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 · 2026Q2 vs 2026Q1 · 净市值 $17.6B · 141只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ NEWMONT CORP | Gold / Silver | +$601M +609.3% |
| ▲ FREEPORT MCMORAN INC | Copper / Base Metals | +$584M +279.5% |
| ▲ ALBEMARLE CORP | Lithium / Critical Minerals | +$299M +915.8% |
| ▲ BARRICK GOLD CORP | Gold / Silver | +$283M +2654.0% |
| ▲ ALCOA CORP | Aluminum / Base Metals | +$274M +498.1% |
| ▲ CAMECO CORP | Uranium | +$270M +557.5% |
| ▲ MP MATERIALS CORP | Rare Earth | +$257M +2069.9% |
| ▲ FIRST MAJESTIC SILVER CORP | Silver / Gold | +$253M +314.2% |
| ▲ WHEATON PRECIOUS METALS CORP | Royalty / Streaming | +$126M +620.2% |
| ▲ BHP GROUP LTD | Diversified Miners | +$115M +1982.2% |
| 🆕 SPDR GOLD TR | Gold / Silver ETF | 首次建仓 |
| 🆕 ISHARES SILVER TR | Gold / Silver ETF | 首次建仓 |
| 🆕 AGNICO EAGLE MINES LTD | Gold / Silver | 首次建仓 |
| 🆕 ISHARES GOLD TR | Gold / Silver ETF | 首次建仓 |
| 🆕 CF INDUSTRIES HOLD | Potash / Fertilizer | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ CENTURY ALUM CO | Aluminum / Base Metals | $-48M -61.3% |
| ▼ OR ROYALTIES INC. | Royalty / Streaming | $-34M -58.1% |
| ▼ HUDBAY MINERALS INC | Zinc / Lead | $-19M -71.4% |
| ▼ NIOCORP DEVS LTD | Rare Earth | $-16M -56.6% |
| ▼ AURA MINERALS INC | Gold / Silver | $-13M -64.0% |
| ▼ HYCROFT MINING HOLDING CORP | Gold / Silver | $-11M -35.2% |
| ▼ COEUR MNG INC | Silver / Gold | $-8M -8.0% |
| ▼ DENISON MINES CORP | Uranium | $-8M -28.5% |
| ▼ LITHIUM ARGENTINA AG | Lithium / Critical Minerals | $-6M -70.6% |
| ▼ ATLAS LITHIUM CORP | Lithium / Critical Minerals | $-5M -89.2% |
| ✕ WORLD GOLD TR | Other Mining | -100.0% |
| ✕ TASEKO MINES LTD | Copper / Base Metals | -100.0% |
| ✕ UBS AG | Other Mining | -100.0% |
| ✕ PERMA-FIX ENVIRONMENTAL SVCS | Other Mining | -100.0% |
| ✕ UNITED STS COMMODITY INDEX F | Other Mining | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
SPDR GOLD TR$7.9B (44.77%)
ISHARES SILVER TR$2.5B (14.06%)
FREEPORT MCMORAN INC$793M (4.49%)
NEWMONT CORP$699M (3.96%)
FIRST MAJESTIC SILVER CORP$333M (1.89%)
商品配置矩阵 (QoQ)
Gold / Silver ETF+59.9%0.7% → 60.6%
Gold / Silver-6.3%16.9% → 10.6%
Copper / Base Metals-10.9%16.7% → 5.9%
Silver / Gold-14.6%19.0% → 4.4%
Diversified Miners-5.1%7.7% → 2.6%
Uranium-1.9%4.7% → 2.8%
Royalty / Streaming-5.8%8.0% → 2.2%
Rare Earth+0.6%2.0% → 2.6%
📈 增持复盘分析
本季度城堡投资矿业总敞口$17.6B（2026Q2），较上季+$15.5B(+713.0%)持仓141只矿业标的。主力增仓赛道锁定Gold / Silver ETF，核心敞口集中在Gold / Silver ETF（60.6%权重）。
📉 减持复盘分析
减持端主要动向集中在Aluminum / Base Metals板块，其中CENTURY ALUM CO净流出$-48M，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 ETF +59.9%；Silver / Gold -14.6%；Copper / Base Metals -10.9%。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｜大额新建仓SPDR GOLD TR、ISHARES SILVER TR、AGNICO EAGLE MINES LTD，关注后续持仓稳定性｜板块集中度偏高（Gold / Silver ETF占60.6%），单品类风险敞口需关注
MINING DASHBOARD · Citadel · 2026Q2 · 2026-08-18 16:10