MINING FUND DASHBOARD
Point72 — 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 $816M · 66只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ PAN AMERN SILVER CORP | Silver / Gold | +$67M +652.6% |
| ▲ VALE S A | Diversified Miners | +$40M +737.9% |
| ▲ CENTURY ALUM CO | Aluminum / Base Metals | +$27M +394.8% |
| ▲ EQUINOX GOLD CORP | Gold / Silver | +$22M +298.2% |
| ▲ KINROSS GOLD CORP | Gold / Silver | +$17M +67.3% |
| ▲ FIRST MAJESTIC SILVER CORP | Silver / Gold | +$17M +728.9% |
| ▲ TECK RESOURCES LTD | Diversified Miners | +$13M +219.7% |
| ▲ FORTUNA MNG CORP | Silver / Gold | +$10M +142.0% |
| ▲ SKEENA RES LTD NEW | Gold / Silver | +$9M +1896.8% |
| ▲ COEUR MNG INC | Silver / Gold | +$8M +52.8% |
| 🆕 FRANCO NEV CORP | Royalty / Streaming | 首次建仓 |
| 🆕 ALMONTY INDS INC | Antimony | 首次建仓 |
| 🆕 HARMONY GOLD MINING CO LTD | Gold / Silver | 首次建仓 |
| 🆕 LITHIUM ARGENTINA AG | Lithium / Critical Minerals | 首次建仓 |
| 🆕 OR ROYALTIES INC. | Royalty / Streaming | 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 | $-122M -71.4% |
| ▼ ANGLOGOLD ASHANTI PLC | Gold / Silver | $-31M -65.9% |
| ▼ CLEVELAND-CLIFFS INC NEW | Iron Ore | $-20M -51.7% |
| ▼ SIBANYE STILLWATER LTD | Platinum Group Metals | $-19M -74.9% |
| ▼ HECLA MINING COMPANY | Silver / Gold | $-14M -39.8% |
| ▼ TASEKO MINES LTD | Copper / Base Metals | $-11M -66.7% |
| ▼ HUDBAY MINERALS INC | Zinc / Lead | $-9M -43.1% |
| ▼ B2GOLD CORP | Gold / Silver | $-8M -26.2% |
| ▼ ENDEAVOUR SILVER CORP | Silver / Gold | $-6M -74.4% |
| ▼ IAMGOLD CORP | Gold / Silver | $-4M -16.9% |
| ✕ BHP GROUP LTD | Diversified Miners | -100.0% |
| ✕ CAMECO CORP | Uranium | -100.0% |
| ✕ WHEATON PRECIOUS METALS CORP | Royalty / Streaming | -100.0% |
| ✕ MOSAIC CO | Potash / Fertilizer | -100.0% |
| ✕ TENARIS S A | Steel | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FRANCO NEV CORP$93M (11.38%)
PAN AMERN SILVER CORP$77M (9.49%)
BARRICK GOLD CORP$56M (6.90%)
FREEPORT MCMORAN INC$49M (5.98%)
VALE S A$46M (5.61%)
商品配置矩阵 (QoQ)
Gold / Silver-1.5%28.4% → 26.9%
Silver / Gold+11.0%12.8% → 23.9%
Copper / Base Metals-15.4%23.5% → 8.1%
Royalty / Streaming+10.3%2.8% → 13.0%
Diversified Miners+2.0%5.8% → 7.9%
Lithium / Critical Min+0.8%3.6% → 4.4%
Coal+0.2%3.8% → 4.0%
Iron Ore-2.4%4.7% → 2.3%
📈 增持复盘分析
本季度Point72矿业总敞口$816M（2026Q1），较上季$-20M(-2.4%)持仓66只矿业标的。主力增仓赛道锁定Silver / Gold，核心敞口集中在Gold / Silver（26.9%权重）。
📉 减持复盘分析
减持端主要动向集中在Copper / Base Metals板块，其中FREEPORT MCMORAN INC净流出$-122M，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 -15.4%；Silver / Gold +11.0%；Royalty / Streaming +10.3%。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FRANCO NEV CORP，关注后续持仓稳定性
MINING DASHBOARD · Point72 · 2026Q1 · 2026-05-28 11:07