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) | ||
| SPROTT INC | SPROTT INC | +$435M+267.6% |
| PAN AMERN SI | PAN AMERN SILVER CORP | +$37M+92.5% |
| VANECK ETF T | VANECK ETF TRUST | +$25M+4331.2% |
| VIPER ENERGY | VIPER ENERGY INC | +$18M+147.0% |
| AGNICO EAGLE | AGNICO EAGLE MINES LTD | +$17M+14.2% |
| SPROTT FOCUS | SPROTT FOCUS TR INC | +$14M+10.6% |
| EXXON MOBIL | EXXON MOBIL CORP | +$13M+43.8% |
| CF INDUSTRIE | CF INDUSTRIES HOLD | +$12M+68.4% |
| TEXAS PACIFI | TEXAS PACIFIC LAND CORPORATI | +$10M+105.0% |
| WHEATON PREC | WHEATON PRECIOUS METALS CORP | +$9M+9.0% |
| ▸ 新建仓位 (Top 5) | ||
| PETROLEO BRANEW | PETROLEO BRASILEIRO S A | 首次建仓市值 $5M |
| HIGHLANDER SNEW | HIGHLANDER SILVER CORP | 首次建仓市值 $4M |
| UNITED STS ONEW | UNITED STS OIL FD LP | 首次建仓市值 $3M |
| SANTACRUZ SINEW | SANTACRUZ SILVER MNG LTD | 首次建仓市值 $2M |
| ARDMORE SHIPNEW | ARDMORE SHIPPING CORP | 首次建仓市值 $2M |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| SPDR S AMP P | SPDR S AMP P 500 ETF TR | $-78M-99.7% |
| VIZSLA SILVE | VIZSLA SILVER CORP | $-57M-50.2% |
| BARRICK MNG | BARRICK MNG CORP | $-39M-37.4% |
| HELMERICH AM | HELMERICH AMP PAYNE INC | $-23M-42.5% |
| SSR MINING I | SSR MINING IN | $-17M-47.2% |
| INTERNATIONA | INTERNATIONAL TOWER HILL MIN | $-13M-36.9% |
| ERO COPPER C | ERO COPPER CORP | $-13M-57.4% |
| SPROTT ASSET | SPROTT ASSET MANAGEMENT LP | $-11M-22.0% |
| ELDORADO GOL | ELDORADO GOLD CORP NEW | $-11M-17.6% |
| OSISKO DEVEL | OSISKO DEVELOPMENT CORP | $-11M-70.7% |
| ▸ 已清仓 (Top 5) | ||
| NEW GOLD INCEXIT | NEW GOLD INC CDA | -100.0% |
| BERKSHIRE HAEXIT | BERKSHIRE HATHAWAY INC DEL | -100.0% |
| KENNEDY WILSEXIT | KENNEDY WILSON HOLDINGS INC | -100.0% |
| DOLLY VARDENEXIT | DOLLY VARDEN SILVER CORP | -100.0% |
| IREN LIMITEDEXIT | IREN LIMITED | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$592M），5个全新建仓（合计$16M）。增量资金集中涌入Financials板块（1/15笔），代表标的：SPROTT INC。
防御性减仓显著：10个仓位减持（-$310M），5个完全清仓（-$36M），防御姿态明确。减仓高度集中于Mining板块（11/15笔），代表标的：VIZSLA SILVER CORP、BARRICK MNG CORP。
板块轮动特征显著：Financials+11.8%，Industrials +1.3%；Mining -12.6%，ETF -0.7%。结构分化清晰。
行业配置整体稳定，AUM+15%，核心仓位无明显偏移