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 · 2026Q2 vs 2026Q1 · 净市值 $847M · 39只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ TENARIS S A | Steel | +$30M +1792.9% |
| ▲ MP MATERIALS CORP | Rare Earth | +$20M +379.4% |
| ▲ ALBEMARLE CORP | Lithium / Critical Minerals | +$10M +165.6% |
| ▲ EQUINOX GOLD CORP | Gold / Silver | +$5M +2088.3% |
| ▲ PAN AMERN SILVER CORP | Silver / Gold | +$4M +50.3% |
| ▲ SSR MINING IN | Silver / Gold | +$2M +17.4% |
| ▲ TRIPLE FLAG PRECIOUS METAL | Royalty / Streaming | +$1M +208.8% |
| ▲ CLEVELAND-CLIFFS INC NEW | Iron Ore | +$1M +79.2% |
| ▲ NEWMONT CORP | Gold / Silver | +$952K +0.4% |
| ▲ ALPHA METALLURGICAL RESOUR I | Coal | +$596K +17.9% |
| 🆕 AGNICO EAGLE MINES LTD | Gold / Silver | 首次建仓 |
| 🆕 CF INDUSTRIES HOLD | Potash / Fertilizer | 首次建仓 |
| 🆕 USA RARE EARTH INC | Rare Earth | 首次建仓 |
| 🆕 ENERGY FUELS INC | Uranium | 首次建仓 |
| 🆕 NUTRIEN LTD | Potash / Fertilizer | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ VALE S A | Diversified Miners | $-24M -37.7% |
| ▼ CENTURY ALUM CO | Aluminum / Base Metals | $-21M -49.3% |
| ▼ COEUR MNG INC | Silver / Gold | $-15M -62.3% |
| ▼ SIBANYE STILLWATER LTD | Platinum Group Metals | $-6M -11.4% |
| ▼ KINROSS GOLD CORP | Gold / Silver | $-6M -17.1% |
| ▼ HARMONY GOLD MINING CO LTD | Gold / Silver | $-5M -52.0% |
| ▼ HUDBAY MINERALS INC | Zinc / Lead | $-4M -34.3% |
| ▼ ANGLOGOLD ASHANTI PLC | Gold / Silver | $-4M -7.4% |
| ▼ GOLD FIELDS LTD | Gold / Silver | $-4M -17.8% |
| ▼ BARRICK GOLD CORP | Gold / Silver | $-4M -3.4% |
| ✕ WHEATON PRECIOUS METALS CORP | Royalty / Streaming | -100.0% |
| ✕ TECK RESOURCES LTD | Diversified Miners | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
NEWMONT CORP$252M (29.73%)
BARRICK GOLD CORP$121M (14.34%)
ANGLOGOLD ASHANTI PLC$54M (6.36%)
SIBANYE STILLWATER LTD$48M (5.71%)
VALE S A$40M (4.67%)
商品配置矩阵 (QoQ)
Gold / Silver-0.8%63.0% → 62.1%
Diversified Miners-3.6%9.1% → 5.5%
Silver / Gold-2.1%7.4% → 5.3%
Platinum Group Metals-0.9%6.7% → 5.7%
Aluminum / Base Metals-2.7%5.7% → 3.0%
Rare Earth+2.8%1.6% → 4.4%
Steel+3.5%0.2% → 3.7%
Copper / Base Metals-0.3%1.9% → 1.7%
📈 增持复盘分析
本季度桥水基金矿业总敞口$847M（2026Q2），较上季+$27M(+3.3%)持仓39只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Gold / Silver（62.1%权重）。
📉 减持复盘分析
减持端主要动向集中在Diversified Miners板块，其中VALE S A净流出$-24M，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：Diversified Miners -3.6%；Steel +3.5%；Potash / Fertilizer +3.3%。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2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62.1%），单品类风险敞口需关注
MINING DASHBOARD · Bridgewater · 2026Q2 · 2026-08-18 16:10