MINING FUND DASHBOARD
Two Sigma — 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 $4.0B · 107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 | +$290M +3426.8% |
| ▲ ALBEMARLE CORP | Lithium / Critical Minerals | +$249M +72.0% |
| ▲ FRANCO NEV CORP | Royalty / Streaming | +$235M +279.1% |
| ▲ FREEPORT MCMORAN INC | Copper / Base Metals | +$173M +89.0% |
| ▲ SOUTHERN COPPER CORP | Copper / Base Metals | +$93M +178.3% |
| ▲ B2GOLD CORP | Gold / Silver | +$87M +79.8% |
| ▲ HECLA MINING COMPANY | Silver / Gold | +$71M +657.9% |
| ▲ VALE S A | Diversified Miners | +$68M +67.0% |
| ▲ OR ROYALTIES INC. | Royalty / Streaming | +$44M +91.8% |
| ▲ ENDEAVOUR SILVER CORP | Silver / Gold | +$42M +120.5% |
| 🆕 CLEVELAND-CLIFFS INC NEW | Iron Ore | 首次建仓 |
| 🆕 TECK RESOURCES LTD | Diversified Miners | 首次建仓 |
| 🆕 WARRIOR MET COAL INC | Coal | 首次建仓 |
| 🆕 KAISER ALUMINUM CORP | Aluminum / Base Metals | 首次建仓 |
| 🆕 METALLUS INC | Steel | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ MP MATERIALS CORP | Rare Earth | $-39M -35.1% |
| ▼ EQUINOX GOLD CORP | Gold / Silver | $-27M -35.1% |
| ▼ FIRST MAJESTIC SILVER CORP | Silver / Gold | $-9M -32.0% |
| ▼ COEUR MNG INC | Silver / Gold | $-8M -7.5% |
| ▼ UNITED STATES ANTIMONY CORP | Antimony | $-6M -44.1% |
| ▼ WHEATON PRECIOUS METALS CORP | Royalty / Streaming | $-5M -9.7% |
| ▼ SSR MINING IN | Silver / Gold | $-3M -43.2% |
| ▼ ARIS MNG CORP | Gold / Silver | $-3M -10.9% |
| ▼ LITHIUM AMERS CORP NEW | Lithium / Critical Minerals | $-2M -8.9% |
| ▼ ANGLOGOLD ASHANTI PLC | Gold / Silver | $-2M -26.1% |
| ✕ NEW GOLD INC CDA | Gold / Silver | -100.0% |
| ✕ CIPHER MINING INC | Diversified Miners | -100.0% |
| ✕ GOLD COM INC | Gold / Silver | -100.0% |
| ✕ URANIUM ENERGY CORP | Uranium | -100.0% |
| ✕ DIAMOND HILL INVT GROUP INC | Diamonds | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
ALBEMARLE CORP$595M (15.05%)
FREEPORT MCMORAN INC$367M (9.30%)
FRANCO NEV CORP$319M (8.08%)
BARRICK GOLD CORP$299M (7.56%)
B2GOLD CORP$195M (4.93%)
商品配置矩阵 (QoQ)
Gold / Silver+2.3%22.1% → 24.4%
Lithium / Critical Min-2.4%18.7% → 16.3%
Copper / Base Metals+1.2%13.9% → 15.1%
Silver / Gold-1.7%14.2% → 12.5%
Royalty / Streaming+3.8%10.4% → 14.2%
Diversified Miners-0.7%6.0% → 5.3%
Uranium-1.8%4.5% → 2.8%
Rare Earth-3.7%5.5% → 1.9%
📈 增持复盘分析
本季度Two Sigma矿业总敞口$4.0B（2026Q1），较上季+$1.9B(+93.9%)持仓107只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Gold / Silver（24.4%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中MP MATERIALS CORP净流出$-39M，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：Royalty / Streaming +3.8%；Rare Earth -3.7%；Iron Ore +3.0%。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 · Two Sigma · 2026Q1 · 2026-05-28 11:07