MINING FUND DASHBOARD
费舍尔投资 — 矿业板块最新季度持仓分析
主权/被动指数 · 2026Q1 vs 2025Q4 · 净市值 $8.3B · 17只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ FREEPORT MCMORAN INC | Copper / Base Metals | +$581M +17.9% |
| ▲ BHP GROUP LTD | Diversified Miners | +$324M +22.9% |
| ▲ RIO TINTO PLC ADR | Diversified Miners | +$306M +19.5% |
| ▲ VALE S A ADR | Diversified Miners | +$77M +27.3% |
| ▲ SOUTHERN COPPER CORP COM | Copper / Base Metals | +$33M +9.2% |
| ▲ KAISER ALUMINUM CORP | Aluminum / Base Metals | +$19M +103.4% |
| ▲ CENTURY ALUM CO | Aluminum / Base Metals | +$16M +47.1% |
| ▲ NEWMONT CORP | Gold / Silver | +$248K +32.6% |
| ▲ BARRICK GOLD CORP | Gold / Silver | +$138K +62.8% |
| ▲ KINROSS GOLD CORP | Gold / Silver | +$112K +41.9% |
| 🆕 METALLUS INC | Steel | 首次建仓 |
| 🆕 WHEATON PRECIOUS METALS CORP | Royalty / Streaming | 首次建仓 |
| 🆕 I 80 GOLD CORP | Gold / Silver | 首次建仓 |
| 🆕 STANDARD LITHIUM CORP | Lithium / Critical Minerals | 首次建仓 |
| 🆕 NORTHERN DYNASTY MINERALS LTD | Gold / Silver | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ WORLD GOLD TR SPDR GLD MINIS | Gold / Silver | $-682K -77.2% |
| ✕ DIAMONDROCK HOSPITALITY CO | Diamonds | -100.0% |
| ✕ SPDR UTILITIES SELECT SECTOR | Other Mining | -100.0% |
| ✕ GOLD FIELDS LTD ADR | Gold / Silver | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FREEPORT MCMORAN INC$3.8B (46.17%)
RIO TINTO PLC ADR$1.9B (22.67%)
BHP GROUP LTD$1.7B (20.95%)
SOUTHERN COPPER CORP COM$397M (4.79%)
VALE S A ADR$358M (4.32%)
商品配置矩阵 (QoQ)
Copper / Base Metals-1.1%52.0% → 51.0%
Diversified Miners+0.9%47.1% → 47.9%
Aluminum / Base Metals+0.3%0.7% → 1.0%
📈 增持复盘分析
本季度费舍尔投资矿业总敞口$8.3B（2026Q1），较上季+$1.4B(+19.5%)持仓17只矿业标的。主力增仓赛道锁定Diversified Miners，核心敞口集中在Copper / Base Metals（51.0%权重）。
📉 减持复盘分析
减持端主要动向集中在Diamonds板块，其中WORLD GOLD TR SPDR GLD MINIS净流出$-682K，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：Copper / Base Metals -1.1%。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3只标的清仓，需核实是否为策略性清理
MINING DASHBOARD · Fisher Invest · 2026Q1 · 2026-05-28 11:07