U S Global Investors Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), U S Global Investors Inc. reported 129 stock positions worth $934.0 million. Its top holding was United Airlines (UAL) at 9.5% of the portfolio, followed by Southwest Airlines (LUV, 9.3%) and American Airlines (AAL, 9.1%). Compared with Q3 2025, it opened 31 new positions, sold out of 35, added to 39 and reduced 32. The biggest buy was Royal Gold (RGLD, shares +3713%) and the biggest sale Or Royalties (OR, shares −63%).
- Most Recent 13F
- Q2 2026
- Location
- SAN ANTONIO, TX
- CIK
- 0000754811
- Portfolio Value
- $934.0M (Q4 2025)
- SEC Filing
- 0001437749-26-002320 ↗ filed Jan 28, 2026
Holdings Value
Holdings 129 stocks · $934.0M
| UAL United Airlines Holdings Inc. | 9.48% | 792,076 | $88.6M | Add +1.5% |
| LUV Southwest Airlines Co. | 9.33% | 2,107,325 | $87.1M | Reduce -20.9% |
| AAL American Airlines Group Inc. | 9.14% | 5,569,844 | $85.4M | Reduce -14.1% |
| DAL Delta Air Lines Inc. | 9.04% | 1,216,731 | $84.4M | Reduce -10.6% |
| ALGT Allegiant Travel Co. | 2.60% | 284,685 | $24.3M | Reduce -25.2% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 2.48% | 1,611,228 | $23.2M | Reduce -11.9% |
| ALK Alaska Air Group Inc. | 2.46% | 455,934 | $22.9M | Add +22.8% |
| SKYW Skywest Inc. | 2.40% | 223,006 | $22.4M | Add +4.0% |
| JBLU Jetblue Airways Corp. | 2.30% | 4,728,754 | $21.5M | Add +4.9% |
| ULCC Frontier Group Holdings Inc. | 2.09% | 4,137,964 | $19.5M | Reduce -9.3% |
| RGLD Royal Gold Inc. | 2.07% | 86,938 | $19.3M | Add +3713.1% |
| WPM Wheaton Precious Metals Corp. | 2.00% | 158,776 | $18.7M | Add +6.9% |
| FNV Franco-Nevada Corp. | 1.98% | 89,311 | $18.5M | Add +8.2% |
| BA The Boeing Co. | 1.80% | 77,292 | $16.8M | Add +16.6% |
| BKNG Booking Holdings Inc. | 1.74% | 3,030 | $16.2M | Add +8.9% |
| EXPE Expedia Group Inc. | 1.72% | 56,812 | $16.1M | Reduce -19.6% |
| TXT Textron Inc. | 1.72% | 183,921 | $16.0M | Reduce -3.2% |
| GD General Dynamics Corp. | 1.69% | 46,780 | $15.7M | Reduce -1.4% |
| TRIP Tripadvisor Inc. | 1.62% | 1,037,854 | $15.1M | Add +18.9% |
| SABR Sabre Corp. | 1.48% | 10,173,592 | $13.8M | Add +17.0% |
| B Barrick Mining Corp. | 1.47% | 315,000 | $13.7M | Add +215.0% |
| OR Or Royalties Inc. | 1.30% | 343,245 | $12.1M | Reduce -63.1% |
| MTA Metalla Royalty & Streaming | 1.19% | 1,432,510 | $11.1M | Add +75.9% |
| CGAU Centerra Gold Inc. | 1.11% | 721,921 | $10.4M | New |
| IAG Iamgold Corp. | 1.02% | 575,000 | $9.5M | Add +15.0% |
| TFPM Triple Flag Precious Met | 0.99% | 279,270 | $9.3M | Add +30.7% |
| USAS Americas Gold and Silver Cor | 0.99% | 1,800,000 | $9.2M | Add +210.3% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.88% | 113,653 | $8.2M | Reduce -13.0% |
| TCOM Trip.com Group Ltd.-ADR | 0.88% | 113,885 | $8.2M | Add +9.0% |
| LTM Latam Airlines Group SA-ADR | 0.88% | 151,613 | $8.2M | Add +89.1% |
| EMBJ Embraer SA-Spon ADR | 0.85% | 123,795 | $8.0M | Reduce -6.8% |
| AU Anglogold Ashanti PLC | 0.82% | 90,000 | $7.7M | Reduce -45.1% |
| VOXR Vox Royalty Corp. | 0.79% | 1,562,000 | $7.4M | No change |
| DRD Drdgold Ltd.-Sponsored ADR | 0.74% | 222,033 | $6.9M | Add +6.2% |
| GFI Gold Fields Ltd.-Spons ADR | 0.70% | 150,000 | $6.5M | Reduce -45.8% |
| CDE Coeur Mining Inc. | 0.68% | 355,000 | $6.3M | Reduce -25.9% |
| VZLA Vizsla Silver Corp. | 0.62% | 1,050,000 | $5.8M | No change |
| CMCL Caledonia Mining Corp. PLC | 0.61% | 217,334 | $5.7M | Add +115.7% |
| AAUC Allied Gold Corp. | 0.60% | 242,753 | $5.6M | New |
| ITRG Integra Resources Corp. | 0.60% | 1,386,127 | $5.6M | Add +824.1% |
| GAU Galiano Gold Inc. | 0.59% | 2,193,071 | $5.5M | New |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.59% | 340,000 | $5.5M | Add +13.3% |
| FSM Fortuna Mining Corp. | 0.59% | 560,601 | $5.5M | New |
| HMY Harmony Gold MNG-Spon ADR | 0.57% | 266,409 | $5.3M | Reduce -13.2% |
| AEM Agnico Eagle Mines Ltd. | 0.54% | 30,000 | $5.1M | No change |
| AUGO Aura Minerals Inc. | 0.54% | 100,000 | $5.0M | No change |
| MMYT Makemytrip Ltd. | 0.45% | 50,870 | $4.2M | Add +30.8% |
| CPA Copa Holdings SA Class A | 0.44% | 33,720 | $4.1M | Add +1.1% |
| ASR Grupo Aeroportuario Sur-ADR | 0.43% | 12,434 | $4.0M | Add +9.9% |
| OMAB Grupo Aeroportuario Cen-ADR | 0.43% | 36,805 | $4.0M | Add +14.2% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 0.42% | 275,000 | $3.9M | Reduce -49.5% |
| PAAS Pan American Silver Corp. | 0.41% | 73,555 | $3.8M | No change |
| EXK Endeavour Silver Corp. | 0.35% | 345,000 | $3.2M | Reduce -23.8% |
| KGC Kinross Gold Corp. | 0.30% | 100,000 | $2.8M | Reduce -76.0% |
| EQX Equinox Gold Corp. | 0.30% | 200,000 | $2.8M | New |
| RCL Royal Caribbean Cruises Ltd. | 0.28% | 9,435 | $2.6M | Add +20.4% |
| TSLA Tesla Inc. | 0.28% | 5,840 | $2.6M | Add +105.6% |
| ELE Elemental Royalty Corp. | 0.27% | 150,000 | $2.5M | New |
| HLT Hilton Worldwide Holdings Inc. | 0.23% | 7,500 | $2.2M | Add +70.5% |
| CCL Carnival Corp. | 0.23% | 70,500 | $2.2M | Add +18.5% |
| RACE Ferrari NV | 0.23% | 5,815 | $2.1M | Reduce -28.8% |
| GS Goldman Sachs Group Inc. | 0.22% | 2,375 | $2.1M | Add +14.5% |
| SVM Silvercorp Metals Inc. | 0.22% | 250,000 | $2.1M | Reduce -84.0% |
| HBM Hudbay Minerals Inc. | 0.20% | 95,000 | $1.9M | No change |
| MUX McEwen Inc. | 0.20% | 100,000 | $1.9M | New |
| MAR Marriott International Class A | 0.19% | 5,800 | $1.8M | New |
| EGO Eldorado Gold Corp. | 0.19% | 50,000 | $1.8M | New |
| XOM Exxon Mobil Corp. | 0.17% | 13,500 | $1.6M | Add +28.6% |
| NTR Nutrien Ltd. | 0.17% | 25,000 | $1.5M | No change |
| DVS Dolly Varden Silver Ltd. | 0.16% | 350,000 | $1.5M | No change |
| NGD New Gold Inc. | 0.16% | 170,000 | $1.5M | Reduce -83.0% |
| AGI Alamos Gold Inc. Class A | 0.14% | 35,000 | $1.4M | Reduce -86.0% |
| SA Seabridge Gold Inc. | 0.13% | 40,000 | $1.2M | No change |
| UBS UBS Group AG-Reg | 0.12% | 24,500 | $1.1M | New |
| VIK Viking Holdings Ltd. | 0.12% | 15,700 | $1.1M | New |
| CALI Ishrs SH-TRM Ca Muni Act ETF | 0.12% | 22,000 | $1.1M | Add +1853.8% |
| TTE Totalenergies SE | 0.11% | 15,000 | $981K | No change |
| PPTA Perpetua Resources Corp. | 0.10% | 37,000 | $896K | Reduce -26.0% |
| LTH Life Time Group Holdings Inc. | 0.10% | 33,600 | $893K | No change |
| OSISKO DEVELOPMENT CORP | 0.09% | 250,000 | $847K | No change |
| TPR Tapestry Inc. | 0.09% | 6,500 | $831K | No change |
| IE Ivanhoe Electric Inc. / US | 0.09% | 51,499 | $823K | Add +28.8% |
| SHEL Shell PLC-ADR | 0.09% | 11,000 | $808K | No change |
| LVS Las Vegas Sands Corp. | 0.09% | 12,200 | $794K | New |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.07% | 6,500 | $681K | Reduce -13.3% |
| WDS Woodside Energy Group-ADR | 0.07% | 40,000 | $624K | New |
| LNG Cheniere Energy Inc. | 0.06% | 3,000 | $583K | Reduce -50.0% |
| CAT Caterpillar Inc. | 0.06% | 1,000 | $573K | New |
| TASEKO MINES LTD | 0.06% | 100,000 | $566K | New |
| CNL Collective Mining Ltd. | 0.05% | 35,000 | $510K | No change |
| J Jacobs Solutions Inc. | 0.05% | 3,500 | $464K | New |
| CCJ Cameco Corp. | 0.05% | 5,000 | $457K | Add +100.0% |
| SIG Signet Jewelers Ltd. | 0.05% | 5,500 | $456K | New |
| MATX Matson Inc. | 0.05% | 3,587 | $443K | New |
| FSLR First Solar Inc. | 0.04% | 1,500 | $392K | New |
| BKR Baker Hughes Co. | 0.04% | 8,500 | $387K | Add +142.9% |
| RRC Range Resources Corp. | 0.04% | 10,500 | $370K | No change |
| BG Bunge Global SA | 0.04% | 4,000 | $356K | New |
| FDX FedEx Corp. | 0.04% | 1,188 | $343K | Reduce -4.8% |
| SLI Standard Lithium Ltd. | 0.04% | 75,000 | $335K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| OR Or Royalties Inc. | Reduce -63.1% | 1.30% | −2.93 |
| BTG B2GOLD Corp. | Sold out | 0.00% | −1.17 |
| SSRM SSR Mining Inc. | Sold out | 0.00% | −1.15 |
| SVM Silvercorp Metals Inc. | Reduce -84.0% | 0.22% | −0.90 |
| KGC Kinross Gold Corp. | Reduce -76.0% | 0.30% | −0.87 |
| AGI Alamos Gold Inc. Class A | Reduce -86.0% | 0.14% | −0.84 |
| HL Hecla Mining Co. | Sold out | 0.00% | −0.82 |
| ORLA Orla Mining Ltd. | Sold out | 0.00% | −0.68 |
| NGD New Gold Inc. | Reduce -83.0% | 0.16% | −0.65 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -45.8% | 0.70% | −0.61 |
| AU Anglogold Ashanti PLC | Reduce -45.1% | 0.82% | −0.48 |
| CDE Coeur Mining Inc. | Reduce -25.9% | 0.68% | −0.34 |
| LUV Southwest Airlines Co. | Reduce -20.9% | 9.33% | −0.31 |
| EMX Emx Royalty Corp. | Sold out | 0.00% | −0.29 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Reduce -49.5% | 0.42% | −0.27 |
| RACE Ferrari NV | Reduce -28.8% | 0.23% | −0.22 |
| ULCC Frontier Group Holdings Inc. | Reduce -9.3% | 2.09% | −0.20 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.19 |
| GD General Dynamics Corp. | Reduce -1.4% | 1.69% | −0.15 |
| NTRS Northern Trust Corp. | Sold out | 0.00% | −0.13 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −0.11 |
| TXT Textron Inc. | Reduce -3.2% | 1.72% | −0.10 |
| LNG Cheniere Energy Inc. | Reduce -50.0% | 0.06% | −0.10 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.07 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.07 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.06 |
| HMY Harmony Gold MNG-Spon ADR | Reduce -13.2% | 0.57% | −0.06 |
| EMBJ Embraer SA-Spon ADR | Reduce -6.8% | 0.85% | −0.06 |
| ZIM Zim Integrated Shipping Serv | Sold out | 0.00% | −0.05 |
| EXK Endeavour Silver Corp. | Reduce -23.8% | 0.35% | −0.05 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.05 |
| CTVA Corteva Inc. | Sold out | 0.00% | −0.05 |
| LIN Linde PLC | Sold out | 0.00% | −0.04 |
| ONON On Holding AG Class A | Sold out | 0.00% | −0.04 |
| TK Teekay Corp. Ltd. | Sold out | 0.00% | −0.04 |
| ARLP Alliance Resource Partners | Sold out | 0.00% | −0.04 |
| DVN Devon Energy Corp. | Sold out | 0.00% | −0.04 |
| IP International Paper Co. | Sold out | 0.00% | −0.04 |
| WY Weyerhaeuser Co. | Sold out | 0.00% | −0.04 |
| ICL Icl Group Ltd. | Sold out | 0.00% | −0.03 |
| BIRK Birkenstock Holding PLC | Reduce -80.0% | 0.01% | −0.03 |
| RIVN Rivian Automotive Inc. Class A | Sold out | 0.00% | −0.03 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.03 |
| CANG Cango Inc./KY - ADR | Sold out | 0.00% | −0.02 |
| ALGT Allegiant Travel Co. | Reduce -25.2% | 2.60% | −0.02 |
| PR Permian Resources Corp. Class A | Sold out | 0.00% | −0.02 |
| STNG Scorpio Tankers Inc. | Sold out | 0.00% | −0.02 |
| HAFN Hafnia Ltd. | Sold out | 0.00% | −0.02 |
| PPL PPL Corp. | Sold out | 0.00% | −0.02 |
| BP BP PLC-Spons ADR | Reduce -41.7% | 0.03% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| RGLD Royal Gold Inc. | Add +3713.1% | 2.07% | +2.02 |
| CGAU Centerra Gold Inc. | New | 1.11% | +1.11 |
| B Barrick Mining Corp. | Add +215.0% | 1.47% | +1.10 |
| UAL United Airlines Holdings Inc. | Add +1.5% | 9.48% | +0.95 |
| USAS Americas Gold and Silver Cor | Add +210.3% | 0.99% | +0.74 |
| MTA Metalla Royalty & Streaming | Add +75.9% | 1.19% | +0.61 |
| AAUC Allied Gold Corp. | New | 0.60% | +0.60 |
| GAU Galiano Gold Inc. | New | 0.59% | +0.59 |
| FSM Fortuna Mining Corp. | New | 0.59% | +0.59 |
| ITRG Integra Resources Corp. | Add +824.1% | 0.60% | +0.55 |
| LTM Latam Airlines Group SA-ADR | Add +89.1% | 0.88% | +0.47 |
| ALK Alaska Air Group Inc. | Add +22.8% | 2.46% | +0.36 |
| EQX Equinox Gold Corp. | New | 0.30% | +0.30 |
| TFPM Triple Flag Precious Met | Add +30.7% | 0.99% | +0.28 |
| IAG Iamgold Corp. | Add +15.0% | 1.02% | +0.28 |
| ELE Elemental Royalty Corp. | New | 0.27% | +0.27 |
| ARIS Aris Mining Corp. | Add +13.3% | 0.59% | +0.26 |
| MUX McEwen Inc. | New | 0.20% | +0.20 |
| CMCL Caledonia Mining Corp. PLC | Add +115.7% | 0.61% | +0.20 |
| MAR Marriott International Class A | New | 0.19% | +0.19 |
| EGO Eldorado Gold Corp. | New | 0.19% | +0.19 |
| BA The Boeing Co. | Add +16.6% | 1.80% | +0.18 |
| TSLA Tesla Inc. | Add +105.6% | 0.28% | +0.14 |
| UBS UBS Group AG-Reg | New | 0.12% | +0.12 |
| VIK Viking Holdings Ltd. | New | 0.12% | +0.12 |
| WPM Wheaton Precious Metals Corp. | Add +6.9% | 2.00% | +0.12 |
| CALI Ishrs SH-TRM Ca Muni Act ETF | Add +1853.8% | 0.12% | +0.11 |
| HLT Hilton Worldwide Holdings Inc. | Add +70.5% | 0.23% | +0.10 |
| LVS Las Vegas Sands Corp. | New | 0.09% | +0.09 |
| DRD Drdgold Ltd.-Sponsored ADR | Add +6.2% | 0.74% | +0.08 |
| WDS Woodside Energy Group-ADR | New | 0.07% | +0.07 |
| CAT Caterpillar Inc. | New | 0.06% | +0.06 |
| TASEKO MINES LTD | New | 0.06% | +0.06 |
| J Jacobs Solutions Inc. | New | 0.05% | +0.05 |
| OMAB Grupo Aeroportuario Cen-ADR | Add +14.2% | 0.43% | +0.05 |
| SIG Signet Jewelers Ltd. | New | 0.05% | +0.05 |
| MATX Matson Inc. | New | 0.05% | +0.05 |
| FSLR First Solar Inc. | New | 0.04% | +0.04 |
| XOM Exxon Mobil Corp. | Add +28.6% | 0.17% | +0.04 |
| BG Bunge Global SA | New | 0.04% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +14.5% | 0.22% | +0.04 |
| CCL Carnival Corp. | Add +18.5% | 0.23% | +0.04 |
| MMYT Makemytrip Ltd. | Add +30.8% | 0.45% | +0.03 |
| BKNG Booking Holdings Inc. | Add +8.9% | 1.74% | +0.03 |
| IE Ivanhoe Electric Inc. / US | Add +28.8% | 0.09% | +0.03 |
| EFXT Enerflex Ltd. | New | 0.03% | +0.03 |
| HYMC Hycroft Mining Holding Co. Class A | New | 0.03% | +0.03 |
| CCJ Cameco Corp. | Add +100.0% | 0.05% | +0.03 |
| AEP American Electric Power | New | 0.02% | +0.02 |
| BWLP BW LPG Ltd. | New | 0.02% | +0.02 |
Options Activity Q3 2025 → Q4 2025
| B Barrick Mining Corp. | call | Sold out | 1,165 | $1.8Mbefore exit |
| NEM Newmont Corp. | call | Sold out | 335 | $1.4Mbefore exit |
| TSLA Tesla Inc. | call | Sold out | 60 | $269Kbefore 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 |