# EDGAR Filing Document

**Accession Number:** 0000754811
**File Stem:** 0001437749-23-002417
**Filing Date:** 2023-2
**Character Count:** 18623
**Document Hash:** ffb6c08e6869f3a7f3d9aa362361153d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-002417.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001437749-23-002417

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** U S GLOBAL INVESTORS INC
- **CENTRAL INDEX KEY:** 0000754811
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **IRS NUMBER:** 741598370
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-02220
- **FILM NUMBER:** 23583991

**BUSINESS ADDRESS:**
- **STREET 1:** 7900 CALLAGHAN RD
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78229
- **BUSINESS PHONE:** 2103081234

**MAIL ADDRESS:**
- **STREET 1:** 7900 CALLAGHAN ROAD
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78229

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED SERVICES ADVISORS INC /TX/
- **DATE OF NAME CHANGE:** 19950321

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** U S GLOBAL INVESTORS INC<br>**Address:** 7900 CALLAGHAN ROAD<br>SAN ANTONIO, TX 78229

**Form 13F File Number:** 028-02220

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Lisa Callicotte<br>**Title:** CFO<br>**Phone:** (210) 308-1234

**Signature, Place, and Date of Signing:**

/s/ Lisa Callicotte  San Antonio, TX  02-03-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 153

**Form 13F Information Table Value Total:** $1682704688

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 1819650 | 35000 | SH |  | SOLE |  | 0 | 35000 | 0 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 808800 | 80000 | SH |  | SOLE |  | 0 | 80000 | 0 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 4448400 | 440000 | SH |  | SOLE |  | 0 | 440000 | 0 |
| ALASKA AIR GROUP | COM | 011659109 |  | 60227129 | 1402588 | SH |  | SOLE |  | 0 | 1402588 | 0 |
| ALIBABA GROUP HOLDING-ADR | SPONSORED ADS | 01609W102 |  | 55497 | 630 | SH |  | SOLE |  | 0 | 630 | 0 |
| ALLEGIANT TRAVEL | COM | 01748X102 |  | 57755669 | 849473 | SH |  | SOLE |  | 0 | 849473 | 0 |
| AMERICAN AIRLINE | COM | 02376R102 |  | 212971405 | 16743035 | SH |  | SOLE |  | 0 | 16743035 | 0 |
| ANGLOGOLD AS-ADR | SPONSORED ADR | 035128206 |  | 3466606 | 178507 | SH |  | SOLE |  | 0 | 178507 | 0 |
| ANGLOGOLD ASHANTI LTD-ADR | SPONSORED ADR | 035128206 |  | 679700 | 35000 | SH |  | SOLE |  | 0 | 35000 | 0 |
| AZUL SA-ADR | SPONSR ADR PFD | 05501U106 |  | 10266040 | 1680203 | SH |  | SOLE |  | 0 | 1680203 | 0 |
| BLACK STONE MINE | COM UNIT | 09225M101 |  | 1433950 | 85000 | SH |  | SOLE |  | 0 | 85000 | 0 |
| BLOOM ENERGY C-A | COM CL A | 093712107 |  | 573600 | 30000 | SH |  | SOLE |  | 0 | 30000 | 0 |
| BOEING CO/THE | COM | 097023105 |  | 45883136 | 240869 | SH |  | SOLE |  | 0 | 240869 | 0 |
| BOOKING HOLDINGS | COM | 09857L108 |  | 42703783 | 21190 | SH |  | SOLE |  | 0 | 21190 | 0 |
| BP US 01/20/23 C34 | SPONSORED ADS | 055622104 |  | 15350 | 100 | SH | Call | SOLE |  | 0 | 100 | 0 |
| CALEDONIA MINING CORP PLC | SHS NEW | G1757E113 |  | 310000 | 25000 | SH |  | SOLE |  | 0 | 25000 | 0 |
| CANADIAN SOLAR INC | COM | 136635109 |  | 309000 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| CAPRI HOLDINGS L | SHS | G1890L107 |  | 544540 | 9500 | SH |  | SOLE |  | 0 | 9500 | 0 |
| CF INDUSTRIES HOLDINGS | COM | 125269100 |  | 340800 | 4000 | SH |  | SOLE |  | 0 | 4000 | 0 |
| CHENIERE ENERGY | COM NEW | 16411R208 |  | 1124700 | 7500 | SH |  | SOLE |  | 0 | 7500 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 590000 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| CONSTELLATION-A | CL A | 21036P108 |  | 1332563 | 5750 | SH |  | SOLE |  | 0 | 5750 | 0 |
| COPA HOLDIN-CL A | CL A | P31076105 |  | 10394670 | 124981 | SH |  | SOLE |  | 0 | 124981 | 0 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 1689050 | 3700 | SH |  | SOLE |  | 0 | 3700 | 0 |
| COTY INC-CL A | COM CL A | 222070203 |  | 941600 | 110000 | SH |  | SOLE |  | 0 | 110000 | 0 |
| CQQQ US 03/17/23 C39 | CHINA TECHNLGY | 46138E800 |  | 45750 | 75 | SH | Call | SOLE |  | 0 | 75 | 0 |
| CRYOPORT | COM PAR $0.001 | 229050307 |  | 147475 | 8500 | SH |  | SOLE |  | 0 | 8500 | 0 |
| DAQO NEW ENERGY CORP-ADR | SPNSRD ADS NEW | 23703Q203 |  | 122587 | 3175 | SH |  | SOLE |  | 0 | 3175 | 0 |
| DELTA AIR LI | COM NEW | 247361702 |  | 219545645 | 6681243 | SH |  | SOLE |  | 0 | 6681243 | 0 |
| DRDGOLD LTD-ADR | SPON ADR REPSTG | 26152H301 |  | 244200 | 33000 | SH |  | SOLE |  | 0 | 33000 | 0 |
| DRDGOLD LTD-ADR | SPON ADR REPSTG | 26152H301 |  | 1221000 | 165000 | SH |  | SOLE |  | 0 | 165000 | 0 |
| ELDORADO GOLD | COM | 284902509 |  | 1045000 | 125000 | SH |  | SOLE |  | 0 | 125000 | 0 |
| ELECTRA BATTERY | COM NEW | 28474P201 |  | 138335 | 83333 | SH |  | SOLE |  | 0 | 83333 | 0 |
| EMBRAER SA-ADR | SPONSORED ADS | 29082A107 |  | 11452093 | 1047767 | SH |  | SOLE |  | 0 | 1047767 | 0 |
| EMX ROYALTY CORP | COM | 26873J107 |  | 2370149 | 1250000 | SH |  | SOLE |  | 0 | 1250000 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 496800 | 80000 | SH |  | SOLE |  | 0 | 80000 | 0 |
| EQUINOR ASA-ADR | SPONSORED ADR | 29446M102 |  | 895250 | 25000 | SH |  | SOLE |  | 0 | 25000 | 0 |
| EXPEDIA GROUP IN | COM NEW | 30212P303 |  | 38999432 | 445199 | SH |  | SOLE |  | 0 | 445199 | 0 |
| EXPEDITORS INTL | COM | 302130109 |  | 133329 | 1283 | SH |  | SOLE |  | 0 | 1283 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 140465 | 811 | SH |  | SOLE |  | 0 | 811 | 0 |
| FERRARI NV | COM | N3167Y103 |  | 434652 | 2029 | SH |  | SOLE |  | 0 | 2029 | 0 |
| FORTUNA SILVER | COM | 349915108 |  | 2451101 | 653627 | SH |  | SOLE |  | 0 | 653627 | 0 |
| FORTUNA SILVER | COM | 349915108 |  | 938837 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| FRANCO-NEVADA CO | COM | 351858105 |  | 7946002 | 58221 | SH |  | SOLE |  | 0 | 58221 | 0 |
| FRANCO-NEVADA CORP | COM | 351858105 |  | 348024 | 2550 | SH |  | SOLE |  | 0 | 2550 | 0 |
| FRANCO-NEVADA CORP | COM | 351858105 |  | 2729600 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| FRONTIER GROUP H | COM | 35909R108 |  | 51430085 | 5007798 | SH |  | SOLE |  | 0 | 5007798 | 0 |
| GENERAL DYNAMICS | COM | 369550108 |  | 42967938 | 173181 | SH |  | SOLE |  | 0 | 173181 | 0 |
| GLOBAL X MSCI GR | MSCI GREECE ETF | 37954Y319 |  | 133200 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| GOLD RESOURCE CO | COM | 38068T105 |  | 1530000 | 1000000 | SH |  | SOLE |  | 0 | 1000000 | 0 |
| GOLD US 01/20/23 C18 | COM | 067901108 |  | 45780 | 1635 | SH | Call | SOLE |  | 0 | 1635 | 0 |
| GOLD US 01/20/23 C18 | COM | 067901108 |  | 46872 | 1674 | SH | Call | SOLE |  | 0 | 1674 | 0 |
| GOLD US 01/20/23 C18 | COM | 067901108 |  | 85988 | 3071 | SH | Call | SOLE |  | 0 | 3071 | 0 |
| GOLD US 01/20/23 C25 | COM | 067901108 |  | 1102 | 1102 | SH | Call | SOLE |  | 0 | 1102 | 0 |
| GOLD US 01/20/23 C25 | COM | 067901108 |  | 1575 | 1575 | SH | Call | SOLE |  | 0 | 1575 | 0 |
| GOLD US 01/20/23 C25 | COM | 067901108 |  | 2887 | 2887 | SH | Call | SOLE |  | 0 | 2887 | 0 |
| GRUPO AEROPO-ADR | SPON ADR SER B | 40051E202 |  | 9948440 | 42699 | SH |  | SOLE |  | 0 | 42699 | 0 |
| GXO LOGISTIC | COMMON STOCK | 36262G101 |  | 137633 | 3224 | SH |  | SOLE |  | 0 | 3224 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 787000 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| HARMONY GOLD-ADR | SPONSORED ADR | 413216300 |  | 1700000 | 500000 | SH |  | SOLE |  | 0 | 500000 | 0 |
| HARMONY GOLD-ADR | SPONSORED ADR | 413216300 |  | 2409573 | 708698 | SH |  | SOLE |  | 0 | 708698 | 0 |
| HAWAIIAN HOLDING | COM | 419879101 |  | 48993901 | 4775234 | SH |  | SOLE |  | 0 | 4775234 | 0 |
| HILTON WORLDWIDE HOLDINGS | COM | 43300A203 |  | 1225692 | 9700 | SH |  | SOLE |  | 0 | 9700 | 0 |
| HL US 01/20/23 C5 | COM | 422704106 |  | 42525 | 630 | SH | Call | SOLE |  | 0 | 630 | 0 |
| HL US 01/20/23 C5 | COM | 422704106 |  | 46035 | 682 | SH | Call | SOLE |  | 0 | 682 | 0 |
| HL US 01/20/23 C5 | COM | 422704106 |  | 86805 | 1286 | SH | Call | SOLE |  | 0 | 1286 | 0 |
| HYATT HOTELS CORP-A | COM CL A | 448579102 |  | 452250 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| I-80 GOLD CORP | COM | 44955L106 |  | 1394422 | 500000 | SH |  | SOLE |  | 0 | 500000 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 1290000 | 500000 | SH |  | SOLE |  | 0 | 500000 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 3095076 | 1199642 | SH |  | SOLE |  | 0 | 1199642 | 0 |
| ISHARES MSCI POLAND ETF | MSCI POLAND ETF | 46429B606 |  | 61840 | 4000 | SH |  | SOLE |  | 0 | 4000 | 0 |
| IVANHOE ELEC | COM | 46578C108 |  | 18093 | 1499 | SH |  | SOLE |  | 0 | 1499 | 0 |
| IVANHOE ELECTRIC | COM | 46578C108 |  | 85074 | 7002 | SH |  | SOLE |  | 0 | 7002 | 0 |
| JETBLUE AIRWAYS | COM | 477143101 |  | 52329460 | 8075534 | SH |  | SOLE |  | 0 | 8075534 | 0 |
| JPM ULTR-SHT MUN | ULTRA SHT MUNCPL | 46641Q654 |  | 1137038 | 22500 | SH |  | SOLE |  | 0 | 22500 | 0 |
| KIMBELL ROYALTY | UNIT | 49435R102 |  | 918500 | 55000 | SH |  | SOLE |  | 0 | 55000 | 0 |
| LIBERTY ENERGY I | COM CL A | 53115L104 |  | 320200 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 652360 | 2000 | SH |  | SOLE |  | 0 | 2000 | 0 |
| LITHIUM AMERICAS | COM NEW | 53680Q207 |  | 284086 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| LOUISIANA-PACIFIC CORP | COM | 546347105 |  | 296000 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| LUCID GROUP INC | COM | 549498103 |  | 88790 | 13000 | SH |  | SOLE |  | 0 | 13000 | 0 |
| MAKEMYTRIP LTD | SHS | V5633W109 |  | 10739149 | 389523 | SH |  | SOLE |  | 0 | 389523 | 0 |
| MARRIOTT INTL-A | CL A | 571903202 |  | 1608012 | 10800 | SH |  | SOLE |  | 0 | 10800 | 0 |
| MATSON INC | COM | 57686G105 |  | 95703 | 1531 | SH |  | SOLE |  | 0 | 1531 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 787955 | 23500 | SH |  | SOLE |  | 0 | 23500 | 0 |
| MOSAIC CO/THE | COM | 61945C103 |  | 350960 | 8000 | SH |  | SOLE |  | 0 | 8000 | 0 |
| NEM US 01/20/23 C82.5 | COM | 651639106 |  | 2625 | 2625 | SH | Call | SOLE |  | 0 | 2625 | 0 |
| NEW GOLD INC | COM | 644535106 |  | 2270642 | 2316982 | SH |  | SOLE |  | 0 | 2316982 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 944000 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 1180000 | 25000 | SH |  | SOLE |  | 0 | 25000 | 0 |
| NIKE INC -CL B | CL B | 654106103 |  | 1959918 | 16750 | SH |  | SOLE |  | 0 | 16750 | 0 |
| NIO INC - ADR | SPON ADS | 62914V106 |  | 253500 | 26000 | SH |  | SOLE |  | 0 | 26000 | 0 |
| NIU TECHNOLO-ADR | ADS | 65481N100 |  | 16736 | 3200 | SH |  | SOLE |  | 0 | 3200 | 0 |
| NORTHERN TRUST CORP | COM | 665859104 |  | 584034 | 6600 | SH |  | SOLE |  | 0 | 6600 | 0 |
| NORWEGIAN CRUISE LINE HLD | SHS | G66721104 |  | 648720 | 53000 | SH |  | SOLE |  | 0 | 53000 | 0 |
| NTES US 03/17/23 C75 | SPONSORED ADS | 64110W102 |  | 29250 | 50 | SH | Call | SOLE |  | 0 | 50 | 0 |
| NUGT US 01/20/23 C50 | DLY GOLD INDX 2X | 25460G781 |  | 1050 | 75 | SH | Call | SOLE |  | 0 | 75 | 0 |
| NUGT US 01/20/23 C50 | DLY GOLD INDX 2X | 25460G781 |  | 1050 | 75 | SH | Call | SOLE |  | 0 | 75 | 0 |
| NUGT US 01/20/23 C50 | DLY GOLD INDX 2X | 25460G781 |  | 3780 | 270 | SH | Call | SOLE |  | 0 | 270 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 291722 | 4000 | SH |  | SOLE |  | 0 | 4000 | 0 |
| OCCIDENTAL PETROLEUM CORP | COM | 674599105 |  | 629900 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| OSISKO GOLD ROYA | COM | 68827L101 |  | 3227723 | 267417 | SH |  | SOLE |  | 0 | 267417 | 0 |
| PARAMOUNT GOLD N | COM | 69924M109 |  | 58650 | 170000 | SH |  | SOLE |  | 0 | 170000 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 416320 | 4000 | SH |  | SOLE |  | 0 | 4000 | 0 |
| PIEDMONT LITHIUM | COM | 72016P105 |  | 440200 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| PLATINUM GROUP M | COM | 72765Q882 |  | 174856 | 100000 | SH |  | SOLE |  | 0 | 100000 | 0 |
| POTLATCHDELTIC CORP | COM | 737630103 |  | 439900 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| RANGE RESOURCES CORP | COM | 75281A109 |  | 500400 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| RAYONIER INC | COM | 754907103 |  | 494400 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| ROYAL CARIBBEAN CRUISES | COM | V7780T103 |  | 689054 | 13940 | SH |  | SOLE |  | 0 | 13940 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 315616 | 2800 | SH |  | SOLE |  | 0 | 2800 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 1127200 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 8432358 | 74808 | SH |  | SOLE |  | 0 | 74808 | 0 |
| RYANAIR HLDG-ADR | SPONSORED ADS | 783513203 |  | 21287088 | 284739 | SH |  | SOLE |  | 0 | 284739 | 0 |
| SABINE ROYALTY | UNIT BEN INT | 785688102 |  | 2264425 | 26500 | SH |  | SOLE |  | 0 | 26500 | 0 |
| SABRE CORP | COM | 78573M104 |  | 44751864 | 7241402 | SH |  | SOLE |  | 0 | 7241402 | 0 |
| SANDSTORM GOLD | COM NEW | 80013R206 |  | 3335708 | 634165 | SH |  | SOLE |  | 0 | 634165 | 0 |
| SCHLUMBERGER LTD | COM | 806857108 |  | 641520 | 12000 | SH |  | SOLE |  | 0 | 12000 | 0 |
| SIBANYE-STI-ADR | SPONSORED ADR | 82575P107 |  | 2451800 | 230000 | SH |  | SOLE |  | 0 | 230000 | 0 |
| SIBANYE-STI-ADR | SPONSORED ADR | 82575P107 |  | 2443869 | 229256 | SH |  | SOLE |  | 0 | 229256 | 0 |
| SILVERCORP METAL | COM | 82835P103 |  | 2552929 | 862476 | SH |  | SOLE |  | 0 | 862476 | 0 |
| SILVERCORP METALS INC | COM | 82835P103 |  | 367040 | 124000 | SH | Call | SOLE |  | 0 | 124000 | 0 |
| SILVERCREST META | COM | 828363101 |  | 1195219 | 200000 | SH |  | SOLE |  | 0 | 200000 | 0 |
| SKEENA RESOURCES | COM | 83056P715 |  | 531946 | 100000 | SH |  | SOLE |  | 0 | 100000 | 0 |
| SKYWEST INC | COM | 830879102 |  | 58010295 | 3513646 | SH |  | SOLE |  | 0 | 3513646 | 0 |
| SOUTHWEST AIR | COM | 844741108 |  | 203527406 | 6044770 | SH |  | SOLE |  | 0 | 6044770 | 0 |
| STANDARD LITHIUM | COM | 853606101 |  | 221250 | 75000 | SH |  | SOLE |  | 0 | 75000 | 0 |
| STAR BULK CARRIE | SHS PAR | Y8162K204 |  | 95900 | 4987 | SH |  | SOLE |  | 0 | 4987 | 0 |
| TEMPUR SEALY INTL INC | COM | 88023U101 |  | 916611 | 26700 | SH |  | SOLE |  | 0 | 26700 | 0 |
| TESLA INC | COM | 88160R101 |  | 1386391 | 11255 | SH |  | SOLE |  | 0 | 11255 | 0 |
| TEXTRON INC | COM | 883203101 |  | 41600876 | 587583 | SH |  | SOLE |  | 0 | 587583 | 0 |
| TRIP.COM GRO-ADR | ADS | 89677Q107 |  | 22361995 | 650058 | SH |  | SOLE |  | 0 | 650058 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 40785472 | 2268380 | SH |  | SOLE |  | 0 | 2268380 | 0 |
| TSMC-ADR | SPONSORED ADS | 874039100 |  | 60337 | 810 | SH |  | SOLE |  | 0 | 810 | 0 |
| TTE1 US 01/20/23 C60 | SPONSORED ADS | 89151E109 |  | 38000 | 100 | SH | Call | SOLE |  | 0 | 100 | 0 |
| UNITED AIRLINES | COM | 910047109 |  | 197098918 | 5228088 | SH |  | SOLE |  | 0 | 5228088 | 0 |
| UNITED PARCEL-B | CL B | 911312106 |  | 138724 | 798 | SH |  | SOLE |  | 0 | 798 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 674531 | 2830 | SH |  | SOLE |  | 0 | 2830 | 0 |
| VALERO ENERGY | COM | 91913Y100 |  | 317150 | 2500 | SH |  | SOLE |  | 0 | 2500 | 0 |
| VIPER ENERGY PARTNERS LP | COM UNT RP INT | 92763M105 |  | 635800 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| VIZSLA SILVER CO | COM NEW | 92859G202 |  | 142947 | 125000 | SH |  | SOLE |  | 0 | 125000 | 0 |
| VIZSLA SILVER CO | COM NEW | 92859G202 |  | 1286521 | 1125000 | SH |  | SOLE |  | 0 | 1125000 | 0 |
| VOX ROYALTY CORP | COM | 92919F103 |  | 162166 | 70000 | SH |  | SOLE |  | 0 | 70000 | 0 |
| VOX ROYALTY CORP | COM | 92919F103 |  | 3011657 | 1300000 | SH |  | SOLE |  | 0 | 1300000 | 0 |
| WEST FRASER TIMB | COM | 952845105 |  | 288535 | 4000 | SH |  | SOLE |  | 0 | 4000 | 0 |
| WHEATON PRECIOUS | COM | 962879102 |  | 8333458 | 213241 | SH |  | SOLE |  | 0 | 213241 | 0 |
| WHEATON PRECIOUS METALS | COM | 962879102 |  | 273560 | 7000 | SH |  | SOLE |  | 0 | 7000 | 0 |
| WHEATON PRECIOUS METALS | COM | 962879102 |  | 977000 | 25000 | SH |  | SOLE |  | 0 | 25000 | 0 |
| XOM US 01/20/23 C110 | COM | 30231G102 |  | 16250 | 50 | SH | Call | SOLE |  | 0 | 50 | 0 |
| YAMANA GOLD INC | COM | 98462Y100 |  | 2719500 | 490000 | SH |  | SOLE |  | 0 | 490000 | 0 |
| ZIM INTEGRATED S | SHS | M9T951109 |  | 209666 | 12197 | SH |  | SOLE |  | 0 | 12197 | 0 |
| ZTO EXPRESS -ADR | SPONSORED ADS A | 98980A105 |  | 146925 | 5468 | SH |  | SOLE |  | 0 | 5468 | 0 |
| ZTO EXPRESS CAYMAN-ADR | SPONSORED ADS A | 98980A105 |  | 150472 | 5600 | SH |  | SOLE |  | 0 | 5600 | 0 |

---