MINING FUND DASHBOARD
桥水基金 — 矿业板块最新季度持仓分析
宏观/多策略对冲 · 2026Q1 vs 2025Q4 · 净市值 $820M · 36只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ SIBANYE STILLWATER LTD | Platinum Group Metals | +$51M +1340.4% |
| ▲ CENTURY ALUM CO | Aluminum / Base Metals | +$32M +303.7% |
| ▲ KINROSS GOLD CORP | Gold / Silver | +$21M +142.3% |
| ▲ NEWMONT CORP | Gold / Silver | +$20M +8.8% |
| ▲ BARRICK GOLD CORP | Gold / Silver | +$17M +16.0% |
| ▲ COEUR MNG INC | Silver / Gold | +$13M +116.2% |
| ▲ HUDBAY MINERALS INC | Zinc / Lead | +$10M +351.0% |
| ▲ RIO TINTO PLC | Diversified Miners | +$10M +1307.4% |
| ▲ ERO COPPER CORP | Copper / Base Metals | +$7M +262.9% |
| ▲ FIRST MAJESTIC SILVER CORP | Silver / Gold | +$6M +649.5% |
| 🆕 PAN AMERN SILVER CORP | Silver / Gold | 首次建仓 |
| 🆕 ALBEMARLE CORP | Lithium / Critical Minerals | 首次建仓 |
| 🆕 ALCOA CORP | Aluminum / Base Metals | 首次建仓 |
| 🆕 OR ROYALTIES INC. | Royalty / Streaming | 首次建仓 |
| 🆕 TENARIS S A | Steel | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ GOLD FIELDS LTD | Gold / Silver | $-19M -44.5% |
| ▼ HARMONY GOLD MINING CO LTD | Gold / Silver | $-15M -62.9% |
| ▼ VALE S A | Diversified Miners | $-15M -19.2% |
| ▼ ANGLOGOLD ASHANTI PLC | Gold / Silver | $-12M -17.1% |
| ▼ ALPHA METALLURGICAL RESOUR I | Coal | $-3M -45.2% |
| ▼ NEXGEN ENERGY LTD | Uranium | $-2M -76.0% |
| ▼ DENISON MINES CORP | Uranium | $-2M -47.4% |
| ▼ SSR MINING IN | Silver / Gold | $-833K -6.4% |
| ▼ CRITICAL METALS CORP | Other Mining | $-110K -2.6% |
| ▼ ALAMOS GOLD INC NEW | Gold / Silver | $-36K -0.3% |
| ✕ URANIUM ENERGY CORP | Uranium | -100.0% |
| ✕ ENERGY FUELS INC | Uranium | -100.0% |
| ✕ FREEPORT MCMORAN INC | Copper / Base Metals | -100.0% |
| ✕ USA RARE EARTH INC | Rare Earth | -100.0% |
| ✕ MOSAIC CO | Potash / Fertilizer | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
NEWMONT CORP$251M (30.59%)
BARRICK GOLD CORP$126M (15.32%)
VALE S A$63M (7.74%)
ANGLOGOLD ASHANTI PLC$58M (7.09%)
SIBANYE STILLWATER LTD$55M (6.65%)
商品配置矩阵 (QoQ)
Gold / Silver-10.5%73.5% → 63.0%
Diversified Miners-2.5%11.6% → 9.1%
Silver / Gold+2.7%4.7% → 7.4%
Platinum Group Metals+6.1%0.6% → 6.7%
Aluminum / Base Metals+4.1%1.6% → 5.7%
Copper / Base Metals+0.2%1.8% → 1.9%
Rare Earth+0.2%1.4% → 1.6%
Uranium-2.4%2.7% → 0.3%
📈 增持复盘分析
本季度桥水基金矿业总敞口$820M（2026Q1），较上季+$137M(+20.0%)持仓36只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Gold / Silver（63.0%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中GOLD FIELDS LTD净流出$-19M，反映出对前期拥挤品种的战术性获利了结。整体减仓有序，未见恐慌性清仓信号。
🔄 行业轮动特征
商品配置结构演变：Gold / Silver -10.5%；Platinum Group Metals +6.1%；Aluminum / Base Metals +4.1%。该基金在矿业配置上展现出宏观/多策略对冲的典型特征，以宏观对冲灵活切换为主逻辑。
⚠ 投研核心关注
出现5只标的清仓，需核实是否为策略性清理｜板块集中度偏高（Gold / Silver占63.0%），单品类风险敞口需关注
MINING DASHBOARD · Bridgewater · 2026Q1 · 2026-05-28 11:07