This article first appeared on GuruFocus.

Gina Rinehart is sharpening Hancock Prospecting's exposure to two very different corners of the market: US defense and global mining. During the first quarter, the closely held firm bought shares in RTX (NYSE:RTX), Northrop Grumman (NYSE:NOC), L3Harris Technologies (NYSE:LHX), and Lockheed Martin (NYSE:LMT), with those US weapons-maker stakes worth a combined $97 million as of March 31, according to a regulatory filing. The move puts nearly $100 million behind aerospace and defense names at a time when the broader defense index has been under pressure.

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Mining, however, still looks like the deeper portfolio bet. Hancock added 1.35 million shares to its Hudbay Minerals (NYSE:HBM) position and also took a stake in Newmont (NYSE:NEM). Those holdings, together with Hancock's positions in Teck Resources (NYSE:TECK) and MP Materials (NYSE:MP), make up nearly half of the firm's roughly $3.3 billion stock portfolio, based on Bloomberg calculations. That positioning could be notable for investors because the MSCI World Metals & Mining Index has returned 19% this year through Friday's close, outpacing the S&P 500's 8.2% rise.

The split matters because Rinehart appears to be leaning into mining strength while also possibly building optionality in defense. The MSCI World Aerospace & Defense Index has fallen 3.5%, creating a sharp contrast with the rally in metals and mining. Rinehart, 72, built her fortune developing massive iron ore deposits in Western Australia and is currently worth $43.8 billion, according to the Bloomberg Billionaires Index.