This paper presents a novel approach to the design of globally asymptotically stable (GAS) position filters for Autonomous Underwater Vehicles (AUVs) based directly on the nonlinear sensor readings of an Ultra-short Baseline (USBL) and a Doppler Velocity Log (DVL). Central to the proposed solution is the derivation of a linear time-varying (LTV) system that fully captures the dynamics of the nonlinear system, allowing for the use of powerful linear system analysis and filtering design tools that yield GAS filter error dynamics. Simulation results reveal that the proposed filter is able to achieve the same level of performance of more traditional solutions, such as the Extended Kalman Filter (EKF), while providing, at the same time, GAS guarantees, which are absent for the EKF.