FUND-LEVEL 13F POSITIONING DASHBOARD

Kopernik Global · 单基金13F持仓深度分析

聚焦增减仓路径、核心底仓结构与行业配置迁移，识别季度内仓位重构信号。

披露季度: 2026Q1 对比基准: 2025Q4 净市值: $1.4B 标的数: 31 仓位变动率: 14.8%
Panel 1: 增仓与建仓
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
Panel 2: 减持与清仓
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%
Panel 3: 核心底仓与行业矩阵（前100持仓）
前 5 大核心重仓股
1. SEABRIDGE GOLD INC
14.51%
2. RANGE RES CORP
13.21%
3. KT CORP
7.97%
4. NUTRIEN LTD
7.50%
5. EXPAND ENERGY CORPORATION
6.24%
行业配置矩阵演变 (2025Q4 → 2026Q1)
核心行业
权重交叠 (2025Q4 → 2026Q1)
最新占比
Mining / Commodities
-4.8%
2025Q4: 33.1%
2026Q1: 28.3%
Industrials / Energy
-4.6%
2025Q4: 26.9%
2026Q1: 22.3%
Other / Diversified
+2.3%
2025Q4: 8.9%
2026Q1: 11.2%
Healthcare
+1.5%
2025Q4: 8.4%
2026Q1: 9.9%
Convertible Bonds
+4.7%
2025Q4: 4.3%
2026Q1: 9.0%
Chemicals & Ag
-1.1%
2025Q4: 8.6%
2026Q1: 7.5%
Financials
-0.8%
2025Q4: 7.9%
2026Q1: 7.1%
Consumer / Retail
+3.2%
2025Q4: 0.0%
2026Q1: 3.3%
Communications / Telecom
-0.2%
2025Q4: 1.5%
2026Q1: 1.3%
Technology / TMT
-0.1%
2025Q4: 0.4%
2026Q1: 0.2%
浅色底层=2025Q4历史 · 深色覆盖=2026Q1最新分布

Panel 1 增仓复盘

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。

Panel 2 减仓复盘

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），

Panel 3 结构轮动特征

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。

宏观操盘风格与归因

Mining-5pp，Convertible Bonds+5pp。AUM+14%

SEC Form 13F DATA | BUYSIDE TRACER DASHBOARD V3.1 | Kopernik Global 2026Q1 | 2026-05-27 19:08