U S GLOBAL INVESTORS INC

SAN ANTONIO, TX · CIK 754811 · 13F filing filed 2026-07-27

SEC-registered investment adviser since 1968 · corporation

Assets managed$1.7bn
Staff19 · 7 in investment roles
Main clients (by assets)Mutual funds and ETFs 99%, Private funds 1%
Websiteusfunds.com
Form ADV · 2026-09-29SEC adviser record

Legal entityUS Global Investors Inc. (US)

Kindmutual funds
Others nearbySan Antonio, TX

$1.0bn reported value +21.2% vs Q1 2026

127positions

59.6%in top 10

12 new 44 added 38 reduced 20 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	AMERICAN AIRLS GROUP INC COM AAL	AAL	6,001,172	$108.4m10.43%	10.43%	Reduced -433.9k	-433,877 -6.7%
2	UNITED AIRLS HLDGS INC COM UAL	UAL	780,724	$106.2m10.21%	10.21%	Reduced -3.9k	-3,875 -0.5%
3	SOUTHWEST AIRLS CO COM LUV	LUV	1,985,637	$102.1m9.82%	9.82%	Added +317.3k	+317,282 19.0%
4	DELTA AIR LINES INC DEL COM NEW DAL	DAL	1,075,013	$100.7m9.68%	9.68%	Reduced -96.7k	-96,733 -8.3%
5	ALLEGIANT TRAVEL CO COM ALGT	ALGT	347,245	$40.8m3.93%	3.93%	Added +48.0k	+48,020 16.1%
6	FRONTIER GROUP HLDGS INC COM ULCC	ULCC	4,914,655	$38.9m3.74%	3.74%	Reduced -1.9m	-1,866,757 -27.5%
7	JETBLUE AWYS CORP COM JBLU	JBLU	5,996,231	$34.4m3.30%	3.30%	Added +453.7k	+453,695 8.2%
8	ALASKA AIR GROUP INC COM ALK	ALK	639,713	$33.4m3.21%	3.21%	Added +43.1k	+43,141 7.2%
9	SKYWEST INC COM SKYW	SKYW	333,087	$33.1m3.18%	3.18%	Added +75.5k	+75,494 29.3%
10	AYA GOLD & SILVER INC COM AYA	AYA	1,125,000	$21.3m2.05%	2.05%	New
11	SABRE CORP COM SABR	SABR	9,885,943	$20.7m1.99%	1.99%	Added +2.4m	+2,351,037 31.2%
12	TRIPADVISOR INC COM TRIP	TRIP	1,393,974	$19.1m1.84%	1.84%	Added +21.0k	+21,033 1.5%
13	EXPEDIA GROUP INC COM NEW EXPE	EXPE	73,940	$18.9m1.82%	1.82%	Added +17.9k	+17,911 32.0%
14	OR ROYALTIES INC. COM SHS OR	OR	580,723	$18.4m1.77%	1.77%	Added +46.1k	+46,098 8.6%
15	BOOKING HOLDINGS INC COM BKNG	BKNG	101,546	$18.1m1.74%	1.74%	Added +26.3k	+26,346 35.0%
16	FRANCO NEV CORP COM FNV	FNV	80,622	$16.8m1.62%	1.62%	Reduced -3.8k	-3,788 -4.5%
17	GENERAL DYNAMICS CORP COM GD	GD	46,295	$16.4m1.58%	1.58%	Added +10.2k	+10,198 28.2%
18	TEXTRON INC COM TXT	TXT	177,167	$16.3m1.56%	1.56%	Added +37.2k	+37,213 26.6%
19	BOEING CO COM BA	BA	74,907	$16.2m1.56%	1.56%	Added +12.3k	+12,315 19.7%
20	WHEATON PRECIOUS METALS CORP COM WPM	WPM	139,426	$15.7m1.51%	1.51%	Added +110.4k	+110,362 379.7%
21	IAMGOLD CORP COM IAG	IAG	878,486	$13.9m1.34%	1.34%	Reduced -93.1k	-93,095 -9.6%
22	AMERICAS GOLD AND SILVER COR COM NEW USAS	USAS	2,625,000	$12.4m1.19%	1.19%	Added +825.0k	+825,000 45.8%
23	LATAM AIRLINES GROUP SA SPONSORED ADR LTM	LTM	161,198	$9.4m0.90%	0.90%	Added +25.1k	+25,058 18.4%
24	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	139,753	$9.0m0.87%	0.87%	Added +35.6k	+35,552 34.1%
25	ENDEAVOUR SILVER CORP COM EXK	EXK	1,043,200	$8.6m0.83%	0.83%	Added +748.0k	+748,000 253.4%
26	PAN AMERN SILVER CORP COM PAAS	PAAS	176,555	$7.9m0.76%	0.76%	Added +103.0k	+103,000 140.0%
27	VOX ROYALTY CORP COM VOXR	VOXR	1,662,000	$7.9m0.76%	0.76%	Unchanged
28	COEUR MNG INC COM NEW CDE	CDE	439,303	$7.2m0.69%	0.69%	Reduced -390.5k	-390,547 -47.1%
29	TRIP COM GROUP LTD ADS TCOM	TCOM	175,270	$7.0m0.67%	0.67%	Added +51.9k	+51,927 42.1%
30	HARMONY GOLD MINING CO LTD SPONSORED ADR HMY	HMY	428,647	$6.5m0.63%	0.63%	Added +30.7k	+30,700 7.7%
31	FORTUNA MNG CORP COM NEW FSM	FSM	743,591	$6.3m0.60%	0.60%	Added +359.9k	+359,941 93.8%
32	BARRICK MNG CORP COM SHS B	B	170,000	$6.2m0.60%	0.60%	Added +27.1k	+27,135 19.0%
33	ARIS MNG CORP COM ARIS	ARIS	400,000	$6.0m0.57%	0.57%	Added +60.0k	+60,000 17.6%
34	MAKEMYTRIP LIMITED MAURITIUS SHS MMYT	MMYT	99,379	$5.3m0.51%	0.51%	Reduced -41.3k	-41,327 -29.4%
35	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	172,000	$5.2m0.50%	0.50%	Added +112.0k	+112,000 186.7%
36	CENTERRA GOLD INC COM CGAU	CGAU	300,000	$4.7m0.46%	0.46%	Reduced -138.5k	-138,452 -31.6%
37	GRUPO AEROPORTUARIO DEL CENT SPON ADR OMAB	OMAB	41,857	$4.7m0.46%	0.46%	Added +11.7k	+11,707 38.8%
38	EMBRAER S.A. SPONSORED ADS EMBJ	EMBJ	73,982	$4.7m0.45%	0.45%	Reduced -39.0k	-39,047 -34.5%
39	AGNICO EAGLE MINES LTD COM AEM	AEM	30,000	$4.7m0.45%	0.45%	Reduced -29.1k	-29,133 -49.3%
40	NEWMONT CORP COM NEM	NEM	49,739	$4.6m0.45%	0.45%	Added +12.9k	+12,909 35.0%
41	COPA HOLDINGS SA CL A CPA	CPA	29,833	$4.6m0.45%	0.45%	Added +1.3k	+1,326 4.7%
42	GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B ASR	ASR	14,624	$4.5m0.43%	0.43%	Added +4.6k	+4,636 46.4%
43	METALLA RTY & STREAMING LTD COM NEW MTA	MTA	558,500	$4.3m0.41%	0.41%	Reduced -20.0k	-20,000 -3.5%
44	AVINO SILVER & GOLD MINES LT COM ASM	ASM	610,000	$3.9m0.37%	0.37%	Added +510.0k	+510,000 510.0%
45	VIZSLA SILVER CORP COM NEW VZLA	VZLA	1,050,000	$3.4m0.33%	0.33%	Unchanged
46	AURA MINERALS INC SHS NEW AUGO	AUGO	50,000	$3.1m0.30%	0.30%	Reduced -50.0k	-50,000 -50.0%
47	SSR MINING IN COM SSRM	SSRM	110,000	$3.1m0.30%	0.30%	Unchanged
48	ALAMOS GOLD INC NEW COM CL A AGI	AGI	100,000	$3.0m0.29%	0.29%	Reduced -101.0k	-101,021 -50.2%
49	FERRARI N V COM RACE	RACE	7,925	$3.0m0.28%	0.28%	Unchanged
50	TESLA INC COM TSLA	TSLA	6,450	$2.7m0.26%	0.26%	Reduced -650	-650 -9.2%
51	ROYAL CARIBBEAN GROUP COM RCL	RCL	8,530	$2.7m0.26%	0.26%	Unchanged
52	SILVERCORP METALS INC COM SVM	SVM	250,000	$2.5m0.24%	0.24%	Reduced -367.7k	-367,663 -59.5%
53	WOODSIDE ENERGY GROUP LTD SPONSORED ADR WDS	WDS	125,000	$2.4m0.23%	0.23%	Added +50.0k	+50,000 66.7%
54	SIBANYE STILLWATER LTD SPONSORED ADR SBSW	SBSW	275,000	$2.3m0.22%	0.22%	Unchanged
55	SANTACRUZ SILVER MNG LTD COM NEW SHS SCZM	SCZM	350,000	$2.3m0.22%	0.22%	Reduced -431.8k	-431,754 -55.2%
56	VERSAMET ROYALTIES CORP COM NEW VMET	VMET	250,000	$2.1m0.21%	0.21%	Unchanged
57	VIKING HOLDINGS LTD ORD SHS VIK	VIK	18,935	$2.0m0.19%	0.19%	Added +6.6k	+6,600 53.5%
58	MCEWEN INC. COM NEW MUX	MUX	100,000	$1.8m0.17%	0.17%	Unchanged
59	AMAZON COM INC COM AMZN	AMZN	7,500	$1.8m0.17%	0.17%	Reduced -2.0k	-2,000 -21.1%
60	TOTALENERGIES SE ACT TTE	TTE	22,000	$1.7m0.16%	0.16%	Unchanged
61	NUTRIEN LTD COM NTR	NTR	25,000	$1.6m0.15%	0.15%	Reduced -5.0k	-5,000 -16.7%
62	HIGHLANDER SILVER CORP COM HSLV	HSLV	325,000	$1.5m0.15%	0.15%	Added +45.0k	+45,000 16.1%
63	CARNIVAL CORP LTD COMMON SHARES CCL	CCL	52,500	$1.5m0.14%	0.14%	New
64	CHENIERE ENERGY INC COM NEW LNG	LNG	6,200	$1.5m0.14%	0.14%	Unchanged
65	SHELL PLC SPON ADS SHEL	SHEL	18,000	$1.4m0.13%	0.13%	Unchanged
66	AMERICAN EXPRESS CO COM AXP	AXP	3,930	$1.3m0.13%	0.13%	New
67	HILTON WORLDWIDE HLDGS INC COM HLT	HLT	3,950	$1.3m0.13%	0.13%	Reduced -300	-300 -7.1%
68	LIFE TIME GROUP HOLDINGS INC COMMON STOCK LTH	LTH	31,600	$1.3m0.12%	0.12%	Reduced -9.5k	-9,500 -23.1%
69	BLUE MOON METALS INC COM BMM	BMM	200,000	$1.3m0.12%	0.12%	Added +100.0k	+100,000 100.0%
70	OCEANAGOLD CORP COM NEW OGC	OGC	50,000	$1.3m0.12%	0.12%	New
71	LAUDER ESTEE COS INC CL A EL	EL	15,800	$1.2m0.12%	0.12%	Added +2.8k	+2,800 21.5%
72	EXXON MOBIL CORP COM XOM	XOM	8,500	$1.2m0.11%	0.11%	Reduced -9.0k	-9,000 -51.4%
73	HECLA MNG CO COM HL	HL	75,000	$1.2m0.11%	0.11%	Unchanged
74	UBS GROUP AG SHS UBS	UBS	22,300	$1.1m0.11%	0.11%	Reduced -5.5k	-5,500 -19.8%
75	CATERPILLAR INC COM CAT	CAT	1,000	$1.1m0.10%	0.10%	Unchanged
76	TOLL BROTHERS INC COM TOL	TOL	6,300	$1.0m0.10%	0.10%	Added +900	+900 16.7%
77	MARRIOTT INTL INC NEW CL A MAR	MAR	2,550	$945.0k0.09%	0.09%	Reduced -350	-350 -12.1%
78	DHT HOLDINGS INC SHS NEW DHT	DHT	54,236	$896.5k0.09%	0.09%	Added +33.5k	+33,471 161.2%
79	INTERNATIONAL SEAWAYS INC COM INSW	INSW	11,130	$852.4k0.08%	0.08%	New
80	GOLD FIELDS LTD SPONSORED ADR GFI	GFI	25,000	$839.8k0.08%	0.08%	Reduced -291.4k	-291,358 -92.1%
81	LAS VEGAS SANDS CORP COM LVS	LVS	17,700	$817.6k0.08%	0.08%	Added +5.5k	+5,500 45.1%
82	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	10,000	$808.9k0.08%	0.08%	Reduced -120.4k	-120,445 -92.3%
83	INTEGRA RES CORP COM ITRG	ITRG	350,000	$794.5k0.08%	0.08%	Reduced -43.0k	-43,000 -10.9%
84	BLACKSTONE INC COM BX	BX	6,300	$741.3k0.07%	0.07%	New
85	MAKO MNG CORP COM NEW MAKO	MAKO	100,000	$733.9k0.07%	0.07%	Unchanged
86	SUNSHINE SILVER MNG & REFNG COMMON STOCK SSMR	SSMR	55,000	$727.1k0.07%	0.07%	New
87	GLOBAL SHIP LEASE INC NEW COM CL A GSL	GSL	18,766	$705.6k0.07%	0.07%	Added +76	+76 0.4%
88	SCORPIO TANKERS INC SHS STNG	STNG	9,480	$656.6k0.06%	0.06%	New
89	PERPETUA RESOURCES CORP COM PPTA	PPTA	30,000	$622.8k0.06%	0.06%	Unchanged
90	TEEKAY CORPORATION LTD SHS TK	TK	61,009	$610.1k0.06%	0.06%	Reduced -1.8k	-1,834 -2.9%
91	OSISKO DEVELOPMENT CORP COM NEW COM NEW		250,000	$606.9k0.06%	0.06%	Unchanged
92	TAPESTRY INC COM TPR	TPR	4,045	$592.1k0.06%	0.06%	Unchanged
93	BW LPG LTD COM BWLP	BWLP	33,953	$590.9k0.06%	0.06%	Reduced -15.8k	-15,755 -31.7%
94	APPLE INC COM AAPL	AAPL	2,000	$578.7k0.06%	0.06%	New
95	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	24,296	$543.7k0.05%	0.05%	Added +2.0k	+1,964 8.8%
96	UNITED PARCEL SERVICE INC CL B UPS	UPS	5,034	$541.2k0.05%	0.05%	Reduced -323	-323 -6.0%
97	EXPEDITORS INTL WASH INC COM EXPD	EXPD	3,286	$535.6k0.05%	0.05%	Reduced -400	-400 -10.8%
98	FEDEX CORP COM FDX	FDX	1,618	$506.6k0.05%	0.05%	Added +133	+133 9.0%
99	IVANHOE ELECTRIC INC COM IE	IE	51,499	$494.9k0.05%	0.05%	Added +25.0k	+25,000 94.3%
100	COLLECTIVE MINING LTD COM CNL	CNL	35,000	$429.7k0.04%	0.04%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
DRDGOLD LIMITED DRD	DRD	245,545	$7.2m245.5k shares
KINROSS GOLD CORP KGC	KGC	195,363	$6.0m195.4k shares
ORLA MNG LTD NEW OLA	OLA	246,374	$4.0m246.4k shares
ELEMENTAL RTY CORP ELE	ELE	150,000	$2.8m150.0k shares
CARNIVAL CORP		52,500	$1.4m52.5k shares
SEABRIDGE GOLD INC		40,000	$1.1m40.0k shares
FIRST MAJESTIC SILVER CORP AG	AG	50,000	$1.1m50.0k shares
EXPAND ENERGY CORPORATION EXE	EXE	7,500	$823.4k7.5k shares
EQT CORP EQT	EQT	12,000	$763.7k12.0k shares
COTERRA ENERGY INC CTRA	CTRA	20,000	$702.8k20.0k shares
BUNGE GLOBAL SA BG	BG	4,000	$508.8k4.0k shares
TORM PLC TRMD	TRMD	14,192	$396.0k14.2k shares
MATSON INC MATX	MATX	2,343	$384.1k2.3k shares
CORE NATURAL RESOURCES INC CNR	CNR	3,100	$324.7k3.1k shares
HYCROFT MINING HOLDING CORP HYMC	HYMC	9,000	$316.8k9.0k shares
PEABODY ENERGY CORP BTU	BTU	8,600	$283.4k8.6k shares
STANDARD LITHIUM LTD SLI	SLI	75,000	$255.8k75.0k shares
FURY GOLD MINES LIMITED FURY	FURY	350,000	$214.1k350.0k shares
ENCORE ENERGY CORP EU	EU	50,000	$90.7k50.0k shares
ALCOA CORP AA	AA	1,000	$66.3k1.0k shares