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富达基金 — 矿业板块最新季度持仓分析
主权/被动指数 · 2026Q1 vs 2025Q4 · 净市值 $24.2B · 95只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ FRANCO NEV CORP | Royalty / Streaming | +$1.1B +26.9% |
| ▲ ALCOA CORP | Aluminum / Base Metals | +$590M +225.2% |
| ▲ TENARIS S A | Steel | +$457M +1965.5% |
| ▲ ANGLOGOLD ASHANTI PLC | Gold / Silver | +$426M +30.8% |
| ▲ COEUR MNG INC | Silver / Gold | +$325M +107.9% |
| ▲ FREEPORT MCMORAN INC | Copper / Base Metals | +$317M +42.2% |
| ▲ NEWMONT CORP | Gold / Silver | +$265M +14.4% |
| ▲ BHP GROUP LTD | Diversified Miners | +$218M +174.7% |
| ▲ TECK RESOURCES LTD | Diversified Miners | +$214M +113.5% |
| ▲ CENTURY ALUM CO | Aluminum / Base Metals | +$156M +45668.4% |
| 🆕 ALMONTY INDS INC | Antimony | 首次建仓 |
| 🆕 ARIS MINING CORPORATION | Gold / Silver | 首次建仓 |
| 🆕 CENTERRA GOLD INC | Gold / Silver | 首次建仓 |
| 🆕 METALLA RTY & STREAMING LTD | Royalty / Streaming | 首次建仓 |
| 🆕 WESTERN COPPER & GOLD CORP | Copper / Base Metals | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ CAMECO CORP | Uranium | $-378M -27.4% |
| ▼ PAN AMERN SILVER CORP | Silver / Gold | $-286M -80.4% |
| ▼ MOSAIC CO | Potash / Fertilizer | $-224M -23.2% |
| ▼ BARRICK GOLD CORP | Gold / Silver | $-201M -22.7% |
| ▼ CORE NATURAL RESOURCES INC | Coal | $-185M -30.4% |
| ▼ ERO COPPER CORP | Copper / Base Metals | $-82M -24.2% |
| ▼ IVANHOE ELECTRIC INC | Copper / Base Metals | $-59M -31.3% |
| ▼ OR ROYALTIES INC | Royalty / Streaming | $-43M -25.4% |
| ▼ TRIPLE FLAG PRECIOUS METAL | Royalty / Streaming | $-40M -16.4% |
| ▼ KINROSS GOLD CORP | Gold / Silver | $-37M -8.9% |
| ✕ B2GOLD CORP | Gold / Silver | -100.0% |
| ✕ NEW GOLD INC CDA | Gold / Silver | -100.0% |
| ✕ METALLA RTY AMP STREAMING LTD | Royalty / Streaming | -100.0% |
| ✕ WESTERN COPPER AMP GOLD CORP | Gold / Silver | -100.0% |
| ✕ VIZSLA SILVER CORP | Silver / Gold | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FRANCO NEV CORP$5.3B (22.13%)
WHEATON PRECIOUS METALS CORP$2.1B (8.77%)
NEWMONT CORP$2.1B (8.74%)
ANGLOGOLD ASHANTI PLC$1.8B (7.49%)
FREEPORT MCMORAN INC$1.1B (4.42%)
商品配置矩阵 (QoQ)
Royalty / Streaming+0.2%33.0% → 33.3%
Gold / Silver-2.4%32.8% → 30.4%
Diversified Miners+1.8%5.7% → 7.5%
Copper / Base Metals-0.1%6.6% → 6.5%
Uranium-2.5%6.7% → 4.3%
Potash / Fertilizer-1.6%4.6% → 3.1%
Silver / Gold+0.0%3.7% → 3.7%
Coal-1.3%4.1% → 2.8%
📈 增持复盘分析
本季度富达基金矿业总敞口$24.2B（2026Q1），较上季+$3.3B(+16.1%)持仓95只矿业标的。主力增仓赛道锁定Royalty / Streaming，核心敞口集中在Royalty / Streaming（33.3%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中CAMECO CORP净流出$-378M，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：Aluminum / Base Metals +2.9%；Uranium -2.5%；Gold / Silver -2.4%。该基金在矿业配置上展现出主权/被动指数的典型特征，以ETF化/指数化被动配置为主逻辑。
⚠ 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ALMONTY INDS INC、ARIS MINING CORPORATION，关注后续持仓稳定性
MINING DASHBOARD · Fidelity (FMR) · 2026Q1 · 2026-05-28 11:07