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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 · 2026Q2 vs 2026Q1 · 净市值 $5.6B · 88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 | +$275M +13.2% |
| ▲ KAISER ALUMINUM CORP | Aluminum / Base Metals | +$53M +6850.3% |
| ▲ ELDORADO GOLD CORP NEW | Gold / Silver | +$47M +123.6% |
| ▲ ERO COPPER CORP | Copper / Base Metals | +$36M +1379.9% |
| ▲ AMERICAS GOLD AND SILVER COR | Gold / Silver | +$14M +1648.2% |
| ▲ TECK RESOURCES LTD | Diversified Miners | +$7M +46.0% |
| ▲ VALE S A | Diversified Miners | +$3M +12.1% |
| ▲ AURA MINERALS INC | Gold / Silver | +$2M +1023.1% |
| ▲ KINROSS GOLD CORP | Gold / Silver | +$2M +5.2% |
| ▲ HUDBAY MINERALS INC | Zinc / Lead | +$1M +25.1% |
| 🆕 AGNICO EAGLE MINES LTD | Gold / Silver | 首次建仓 |
| 🆕 CF INDUSTRIES HOLD | Potash / Fertilizer | 首次建仓 |
| 🆕 ISHARES GOLD TR | Gold / Silver ETF | 首次建仓 |
| 🆕 SPDR GOLD TR | Gold / Silver ETF | 首次建仓 |
| 🆕 OCEANAGOLD CORP | Gold / Silver | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ ALBEMARLE CORP | Lithium / Critical Minerals | $-133M -22.9% |
| ▼ ALAMOS GOLD INC | Gold / Silver | $-94M -29.4% |
| ▼ COEUR MNG INC | Silver / Gold | $-71M -76.3% |
| ▼ EQUINOX GOLD CORP | Gold / Silver | $-60M -20.4% |
| ▼ NEWMONT CORP | Gold / Silver | $-58M -14.8% |
| ▼ ORLA MNG LTD NEW | Gold / Silver | $-51M -39.8% |
| ▼ BARRICK GOLD CORP | Gold / Silver | $-23M -6.8% |
| ▼ VIZSLA SILVER CORP | Silver / Gold | $-9M -20.3% |
| ▼ GALIANO GOLD INC | Gold / Silver | $-8M -27.1% |
| ▼ COLLECTIVE MINING LTD | Gold / Silver | $-8M -39.3% |
| ✕ OSISKO DEVELOPMENT CORP | Royalty / Streaming | -100.0% |
| ✕ HYCROFT MINING HOLDING CORP | Gold / Silver | -100.0% |
| ✕ WORLD GOLD TR | Other Mining | -100.0% |
| ✕ ALTISOURCE PORTFOLIO SOLUTIO | Other Mining | -100.0% |
| ✕ GOLDEN ENTMT INC | Gold / Silver | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FREEPORT MCMORAN INC$2.4B (41.95%)
ALBEMARLE CORP$447M (7.98%)
NEWMONT CORP$335M (5.98%)
BARRICK GOLD CORP$318M (5.67%)
EQUINOX GOLD CORP$236M (4.21%)
商品配置矩阵 (QoQ)
Copper / Base Metals+3.2%39.9% → 43.1%
Gold / Silver-3.1%39.0% → 35.9%
Lithium / Critical Min-2.9%10.9% → 8.0%
Diversified Miners+0.0%2.5% → 2.5%
Silver / Gold-1.7%3.3% → 1.6%
Potash / Fertilizer+2.5%0.0% → 2.6%
Royalty / Streaming-0.8%1.7% → 0.9%
Gold / Silver ETF+2.1%0.0% → 2.1%
📈 增持复盘分析
本季度富兰克林邓普顿矿业总敞口$5.6B（2026Q2），较上季+$297M(+5.6%)持仓88只矿业标的。主力增仓赛道锁定Copper / Base Metals，核心敞口集中在Copper / Base Metals（43.1%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中ALBEMARLE CORP净流出$-133M，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 +3.2%；Gold / Silver -3.1%；Lithium / Critical Minerals -2.9%。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AGNICO EAGLE MINES LTD、CF INDUSTRIES HOLD、ISHARES GOLD TR，关注后续持仓稳定性
MINING DASHBOARD · Franklin Templeton · 2026Q2 · 2026-08-18 16:10