MINING FUND DASHBOARD
Two Sigma — 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 $3.5B · 119只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ HECLA MINING COMPANY | Silver / Gold | +$72M +87.3% |
| ▲ KINROSS GOLD CORP | Gold / Silver | +$51M +119.1% |
| ▲ PAN AMERN SILVER CORP | Silver / Gold | +$44M +52.1% |
| ▲ IAMGOLD CORP | Gold / Silver | +$43M +260.8% |
| ▲ ALAMOS GOLD INC | Gold / Silver | +$40M +402.6% |
| ▲ TECK RESOURCES LTD | Diversified Miners | +$32M +74.9% |
| ▲ VALE S A | Diversified Miners | +$29M +17.5% |
| ▲ SOUTHERN COPPER CORP | Copper / Base Metals | +$28M +19.5% |
| ▲ CLEVELAND-CLIFFS INC NEW | Iron Ore | +$25M +21.3% |
| ▲ FIRST MAJESTIC SILVER CORP | Silver / Gold | +$18M +95.8% |
| 🆕 AGNICO EAGLE MINES LTD | Gold / Silver | 首次建仓 |
| 🆕 RIO TINTO PLC | Diversified Miners | 首次建仓 |
| 🆕 CF INDUSTRIES HOLD | Potash / Fertilizer | 首次建仓 |
| 🆕 NUTRIEN LTD | 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 |
|---|---|---|
| ▼ ALBEMARLE CORP | Lithium / Critical Minerals | $-266M -44.6% |
| ▼ BARRICK GOLD CORP | Gold / Silver | $-140M -46.7% |
| ▼ FRANCO NEV CORP | Royalty / Streaming | $-139M -43.4% |
| ▼ COEUR MNG INC | Silver / Gold | $-91M -98.3% |
| ▼ B2GOLD CORP | Gold / Silver | $-59M -30.1% |
| ▼ MP MATERIALS CORP | Rare Earth | $-49M -67.5% |
| ▼ ENERGY FUELS INC | Uranium | $-33M -88.8% |
| ▼ AURA MINERALS INC | Gold / Silver | $-32M -56.6% |
| ▼ WHEATON PRECIOUS METALS CORP | Royalty / Streaming | $-30M -65.2% |
| ▼ OR ROYALTIES INC. | Royalty / Streaming | $-27M -29.4% |
| ✕ TASEKO MINES LTD | Copper / Base Metals | -100.0% |
| ✕ GOLDEN ENTMT INC | Gold / Silver | -100.0% |
| ✕ LARGO INC | Other Mining | -100.0% |
| ✕ SEABRIDGE GOLD INC | Gold / Silver | -100.0% |
| ✕ TENARIS S A | Steel | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
FREEPORT MCMORAN INC$354M (10.13%)
ALBEMARLE CORP$329M (9.43%)
VALE S A$198M (5.68%)
FRANCO NEV CORP$181M (5.18%)
SOUTHERN COPPER CORP$173M (4.95%)
商品配置矩阵 (QoQ)
Gold / Silver+1.5%24.4% → 25.9%
Copper / Base Metals+0.8%15.1% → 15.9%
Lithium / Critical Min-4.8%16.3% → 11.5%
Silver / Gold+2.3%12.5% → 14.9%
Royalty / Streaming-3.8%14.2% → 10.4%
Diversified Miners+3.8%5.3% → 9.1%
Iron Ore+1.1%3.0% → 4.1%
Uranium-1.4%2.8% → 1.3%
📈 增持复盘分析
本季度Two Sigma矿业总敞口$3.5B（2026Q2），较上季$-459M(-11.6%)持仓119只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Gold / Silver（25.9%权重）。
📉 减持复盘分析
减持端主要动向集中在Lithium / Critical Minerals板块，其中ALBEMARLE CORP净流出$-266M，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：Lithium / Critical Minerals -4.8%；Diversified Miners +3.8%；Royalty / Streaming -3.8%。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AGNICO EAGLE MINES LTD，关注后续持仓稳定性
MINING DASHBOARD · Two Sigma · 2026Q2 · 2026-08-18 16:10