0.02%	1,497	$167K	Add +48.4%
HAFN Hafnia Ltd.	0.02%	32,731	$163K	Reduce -48.6%
TNK Teekay Tankers Ltd. Class A	0.02%	3,799	$158K	New
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.02%	4,500	$152K	No change
SLI Standard Lithium Ltd.	0.02%	75,000	$147K	No change
EU Encore Energy Corp.	0.02%	50,000	$143K	Reduce -50.0%
MGM MGM Resorts International	0.02%	4,000	$138K	Add +33.3%
VLO Valero Energy Corp.	0.02%	1,000	$134K	New
BKR Baker Hughes Co.	0.02%	3,500	$134K	No change
BCC Boise Cascade Co.	0.02%	1,500	$130K	No change
VFC VF Corp.	0.02%	11,000	$129K	No change
CME Cme Group Inc.	0.01%	461	$127K	No change
PZG Paramount Gold Nevada Corp.	0.01%	170,000	$104K	No change
WTTR Select Water Solutions Inc.	0.01%	10,000	$86K	Reduce -33.3%
ALB Albemarle Corp.	0.01%	1,000	$63K	No change
HAL Halliburton Co.	0.01%	3,000	$61K	No change
SGML Sigma Lithium Corp.	0.01%	10,000	$45K	No change
PPIH Perma-Pipe International Hol	0.00%	1,000	$23K	New
MSTZ T-Rex 2X Inverse MSTR DT ETF	0.00%	600	$3K	Reduce -98.3%

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


B Barrick Mining Corp.	call	Add +30.9%	1,165	$594K
DECK Deckers Outdoor Corp.	call	New	75	$75

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