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 · 2026Q2 vs 2026Q1 · 净市值 $4.7B · 124只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ MOSAIC CO | Potash / Fertilizer | +$132M +564.9% |
| ▲ FREEPORT MCMORAN INC | Copper / Base Metals | +$105M +11.5% |
| ▲ NEWMONT CORP | Gold / Silver | +$98M +83.2% |
| ▲ ALCOA CORP | Aluminum / Base Metals | +$90M +227.4% |
| ▲ LITHIUM ARGENTINA | Lithium / Critical Minerals | +$63M +487.2% |
| ▲ RIO TINTO PLC | Diversified Miners | +$50M +257.9% |
| ▲ VALE S A | Diversified Miners | +$46M +40.0% |
| ▲ ALAMOS GOLD INC | Gold / Silver | +$35M +152.4% |
| ▲ TENARIS S A | Steel | +$27M +397.7% |
| ▲ GOLD FIELDS LTD | Gold / Silver | +$25M +492.3% |
| 🆕 SPDR GOLD TR | Gold / Silver ETF | 首次建仓 |
| 🆕 ISHARES SILVER TR | Gold / Silver ETF | 首次建仓 |
| 🆕 AGNICO EAGLE MINES LTD | Gold / Silver | 首次建仓 |
| 🆕 CF INDUSTRIES HOLD | Potash / Fertilizer | 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 |
|---|---|---|
| ▼ COEUR MNG INC | Silver / Gold | $-218M -85.3% |
| ▼ BARRICK GOLD CORP | Gold / Silver | $-157M -52.4% |
| ▼ EQUINOX GOLD CORP | Gold / Silver | $-108M -81.9% |
| ▼ ROYAL GOLD INC | Royalty / Streaming | $-86M -49.6% |
| ▼ ALBEMARLE CORP | Lithium / Critical Minerals | $-79M -60.6% |
| ▼ CENTURY ALUM CO | Aluminum / Base Metals | $-65M -55.6% |
| ▼ HUDBAY MINERALS INC | Zinc / Lead | $-57M -54.3% |
| ▼ AURA MINERALS INC | Other Mining | $-52M -82.2% |
| ▼ HECLA MINING COMPANY | Silver / Gold | $-46M -60.2% |
| ▼ TECK RESOURCES LTD | Diversified Miners | $-34M -48.5% |
| ✕ METHANEX CORP | Other Mining | -100.0% |
| ✕ ALMONTY INDS INC | Antimony | -100.0% |
| ✕ CARIS LIFE SCIENCES IN | Other Mining | -100.0% |
| ✕ SCORPIO TANKERS INC | Other Mining | -100.0% |
| ✕ SCOTTS MIRACLE-GRO | Other Mining | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FREEPORT MCMORAN INC$1.0B (21.57%)
SPDR GOLD TR$376M (7.94%)
NEWMONT CORP$216M (4.56%)
IAMGOLD CORP$208M (4.41%)
PAN AMERN SILVER C$179M (3.78%)
商品配置矩阵 (QoQ)
Gold / Silver-3.0%30.1% → 27.1%
Copper / Base Metals+1.9%20.6% → 22.4%
Silver / Gold-5.3%14.2% → 8.9%
Gold / Silver ETF+11.2%0.1% → 11.3%
Royalty / Streaming-1.5%5.6% → 4.0%
Diversified Miners+3.9%2.5% → 6.4%
Other Mining-7.4%7.7% → 0.3%
Lithium / Critical Min+0.6%3.5% → 4.2%
📈 增持复盘分析
本季度千禧管理矿业总敞口$4.7B（2026Q2），较上季+$96M(+2.1%)持仓124只矿业标的。主力增仓赛道锁定Gold / Silver ETF，核心敞口集中在Gold / Silver（27.1%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中COEUR MNG INC净流出$-218M，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 ETF +11.2%；Other Mining -7.4%；Silver / Gold -5.3%。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SPDR GOLD TR、ISHARES SILVER TR，关注后续持仓稳定性
MINING DASHBOARD · Millennium · 2026Q2 · 2026-08-18 16:10