U S Global Investors portfolio

What changed this quarter

105 positions with a change (21 new, 40 added to, 32 trimmed, 12 sold); also, 1 entered through an IPO. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Royal Gold+6,550%more sharesIncreased
  under 0.1% → 2.0%
• AYA Gold & Silver−49%fewer sharesReduced
  2.0% → 1.5%
• Southwest Airlines+14%more sharesIncreased
  9.8% → 9.4%
• American Airlines Group+13%more sharesIncreased
  10.4% → 9.0%
• Kinross Gold+0.9 ppof portfolioNew
  — → 0.9%
• Elemental Royalty+0.9 ppof portfolioNew
  — → 0.9%
• Or Royalties−45%fewer sharesReduced
  1.8% → 1.1%
• Gold Fields+732%more sharesIncreased
  0.1% → 0.7%
• Endeavour Silver−72%fewer sharesReduced
  0.8% → 0.3%
• AngloGold Ashanti+604%more sharesIncreased
  0.1% → 0.7%
• Coeur Mining+70%more sharesIncreased
  0.7% → 1.3%
• Integra Resources+586%more sharesIncreased
  0.1% → 0.6%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Southwest AirlinesLUV9.4%
• Delta Air LinesDAL9.1%
• American Airlines GroupAAL9.0%
• United Airlines HoldingsUAL8.9%
• Frontier Group HoldingsULCC3.1%
• SkywestSKYW2.9%
• Allegiant TravelALGT2.9%
• Alaska Air GroupALK2.8%
• Jetblue AirwaysJBLU2.7%
• Royal GoldRGLD2.0%
• Franco NevadaFNV1.9%
• Wheaton Precious MetalsWPM1.8%
• IamgoldIAG1.6%
• SabreSABR1.6%
• TextronTXT1.6%
• AYA Gold & SilverAYA1.5%
• Expedia GroupEXPE1.5%
• TripadvisorTRIP1.5%
• General DynamicsGD1.5%
• Booking HoldingsBKNG1.5%
• BoeingBA1.5%
• Coeur MiningCDE1.3%
• Americas Gold and SilverUSAS1.1%
• OR RoyaltiesOR1.1%
• Kinross GoldKGC0.9%
• Elemental RoyaltyELE0.9%
• Ryanair HoldingsRYAAY0.8%
• Vox RoyaltyVOXR0.8%
• Trip.com GroupTCOM0.8%
• LATAM Airlines GroupLTM0.8%
• Fortuna MiningFSM0.8%
• Triple Flag Precious MetalsTFPM0.8%
• Gold FieldsGFI0.7%
• Aris Water SolutionsARIS0.7%
• Barrick MiningB0.7%
• AngloGold AshantiAU0.7%
• Centerra GoldCGAU0.7%
• Integra ResourcesITRG0.6%
• McEWENMUX0.6%
• Harmony Gold MiningHMY0.5%
• Agnico Eagle MinesAEM0.5%
• Gold RoyaltyGROY0.5%
• Metalla Royalty & StreamingMTA0.5%
• SSR MiningSSRM0.5%
• Copa HoldingsCPA0.4%
• EmbraerEMBJ0.4%
• Pan American SilverPAAS0.4%
• Grupo Aeroportuario DEL CentOMAB0.4%
• Vizsla SilverVZLA0.4%
• MakeMyTripMMYT0.4%
• Compania De Minas BuenaventuBVN0.4%
• Grupo Aeroportuario DEL SureASR0.4%
• Global X Silver Miners ETFSIL0.3%
• Vaneck ETF TrustGDXJ0.3%
• Alamos GoldAGI0.3%
• Santacruz Silver MiningSCZM0.3%
• Eldorado GoldEGO0.3%
• FerrariRACE0.3%
• Sibanye StillwaterSBSW0.3%
• Woodside Energy GroupWDS0.3%
• Silvercorp MetalsSVM0.3%
• Endeavour SilverEXK0.3%
• Versamet RoyaltiesVMET0.2%
• Exxon MobilXOM0.2%
• TeslaTSLA0.2%
• ShellSHEL0.2%
• Aura MineralsAUGO0.2%
• TotalEnergiesTTE0.2%
• NutrienNTR0.2%
• Royal Caribbean CruisesRCL0.2%
• Marriott InternationalMAR0.2%
• Highlander SilverHSLV0.2%
• Cheniere EnergyLNG0.2%
• Hilton Worldwide HoldingsHLT0.2%
• OceanaGoldOGC0.1%
• Goldman Sachs GroupGS0.1%
• CarnivalCCL0.1%
• Hecla MiningHL0.1%
• Estée LauderEL0.1%
• Blue Moon MetalsBMM0.1%
• Las Vegas SandsLVS0.1%
• UBS GroupUBS0.1%
• Okeanis Eco TankersECO0.1%
• Gold X2 Mining0.1%
• DHT HoldingsDHT0.1%
• Mako MiningMAKO0.1%
• Teekay TankersTNK0.1%
• Scorpio TankersSTNG0.1%
• HafniaHAFN0.1%
• International SeawaysINSW0.1%
• Life Time Group HoldingsLTH0.1%
• TeekayTK0.1%
• Toll BrothersTOL0.1%
• Sunshine Silver Mining & RefiningSSMR0.1%
• FrontlineFRO0.1%
• BW LPGBWLP0.1%
• Osisko DevelopmentOGG0.1%
• Constellation BrandsSTZ0.1%
• Norwegian Cruise Line HoldingsNCLH0.1%
• Perpetua ResourcesPPTA0.1%