MINING FUND DASHBOARD
城堡投资 — 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 $2.2B · 122只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ SOUTHERN COPPER CORP | Copper / Base Metals | +$99M +285.6% |
| ▲ PAN AMERN SILVER CORP | Silver / Gold | +$85M +166.0% |
| ▲ COEUR MNG INC | Silver / Gold | +$71M +225.4% |
| ▲ TECK RESOURCES LTD | Diversified Miners | +$63M +208.9% |
| ▲ FRANCO NEV CORP | Royalty / Streaming | +$59M +28253.7% |
| ▲ CENTURY ALUM CO | Aluminum / Base Metals | +$55M +242.0% |
| ▲ NEWMONT CORP | Gold / Silver | +$45M +82.4% |
| ▲ MOSAIC CO | Potash / Fertilizer | +$35M +81.4% |
| ▲ HYCROFT MINING HOLDING CORP | Gold / Silver | +$30M +1990.0% |
| ▲ ALAMOS GOLD INC | Gold / Silver | +$27M +909.5% |
| 🆕 CLEVELAND-CLIFFS INC NEW | Iron Ore | 首次建仓 |
| 🆕 MP MATERIALS CORP | Rare Earth | 首次建仓 |
| 🆕 LITHIUM ARGENTINA AG | Lithium / Critical Minerals | 首次建仓 |
| 🆕 AVINO SILVER & GOLD MINES LT | Silver / Gold | 首次建仓 |
| 🆕 COMSTOCK INC | Gold / Silver | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ BARRICK GOLD CORP | Gold / Silver | $-87M -89.1% |
| ▼ ROYAL GOLD INC | Royalty / Streaming | $-59M -71.2% |
| ▼ BHP GROUP LTD | Diversified Miners | $-58M -91.0% |
| ▼ FREEPORT MCMORAN INC | Copper / Base Metals | $-49M -19.0% |
| ▼ EQUINOX GOLD CORP | Gold / Silver | $-44M -76.9% |
| ▼ ALCOA CORP | Aluminum / Base Metals | $-33M -37.2% |
| ▼ RIO TINTO PLC | Diversified Miners | $-30M -56.0% |
| ▼ SOCIEDAD QUIMICA Y MINERA DE | Lithium / Critical Minerals | $-30M -59.3% |
| ▼ VALE S A | Diversified Miners | $-20M -31.7% |
| ▼ ALBEMARLE CORP | Lithium / Critical Minerals | $-18M -36.1% |
| ✕ CORE NATURAL RESOURCES INC | Coal | -100.0% |
| ✕ ARCELORMITTAL SA LUXEMBOURG | Steel | -100.0% |
| ✕ ARIS MNG CORP | Gold / Silver | -100.0% |
| ✕ GOLD COM INC | Gold / Silver | -100.0% |
| ✕ HARMONY GOLD MINING CO LTD | Gold / Silver | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FREEPORT MCMORAN INC$209M (9.63%)
PAN AMERN SILVER CORP$136M (6.25%)
SOUTHERN COPPER CORP$134M (6.18%)
COEUR MNG INC$103M (4.75%)
NEWMONT CORP$99M (4.54%)
商品配置矩阵 (QoQ)
Gold / Silver-5.1%22.0% → 16.9%
Copper / Base Metals+0.7%16.0% → 16.7%
Silver / Gold+7.2%11.8% → 19.0%
Diversified Miners-3.3%11.0% → 7.7%
Royalty / Streaming+0.5%7.5% → 8.0%
Aluminum / Base Metals+0.3%5.8% → 6.1%
Lithium / Critical Min-3.6%7.7% → 4.1%
Uranium-0.3%5.0% → 4.7%
📈 增持复盘分析
本季度城堡投资矿业总敞口$2.2B（2026Q1），较上季+$218M(+11.2%)持仓122只矿业标的。主力增仓赛道锁定Silver / Gold，核心敞口集中在Silver / Gold（19.0%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中BARRICK GOLD CORP净流出$-87M，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：Silver / Gold +7.2%；Gold / Silver -5.1%；Lithium / Critical Minerals -3.6%。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
MINING DASHBOARD · Citadel · 2026Q1 · 2026-05-28 11:07