13F 披露季度：2026Q1 | 对比基准：2025Q4 | 数据分流：纯做多(SH-only, 已剔除PUT/CALL虚增)
| 标的 | 发行人全称 | 增持/建仓额 |
|---|---|---|
| ▸ 大幅增持 (Top 10) | ||
| VISTA GOLD C | VISTA GOLD CORP | +$22M+458.7% |
| MOLINA HEALT | MOLINA HEALTHCARE INC | +$17M+78.6% |
| IVANHOE ELEC | IVANHOE ELECTRIC INC | +$14M+207.8% |
| EXPAND ENERG | EXPAND ENERGY CORPORATION | +$14M+18.7% |
| INTERNATIONA | INTERNATIONAL TOWER HILL MIN | +$14M+51.1% |
| KT CORP | KT CORP | +$5M+4.3% |
| RANGE RES CO | RANGE RES CORP | +$5M+2.4% |
| NORTHERN DYN | NORTHERN DYNASTY MINERALS LT | +$3M+7.1% |
| FRANKLIN RES | FRANKLIN RESOURCES INC | +$3M+3.4% |
| CRESUD S A C | CRESUD S A C I F Y A | +$3M+4.7% |
| ▸ 新建仓位 (Top 5) | ||
| WEYERHAEUSERNEW | WEYERHAEUSER CO | 首次建仓市值 $47M |
| RAYONIER INCNEW | RAYONIER INC | 首次建仓市值 $45M |
| CONCENTRIX CNEW | CONCENTRIX CORP | 首次建仓市值 $45M |
| NICE LTDNEW | NICE LTD | 首次建仓市值 $28M |
| HUMANA INCNEW | HUMANA INC | 首次建仓市值 $20M |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| ROYAL GOLD I | ROYAL GOLD INC | $-25M-53.0% |
| NOVAGOLD RES | NOVAGOLD RES INC | $-20M-25.6% |
| BARRICK MNG | BARRICK MNG CORP | $-3M-11.1% |
| NEWMONT CORP | NEWMONT CORP | $-2M-96.4% |
| KOREA ELEC P | KOREA ELEC PWR CORP | $-1M-33.3% |
| CENTENE CORP | CENTENE CORP DEL | $-921K-1.1% |
| NUTRIEN LTD | NUTRIEN LTD | $-797K-0.7% |
| COMCAST CORP | COMCAST CORP NEW | $-766K-3.9% |
| AIR LEASE CO | AIR LEASE CORP | $-278K-1.5% |
| IRSA INVERSI | IRSA INVERSIONES Y REP S A | $-28K-2.0% |
| ▸ 已清仓 (Top 5) | ||
| SLB LIMITEDEXIT | SLB LIMITED | -100.0% |
| PAYCHEX INCEXIT | PAYCHEX INC | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$99M），5个全新建仓（合计$183M）。增量资金集中涌入Convertible Bonds板块（3/15笔），板块集中度显著。
获利了结积极：10个仓位减持（-$104M），2个清仓（-$50M）。减仓高度集中于Industrials板块（2/12笔），
板块轮动特征显著：Other +2.3%，Healthcare+1.5%；Mining -4.8%，Industrials -4.6%。结构分化清晰。
Mining-5pp，Convertible Bonds+5pp。AUM+14%