U S GLOBAL INVESTORS INC
Long book
$857.6M
Q1 2026
Positions
135
Top-10 weight
49%
concentration
Last quarter
+20.3%
SPY +14.8%
Turnover
33%
of book per quarter
Strategy in plain words
auto-generated from filingsU S GLOBAL INVESTORS INC is a diversified fundamental manager, specialised in industrials (60% of the long book), running a $857.6M US long book across 135 positions.
The portfolio is moderately concentrated (top 10 ≈ 49% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: DELTA AIR LINES INC, UNITED AIRLINES HOLDINGS INC, AMERICAN AIRLINES GROUP INC, SOUTHWEST AIRLINES CO, JETBLUE AIRWAYS CORP.
Over the last 9 quarters its long book ran on average 2.2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.4%
Q2 2024
+7.1%
Q3 2024
+26.9%
Q4 2024
-16.2%
Q1 2025
+7.9%
Q2 2025
+14.2%
Q3 2025
+13.9%
Q4 2025
-6.7%
Q1 2026
+20.3%
Sector allocation
Industrials 62%
Materials 28%
Financials 4%
Technology 3%
Energy 1%
Other 1%
Services media 1%
Consumer discretionary 0%
Long book by quarter
What does U S own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| DAL DELTA AIR LINES INC | Industrials | 1.2M | $77.9M | 9.1% | -3.7% |
| UAL UNITED AIRLINES HOLDINGS INC | Industrials | 784.6K | $72.2M | 8.4% | -0.9% |
| AAL AMERICAN AIRLINES GROUP INC | Industrials | 6.4M | $69.1M | 8.1% | +15.5% |
| LUV SOUTHWEST AIRLINES CO | Industrials | 1.7M | $62.7M | 7.3% | -20.8% |
| JBLU JETBLUE AIRWAYS CORP | Industrials | 5.5M | $24.5M | 2.9% | +17.2% |
| ALGT ALLEGIANT TRAVEL CO | Industrials | 299.2K | $24.2M | 2.8% | +5.1% |
| ULCC FRONTIER GROUP HOLDINGS INC | Industrials | 6.8M | $23.9M | 2.8% | +63.9% |
| SKYW SKYWEST INC | Industrials | 257.6K | $23.7M | 2.8% | +15.5% |
| ALK ALASKA AIR GROUP INC | Industrials | 596.6K | $21.9M | 2.6% | +30.8% |
| FNV FRANCO-NEVADA CORP | Materials | 84.4K | $20.9M | 2.4% | -5.5% |
| RGLD ROYAL GOLD INC | Financials | 81.2K | $20.7M | 2.4% | -6.6% |
| OR OR ROYALTIES INC | Materials | 534.6K | $20.3M | 2.4% | +55.8% |
| IAG IAMGOLD CORP | Materials | 971.6K | $18.3M | 2.1% | +69.0% |
| CDE COEUR MINING INC | Materials | 829.9K | $15.6M | 1.8% | +133.8% |
| TRIP TRIPADVISOR INC | Technology | 1.4M | $14.6M | 1.7% | +32.3% |
| EXPE EXPEDIA GROUP INC | Industrials | 56.0K | $12.9M | 1.5% | -1.4% |
| AU ANGLOGOLD ASHANTI PLC | Materials | 130.4K | $12.7M | 1.5% | +44.9% |
| BKNG BOOKING HOLDINGS INC | Industrials | 3.0K | $12.7M | 1.5% | -0.7% |
| BA BOEING CO/THE | Industrials | 62.6K | $12.5M | 1.5% | -19.0% |
| GD GENERAL DYNAMICS CORP | Industrials | 36.1K | $12.4M | 1.4% | -22.8% |
| TXT TEXTRON INC | Industrials | 140.0K | $12.3M | 1.4% | -23.9% |
| AEM AGNICO EAGLE MINES LTD | Materials | 59.1K | $12.0M | 1.4% | +97.1% |
| SABR SABRE CORP | Technology | 7.5M | $10.9M | 1.3% | -25.9% |
| USAS AMERICAS GOLD AND SILVER COR | Materials | 1.8M | $9.4M | 1.1% | Held |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 201.0K | $8.9M | 1.0% | +474.3% |
| VOXR VOX ROYALTY CORP | Materials | 1.7M | $8.7M | 1.0% | +6.4% |
| AUGO AURA MINERALS INC | Materials | 100.0K | $8.2M | 1.0% | Held |
| CGAU CENTERRA GOLD INC | Materials | 438.5K | $7.8M | 0.9% | -39.3% |
| SCZM SANTACRUZ SILVER MINING LTD | Materials | 781.8K | $6.8M | 0.8% | New |
| SVM SILVERCORP METALS INC | Materials | 617.7K | $6.6M | 0.8% | +147.1% |
| ARIS ARIS MINING CORP | Materials | 340.0K | $6.3M | 0.7% | Held |
| KGC KINROSS GOLD CORP | Materials | 195.4K | $6.0M | 0.7% | +95.4% |
| B BARRICK MINING CORP | Materials | 142.9K | $5.8M | 0.7% | -54.6% |
| MMYT MAKEMYTRIP LTD | Industrials | 140.7K | $5.2M | 0.6% | +176.6% |
| PAAS PAN AMERICAN SILVER CORP | Materials | 73.6K | $4.0M | 0.5% | Held |
| NEM NEWMONT CORP | Materials | 36.8K | $4.0M | 0.5% | New |
| ORLA ORLA MINING LTD | Materials | 246.4K | $4.0M | 0.5% | New |
| MTA METALLA ROYALTY & STREAMING | Materials | 578.5K | $3.8M | 0.4% | -59.6% |
| FSM FORTUNA MINING CORP | Materials | 383.6K | $3.8M | 0.4% | -31.6% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 29.1K | $3.8M | 0.4% | -81.7% |
| VZLA VIZSLA SILVER CORP | Materials | 1.1M | $3.5M | 0.4% | Held |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 28.5K | $3.2M | 0.4% | -15.5% |
| SSRM SSR MINING INC | Financials | 110.0K | $3.2M | 0.4% | New |
| XOM EXXON MOBIL CORP | Energy | 17.5K | $3.0M | 0.3% | +29.6% |
| ELE ELEMENTAL ROYALTY CORP | Materials | 150.0K | $2.8M | 0.3% | Held |
| EXK ENDEAVOUR SILVER CORP | Materials | 295.2K | $2.8M | 0.3% | -14.4% |
| RACE FERRARI NV | Industrials | 7.9K | $2.7M | 0.3% | +36.3% |
| TSLA TESLA INC | Industrials | 7.1K | $2.6M | 0.3% | +21.6% |
| RCL ROYAL CARIBBEAN CRUISES LTD | Industrials | 8.5K | $2.3M | 0.3% | -9.6% |
| NTR NUTRIEN LTD | Other | 30.0K | $2.3M | 0.3% | +20.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 1, 2026 | 162 | $857.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 28, 2026 | 158 | $934.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 21, 2025 | 171 | $885.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 24, 2025 | 173 | $850.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 24, 2025 | 170 | $757.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 5, 2025 | 160 | $1.01B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 21, 2024 | 169 | $1.04B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 23, 2024 | 163 | $1.05B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 24, 2024 | 180 | $1.22B | canonical | SEC ↗ |