MINING FUND DASHBOARD
VanEck — 矿业板块最新季度持仓分析
商品资源专长 · 2026Q1 vs 2025Q4 · 净市值 $35.0B · 92只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ NEWMONT CORP | Gold / Silver | +$923M +31.1% |
| ▲ Coeur Mining Inc | Silver / Gold | +$424M +38.7% |
| ▲ KINROSS GOLD CORP | Gold / Silver | +$343M +11.9% |
| ▲ FRANCO-NEVADA CORP | Royalty / Streaming | +$323M +21.0% |
| ▲ BARRICK GOLD CORP | Gold / Silver | +$316M +13.1% |
| ▲ ANGLOGOLD ASHANTI PLC | Gold / Silver | +$222M +13.8% |
| ▲ Aris Mining Corp | Gold / Silver | +$208M +224.7% |
| ▲ Centerra Gold Inc | Gold / Silver | +$192M +204.2% |
| ▲ CAMECO CORP | Uranium | +$178M +31.0% |
| ▲ WHEATON PRECIOUS METALS CORP | Royalty / Streaming | +$177M +10.4% |
| 🆕 Almonty Industries Inc | Other Mining | 首次建仓 |
| 🆕 United States Antimony Corp | Antimony | 首次建仓 |
| 🆕 Americas Gold & Silver Corp | Gold / Silver | 首次建仓 |
| 🆕 Avino Silver & Gold Mines Ltd | Silver / Gold | 首次建仓 |
| 🆕 IsoEnergy Ltd | Uranium | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ PAN AMERICAN SILVER CORP | Silver / Gold | $-875M -42.7% |
| ▼ NEW GOLD INC | Gold / Silver | $-559M -99.8% |
| ▼ ROYAL GOLD INC | Royalty / Streaming | $-496M -37.8% |
| ▼ HARMONY GOLD MINING CO LTD | Gold / Silver | $-193M -28.9% |
| ▼ HECLA MINING COMPANY | Silver / Gold | $-94M -13.2% |
| ▼ ELDORADO GOLD CORP | Gold / Silver | $-55M -10.6% |
| ▼ IAMGOLD CORP | Gold / Silver | $-51M -6.8% |
| ▼ B2GOLD CORP | Gold / Silver | $-38M -8.1% |
| ▼ VIZSLA SILVER CORP | Silver / Gold | $-37M -52.5% |
| ▼ OR ROYALTIES INC | Royalty / Streaming | $-36M -8.3% |
| ✕ AVINO SILVER AMP GOLD MINES LT | Gold / Silver | -100.0% |
| ✕ ARCELORMITTAL SA | Steel | -100.0% |
| ✕ CIPHER MINING INC | Diversified Miners | -100.0% |
| ✕ METALLA ROYALTY AMP STREAMING | Royalty / Streaming | -100.0% |
| ✕ AMERICAS GOLD AMP SILVER CORP | Gold / Silver | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
NEWMONT CORP$3.9B (11.15%)
KINROSS GOLD CORP$3.2B (9.19%)
BARRICK GOLD CORP$2.7B (7.81%)
WHEATON PRECIOUS METALS CORP$1.9B (5.37%)
FRANCO-NEVADA CORP$1.9B (5.34%)
商品配置矩阵 (QoQ)
Gold / Silver+0.8%57.6% → 58.4%
Silver / Gold-2.0%16.6% → 14.6%
Royalty / Streaming-1.1%15.7% → 14.6%
Uranium+1.2%4.5% → 5.7%
Lithium / Critical Min+0.7%2.1% → 2.8%
Diversified Miners-1.1%1.5% → 0.4%
Other Mining+1.4%0.0% → 1.4%
Rare Earth+0.2%0.4% → 0.6%
📈 增持复盘分析
本季度VanEck矿业总敞口$35.0B（2026Q1），较上季+$2.9B(+9.0%)持仓92只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Gold / Silver（58.4%权重）。
📉 减持复盘分析
减持端主要动向集中在Silver / Gold板块，其中PAN AMERICAN SILVER CORP净流出$-875M，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 -2.0%；Other Mining +1.4%；Uranium +1.2%。该基金在矿业配置上展现出商品资源专长的典型特征，以商品周期择时为主逻辑。
⚠ 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Almonty Industries Inc、United States Antimony Corp，关注后续持仓稳定性
MINING DASHBOARD · VanEck · 2026Q1 · 2026-05-28 11:07