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富兰克林邓普顿 — 矿业板块最新季度持仓分析
主权/被动指数 · 2026Q1 vs 2025Q4 · 净市值 $5.3B · 76只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ ALAMOS GOLD INC | Gold / Silver | +$192M +152.2% |
| ▲ FREEPORT MCMORAN INC | Copper / Base Metals | +$179M +9.4% |
| ▲ NEWMONT CORP | Gold / Silver | +$150M +61.8% |
| ▲ EQUINOX GOLD CORP | Gold / Silver | +$121M +69.2% |
| ▲ COEUR MNG INC | Silver / Gold | +$70M +312.0% |
| ▲ BARRICK GOLD CORP | Gold / Silver | +$67M +24.6% |
| ▲ ANGLOGOLD ASHANTI PLC | Gold / Silver | +$46M +26.7% |
| ▲ ORLA MNG LTD NEW | Gold / Silver | +$26M +24.8% |
| ▲ OSISKO DEVELOPMENT CORP | Royalty / Streaming | +$16M +92.1% |
| ▲ CORE NATURAL RESOURCES INC | Coal | +$16M +324.8% |
| 🆕 CONTANGO SILVER & GOLD INC | Gold / Silver | 首次建仓 |
| 🆕 WESTERN COPPER & GOLD CORP | Copper / Base Metals | 首次建仓 |
| 🆕 ETFS GOLD TR | Gold / Silver | 首次建仓 |
| 🆕 CLEVELAND-CLIFFS INC NEW | Iron Ore | 首次建仓 |
| 🆕 GRAFTECH INTERNATIONAL LTD | Steel | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ RIO TINTO PLC | Diversified Miners | $-39M -34.5% |
| ▼ VIZSLA SILVER CORP | Silver / Gold | $-29M -40.1% |
| ▼ B2GOLD CORP | Gold / Silver | $-13M -32.6% |
| ▼ HYCROFT MINING HOLDING CORP | Diversified Miners | $-10M -25.8% |
| ▼ INTEGRA RES CORP | Gold / Silver | $-9M -19.9% |
| ▼ HUDBAY MINERALS INC | Zinc / Lead | $-7M -60.9% |
| ▼ ERO COPPER CORP | Copper / Base Metals | $-6M -68.0% |
| ▼ MOSAIC CO | Potash / Fertilizer | $-5M -86.3% |
| ▼ TECK RESOURCES LTD | Diversified Miners | $-5M -23.2% |
| ▼ SOUTHERN COPPER CORP | Copper / Base Metals | $-1M -7.7% |
| ✕ NEW GOLD INC CDA | Gold / Silver | -100.0% |
| ✕ ALLIED GOLD CORP | Gold / Silver | -100.0% |
| ✕ CONTANGO ORE INC | Gold / Silver | -100.0% |
| ✕ WESTERN COPPER AMP GOLD CORP | Gold / Silver | -100.0% |
| ✕ DIAMONDROCK HOSPITALITY CO | Diamonds | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FREEPORT MCMORAN INC$2.1B (39.12%)
ALBEMARLE CORP$580M (10.93%)
NEWMONT CORP$393M (7.40%)
BARRICK GOLD CORP$341M (6.42%)
ALAMOS GOLD INC$318M (5.99%)
商品配置矩阵 (QoQ)
Copper / Base Metals-3.4%43.3% → 39.9%
Gold / Silver+6.2%32.8% → 39.0%
Lithium / Critical Min-2.1%13.0% → 10.9%
Diversified Miners-2.4%5.0% → 2.5%
Silver / Gold+0.5%2.8% → 3.3%
Royalty / Streaming+0.3%1.4% → 1.7%
Uranium+0.2%0.8% → 0.9%
Coal+0.3%0.2% → 0.5%
📈 增持复盘分析
本季度富兰克林邓普顿矿业总敞口$5.3B（2026Q1），较上季+$849M(+19.0%)持仓76只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Copper / Base Metals（39.9%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中RIO TINTO PLC净流出$-39M，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 +6.2%；Copper / Base Metals -3.4%；Diversified Miners -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
MINING DASHBOARD · Franklin Templeton · 2026Q1 · 2026-05-28 11:07