U S Global Investors Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), U S Global Investors Inc. reported 133 stock positions worth $882.3 million. Its top holding was Southwest Airlines (LUV) at 9.6% of the portfolio, followed by Delta Air Lines (DAL, 8.8%) and United Airlines (UAL, 8.5%). Compared with Q2 2025, it opened 10 new positions, sold out of 12, added to 24 and reduced 45. The biggest buy was Or Royalties (OR, shares +62%) and the biggest sale American Airlines (AAL, shares −16%).

Most Recent 13F
Q2 2026
Location
SAN ANTONIO, TX
CIK
0000754811
Portfolio Value
$882.3M (Q3 2025)
SEC Filing
0001437749-25-031428 ↗ filed Oct 21, 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 Q4 2024 Q1 2025: $756.6M Q1 2025 Q2 2025: $849.1M Q2 2025 Q3 2025: $882.3M $882.3M Q3 2025 Q4 2025: $934.0M Q4 2025 Q1 2026: $857.6M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 133 stocks · $882.3M
LUV Southwest Airlines Co. 9.63% 2,663,281 $85.0M Add +0.2%
DAL Delta Air Lines Inc. 8.75% 1,361,033 $77.2M Reduce -22.9%
UAL United Airlines Holdings Inc. 8.53% 780,183 $75.3M Reduce -29.3%
AAL American Airlines Group Inc. 8.26% 6,485,318 $72.9M Reduce -16.0%
OR Or Royalties Inc. 4.23% 931,076 $37.3M Add +62.0%
ALGT Allegiant Travel Co. 2.62% 380,678 $23.1M Reduce -11.5%
JBLU Jetblue Airways Corp. 2.51% 4,509,132 $22.2M Reduce -10.2%
SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 2.45% 1,828,219 $21.6M Reduce -11.9%
SKYW Skywest Inc. 2.45% 214,412 $21.6M Reduce -10.8%
ULCC Frontier Group Holdings Inc. 2.28% 4,563,345 $20.1M Reduce -26.5%
ALK Alaska Air Group Inc. 2.10% 371,365 $18.5M Reduce -22.5%
FNV Franco-Nevada Corp. 2.09% 82,537 $18.4M Reduce -11.5%
WPM Wheaton Precious Metals Corp. 1.88% 148,489 $16.6M Add +3.3%
GD General Dynamics Corp. 1.83% 47,429 $16.2M Reduce -20.6%
TXT Textron Inc. 1.82% 190,046 $16.1M Reduce -10.7%
SABR Sabre Corp. 1.80% 8,696,449 $15.9M Add +54.0%
EXPE Expedia Group Inc. 1.71% 70,627 $15.1M Reduce -25.9%
BKNG Booking Holdings Inc. 1.70% 2,783 $15.0M Reduce -7.8%
BA The Boeing Co. 1.62% 66,274 $14.3M Reduce -14.9%
TRIP Tripadvisor Inc. 1.61% 872,869 $14.2M Reduce -25.0%
GFI Gold Fields Ltd.-Spons ADR 1.32% 276,638 $11.6M Add +176.6%
AU Anglogold Ashanti PLC 1.31% 163,864 $11.5M Add +152.1%
KGC Kinross Gold Corp. 1.18% 417,334 $10.4M Add +60.5%
BTG B2GOLD Corp. 1.17% 2,078,516 $10.3M Add +389.1%
SSRM SSR Mining Inc. 1.15% 415,642 $10.1M New
SVM Silvercorp Metals Inc. 1.12% 1,562,671 $9.9M Add +29.5%
CDE Coeur Mining Inc. 1.02% 479,000 $9.0M Add +3.2%
AGI Alamos Gold Inc. Class A 0.99% 250,000 $8.7M No change
EMBJ Embraer SA-Spon ADR 0.91% 132,788 $8.0M Reduce -24.1%
RYAAY Ryanair Holdings PLC-SP ADR 0.89% 130,647 $7.9M Reduce -7.2%
TCOM Trip.com Group Ltd.-ADR 0.89% 104,516 $7.9M Reduce -22.4%
HL Hecla Mining Co. 0.82% 600,000 $7.3M Add +9.1%
NGD New Gold Inc. 0.81% 998,054 $7.2M Add +262.9%
VOXR Vox Royalty Corp. 0.76% 1,562,000 $6.7M Reduce -2.4%
IAG Iamgold Corp. 0.73% 500,000 $6.5M No change
TFPM Triple Flag Precious Met 0.71% 213,665 $6.3M Add +1.9%
SBSW Sibanye-Stillwater Ltd.-ADR 0.69% 544,332 $6.1M Reduce -2.2%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.68% 552,301 $6.0M Add +2301.3%
DRD Drdgold Ltd.-Sponsored ADR 0.65% 209,055 $5.8M Reduce -21.3%
HMY Harmony Gold MNG-Spon ADR 0.63% 306,797 $5.6M Reduce -0.4%
MTA Metalla Royalty & Streaming 0.59% 814,587 $5.2M New
AEM Agnico Eagle Mines Ltd. 0.57% 30,000 $5.1M Reduce -27.7%
VZLA Vizsla Silver Corp. 0.51% 1,050,000 $4.5M No change
CPA Copa Holdings SA Class A 0.45% 33,364 $4.0M Reduce -17.1%
RACE Ferrari NV 0.45% 8,165 $4.0M Add +48.9%
AUGO Aura Minerals Inc. 0.42% 100,000 $3.7M New
ASR Grupo Aeroportuario Sur-ADR 0.41% 11,315 $3.7M Reduce -14.8%
CMCL Caledonia Mining Corp. PLC 0.41% 100,754 $3.6M New
MMYT Makemytrip Ltd. 0.41% 38,882 $3.6M Reduce -7.9%
LTM Latam Airlines Group SA-ADR 0.41% 80,184 $3.6M Reduce -25.1%
EXK Endeavour Silver Corp. 0.40% 452,500 $3.5M No change
OMAB Grupo Aeroportuario Cen-ADR 0.38% 32,234 $3.3M New
B Barrick Mining Corp. 0.37% 100,000 $3.3M New
ARIS Aris Mining Corp. filed as ARIS MNG CORP 0.33% 300,000 $2.9M Add +20.0%
PAAS Pan American Silver Corp. 0.32% 73,555 $2.8M New
EMX Emx Royalty Corp. filed as EMX RTY CORP 0.29% 500,000 $2.6M No change
RCL Royal Caribbean Cruises Ltd. 0.29% 7,835 $2.5M Reduce -0.3%
USAS Americas Gold and Silver Cor 0.24% 580,000 $2.2M Reduce -3.3%
DVS Dolly Varden Silver Ltd. 0.20% 350,000 $1.8M Reduce -15.2%
CCL Carnival Corp. 0.20% 59,500 $1.7M Reduce -30.8%
NEM Newmont Corp. 0.19% 20,000 $1.7M No change
GS Goldman Sachs Group Inc. 0.19% 2,075 $1.7M Reduce -17.8%
NTR Nutrien Ltd. 0.17% 25,000 $1.5M No change
HBM Hudbay Minerals Inc. 0.16% 95,000 $1.4M No change
LNG Cheniere Energy Inc. 0.16% 6,000 $1.4M No change
TSLA Tesla Inc. 0.14% 2,840 $1.3M Reduce -63.8%
XOM Exxon Mobil Corp. 0.13% 10,500 $1.2M No change
NTRS Northern Trust Corp. 0.13% 8,550 $1.2M Reduce -18.2%
HLT Hilton Worldwide Holdings Inc. 0.13% 4,400 $1.1M Reduce -14.6%
PPTA Perpetua Resources Corp. 0.11% 50,000 $1.0M No change
SA Seabridge Gold Inc. 0.11% 40,000 $966K No change
NCLH Norwegian Cruise Line Holdin 0.11% 39,000 $961K Add +62.5%
LTH Life Time Group Holdings Inc. 0.11% 33,600 $927K No change
TTE Totalenergies SE -Spon ADR 0.10% 15,000 $895K No change
OSISKO DEVELOPMENT CORP 0.10% 250,000 $854K No change
SHEL Shell PLC-ADR 0.09% 11,000 $787K No change
TPR Tapestry Inc. 0.08% 6,500 $736K No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.07% 7,500 $661K Reduce -21.1%
TOL Toll Brothers Inc. 0.07% 4,350 $601K No change
FCX Freeport-McMoran Inc. 0.07% 15,000 $588K No change
LULU Lululemon Athletica Inc. 0.06% 3,200 $569K No change
CNL Collective Mining Ltd. 0.06% 35,000 $508K Reduce -41.7%
IE Ivanhoe Electric Inc. / US 0.06% 40,000 $502K No change
ZIM Zim Integrated Shipping Serv 0.05% 35,525 $481K Add +45.1%
GEV GE Vernova Inc. 0.05% 750 $461K Reduce -62.5%
RGLD Royal Gold Inc. 0.05% 2,280 $457K Reduce -97.2%
ITRG Integra Resources Corp. 0.05% 150,000 $443K No change
BP BP PLC-Spons ADR 0.05% 12,000 $414K No change
CTVA Corteva Inc. 0.05% 6,000 $406K No change
RRC Range Resources Corp. 0.04% 10,500 $395K No change
LIN Linde PLC 0.04% 800 $380K No change
ONON On Holding AG Class A filed as ON HLDG AG 0.04% 8,650 $366K No change
TK Teekay Corp. Ltd. 0.04% 44,216 $362K Add +10.1%
ARLP Alliance Resource Partners 0.04% 14,000 $354K No change
DVN Devon Energy Corp. 0.04% 10,000 $351K No change
IP International Paper Co. 0.04% 7,500 $348K No change
BIRK Birkenstock Holding PLC 0.04% 7,500 $339K Reduce -57.1%
AR Antero Resources Corp. 0.04% 10,000 $336K No change
WY Weyerhaeuser Co. 0.04% 13,000 $322K No change
ICL Icl Group Ltd. 0.03% 49,300 $307K No change
FDX FedEx Corp. 0.03% 1,248 $294K Add +8.5%
EXPD Expeditors Intl Wash Inc. 0.03% 2,344 $287K Add +7.6%
ZTO Zto Express Cayman Inc.-ADR 0.03% 14,764 $283K Add +5.1%
UPS United Parcel Service Class B 0.03% 3,372 $282K Add +36.2%
RIVN Rivian Automotive Inc. Class A 0.03% 19,000 $279K New
SLI Standard Lithium Ltd. 0.03% 75,000 $253K No change
STZ Constellation Brands Inc. Class A 0.03% 1,800 $242K No change
TECK Teck Resources Ltd.-CLS B 0.02% 5,000 $219K Reduce -41.2%
XPL Solitario Resources Corp. 0.02% 310,000 $216K No change
CANG Cango Inc./KY - ADR 0.02% 50,000 $212K New
CCJ Cameco Corp. 0.02% 2,500 $210K No change
STLD Steel Dynamics Inc. 0.02% 1,500 $209K No change
PZG Paramount Gold Nevada Corp. 0.02% 170,000 $209K No change
BHP BHP Group Ltd.-Spon ADR 0.02% 3,500 $195K No change
PR Permian Resources Corp. Class A 0.02% 15,000 $192K No change
STNG Scorpio Tankers Inc. 0.02% 3,347 $188K Reduce -21.6%
HAFN Hafnia Ltd. 0.02% 31,161 $187K Reduce -4.8%
PPL PPL Corp. 0.02% 5,000 $186K No change
GSL Global Ship Lease Inc. Class A 0.02% 5,906 $181K Reduce -10.4%
BKR Baker Hughes Co. 0.02% 3,500 $171K No change
VLO Valero Energy Corp. 0.02% 1,000 $170K No change
EU Encore Energy Corp. 0.02% 50,000 $161K No change
VFC VF Corp. 0.02% 11,000 $159K No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.02% 4,500 $155K No change
MGM MGM Resorts International 0.02% 4,000 $139K No change
CME Cme Group Inc. 0.01% 461 $125K No change
PPIH Perma-Pipe International Hol 0.01% 5,000 $117K Add +400.0%
BCC Boise Cascade Co. 0.01% 1,500 $116K No change
WTTR Select Water Solutions Inc. 0.01% 10,000 $107K No change
ALB Albemarle Corp. 0.01% 1,000 $81K No change
HAL Halliburton Co. 0.01% 3,000 $74K No change
SGML Sigma Lithium Corp. 0.01% 10,000 $64K No change
CALI Ishrs SH-TRM Ca Muni Act ETF 0.01% 1,126 $57K New

Options reported separately and not counted above: B calls ($1.8M), NEM calls ($1.4M), TSLA calls ($269K).

Portfolio Sells Q2 2025 → Q3 2025
AAL American Airlines Group Inc. Reduce -16.0% 8.26% −1.94
UAL United Airlines Holdings Inc. Reduce -29.3% 8.53% −1.81
RGLD Royal Gold Inc. Reduce -97.2% 0.05% −1.64
DAL Delta Air Lines Inc. Reduce -22.9% 8.75% −1.48
SAND Sandstorm Gold Ltd. Sold out 0.00% −0.77
AAUC Allied Gold Corp. Sold out 0.00% −0.71
ALK Alaska Air Group Inc. Reduce -22.5% 2.10% −0.70
SKYW Skywest Inc. Reduce -10.8% 2.45% −0.47
ASM Avino Silver & Gold Mines Sold out 0.00% −0.45
CGAU Centerra Gold Inc. Sold out 0.00% −0.45
FSM Fortuna Mining Corp. Sold out 0.00% −0.43
SNCY Sun Country Airlines Holding Reduce -11.9% 2.45% −0.43
ULCC Frontier Group Holdings Inc. Reduce -26.5% 2.28% −0.37
BKNG Booking Holdings Inc. Reduce -7.8% 1.70% −0.35
MAG Mag Silver Corp. Sold out 0.00% −0.31
BA The Boeing Co. Reduce -14.9% 1.62% −0.30
EMBJ Embraer SA-Spon ADR Reduce -24.1% 0.91% −0.26
GD General Dynamics Corp. Reduce -20.6% 1.83% −0.22
TXT Textron Inc. Reduce -10.7% 1.82% −0.19
EXPE Expedia Group Inc. Reduce -25.9% 1.71% −0.18
TRIP Tripadvisor Inc. Reduce -25.0% 1.61% −0.18
ALGT Allegiant Travel Co. Reduce -11.5% 2.62% −0.16
TSLA Tesla Inc. Reduce -63.8% 0.14% −0.15
LTM Latam Airlines Group SA-ADR Reduce -25.1% 0.41% −0.10
JMST JPM Ultra-Short Muni Income Sold out 0.00% −0.09
CCL Carnival Corp. Reduce -30.8% 0.20% −0.09
ASR Grupo Aeroportuario Sur-ADR Reduce -14.8% 0.41% −0.08
AMZN Amazon.com Inc. Sold out 0.00% −0.08
MMYT Makemytrip Ltd. Reduce -7.9% 0.41% −0.07
GEV GE Vernova Inc. Reduce -62.5% 0.05% −0.07
CPA Copa Holdings SA Class A Reduce -17.1% 0.45% −0.07
RYAAY Ryanair Holdings PLC-SP ADR Reduce -7.2% 0.89% −0.06
BIRK Birkenstock Holding PLC Reduce -57.1% 0.04% −0.06
TCOM Trip.com Group Ltd.-ADR Reduce -22.4% 0.89% −0.04
HLT Hilton Worldwide Holdings Inc. Reduce -14.6% 0.13% −0.03
WDS Woodside Energy Group-ADR Sold out 0.00% −0.03
NTRS Northern Trust Corp. Reduce -18.2% 0.13% −0.03
GS Goldman Sachs Group Inc. Reduce -17.8% 0.19% −0.02
CNL Collective Mining Ltd. Reduce -41.7% 0.06% −0.02
MATX Matson Inc. Sold out 0.00% −0.02
TNK Teekay Tankers Ltd. Class A Sold out 0.00% −0.02
TECK Teck Resources Ltd.-CLS B Reduce -41.2% 0.02% −0.02
EL Estee Lauder Companies Class A Reduce -21.1% 0.07% −0.02
AEM Agnico Eagle Mines Ltd. Reduce -27.7% 0.57% −0.01
RCL Royal Caribbean Cruises Ltd. Reduce -0.3% 0.29% −0.00
MSTZ T-Rex 2X Inverse MSTR DT ETF Sold out 0.00% −0.00
GSL Global Ship Lease Inc. Class A Reduce -10.4% 0.02% +0.00
STNG Scorpio Tankers Inc. Reduce -21.6% 0.02% +0.00
HAFN Hafnia Ltd. Reduce -4.8% 0.02% +0.00
JBLU Jetblue Airways Corp. Reduce -10.2% 2.51% +0.01

Portfolio Buys Q2 2025 → Q3 2025
OR Or Royalties Inc. Add +62.0% 4.23% +2.49
SSRM SSR Mining Inc. New 1.15% +1.15
GFI Gold Fields Ltd.-Spons ADR Add +176.6% 1.32% +1.04
BTG B2GOLD Corp. Add +389.1% 1.17% +0.99
AU Anglogold Ashanti PLC Add +152.1% 1.31% +0.96
KGC Kinross Gold Corp. Add +60.5% 1.18% +0.70
NGD New Gold Inc. Add +262.9% 0.81% +0.65
ORLA Orla Mining Ltd. Add +2301.3% 0.68% +0.65
MTA Metalla Royalty & Streaming New 0.59% +0.59
CDE Coeur Mining Inc. Add +3.2% 1.02% +0.53
SVM Silvercorp Metals Inc. Add +29.5% 1.12% +0.52
HL Hecla Mining Co. Add +9.1% 0.82% +0.43
AUGO Aura Minerals Inc. New 0.42% +0.42
CMCL Caledonia Mining Corp. PLC New 0.41% +0.41
OMAB Grupo Aeroportuario Cen-ADR New 0.38% +0.38
B Barrick Mining Corp. New 0.37% +0.37
WPM Wheaton Precious Metals Corp. Add +3.3% 1.88% +0.36
PAAS Pan American Silver Corp. New 0.32% +0.32
ARIS Aris Mining Corp. Add +20.0% 0.33% +0.13
RACE Ferrari NV Add +48.9% 0.45% +0.13
TFPM Triple Flag Precious Met Add +1.9% 0.71% +0.12
NCLH Norwegian Cruise Line Holdin Add +62.5% 0.11% +0.05
RIVN Rivian Automotive Inc. Class A New 0.03% +0.03
CANG Cango Inc./KY - ADR New 0.02% +0.02
PPIH Perma-Pipe International Hol Add +400.0% 0.01% +0.01
ZIM Zim Integrated Shipping Serv Add +45.1% 0.05% +0.01
CALI Ishrs SH-TRM Ca Muni Act ETF New 0.01% +0.01
EXPD Expeditors Intl Wash Inc. Add +7.6% 0.03% +0.00
ZTO Zto Express Cayman Inc.-ADR Add +5.1% 0.03% +0.00
FDX FedEx Corp. Add +8.5% 0.03% +0.00
UPS United Parcel Service Class B Add +36.2% 0.03% +0.00
TK Teekay Corp. Ltd. Add +10.1% 0.04% +0.00
SABR Sabre Corp. Add +54.0% 1.80% −0.30
LUV Southwest Airlines Co. Add +0.2% 9.63% −0.52

Options Activity Q2 2025 → Q3 2025
TSLA Tesla Inc. call New 60 $269K
DECK Deckers Outdoor Corp. call Sold out 75 $75before 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