DaveManuel.com · Institutional Ownership · 13F Holdings
U S GLOBAL INVESTORS INC
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| SOUTHWEST AIRLS CO | LUV | $94.1M | 2,260,841 | -0.45pp | 32q | +13.9%+$11.5M | |
| DELTA AIR LINES INC | DAL | $91.8M | 1,099,975 | -0.55pp | 32q | +2.3%+$2.1M | |
| AMERICAN AIRLINES GROUP INC | AAL | $90.7M | 6,787,455 | -1.40pp | 32q | +13.1%+$10.5M | |
| UNITED AIRLS HLDGS INC | UAL | $89.7M | 808,203 | -1.29pp | 32q | +3.5%+$3.0M | |
| FRONTIER GROUP HLDGS INC | ULCC | $31.1M | 5,216,198 | -0.64pp | 14q | +6.1%+$1.8M | |
| SKYWEST INC | SKYW | $29.6M | 305,130 | -0.24pp | 14q | -8.4%-$2.7M | |
| ALLEGIANT TRAVEL CO | ALGT | $29.1M | 384,198 | -1.03pp | 32q | +10.6%+$2.8M | |
| ALASKA AIR GROUP INC | ALK | $28.2M | 728,679 | -0.41pp | 32q | +13.9%+$3.4M | |
| JETBLUE AIRWAYS CORP | JBLU | $27.5M | 6,501,298 | -0.57pp | 32q | +8.4%+$2.1M | |
| ROYAL GOLD INC | RGLD | $19.7M | 83,453 | +1.94pp | 32q | +6549.6%+$19.4M | |
| FRANCO NEV CORP | FNV | $19.5M | 81,700 | +0.32pp | 32q | +1.3%+$256.7K | |
| WHEATON PRECIOUS METALS CORP | WPM | $18.5M | 138,444 | +0.34pp | 32q | -0.7%-$131.3K | |
| IAMGOLD CORP | IAG | $16.3M | 887,130 | +0.29pp | 19q | +1.0%+$159.1K | |
| Sabre Corp | SABR | $15.7M | 7,400,275 | -0.43pp | 8q | -25.1%-$5.3M | |
| TEXTRON INC | TXT | $15.6M | 204,973 | -0.01pp | 22q | +15.7%+$2.1M | |
| AYA GOLD & SILVER INC | AYA | $15.5M | 575,000 | -0.50pp | 2q | -48.9%-$14.8M | |
| EXPEDIA GROUP INC | EXPE | $15.4M | 58,645 | -0.28pp | 22q | -20.7%-$4.0M | |
| TRIPADVISOR INC | TRIP | $15.4M | 1,840,229 | -0.31pp | 22q | +32.0%+$3.7M | |
| GENERAL DYNAMICS CORP | GD | $15.2M | 45,826 | -0.06pp | 27q | -1.0%-$155.6K | |
| BOOKING HOLDINGS INC | BKNG | $15.2M | 93,179 | -0.23pp | 22q | -8.2%-$1.4M | |
| BOEING CO | BA | $14.7M | 79,260 | -0.09pp | 16q | +5.8%+$809.9K | |
| COEUR MNG INC | CDE | $13.2M | 747,595 | +0.62pp | 13q | +70.2%+$5.4M | |
| AMERICAS GOLD AND SILVER COR | USAS | $11.4M | 2,600,000 | -0.06pp | 5q | -1.0%-$109.6K | |
| OR ROYALTIES INC. | OR | $11.0M | 321,284 | -0.67pp | 6q | -44.7%-$8.9M | |
| KINROSS GOLD CORP | KGC | $9.4M | 389,004 | - | new | NEW | |
| ELEMENTAL RTY CORP | ELE | $9.0M | 470,694 | - | new | NEW | |
| RYANAIR HOLDINGS PLC | RYAAY | $8.4M | 153,149 | -0.03pp | 22q | +9.6%+$736.9K | |
| VOX ROYALTY CORP | VOXR | $8.3M | 1,662,000 | +0.07pp | 16q | HELD | |
| TRIP COM GROUP LTD | TCOM | $8.2M | 209,805 | +0.14pp | 21q | +19.7%+$1.4M | |
| LATAM AIRLINES GROUP SA | LTM | $8.0M | 160,165 | -0.11pp | 6q | -0.6%-$51.5K | |
| FORTUNA MNG CORP | FSM | $8.0M | 707,851 | +0.19pp | 4q | -4.8%-$401.7K | |
| TRIPLE FLAG PRECIOUS METAL | TFPM | $7.8M | 253,667 | +0.28pp | 15q | +47.5%+$2.5M | |
| GOLD FIELDS LTD | GFI | $7.5M | 208,031 | +0.67pp | 8q | +732.1%+$6.6M | |
| ARIS MINING CORPORATION | ARIS | $7.0M | 400,000 | +0.12pp | 6q | HELD | |
| BARRICK MNG CORP | B | $6.9M | 170,000 | +0.09pp | 6q | HELD | |
| ANGLOGOLD ASHANTI PLC | AU | $6.6M | 70,364 | +0.58pp | 13q | +603.6%+$5.7M | |
| CENTERRA GOLD INC | CGAU | $6.5M | 300,000 | +0.19pp | 4q | HELD | |
| INTEGRA RES CORP | ITRG | $6.2M | 2,401,982 | +0.54pp | 6q | +586.3%+$5.3M | |
| MCEWEN INC. | MUX | $5.7M | 320,914 | +0.40pp | 4q | +220.9%+$3.9M | |
| HARMONY GOLD MNG LTD | HMY | $5.5M | 310,584 | -0.08pp | 32q | -27.5%-$2.1M | |
| AGNICO EAGLE MINES LTD | AEM | $5.5M | 30,000 | +0.10pp | 18q | HELD | |
| GOLD ROYALTY CORP | GROY | $5.1M | 1,708,319 | - | new | NEW | |
| METALLA RTY & STREAMING LTD | MTA | $5.0M | 531,500 | +0.09pp | 5q | -4.8%-$254.3K | |
| SSR MINING IN | SSRM | $5.0M | 150,000 | +0.20pp | 3q | +36.4%+$1.3M | |
| COPA HOLDINGS SA | CPA | $4.2M | 31,516 | -0.03pp | 22q | +5.6%+$221.9K | |
| EMBRAER S.A. | EMBJ | $4.1M | 54,263 | -0.05pp | 22q | -26.7%-$1.5M | |
| PAN AMERN SILVER CORP | PAAS | $4.0M | 88,555 | -0.36pp | 5q | -49.8%-$4.0M | |
| GRUPO AEROPORTUARIO DEL CENT | OMAB | $4.0M | 41,326 | -0.06pp | 5q | -1.3%-$51.3K | |
| Vizsla Silver Corp | VZLA | $4.0M | 1,050,000 | +0.07pp | 10q | HELD | |
| MAKEMYTRIP LIMITED MAURITIUS | MMYT | $3.9M | 82,701 | -0.12pp | 13q | -16.8%-$787.2K | |
| COMPANIA DE MINAS BUENAVENTU | BVN | $3.9M | 123,572 | - | new | NEW | |
| GRUPO AEROPORTUARIO DEL SURE | ASR | $3.8M | 16,125 | -0.05pp | 12q | +10.3%+$353.0K | |
| GLOBAL X FDS | SIL | $3.4M | 40,000 | - | new | NEW | |
| VANECK ETF TRUST | GDXJ | $3.4M | 29,800 | - | new | NEW | |
| ALAMOS GOLD INC | AGI | $3.2M | 100,000 | +0.03pp | 17q | HELD | |
| SANTACRUZ SILVER MNG LTD | SCZM | $3.1M | 350,000 | +0.09pp | 3q | HELD | |
| ELDORADO GOLD CORP NEW | EGO | $2.9M | 75,000 | - | new | NEW | |
| FERRARI N V | RACE | $2.9M | 7,285 | flat | 13q | -8.1%-$251.4K | |
| SIBANYE STILLWATER LTD | SBSW | $2.8M | 275,000 | +0.05pp | 6q | HELD | |
| WOODSIDE ENERGY GROUP LTD | WDS | $2.8M | 125,000 | +0.04pp | 4q | HELD | |
| SILVERCORP METALS INC | SVM | $2.7M | 250,000 | +0.02pp | 32q | HELD | |
| ENDEAVOUR SILVER CORP | EXK | $2.5M | 295,200 | -0.58pp | 9q | -71.7%-$6.4M | |
| VERSAMET ROYALTIES CORP | VMET | $2.4M | 275,000 | +0.03pp | 3q | +10.0%+$219.9K | |
| EXXONMOBIL HOLDINGS CORP | XOM | $2.4M | 14,500 | - | new | NEW | |
| TESLA INC | TSLA | $2.3M | 6,450 | -0.03pp | 9q | HELD | |
| SHELL PLC | SHEL | $2.3M | 24,000 | +0.09pp | 7q | +33.3%+$570.3K | |
| AURA MINERALS INC | AUGO | $2.0M | 25,000 | -0.11pp | 5q | -50.0%-$2.0M | |
| TOTALENERGIES SE | TTE | $1.9M | 22,000 | +0.02pp | 4q | HELD | |
| NUTRIEN LTD | NTR | $1.8M | 25,000 | +0.02pp | 7q | HELD | |
| ROYAL CARIBBEAN GROUP | RCL | $1.7M | 6,530 | -0.09pp | 14q | -23.4%-$531.7K | |
| MARRIOTT INTL INC NEW | MAR | $1.7M | 4,850 | +0.08pp | 4q | +90.2%+$818.0K | |
| HIGHLANDER SILVER CORP | HSLV | $1.7M | 325,000 | +0.02pp | 3q | HELD | |
| CHENIERE ENERGY INC | LNG | $1.7M | 6,200 | +0.02pp | 21q | HELD | |
| HILTON WORLDWIDE HLDGS INC | HLT | $1.6M | 4,930 | +0.03pp | 9q | +24.8%+$311.8K | |
| OCEANAGOLD CORP | OGC | $1.4M | 50,000 | +0.02pp | 2q | HELD | |
| GOLDMAN SACHS GROUP INC | GS | $1.4M | 1,500 | - | new | NEW | |
| CARNIVAL CORP LTD | CCL | $1.3M | 52,500 | -0.02pp | 2q | HELD | |
| HECLA MINING COMPANY | HL | $1.3M | 75,000 | +0.02pp | 3q | HELD | |
| LAUDER ESTEE COS INC | EL | $1.2M | 12,700 | flat | 12q | -19.6%-$287.6K | |
| Blue Moon Metals Inc. | BMM | $1.1M | 220,000 | -0.01pp | 3q | +10.0%+$99.8K | |
| LAS VEGAS SANDS CORP | LVS | $1.1M | 28,700 | +0.03pp | 4q | +62.1%+$415.9K | |
| UBS GROUP AG | UBS | $1.1M | 22,300 | flat | 4q | HELD | |
| OKEANIS ECO TANKERS COR | ECO | $999.9K | 12,363 | - | new | NEW | |
| GOLD X2 MINING INC | AUXX | $982.1K | 200,000 | - | new | NEW | |
| DHT HOLDINGS INC | DHT | $941.6K | 41,717 | +0.01pp | 3q | -23.1%-$282.6K | |
| MAKO MNG CORP | MAKO | $940.6K | 100,000 | +0.02pp | 3q | HELD | |
| TEEKAY TANKERS LTD | TNK | $910.9K | 9,385 | +0.06pp | 4q | +86.6%+$422.7K | |
| SCORPIO TANKERS INC | STNG | $879.9K | 10,513 | +0.02pp | 2q | +10.9%+$86.5K | |
| HAFNIA LTD | HAFN | $769.5K | 77,419 | +0.04pp | 3q | +54.6%+$271.7K | |
| INTERNATIONAL SEAWAYS INC | INSW | $761.7K | 6,916 | -0.01pp | 2q | -37.9%-$464.1K | |
| LIFE TIME GROUP HOLDINGS INC | LTH | $761.7K | 19,100 | -0.05pp | 6q | -39.6%-$498.5K | |
| TEEKAY CORPORATION LTD | TK | $743.3K | 52,160 | +0.02pp | 3q | -14.5%-$126.1K | |
| TOLL BROTHERS INC | TOL | $741.1K | 5,500 | -0.03pp | 3q | -12.7%-$107.8K | |
| Sunshine Silver Mining & Refin | SSMR | $736.0K | 50,000 | flat | 2q | -9.1%-$73.6K | |
| FRONTLINE PLC | FRO | $731.5K | 14,847 | - | new | NEW | |
| BW LPG LTD | BWLP | $705.1K | 28,161 | +0.01pp | 4q | -17.1%-$145.0K | |
| OSISKO GOLD GROUP INC | OGG | $702.5K | 250,000 | - | new | NEW | |
| CONSTELLATION BRANDS INC | STZ | $678.4K | 6,000 | +0.05pp | 3q | +500.0%+$565.3K | |
| NORWEGIAN CRUISE LINE HLDGS | NCLH | $652.4K | 44,500 | - | new | NEW | |
| PERPETUA RESOURCES CORP | PPTA | $647.1K | 30,000 | flat | 9q | HELD | |
| VALERO ENERGY CORP | VLO | $581.4K | 1,500 | +0.02pp | 6q | HELD | |
| TAPESTRY INC | TPR | $557.4K | 4,845 | flat | 6q | +19.8%+$92.0K | |
| AVINO SILVER & GOLD MINES LT | ASM | $555.0K | 100,000 | -0.32pp | 3q | -83.6%-$2.8M | |
| THE REALREAL INC | REAL | $548.1K | 62,000 | +0.02pp | 3q | +93.8%+$265.2K | |
| EXPEDITORS INTL WASH INC | EXPD | $512.2K | 2,774 | flat | 19q | -15.6%-$94.5K | |
| IVANHOE ELECTRIC INC | IE | $510.9K | 51,499 | flat | 18q | HELD | |
| UNITED PARCEL SVCS INC | UPS | $489.7K | 5,241 | flat | 19q | +4.1%+$19.3K | |
| ZTO EXPRESS CAYMAN INC | ZTO | $489.1K | 25,184 | flat | 19q | +3.7%+$17.2K | |
| Sinda Ltd | SIND | $483.0K | 35,000 | +0.01pp | 2q | HELD | |
| FEDEX CORP | FDX | $477.8K | 1,676 | flat | 19q | +3.6%+$16.5K | |
| RANGE RES CORP | RRC | $388.9K | 10,500 | flat | 21q | HELD | |
| ARDMORE SHIPPING CORP | ASC | $353.5K | 18,942 | - | new | NEW | |
| DANAOS CORPORATION | DAC | $342.4K | 2,219 | flat | 4q | -20.9%-$90.3K | |
| SEABRIDGE GOLD INC | SA | $340.1K | 12,000 | - | new | NEW | |
| GLOBAL SHIP LEASE INC | GSL | $338.9K | 7,677 | -0.03pp | 6q | -59.1%-$489.5K | |
| MATSON INC | MATX | $335.4K | 1,527 | - | new | NEW | |
| ANTERO RESOURCES CORP | AR | $333.9K | 10,000 | flat | 9q | HELD | |
| HALLIBURTON CO | HAL | $318.0K | 10,000 | flat | 7q | HELD | |
| MARATHON PETE CORP | MPC | $316.3K | 800 | - | new | NEW | |
| BP PLC | BP | $307.9K | 7,000 | +0.01pp | 10q | HELD | |
| PHILLIPS 66 | PSX | $306.4K | 1,200 | - | new | NEW | |
| Collective Mining Ltd | CNL | $306.3K | 25,000 | -0.01pp | 9q | -28.6%-$122.5K | |
| BAKER HUGHES COMPANY | BKR | $274.5K | 5,000 | flat | 9q | HELD | |
| HF SINCLAIR CORP | DINO | $268.3K | 2,500 | - | new | NEW | |
| PARAMOUNT GOLD NEV CORP | PZG | $244.0K | 200,000 | flat | 26q | HELD | |
| RALPH LAUREN CORP | RL | $230.8K | 650 | - | new | NEW | |
| SLB LIMITED | SLB | $219.2K | 4,500 | flat | 26q | HELD | |
| CAMECO CORP | CCJ | $216.7K | 2,500 | flat | 13q | HELD | |
| STANDARD LITHIUM CORP | SLI | $201.3K | 110,000 | - | new | NEW | |
| SELECT WATER SOLUTIONS INC | WTTR | $197.9K | 10,000 | flat | 12q | HELD | |
| SOLITARIO RESOURCES CORP | XPL | $178.6K | 310,000 | flat | 10q | HELD | |
| VIKING HOLDINGS LTD | VIK | $175.1K | 2,235 | -0.17pp | 4q | -88.2%-$1.3M | |
| MGM RESORTS INTERNATIONAL | MGM | $158.4K | 5,100 | -0.01pp | 3q | HELD | |
| GALIANO GOLD INC | GAU | $135.8K | 70,000 | - | new | NEW | |
| CME GROUP INC | CME | $120.8K | 461 | flat | 8q | HELD | |
| GLOBAL X FDS | CHIQ | $71.0K | 4,500 | flat | 4q | HELD | |
| MELCO RESORTS AND ENTMNT LTD | MLCO | $53.8K | 12,000 | flat | 3q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Transport & Logistics | $589.7M | 58.7% |
| Mining & Metals | $251.2M | 25.0% |
| Autos & Aerospace | $54.8M | 5.5% |
| Holding & Investment | $34.9M | 3.5% |
| Software & IT Services | $31.1M | 3.1% |
| Other sectors | $36.2M | 3.6% |
| Not classified | $6.9M | 0.7% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | -10.4% | +2.1% | -12.5% | 100% |
| Q2 2026 | +19.5% | +14.8% | +4.7% | 100% |
| Q1 2026 | -6.9% | -4.6% | -2.2% | 100% |
| Q4 2025 | +13.8% | +2.4% | +11.4% | 99% |
| Q3 2025 | +14.4% | +7.8% | +6.6% | 100% |
| Q2 2025 | +8.1% | +10.5% | -2.3% | 98% |
| Q1 2025 | -15.4% | -4.6% | -10.9% | 100% |
| Q4 2024 | +23.0% | +2.1% | +20.8% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $1.0B | 137 | 23 | 40 | 35 | 13 | 52.9% | 22 |
| Q2 2026 | $1.0B | 127 | 12 | 43 | 37 | 20 | 59.6% | 27 |
| Q1 2026 | $857.6M | 135 | 29 | 42 | 35 | 23 | 49.1% | 31 |
| Q4 2025 | $934.0M | 129 | 32 | 38 | 32 | 36 | 51.3% | 28 |
| Q3 2025 | $885.8M | 133 | 10 | 23 | 42 | 14 | 51.5% | 21 |
| Q2 2025 | $850.3M | 137 | 24 | 49 | 30 | 25 | 57.4% | 24 |
| Q1 2025 | $757.4M | 138 | 29 | 27 | 51 | 18 | 58.4% | 24 |
| Q4 2024 | $1.0B | 127 | 18 | 26 | 44 | 21 | 66.2% | 36 |
| Q3 2024 | $1.0B | 130 | 31 | 32 | 40 | 28 | 62.6% | 21 |
| Q2 2024 | $1.1B | 127 | 23 | 28 | 34 | 40 | 65.3% | 23 |
| Q1 2024 | $1.2B | 144 | 32 | 29 | 54 | 30 | 67.5% | 24 |
| Q4 2023 | $1.5B | 142 | 44 | 39 | 30 | 28 | 68.4% | 23 |
| Q3 2023 | $1.2B | 126 | 32 | 18 | 33 | 22 | 64.8% | 18 |
| Q2 2023 | $1.7B | 116 | 23 | 21 | 36 | 37 | 70.4% | 24 |
| Q1 2023 | $1.5B | 130 | 35 | 24 | 39 | 29 | 73.3% | 28 |
| Q4 2022 | $1.7B | 124 | 18 | 21 | 39 | 17 | 69.0% | 34 |
| Q3 2022 | $1.6B | 123 | 22 | 10 | 46 | 30 | 67.7% | 45 |
| Q2 2022 | $2.1B | 131 | 29 | 28 | 37 | 35 | 65.8% | 46 |
| Q1 2022 | $3.0B | 137 | 31 | 36 | 29 | 33 | 69.2% | 36 |
| Q4 2021 | $2.7B | 139 | 25 | 24 | 35 | 31 | 68.1% | 39 |
| Q3 2021 | $3.1B | 145 | 31 | 35 | 22 | 24 | 69.5% | 39 |
| Q2 2021 | $3.0B | 138 | 31 | 19 | 30 | 25 | 68.8% | 41 |
| Q1 2021 | $3.1B | 132 | 26 | 23 | 19 | 64 | 83.6% | 23 |
| Q4 2020 | $2.3B | 170 | 39 | 29 | 26 | 29 | 77.4% | 42 |
| Q3 2020 | $1.4B | 160 | 41 | 35 | 26 | 41 | 70.7% | 44 |
| Q2 2020 | $1.1B | 160 | 50 | 50 | 16 | 41 | 68.2% | 45 |
| Q1 2020 | $370.8M | 151 | 52 | 32 | 29 | 61 | 58.7% | 34 |
| Q4 2019 | $222.9M | 160 | 36 | 34 | 25 | 33 | 30.2% | 43 |
| Q3 2019 | $184.0M | 157 | 51 | 27 | 37 | 67 | 29.9% | 43 |
| Q2 2019 | $193.7M | 173 | 65 | 31 | 45 | 51 | 32.0% | 40 |
| Q1 2019 | $208.9M | 159 | 64 | 36 | 31 | 41 | 40.6% | 43 |
| Q4 2018 | $173.1M | 136 | 0 | 0 | 0 | 0 | 35.9% | 43 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.