| 标的 | 发行人全称 | 增持/建仓额 |
|---|---|---|
| ▸ 大幅增持 (Top 10) | ||
| Agnico Eagle | Agnico Eagle Mines Ltd | +$1.4B+47.4% |
| Taiwan Semic | Taiwan Semiconductor Manufacturing | +$1.2B+22.7% |
| Newmont Corp | Newmont Corp | +$923M+31.1% |
| Coeur Mining | Coeur Mining Inc | +$424M+38.7% |
| NVIDIA Corp | NVIDIA Corp | +$423M+4.5% |
| Microchip Te | Microchip Technology Inc | +$397M+760.7% |
| Analog Devic | Analog Devices Inc | +$396M+22.6% |
| Kinross Gold | Kinross Gold Corp | +$343M+11.9% |
| ARM Holdings | ARM Holdings PLC | +$329M+5978.9% |
| Franco-Nevad | Franco-Nevada Corp | +$323M+21.0% |
| ▸ 新建仓位 (Top 5) | ||
| United StateNEW | United States Antimony Corp | 首次建仓市值 $91M |
| Firefly AeroNEW | Firefly Aerospace Inc | 首次建仓市值 $60M |
| nLight IncNEW | nLight Inc | 首次建仓市值 $60M |
| AstraZeneca NEW | AstraZeneca PLC | 首次建仓市值 $55M |
| Ovintiv IncNEW | Ovintiv Inc | 首次建仓市值 $46M |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| PAN AMERICAN | PAN AMERICAN SILVER CORP | $-875M-42.7% |
| NEW GOLD INC | NEW GOLD INC | $-559M-99.8% |
| ROYAL GOLD I | ROYAL GOLD INC | $-496M-37.8% |
| ADOBE INC | ADOBE INC | $-237M-59.1% |
| SALESFORCE C | SALESFORCE COM INC | $-231M-63.5% |
| WORKDAY INC | WORKDAY INC | $-227M-67.8% |
| AMGEN INC | AMGEN INC | $-200M-74.6% |
| UNITED PARCE | UNITED PARCEL SERVICE INC | $-194M-52.1% |
| HARMONY GOLD | HARMONY GOLD MINING CO LTD | $-193M-28.9% |
| MERCK AMP CO | MERCK AMP CO INC | $-191M-47.0% |
| ▸ 已清仓 (Top 5) | ||
| ASTRAZENECA EXIT | ASTRAZENECA PLC | -100.0% |
| UR ENERGY INEXIT | UR ENERGY INC | -100.0% |
| HEXCEL CORPEXIT | HEXCEL CORP | -100.0% |
| MASTEC INCEXIT | MASTEC INC | -100.0% |
| CYBERARK SOFEXIT | CYBERARK SOFTWARE LTD | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$6.1B），5个全新建仓（合计$312M）。增量资金集中涌入Technology板块（5/15笔），代表标的：Taiwan Semiconductor。
防御性减仓显著：10个仓位减持（-$3.5B），5个完全清仓（-$127M），防御姿态明确。减仓高度集中于Mining板块（4/15笔），代表标的：PAN AMERICAN SILVER 、NEW GOLD INC、ROYAL GOLD INC。
板块轮动特征显著：Consumer +1.2%；Mining -0.9%，Healthcare-0.7%。结构分化清晰。
行业配置整体稳定，AUM+10%，核心仓位无明显偏移