U S GLOBAL INVESTORS INC

CIK 754811 · View on SEC EDGAR ↗

Portfolio value
$978.7M
#2,493 of 9,443 by 13F value · top 26.4%
Positions
127
As of
June 30, 2026

Portfolio value QoQ: +27.3% 13F does not disclose cash

Top 10 holdings weight
63.21%
Top 25 holdings weight
83.99%
Positions above 1%
20
Effective number of positions
17.7

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 12.38% Est. buys $143,236,854 · sells $108,157,747

Median holding: 5.0 quarters Tracked Q4 2024–Q2 2026 · 54.7% still held

New positions
12
Increased
46
Decreased
34
Closed
20
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+27.4%
S&P 500 total return (same window)
+28.1%
Excess return
-0.7%

Annualized: +17.6% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 96.4% · Options excluded: 0.0%

Sector breakdown

Industrials
70.1%
Materials
11.7%
Consumer Discretionary
8.7%
Communication Services
2.0%
Energy
1.6%
Financial Services
0.3%
Retail
0.2%
Consumer products
0.2%
Logistics & Transportation
0.2%
Technology
0.1%
Utilities
0.0%
Consumer Staples
0.0%
Other/Unmapped
4.8%

Full portfolio 127 positions

Type Streak 8Q trend
AAL American Airlines Group, Inc. - Common Stock $108,441,178 11.08% 6,001,172 $39,328,752 Down ×1
UAL United Airlines Holdings, Inc. - Common Stock $106,170,657 10.85% 780,724 $33,932,627 Down ×2
LUV Southwest Airlines Company Common Stock $102,101,455 10.43% 1,985,637 $39,421,358 Up ×1
DAL Delta Air Lines, Inc. Common Stock $100,685,718 10.29% 1,075,013 $22,788,044 Down ×6
ALGT Allegiant Travel Company - Common Stock $40,836,012 4.17% 347,245 $16,586,818 Up ×2
ULCC Frontier Group Holdings, Inc. - Common Stock $38,874,921 3.97% 4,914,655 $14,936,537 Down ×1
JBLU JetBlue Airways Corporation - Common Stock $34,358,404 3.51% 5,996,231 $9,860,395 Up ×3
ALK Alaska Air Group, Inc. Common Stock $33,393,019 3.41% 639,713 $11,451,101 Up ×3
SKYW SkyWest, Inc. - Common Stock $33,085,532 3.38% 333,087 $9,430,767 Up ×3
SABR Sabre Corporation - Common Stock $20,661,621 2.11% 9,885,943 $9,736,007 Up ×1
TRIP TripAdvisor, Inc. - Common Stock $19,111,384 1.95% 1,393,974 $4,475,833 Up ×3
EXPE Expedia Group, Inc. - Common Stock $18,919,767 1.93% 73,940 $5,983,231 Up ×1
BKNG Booking Holdings Inc. - Common Stock $18,099,559 1.85% 101,546 $5,434,916 Up ×1
GD General Dynamics Corporation Common Stock $16,399,541 1.68% 46,295 $4,010,329 Up ×1
TXT Textron Inc. Common Stock $16,251,529 1.66% 177,167 $3,997,157 Up ×1
BA Boeing Company (The) Common Stock $16,215,118 1.66% 74,907 $3,757,432 Up ×1
OR OR Royalties Inc. Common Shares $15,758,793 1.61% 498,223 $-1,488,030 Up ×2
WPM Wheaton Precious Metals Corp Common Shares (Canada) $15,660,328 1.60% 139,426 $11,852,653 Up ×1
AYASF $14,647,129 1.50% 775,000 Up ×1
USAS $11,331,269 1.16% 2,400,000 $1,928,477 Up ×1
LTM LATAM Airlines Group S.A. American Depositary Shares (each representing two thousand (2,000) shares of Common Stock) $9,393,007 0.96% 161,198 $2,662,245 Up ×1
IAG Iamgold Corporation Ordinary Shares $9,108,000 0.93% 575,000 $-1,713,500
RYAAY Ryanair Holdings plc - American Depositary Shares, each representing five Ordinary Shares $9,049,007 0.92% 139,753 $3,026,189 Up ×1
TCOM Trip.com Group Limited - American Depositary Shares $6,982,757 0.71% 175,270 $841,509 Up ×3
HMY Harmony Gold Mining Company Limited $6,519,721 0.67% 428,647 $403,276 Up ×2
FSM Fortuna Mining Corp. Common Shares $6,283,344 0.64% 743,591 $2,473,699 Up ×1
B Barrick Mining Corporation Common Shares $6,244,100 0.64% 170,000 $416,637 Up ×3
EXK Endeavour Silver Corporation Ordinary Shares (Canada) $6,193,440 0.63% 748,000 $5,913,256 Up ×1
ARIS Aris Mining Corporation Common Shares $5,952,716 0.61% 400,000 $-366,323 Up ×1
MMYT MakeMyTrip Limited - Ordinary Shares $5,295,907 0.54% 99,379 $48,980 Down ×1
CGAU Centerra Gold Inc. Common Shares $4,747,397 0.49% 300,000 $683,236 Up ×1
OMAB Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - American Depositary Shares each representing 8 Series B shares $4,733,608 0.48% 41,857 $1,274,498 Up ×1
EMBJ Embraer S.A. Common Stock $4,720,052 0.48% 73,982 $-1,987,089 Down ×4
AEM Agnico Eagle Mines Limited Common Stock $4,653,900 0.48% 30,000 $-1,259,516 Up ×1
NEM Newmont Corporation $4,645,623 0.47% 49,739 $658,775 Up ×1
CPA Copa Holdings, S.A. Class A Common Stock $4,641,120 0.47% 29,833 $1,402,440 Up ×1
PAAS Pan American Silver Corp. Common Stock $4,613,370 0.47% 103,000 $595,060 Up ×1
ASR Grupo Aeroportuario del Sureste, S.A. de C.V. Common Stock $4,485,181 0.46% 14,624 $1,127,915 Up ×1
TFPM Triple Flag Precious Metals Corp. Common Shares $3,356,640 0.34% 112,000 $1,274,040 Up ×1
ASM $3,226,077 0.33% 510,000 $2,594,077 Up ×1
AUGO Aura Minerals Inc. - Common Shares $3,147,500 0.32% 50,000 $-5,012,500 Down ×1
SSRM SSR Mining Inc. - Common Stock $3,110,800 0.32% 110,000 $-123,200
AGI Alamos Gold Inc. Class A Common Shares $3,034,000 0.31% 100,000 $-2,787,263 Down ×1
RACE Ferrari N.V. Common Shares $2,950,398 0.30% 7,925 $268,182
TSLA Tesla, Inc. - Common Stock $2,712,870 0.28% 6,450 $73,445 Down ×1
RCL Royal Caribbean Cruises Ltd. Common Stock $2,708,531 0.28% 8,530 $361,246
SVM $2,525,000 0.26% 250,000 $-1,423,701 Down ×1
WDS Woodside Energy Group Limited American Depositary Shares, each representing one Ordinary Share $2,415,000 0.25% 125,000 $624,000 Up ×2
SBSW D/B/A Sibanye-Stillwater Limited ADS $2,334,750 0.24% 275,000 $-1,053,250
SCZM Santacruz Silver Mining Ltd. - Common Shares $2,265,691 0.23% 350,000 $-778,992
VRMTF $2,146,074 0.22% 250,000 $-48,486
VIK Viking Holdings Ltd Ordinary Shares $1,981,926 0.20% 18,935 $1,075,550 Up ×1
MUX McEwen Inc. Common Stock $1,816,775 0.19% 100,000 $-231,721
AMZN Amazon.com, Inc. - Common Stock $1,787,550 0.18% 7,500 $-191,015 Down ×1
TTE TotalEnergies SE Ordinary Shares $1,710,720 0.17% 22,000 $-290,840
NTR Nutrien Ltd. Common Shares $1,573,750 0.16% 25,000 $-690,050 Down ×1
Unknown issuer (CUSIP: 43087N204) $1,523,009 0.16% 325,000 $1,079,780 Up ×1
Unknown issuer (CUSIP: G2004J103) $1,499,925 0.15% 52,500 Up ×1
LNG Cheniere Energy, Inc. Common Stock $1,481,862 0.15% 6,200 $-277,450
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $1,395,720 0.14% 18,000 $-278,280
AXP American Express Company Common Stock $1,329,323 0.14% 3,930
HLT Hilton Worldwide Holdings Inc. Common Stock $1,305,317 0.13% 3,950 $12,977 Down ×2
LTH Life Time Group Holdings, Inc. Common Stock $1,290,544 0.13% 31,600 $183,310 Down ×1
OCANF $1,250,704 0.13% 50,000 Up ×1
EL Estee Lauder Companies, Inc. (The) Common Stock $1,247,410 0.13% 15,800 $314,400 Up ×2
XOM Exxon Mobil Corporation Common Stock $1,162,120 0.12% 8,500 $-1,806,930 Down ×1
HL Hecla Mining Company Common Stock $1,157,250 0.12% 75,000 $-240,000
UBS UBS Group AG Registered Ordinary Shares $1,105,188 0.11% 22,300 $19,042 Down ×1
CAT Caterpillar, Inc. Common Stock $1,064,900 0.11% 1,000 $356,440
TOL Toll Brothers, Inc. Common Stock $1,037,925 0.11% 6,300 $300,987 Up ×1
MAR Marriott International - Class A Common Stock $945,005 0.10% 2,550 $-3,498 Down ×2
DHT DHT Holdings, Inc. $896,521 0.09% 54,236 $517,144 Up ×1
INSW International Seaways, Inc. Common Stock $852,447 0.09% 11,130
GFI Gold Fields Limited American Depositary Shares $839,750 0.09% 25,000 $-5,970,250 Down ×1
VZLA $819,730 0.08% 250,000 $-9,526
LVS Las Vegas Sands Corp. Common Stock $817,563 0.08% 17,700 $160,227 Up ×1
AU AngloGold Ashanti PLC Ordinary Shares $808,900 0.08% 10,000 $-3,128,825 Down ×2
ITRG $794,500 0.08% 350,000 $-161,000
BX Blackstone Inc. Common Stock $741,321 0.08% 6,300 Up ×1
MAKOF $733,887 0.07% 100,000 $89,190
Unknown issuer (CUSIP: 867866105) $727,100 0.07% 55,000 Up ×1
VOXR Vox Royalty Corp. - common stock $709,500 0.07% 150,000 $-7,213,380 Down ×1
GSL Global Ship Lease Inc New Class A Common Shares $705,602 0.07% 18,766 $9,773 Up ×2
STNG Scorpio Tankers Inc. Common Shares $656,585 0.07% 9,480
BMM Blue Moon Metals Inc. - Common Shares $633,268 0.06% 100,000 $309,121 Up ×1
PPTA Perpetua Resources Corp. - Common Shares $622,800 0.06% 30,000 $-220,800
TK Teekay Corporation Ltd. Common Stock $610,090 0.06% 61,009 $-157,223 Down ×1
ODV Osisko Development Corp. Common Shares $606,882 0.06% 250,000 $-204,386
TPR Tapestry, Inc. Common Stock $592,107 0.06% 4,045 $21,317
BWLP BW LPG Limited Common Shares $590,874 0.06% 33,953 $-288,832 Down ×1
AAPL Apple Inc. - Common Stock $578,720 0.06% 2,000
ZTO ZTO Express (Cayman) Inc. American Depositary Shares, each representing one Class A ordinary share. $543,744 0.06% 24,296 $-18,352 Up ×6
UPS United Parcel Service, Inc. Common Stock $541,155 0.06% 5,034 $14,133 Down ×1
EXPD Expeditors International of Washington, Inc. Common Stock $535,552 0.05% 3,286 $7,606 Down ×1
FDX FedEx Corporation Common Stock $506,644 0.05% 1,618 $-22,283 Up ×2
IE $494,905 0.05% 51,499 $181,687 Up ×1
MTA $445,185 0.05% 58,500 $-2,869,815 Down ×2
FNV Franco-Nevada Corporation $435,640 0.04% 2,090 $-181,985 Down ×1
Unknown issuer (CUSIP: G81569108) $420,000 0.04% 35,000 Up ×1
EFXT Enerflex Ltd Common Shares $416,670 0.04% 17,000 $61,030

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
JBLU $34,358,404 3.51% up ×3
ALK $33,393,019 3.41% up ×3
SKYW $33,085,532 3.38% up ×3
TRIP $19,111,384 1.95% up ×3
TCOM $6,982,757 0.71% up ×3
B $6,244,100 0.64% up ×3
ZTO $543,744 0.06% up ×6

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
AYASF $14,647,129 775,000 1.50%
Unknown issuer (CUSIP: G2004J103) $1,499,925 52,500 0.15%
AXP $1,329,323 3,930 0.14%
OCANF $1,250,704 50,000 0.13%
INSW $852,447 11,130 0.09%
BX $741,321 6,300 0.08%
Unknown issuer (CUSIP: 867866105) $727,100 55,000 0.07%
STNG $656,585 9,480 0.07%
AAPL $578,720 2,000 0.06%
Unknown issuer (CUSIP: G81569108) $420,000 35,000 0.04%
ESEA $331,850 5,000 0.03%
Unknown issuer (CUSIP: 31556C106) $292,300 10,000 0.03%

Top movers (QoQ)

Security Action Shares Δ Value Δ
LUV Bought more +317K +$39.4M
AAL Trimmed -434K +$39.3M
UAL Trimmed -4K +$33.9M
DAL Trimmed -97K +$22.8M
ALGT Bought more +48K +$16.6M
ULCC Trimmed -1.9M +$14.9M
WPM Bought more +110K +$11.9M
ALK Bought more +43K +$11.5M
JBLU Bought more +454K +$9.9M
SABR Bought more +2.4M +$9.7M

1 position hidden (data completeness check)

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
SNCY March 31, 2026 1,611,228 $23,185,571 No longer tracked
HL Dec. 31, 2025 600,000 $7,260,000 8.3%
ORLA Dec. 31, 2025 552,301 $5,964,851 No longer tracked
KGC June 30, 2026 195,363 $5,962,479 37.8%
CMCL March 31, 2026 214,334 $5,609,121 No longer tracked
AAUC March 31, 2026 242,753 $5,564,970 -23.6%
GAU March 31, 2026 2,193,071 $5,548,470 No longer tracked
SAND Sept. 30, 2025 549,747 $5,167,622 No longer tracked
BTG Dec. 31, 2025 1,000,000 $4,950,000 No longer tracked
SSRM Dec. 31, 2025 200,000 $4,884,000 71.7%
ORXXXX June 30, 2025 205,277 $4,335,450 No longer tracked
ORLA June 30, 2026 246,374 $3,965,597 No longer tracked
ASM Sept. 30, 2025 1,065,432 $3,835,555 No longer tracked
CGAU Sept. 30, 2025 527,284 $3,801,746 121.3%
FSM Sept. 30, 2025 553,143 $3,617,555 34.0%
EGO June 30, 2025 203,359 $3,420,498 119.8%
MUX June 30, 2025 405,584 $3,062,159 114.2%
ELE June 30, 2026 150,000 $2,826,666 27.0%
EQX March 31, 2026 200,000 $2,808,000 No longer tracked
MAG Sept. 30, 2025 125,000 $2,641,250 No longer tracked
EMX Dec. 31, 2025 500,000 $2,556,186 No longer tracked
MTA March 31, 2025 1,004,949 $2,522,422 No longer tracked
BVN June 30, 2025 144,682 $2,261,380 114.5%
GS March 31, 2026 2,375 $2,087,625 21.1%
NEM Dec. 31, 2025 20,085 $2,035,550 31.1%
HBM March 31, 2026 95,000 $1,885,750 42.4%
EGO March 31, 2026 50,000 $1,796,000 30.2%
DVS March 31, 2026 350,000 $1,530,724 No longer tracked
DRD June 30, 2026 50,000 $1,468,500 45.9%
AXP June 30, 2025 5,305 $1,427,310 5.1%
CCL June 30, 2026 52,500 $1,358,700 -10.1%
JPM June 30, 2025 5,500 $1,349,150 22.6%
AAUC Sept. 30, 2025 100,000 $1,343,525 35.4%
AAPL June 30, 2025 5,550 $1,232,822 50.2%
APO March 31, 2025 7,345 $1,213,100 -3.9%
USASXXXX Sept. 30, 2025 1,500,000 $1,212,700 No longer tracked
NTRS Dec. 31, 2025 8,550 $1,150,830 35.9%
CALI March 31, 2026 22,000 $1,110,120
AG June 30, 2026 50,000 $1,074,000 26.8%
SUB June 30, 2025 10,000 $1,056,000 No longer tracked
PAAS March 31, 2025 50,000 $1,011,000 103.7%
NCLH Dec. 31, 2025 39,000 $960,570 -22.8%
WYNN March 31, 2025 10,600 $913,296 20.0%
MAR March 31, 2025 3,150 $878,661 49.9%
EXE June 30, 2026 7,500 $823,350 4.5%
JMST Sept. 30, 2025 15,000 $763,800 No longer tracked
EQT June 30, 2026 12,000 $763,680 1.3%
CG June 30, 2025 17,000 $741,030 -5.0%
CTRA June 30, 2026 20,000 $702,800 No longer tracked
AMZN Sept. 30, 2025 3,125 $685,594 17.4%
COP June 30, 2025 5,962 $626,129 50.9%
TOL Dec. 31, 2025 4,350 $600,909 7.7%
FCX Dec. 31, 2025 15,000 $588,300 51.8%
KKR March 31, 2025 3,950 $584,245 -6.0%
LULU Dec. 31, 2025 3,200 $569,376 -43.3%
SA June 30, 2026 20,000 $566,800 29.8%
TGB March 31, 2026 100,000 $566,368 No longer tracked
SLVM March 31, 2025 7,000 $553,140 -45.0%
INGR March 31, 2025 4,000 $550,240 -20.6%
BG June 30, 2026 4,000 $508,800 10.1%
H June 30, 2025 4,000 $490,000 30.6%
KRP March 31, 2025 30,000 $486,900 9.3%
ZIM Dec. 31, 2025 35,525 $481,364 29.1%
J March 31, 2026 3,500 $463,610 16.7%
GEV Dec. 31, 2025 750 $461,175 48.5%
SIG March 31, 2026 5,500 $455,840 -3.0%
MEOH March 31, 2025 9,000 $449,531 69.6%
LVS March 31, 2025 8,600 $441,696 20.1%
IMO June 30, 2025 6,000 $433,920 No longer tracked
VIK June 30, 2025 10,800 $429,300 72.3%
CTVA Dec. 31, 2025 6,000 $405,780 19.6%
TRMD June 30, 2026 14,192 $395,957 24.0%
FSLR March 31, 2026 1,500 $391,845 8.9%
MATX June 30, 2026 2,343 $384,111 15.2%
LIN Dec. 31, 2025 800 $380,000 14.4%
ONON Dec. 31, 2025 8,650 $366,328 -35.4%
TK Dec. 31, 2025 44,216 $361,687 50.3%
ARLP Dec. 31, 2025 14,000 $353,990 13.0%
DVN Dec. 31, 2025 10,000 $350,600 34.1%
BG March 31, 2025 4,500 $349,920 53.8%
IP Dec. 31, 2025 7,500 $348,000 3.8%
VNOMXXXX June 30, 2025 7,500 $338,625 No longer tracked
CNR June 30, 2026 3,100 $324,663 20.6%
WY Dec. 31, 2025 13,000 $322,270 4.3%
EOG June 30, 2025 2,500 $320,600 27.7%
HYMC June 30, 2026 9,000 $316,800 14.1%
FMC March 31, 2025 6,500 $315,965 -74.0%
ICL Dec. 31, 2025 49,300 $306,646 0.2%
BTU June 30, 2026 8,600 $283,370 19.2%
RIVN Dec. 31, 2025 19,000 $278,920 -17.1%
SLI June 30, 2026 75,000 $255,750 No longer tracked
STLD March 31, 2026 1,500 $254,175 27.1%
TRMD June 30, 2025 15,251 $251,336 94.0%
STZ Dec. 31, 2025 1,800 $242,406 -2.6%
TECK March 31, 2026 5,000 $239,450 33.2%
WDS Sept. 30, 2025 15,000 $231,450 61.7%
FURY June 30, 2026 350,000 $214,060 No longer tracked
X June 30, 2025 5,000 $211,300 No longer tracked
BHP March 31, 2026 3,500 $211,295 32.4%
ELBM March 31, 2026 250,000 $202,274 13.9%
ES March 31, 2026 3,000 $201,990 3.8%
PR Dec. 31, 2025 15,000 $192,000 69.7%
STNG Dec. 31, 2025 3,347 $187,599 56.0%
HAFN Dec. 31, 2025 31,161 $186,654 53.7%
PPL Dec. 31, 2025 5,000 $185,800 0.2%
CNQ March 31, 2025 6,000 $185,220 66.3%
NUE June 30, 2025 1,500 $180,510 92.5%
TDW March 31, 2026 3,519 $177,745 15.9%
FSLR March 31, 2025 1,000 $176,240 70.0%
NGD March 31, 2026 20,000 $174,200 No longer tracked
URG March 31, 2025 150,000 $172,500 No longer tracked
MATX Sept. 30, 2025 1,497 $166,691 124.6%
VFC Dec. 31, 2025 11,000 $158,730 -21.0%
TNK Sept. 30, 2025 3,799 $158,494 83.8%
AA June 30, 2025 5,000 $152,500 79.8%
MGM Dec. 31, 2025 4,000 $138,640 18.4%
INSW June 30, 2025 3,961 $131,505 176.6%
DAC March 31, 2025 1,525 $122,107 92.7%
GSL March 31, 2025 5,511 $120,305 91.7%
PPIH Dec. 31, 2025 5,000 $117,150 -6.7%
BCC Dec. 31, 2025 1,500 $115,980 11.6%
NXE June 30, 2025 25,000 $112,250 54.3%
RIVN June 30, 2025 8,700 $108,315 18.9%
MTN June 30, 2025 650 $104,013 -3.4%
GOLD June 30, 2025 225 $97,875 110.5%
EU June 30, 2026 50,000 $90,661 -14.1%
ALB Dec. 31, 2025 1,000 $81,080 0.5%
AURE March 31, 2026 300,000 $74,940 -19.3%
AA June 30, 2026 1,000 $66,330 1.8%
DNN June 30, 2025 50,000 $65,000 No longer tracked
SGML Dec. 31, 2025 10,000 $64,100 -11.8%
BIRK March 31, 2026 1,500 $61,350 -1.9%
CANG Dec. 31, 2025 10,000 $42,400 24.7%
MSTZ Sept. 30, 2025 100 $418 No longer tracked
DECK Sept. 30, 2025 75 $75 -11.4%