U S GLOBAL INVESTORS INC

CIK 0000754811 · Q1 2026

13F Equity AUM

$856.4M

-8.3% QoQ

Positions

135

+6 QoQ

AUM Rank

#3,111

Top 25%

Skill Alpha (FF)

-3.7%/yr^ns

No Clear Edge

Rank #6,804 · Top 83%

vs S&P -8.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 35.8%Top 10: 49.2%Top 20: 67.2%

DAL9.1%

UAL8.4%

AAL8.1%

LUV7.3%

JBLU2.9%

ALGT2.8%

ULCC2.8%

SKYW2.8%

ALK2.6%

FNV2.4%

Others (125)50.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Industrials55.3%

Basic Materials26.7%

Consumer Cyclical9.4%

Unclassified2.4%

Consumer Defensive2.3%

Energy2.2%

Other1.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 135Median: 0.20%Avg: 0.74%

0–0.5%

94(13.4%)

0.5–1%

14(10.7%)

1–3%

23(43.0%)

3–5%

0(0.0%)

5%+

4(32.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 132Unique: 3vs 20 funds

1.8%Low

135

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

2.4%

BANK OF AMERICA CORP /DE/

2.7%

JPMORGAN CHASE & CO

2.3%

BlackRock, Inc.

2.7%

GEODE CAPITAL MANAGEMENT, LLC

2.9%

VANGUARD CAPITAL MANAGEMENT LLC

2.9%

FMR LLC

3.3%

STATE STREET CORP

2.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New29Increased42Decreased35Exited23

New Positions

SANTACRUZ SILVER0.8%

+782K

NEM0.5%

+37K

OLA0.5%

+246K

SSRM0.4%

+110K

VERSAMET ROYALTI0.3%

+250K

AMZN0.2%

+10K

HL0.2%

+75K

AG0.1%

+50K

EXE0.1%

+8K

EQT0.1%

+12K

Increased

ULCC2.8%

+2.6M(+64%)

AAL8.1%

+865K(+16%)

JBLU2.9%

+814K(+17%)

CDE1.8%

+475K(+134%)

IMG2.1%

+397K(+69%)

SVM0.8%

+368K(+147%)

TRIP1.7%

+335K(+32%)

OR2.4%

+191K(+56%)

EDG1.7%

+166K(+111%)

AGI1.0%

+166K(+474%)

Decreased

SABR1.3%

-2,638,686(-26%)

ITR0.1%

-993,127(-72%)

MTA0.5%

-854,010(-60%)

LUV7.3%

-438,970(-21%)

CG0.9%

-283,469(-39%)

TFPM0.2%

-219,270(-79%)

FVI0.4%

-176,951(-32%)

B0.7%

-172,135(-55%)

WPM0.4%

-129,712(-82%)

EDR0.3%

-79,800(-23%)

Exited

-1,611,228

-217,334

-242,753

-2,193,071

-200,000

-2,375

HBM

-95,000

ELD

-50,000

NGD

-170,000

-350,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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