U S Global Investors Inc.

Name: U S GLOBAL INVESTORS INC 13F holdings, Q4 2025
Creator: U S GLOBAL INVESTORS INC
Published: 2026-01-28

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

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
UPS United Parcel Service Class B	0.04%	3,373	$335K	Add +0.0%
EXPD Expeditors Intl Wash Inc.	0.04%	2,213	$330K	Reduce -5.6%
ZTO Zto Express Cayman Inc.-ADR	0.03%	14,992	$313K	Add +1.5%
HAL Halliburton Co.	0.03%	10,000	$283K	Add +233.3%
EFXT Enerflex Ltd.	0.03%	17,000	$262K	New
STLD Steel Dynamics Inc.	0.03%	1,500	$254K	No change
BP BP PLC-Spons ADR	0.03%	7,000	$243K	Reduce -41.7%
TECK Teck Resources Ltd.-CLS B	0.03%	5,000	$239K	No change
HYMC Hycroft Mining Holding Co. Class A	0.03%	10,000	$238K	New
AEP American Electric Power	0.02%	2,000	$231K	New
BWLP BW LPG Ltd.	0.02%	17,049	$223K	New
XPL Solitario Resources Corp.	0.02%	310,000	$216K	No change
PZG Paramount Gold Nevada Corp.	0.02%	170,000	$214K	No change
BHP BHP Group Ltd.-Spon ADR	0.02%	3,500	$211K	No change
GSL Global Ship Lease Inc. Class A	0.02%	5,834	$204K	Reduce -1.2%
DAC Danaos Corp.	0.02%	2,169	$204K	New
ELBM Electra Battery Materials Co.	0.02%	250,000	$202K	New
ES Eversource Energy	0.02%	3,000	$202K	New
TNK Teekay Tankers Ltd. Class A	0.02%	3,768	$201K	New
TDW Tidewater Inc.	0.02%	3,519	$178K	New
SLB SLB Ltd. filed as SLB LIMITED	0.02%	4,500	$173K	No change
AR Antero Resources Corp.	0.02%	5,000	$172K	Reduce -50.0%
VLO Valero Energy Corp.	0.02%	1,000	$163K	No change
CME Cme Group Inc.	0.01%	461	$126K	No change
EU Encore Energy Corp.	0.01%	50,000	$119K	No change
WTTR Select Water Solutions Inc.	0.01%	10,000	$105K	No change
CHIQ Global X MSCI China Consumer	0.01%	4,500	$96K	New
AURE Aurelion Inc.	0.01%	300,000	$75K	New
BIRK Birkenstock Holding PLC	0.01%	1,500	$61K	Reduce -80.0%

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