MINING FUND DASHBOARD
千禧管理 — 矿业板块最新季度持仓分析
宏观/多策略对冲 · 2026Q1 vs 2025Q4 · 净市值 $4.6B · 142只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ COEUR MNG INC | Silver / Gold | +$239M +1418.8% |
| ▲ IAMGOLD CORP | Gold / Silver | +$112M +121.0% |
| ▲ PAN AMERN SILVER CORP | Silver / Gold | +$102M +95.7% |
| ▲ NEWMONT CORP | Gold / Silver | +$85M +256.0% |
| ▲ ROYAL GOLD INC | Royalty / Streaming | +$68M +64.2% |
| ▲ HUDBAY MINERALS INC | Zinc / Lead | +$65M +158.4% |
| ▲ SSR MINING IN | Gold / Silver | +$64M +487.1% |
| ▲ ALLIED GOLD CORP | Gold / Silver | +$58M +243.9% |
| ▲ AURA MINERALS INC | Other Mining | +$52M +457.4% |
| ▲ FIRST MAJESTIC SILVER | Silver / Gold | +$47M +2956.4% |
| 🆕 CLEVELAND-CLIFFS INC | Iron Ore | 首次建仓 |
| 🆕 METHANEX CORP | Other Mining | 首次建仓 |
| 🆕 ALMONTY INDS INC | Antimony | 首次建仓 |
| 🆕 BHP GROUP LTD | Diversified Miners | 首次建仓 |
| 🆕 CARIS LIFE SCIENCES IN | Other Mining | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ FREEPORT MCMORAN INC | Copper / Base Metals | $-468M -33.8% |
| ▼ BARRICK GOLD CORP | Gold / Silver | $-168M -36.0% |
| ▼ TECK RESOURCES LTD | Diversified Miners | $-126M -64.3% |
| ▼ ELDORADO GOLD CORP NEW | Gold / Silver | $-107M -97.4% |
| ▼ ALCOA CORP | Aluminum / Base Metals | $-89M -69.2% |
| ▼ B2GOLD CORP | Gold / Silver | $-75M -41.8% |
| ▼ KINROSS GOLD CORP | Gold / Silver | $-73M -56.2% |
| ▼ VALE S A | Diversified Miners | $-71M -38.0% |
| ▼ NEXGEN ENERGY LTD | Uranium | $-47M -41.7% |
| ▼ CORE NATURAL RESOURCES INC | Coal | $-42M -47.0% |
| ✕ NEW GOLD INC CDA | Gold / Silver | -100.0% |
| ✕ SILVERCORP METALS INC | Silver / Gold | -100.0% |
| ✕ ARIS MNG CORP | Gold / Silver | -100.0% |
| ✕ ARCELORMITTAL SA LUXEMBOURG | Steel | -100.0% |
| ✕ DIAMOND HILL INVT GROUP INC | Diamonds | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FREEPORT MCMORAN INC$915M (19.75%)
BARRICK GOLD CORP$299M (6.46%)
COEUR MNG INC$256M (5.52%)
PAN AMERN SILVER CORP$208M (4.48%)
IAMGOLD CORP$205M (4.43%)
商品配置矩阵 (QoQ)
Gold / Silver-5.4%35.5% → 30.1%
Copper / Base Metals-6.5%27.1% → 20.6%
Silver / Gold+8.4%5.8% → 14.2%
Diversified Miners-5.4%7.9% → 2.5%
Royalty / Streaming+0.9%4.6% → 5.6%
Lithium / Critical Min-0.9%4.5% → 3.5%
Aluminum / Base Metals-0.7%4.2% → 3.5%
Other Mining+7.6%0.0% → 7.7%
📈 增持复盘分析
本季度千禧管理矿业总敞口$4.6B（2026Q1），较上季$-848M(-15.5%)持仓142只矿业标的。主力增仓赛道锁定Silver / Gold，核心敞口集中在Gold / Silver（30.1%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中FREEPORT MCMORAN INC净流出$-468M，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：Silver / Gold +8.4%；Other Mining +7.6%；Copper / Base Metals -6.5%。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CLEVELAND-CLIFFS INC NEW…，关注后续持仓稳定性
MINING DASHBOARD · Millennium · 2026Q1 · 2026-05-28 11:07