U S GLOBAL INVESTORS INC

CIK

754811

Location

SAN ANTONIO, TX

Portfolio Value

Small $846,457,467

Diversification

Diversified

Filing Date

Global Rank

#1,949 / 8,607 ▼ 42 · as of Mar 2026

Top Industry

Airlines 49.2%

3Y Alpha vs SPY

-3.7%

Period ended 3 months ago

Filed May 1, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+62.0%

SPY

+77.0%

Annualised alpha

-3.5%

Max drawdown

−35.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

134 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

9.2%

−0.5 pts

Top 5

36.2%

−4.1 pts

Top 10

49.7%

−2.5 pts

HHI

380

Diversified−62

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	55.8%	$472,181,492	27
Basic Materials	33.4%	$282,625,597	53
Consumer Cyclical	6.8%	$57,143,795	20
Energy	2.4%	$20,144,338	26
Technology	1.3%	$10,925,613	1
Consumer Defensive	0.2%	$1,591,810	3
Financial Services	0.1%	$1,222,302	2
Utilities	0.1%	$622,520	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
ULCC	Frontier Group Holdings, Inc.	+2,643,448	6,781,412	$23,938,384
AAL	American Airlines Group Inc.	+865,205	6,435,049	$69,112,426
JBLU	Jetblue Airways Corp	+813,782	5,542,536	$24,498,009
CDE	Coeur Mining, Inc.	+474,850	829,850	$15,576,283
IAG	Iamgold Corp	+396,581	971,581	$18,285,154
SVM	Silvercorp Metals Inc	+367,663	617,663	$6,633,700
TRIP	TripAdvisor, Inc.	+335,087	1,372,941	$14,635,551
OR	OR Royalties Inc.	+191,380	534,625	$20,326,442
GFI	Gold Fields Ltd	+166,358	316,358	$14,362,653
AGI	Alamos Gold Inc	+166,021	201,021	$8,931,363
ALK	Alaska Air Group, Inc.	+140,638	596,572	$21,941,918
HMY	Harmony Gold Mining Co Ltd	+131,538	397,947	$6,116,445
VOXR	Vox Royalty Corp.	+100,000	1,662,000	$8,708,880
KGC	Kinross Gold Corp	+95,363	195,363	$5,962,478
MMYT	MakeMyTrip Ltd	+89,836	140,706	$5,246,926
AU	AngloGold Ashanti PLC	+40,445	130,445	$12,700,125
WDS	Woodside Energy Group Ltd	+35,000	75,000	$1,791,000
SKYW	Skywest Inc	+34,587	257,593	$23,654,765
BWLP	BW LPG Ltd	+32,659	49,708	$863,427
AEM	Agnico Eagle Mines Ltd	+29,133	59,133	$12,002,816
DRD	Drdgold Ltd	+23,512	245,545	$7,211,656
ALGT	Allegiant Travel CO	+14,540	299,225	$24,249,194
GSL	Global Ship Lease, Inc.	+12,856	18,690	$695,828
TCOM	Trip.com Group Ltd	+9,458	123,343	$6,141,247
LTH	Life Time Group Holdings, Inc.	+7,500	41,100	$1,107,234
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
SABR	Sabre Corp	−2,638,686	7,534,906	$10,925,613
ITRG	Integra Resources Corp.	−993,127	393,000	$1,072,890
MTA	Metalla Royalty & Streaming Ltd.	−854,010	578,500	$3,835,455
LUV	Southwest Airlines Co	−438,970	1,668,355	$62,680,097
CGAU	Centerra Gold Inc.	−283,469	438,452	$7,800,061
TFPM	Triple Flag Precious Metals Corp.	−219,270	60,000	$2,082,600
FSM	Fortuna Mining Corp.	−176,951	383,650	$3,809,644
B	Barrick Mining Corp	−172,135	142,865	$5,827,463
WPM	Wheaton Precious Metals Corp.	−129,712	29,064	$3,807,674
EXK	Endeavour Silver Corp	−49,800	295,200	$2,748,312
DAL	Delta Air Lines, Inc.	−44,985	1,171,746	$77,897,674
TXT	Textron Inc	−43,967	139,954	$12,254,372
IE	Ivanhoe Electric Inc.	−25,000	26,499	$313,218
CCL	Carnival Corp Ltd.	−18,000	52,500	$1,358,700
LTM	Latam Airlines Group S.A.	−15,473	136,140	$6,730,761
BA	Boeing Co	−14,700	62,592	$12,457,685
EMBJ	Embraer S.A.	−10,766	113,029	$6,707,140
GD	General Dynamics Corp	−10,683	36,097	$12,389,212
RYAAY	Ryanair Holdings PLC	−9,452	104,201	$6,022,817
UAL	United Airlines Holdings, Inc.	−7,477	784,599	$72,238,029
PPTA	Perpetua Resources Corp.	−7,000	30,000	$843,600
OMAB	Central North Airport Group	−6,655	30,150	$3,459,109
RGLD	Royal Gold Inc	−5,698	81,240	$20,674,766
CPA	Copa Holdings, S.A.	−5,213	28,507	$3,238,680
FNV	FRANCO NEVADA Corp	−4,901	84,410	$20,853,490
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
SCZM	Santacruz Silver Mining Ltd.	781,754	$6,699,631
NEM	NEWMONT Corp /DE/	36,830	$3,986,847
ORLA	Orla Mining Ltd.	246,374	$3,974,012
SSRM	Ssr Mining Inc.	110,000	$3,234,000
VMET	Versamet Royalties Corp	250,000	$2,377,500
AMZN	Amazon Com Inc	9,500	$1,978,565
HSLV	Highlander Silver Corp.	280,000	$1,646,400
HL	Hecla Mining Co/De/	75,000	$1,397,250
AG	First Majestic Silver Corp	50,000	$1,074,000
EXE	EXPAND ENERGY Corp	7,500	$823,350
HAFN	Hafnia Ltd	105,179	$799,360
TK	Teekay Corp Ltd	62,843	$767,313
EQT	EQT Corp	12,000	$763,680
TOL	Toll Brothers, Inc.	5,400	$736,938
CTRA	Coterra Energy Inc.	20,000	$702,800
BMM	Blue Moon Metals Inc.	100,000	$654,000
MAKO	Mako Mining Corp.	100,000	$639,000
ASM	Avino Silver & Gold Mines Ltd	100,000	$632,000
TRMD	TORM plc	14,192	$395,956
DHT	DHT Holdings, Inc.	20,765	$379,376
MWH	SOLV Energy, Inc.	12,000	$360,360
CNR	Core Natural Resources, Inc.	3,100	$324,663
REAL	TheRealReal, Inc.	32,000	$290,560
BTU	Peabody Energy Corp	8,600	$283,370
FURY	Fury Gold Mines Ltd	350,000	$213,150
No positions match the current search.

Sold Out

Positions the filer fully exited

21 positions

Ticker	Company	Shares	Value
SNCY	Sun Country Airlines Holdings, LLC	1,611,228	$23,185,570
CMCL	Caledonia Mining Corp Plc	217,334	$5,687,630
AAUC	Allied Gold Corp	242,753	$5,554,188
GAU	Galiano Gold Inc.	2,193,071	$5,548,469
EQX	Equinox Gold Corp.	200,000	$2,808,000
GS	Goldman Sachs Group Inc	2,375	$2,087,625
HBM	Hudbay Minerals Inc.	95,000	$1,885,750
EGO	Eldorado Gold Corp /Fi	50,000	$1,796,000
DVS	DOLLY VARDEN SILVER CORP	350,000	$1,543,500
NGD	New Gold Inc. /FI	170,000	$1,480,700
TGB	Trekor Metals Ltd	100,000	$566,000
J	Jacobs Solutions Inc.	3,500	$463,610
SIG	Signet Jewelers Ltd	5,500	$455,840
FSLR	First Solar, Inc.	1,500	$391,845
STLD	Steel Dynamics Inc	1,500	$254,175
TECK	Teck Resources Ltd	5,000	$239,450
BHP	BHP Group Ltd	3,500	$211,295
ES	Eversource Energy	3,000	$201,990
ELBM	Electra Battery Materials Corp	250,000	$200,000
TDW	Tidewater Inc	3,519	$177,744
BIRK	Birkenstock Holding plc	1,500	$61,350
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

134 positions · $846,457,467 total · as of Mar 31, 2026

All sectors Basic Materials Consumer Cyclical Consumer Defensive Energy Financial Services Industrials Technology Utilities

Showing 1–50 of 134 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
DAL	Delta Air Lines, Inc. Industrials	Reduced	1,171,746	-44,985	$77,897,674	−7.7%	9.20%
UAL	United Airlines Holdings, Inc. Industrials	Reduced	784,599	-7,477	$72,238,029	−18.4%	8.53%
AAL	American Airlines Group Inc. Industrials	Added	6,435,049	+865,205	$69,112,426	−19.1%	8.16%
LUV	Southwest Airlines Co Industrials	Reduced	1,668,355	-438,970	$62,680,097	−28.0%	7.40%
JBLU	Jetblue Airways Corp Industrials	Added	5,542,536	+813,782	$24,498,009	+13.9%	2.89%
ALGT	Allegiant Travel CO Industrials	Added	299,225	+14,540	$24,249,194	−0.1%	2.86%
ULCC	Frontier Group Holdings, Inc. Industrials	Added	6,781,412	+2,643,448	$23,938,384	+22.8%	2.83%
SKYW	Skywest Inc Industrials	Added	257,593	+34,587	$23,654,765	+5.6%	2.79%
ALK	Alaska Air Group, Inc. Industrials	Added	596,572	+140,638	$21,941,918	−4.3%	2.59%
FNV	FRANCO NEVADA Corp Basic Materials	Reduced	84,410	-4,901	$20,853,490	+12.6%	2.46%
RGLD	Royal Gold Inc Basic Materials	Reduced	81,240	-5,698	$20,674,766	+7.0%	2.44%
OR	OR Royalties Inc. Basic Materials	Added	534,625	+191,380	$20,326,442	+67.3%	2.40%
IAG	Iamgold Corp Basic Materials	Added	971,581	+396,581	$18,285,154	+92.8%	2.16%
CDE	Coeur Mining, Inc. Basic Materials	Added	829,850	+474,850	$15,576,283	+146.1%	1.84%
TRIP	TripAdvisor, Inc. Consumer Cyclical	Added	1,372,941	+335,087	$14,635,551	−3.1%	1.73%
GFI	Gold Fields Ltd Basic Materials	Added	316,358	+166,358	$14,362,653	+119.3%	1.70%
EXPE	Expedia Group, Inc. Consumer Cyclical	Reduced	56,029	-783	$12,936,535	−19.6%	1.53%
AU	AngloGold Ashanti PLC Basic Materials	Added	130,445	+40,445	$12,700,125	+65.5%	1.50%
BA	Boeing Co Industrials	Reduced	62,592	-14,700	$12,457,685	−25.8%	1.47%
GD	General Dynamics Corp Industrials	Reduced	36,097	-10,683	$12,389,212	−21.3%	1.46%
TXT	Textron Inc Industrials	Reduced	139,954	-43,967	$12,254,372	−23.6%	1.45%
AEM	Agnico Eagle Mines Ltd Basic Materials	Added	59,133	+29,133	$12,002,816	+136.0%	1.42%
SABR	Sabre Corp Technology	Reduced	7,534,906	-2,638,686	$10,925,613	−21.0%	1.29%
USAS	Americas Gold & Silver Corp Basic Materials	Held	1,800,000	0	$9,396,000	+2.2%	1.11%
AGI	Alamos Gold Inc Basic Materials	Added	201,021	+166,021	$8,931,363	+561.4%	1.06%
VOXR	Vox Royalty Corp. Basic Materials	Added	1,662,000	+100,000	$8,708,880	+17.6%	1.03%
AUGO	Aura Minerals Inc. Basic Materials	Held	100,000	0	$8,160,000	+61.9%	0.96%
CGAU	Centerra Gold Inc. Basic Materials	Reduced	438,452	-283,469	$7,800,061	−24.8%	0.92%
DRD	Drdgold Ltd Basic Materials	Added	245,545	+23,512	$7,211,656	+4.7%	0.85%
LTM	Latam Airlines Group S.A. Industrials	Reduced	136,140	-15,473	$6,730,761	−17.8%	0.80%
EMBJ	Embraer S.A. Industrials	Reduced	113,029	-10,766	$6,707,140	−15.8%	0.79%
SCZM	Santacruz Silver Mining Ltd. Basic Materials	NEW	781,754	NEW	$6,699,631	NEW	0.79%
SVM	Silvercorp Metals Inc Basic Materials	Added	617,663	+367,663	$6,633,700	+218.2%	0.78%
ARIS	Aris Mining Corp Basic Materials	Held	340,000	0	$6,313,800	+14.4%	0.75%
TCOM	Trip.com Group Ltd Consumer Cyclical	Added	123,343	+9,458	$6,141,247	−25.0%	0.73%
HMY	Harmony Gold Mining Co Ltd Basic Materials	Added	397,947	+131,538	$6,116,445	+15.4%	0.72%
RYAAY	Ryanair Holdings PLC Industrials	Reduced	104,201	-9,452	$6,022,817	−26.6%	0.71%
KGC	Kinross Gold Corp Basic Materials	Added	195,363	+95,363	$5,962,478	+111.7%	0.70%
B	Barrick Mining Corp Basic Materials	Reduced	142,865	-172,135	$5,827,463	−57.5%	0.69%
MMYT	MakeMyTrip Ltd Consumer Cyclical	Added	140,706	+89,836	$5,246,926	+25.6%	0.62%
PAAS	Pan American Silver Corp Basic Materials	Held	73,555	0	$4,018,309	+5.4%	0.47%
NEM	NEWMONT Corp /DE/ Basic Materials	NEW	36,830	NEW	$3,986,847	NEW	0.47%
ORLA	Orla Mining Ltd. Basic Materials	NEW	246,374	NEW	$3,974,012	NEW	0.47%
MTA	Metalla Royalty & Streaming Ltd. Basic Materials	Reduced	578,500	-854,010	$3,835,455	−65.6%	0.45%
FSM	Fortuna Mining Corp. Basic Materials	Reduced	383,650	-176,951	$3,809,644	−30.7%	0.45%
WPM	Wheaton Precious Metals Corp. Basic Materials	Reduced	29,064	-129,712	$3,807,674	−79.6%	0.45%
VZLA	Vizsla Silver Corp. Basic Materials	Held	1,050,000	0	$3,465,000	−39.7%	0.41%
OMAB	Central North Airport Group Industrials	Reduced	30,150	-6,655	$3,459,109	−13.6%	0.41%
SBSW	Sibanye Stillwater Ltd Basic Materials	Held	275,000	0	$3,388,000	−13.5%	0.40%
ASR	Southeast Airport Group Industrials	Reduced	9,988	-2,446	$3,357,266	−16.5%	0.40%