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Point72 — 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 $1.5B · 93只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ BARRICK GOLD CORP | Gold / Silver | +$98M +174.2% |
| ▲ FRANCO NEV CORP | Royalty / Streaming | +$66M +70.5% |
| ▲ IAMGOLD CORP | Gold / Silver | +$52M +249.4% |
| ▲ ANGLOGOLD ASHANTI PLC | Gold / Silver | +$35M +214.5% |
| ▲ TECK RESOURCES LTD | Diversified Miners | +$26M +140.1% |
| ▲ CLEVELAND-CLIFFS INC NEW | Iron Ore | +$17M +88.1% |
| ▲ KINROSS GOLD CORP | Gold / Silver | +$10M +23.8% |
| ▲ SIGMA LITHIUM CORPORATION | Lithium / Critical Minerals | +$10M +31.2% |
| ▲ FORTUNA MNG CORP | Silver / Gold | +$9M +51.5% |
| ▲ HUDBAY MINERALS INC | Zinc / Lead | +$8M +68.6% |
| 🆕 ISHARES SILVER TR | Gold / Silver ETF | 首次建仓 |
| 🆕 SPDR GOLD TR | Gold / Silver ETF | 首次建仓 |
| 🆕 MOSAIC CO | Potash / Fertilizer | 首次建仓 |
| 🆕 NEWMONT CORP | Gold / Silver | 首次建仓 |
| 🆕 HALLADOR ENERGY COMPANY | Coal | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ PAN AMERN SILVER CORP | Silver / Gold | $-25M -32.3% |
| ▼ CORE NATURAL RESOURCES INC | Coal | $-24M -97.1% |
| ▼ COEUR MNG INC | Silver / Gold | $-19M -83.1% |
| ▼ VALE S A | Diversified Miners | $-18M -40.4% |
| ▼ CENTURY ALUM CO | Aluminum / Base Metals | $-16M -48.6% |
| ▼ ALMONTY INDS INC | Antimony | $-14M -93.4% |
| ▼ HECLA MINING COMPANY | Silver / Gold | $-13M -60.9% |
| ▼ SSR MINING IN | Silver / Gold | $-11M -31.7% |
| ▼ WARRIOR MET COAL INC | Coal | $-8M -94.7% |
| ▼ FIRST MAJESTIC SILVER CORP | Silver / Gold | $-5M -26.4% |
| ✕ TASEKO MINES LTD | Copper / Base Metals | -100.0% |
| ✕ KAISER ALUMINUM CORP | Aluminum / Base Metals | -100.0% |
| ✕ ENDEAVOUR SILVER CORP | Silver / Gold | -100.0% |
| ✕ CRITICAL METALS CORP | Rare Earth | -100.0% |
| ✕ METALLA RTY & STREAMING LTD | Royalty / Streaming | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FRANCO NEV CORP$158M (10.57%)
BARRICK GOLD CORP$154M (10.30%)
ISHARES SILVER TR$90M (6.00%)
IAMGOLD CORP$73M (4.88%)
SPDR GOLD TR$73M (4.84%)
商品配置矩阵 (QoQ)
Gold / Silver+7.6%26.9% → 34.5%
Silver / Gold-15.1%23.9% → 8.7%
Royalty / Streaming-0.7%13.0% → 12.3%
Gold / Silver ETF+10.8%0.0% → 10.8%
Copper / Base Metals-2.3%8.1% → 5.9%
Diversified Miners-2.9%7.9% → 5.0%
Lithium / Critical Min+0.3%4.4% → 4.7%
Potash / Fertilizer+5.1%0.0% → 5.1%
📈 增持复盘分析
本季度Point72矿业总敞口$1.5B（2026Q2），较上季+$683M(+83.7%)持仓93只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Gold / Silver（34.5%权重）。
📉 减持复盘分析
减持端主要动向集中在Silver / Gold板块，其中PAN AMERN SILVER CORP净流出$-25M，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 -15.1%；Gold / Silver ETF +10.8%；Gold / Silver +7.6%。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ISHARES SILVER TR、SPDR GOLD TR、MOSAIC CO，关注后续持仓稳定性
MINING DASHBOARD · Point72 · 2026Q2 · 2026-08-18 16:10