| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 16.9% | 6.9% | 6.9% |
The Kopernik Global All-Cap Equity Fund returned 6.9% in Q1 2026, outperforming the MSCI ACWI benchmark's -3.2% return. Energy was the largest sector contributor at 3.5%, driven by strong performance from oil and gas producers including Cenovus Energy (60.7% return), Petrobras (72.3%), and Range Resources (29.4%). Uranium producers also contributed positively with Kazatomprom returning 41.4%. The Materials sector built on strong 2025 performance, with the fund broadening exposure by trimming gold positions and redeploying into higher-upside opportunities. The fund initiated new positions in timber companies including Rayonier and Weyerhaeuser, viewing timber as a scarce, undervalued asset. Notable detractors included Northern Dynasty Minerals (-26.5%) due to EPA regulatory challenges. The fund maintains its disciplined value approach, focusing on companies trading at significant discounts to intrinsic value while using market volatility as opportunities to optimize positioning across diversified sectors and geographies.
The fund employs a disciplined, fundamentals-based, long-term approach focused on buying companies trading at significant discounts to risk-adjusted intrinsic value, using volatility as an opportunity to add and trim positions.
We continue to see substantial upside to Kopernik's estimate of risk-adjusted intrinsic value in the Strategy's holdings. We take heart in the fact that value often bounces back strongly from periods of extreme underperformance, and we are encouraged by recent changes in the marketplace.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 13 2026 | 2026 Q1 | 0001.HK, 030200 KS, 1605.T, 1662.T, CNC, CVE.TO, DRW3.DE, GLEN.L, IVN.TO, KAP, NAK, NTR, PBR, PDN.AX, RGLD, RRC, RYN, SDF.DE, SDR.L, VALE | commodities, energy, global, materials, Timber, value | - | Kopernik's global value fund delivered 6.9% returns in Q1 2026, significantly outperforming markets through concentrated exposure to energy and materials. Strong performance from oil producers and uranium miners drove results. The fund initiated new timber positions, viewing the sector as significantly undervalued. Management continues disciplined value approach, using volatility to optimize positioning in undervalued companies. |
| Feb 10 2026 | 2025 Q4 | 015760.KS, 3690.HK, BHP, CMCSA, CNC, CVE.TO, GLEN.L, Gold, MOH, NAK, NG, PDN.AX, RGLD, RRC, SDF.DE, SEA.TO, SQM, TPK.L, TWE.AX, VALE | diversification, global, materials, Mining, Precious Metals, undervaluation, value |
VAL SJ IMP SJ |
Kopernik delivered 64.79% returns in 2025 versus 22.34% for MSCI ACWI, driven by materials sector outperformance and precious metals appreciation. The fund trimmed gold positions, redeploying into platinum and industrial metals with greater upside potential. Value stocks showed revival signs after decade-long underperformance. Multiple new positions initiated across undervalued global opportunities. |
| Nov 17 2025 | 2025 Q3 | 003550.KS, 015760.KS, 030200.KS, 032640.KS, 1.HK, BIDU, CEN, GLEN.L, Gold, IMPUY, ITH, IVN.TO, NEM, NG, SA, SBSW, SLB, SQM, VALE, WRN | commodities, diversification, global, gold, materials, Mining, Platinum, value | - | Kopernik delivered strong Q3 performance driven by precious metals holdings, particularly platinum group metals. The fund trimmed gold positions from 20% to 8%, redeploying into platinum and battery metals with greater upside potential. Value stocks showed continued strength after years of underperformance. Management maintains defensive positioning against frothy U.S. markets while finding attractive global opportunities. |
| Aug 25 2025 | 2025 Q2 | 000240.KS, 003550.KS, 003690.KS, 015760.KS, 030200.KS, 032640.KS, 069960.KS, 1082.KL, 1508.HK, 1662.T, 375500.KS, AMS.L, ARIS.TO, BAS.DE, BIDU, BORR, DRR.AX, EB5.SI, EQX.TO, GLEN.L, Gold, IE, IMP.L, IVN.TO, JUP.L, KAP.L, LUN.TO, MEG.TO, MHPC.L, NAK, NEM, NG.TO, NXE.TO, ORBIA.MX, PBR, PDN.AX, SA.TO, SDF.DE, SQM, SSW.L, U.TO, YCA.L | commodities, diversification, global, materials, Mining, South Korea, value | - | Kopernik's global value strategy delivered 18.39% in Q2, driven by platinum group metals and South Korean equities. Strong commodity performance and Korean political developments created opportunities. The fund continues buying undervalued companies while hedging against frothy U.S. markets through put options. Management sees substantial upside in mispriced holdings. |
| Apr 29 2025 | 2025 Q1 | 0001.HK, 015760.KS, 030200.KS, 032640.KS, 069960.KS, 375500.KS, AMS.L, ARIS.TO, BIDU, EB5.SI, ELET6.SA, EQX.TO, GAZP.ME, Gold, IMP.L, NAK, NEM, PLZL.ME, RGLD, SBER.ME, SDF.DE, WPM | commodities, diversification, emerging markets, global, Mining, Precious Metals, value | - | Kopernik delivered 14.49% returns in Q1 2025 as value stocks rebounded from 2024's momentum-driven underperformance. Precious metals, emerging markets, and diversified holdings drove outperformance versus MSCI ACWI's -1.32% decline. The fund's disciplined value approach and global diversification strategy positioned it well as markets fell from elevated valuations amid increased volatility and tariff concerns. |
| Dec 31 2024 | 2024 Q4 | 011170.KS, 015760.KS, 030200.KS, 032640.KS, ANGPY, ARIS.TO, CA.PA, CEPU.BA, E5H.SI, EAPI.PA, ELET6.SA, EQX.TO, EXE, Gold, IMPUY, KBANK.BK, NEM, RRC, SDF.DE | contrarian, emerging markets, global, materials, Mining, value, volatility | - | Kopernik underperformed in Q4's manic market where value lagged growth and breadth narrowed. Materials sector detracted via gold miners and platinum producers despite favorable fundamentals. South Korean political turmoil created volatility but buying opportunities. Natural gas positions contributed positively. Fund initiated multiple new undervalued positions while maintaining disciplined value approach amid unprecedented market bifurcation. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
EnergyEnergy was the Strategy's largest contributor on a sector basis, contributing 3.5% to total returns. Oil and gas producers performed strongly with Cenovus Energy returning 60.7%, Range Resources 29.4%, and Petrobras 72.3%. Uranium producers also contributed positively with Paladin Energy returning 23.9% and Kazatomprom 41.4%. |
Oil Natural Gas Uranium Energy Transition |
MaterialsThe Materials sector contributed to total Strategy returns, building on strong 2025 performance. The Strategy broadened Materials exposure, trimming gold positions and redeploying into areas with more upside. European potash producer K+S returned 29.9%, Glencore 36.6%, Vale 21.7%, and Nutrien 23.2%. |
Potash Iron Ore Platinum Group Metals Gold Copper | |
TimberThe Strategy initiated multiple new positions in the global timber industry during the quarter. Timber is viewed as a relatively scarce, needed asset that is significantly undervalued by markets. New positions include Rayonier Inc, Weyerhaeuser Co, Stora Enso Oyj, and Empresas CMPC SA. |
Forest Products Lumber Paper | |
ValueThe investment process centers on buying and holding companies trading at significant discounts to estimates of risk-adjusted intrinsic value. All new positions are described as undervalued on multiple metrics and trading at significant discounts to intrinsic value estimates. |
Value Quality | |
| 2025 Q4 |
GoldGold prices rose 65% in 2025, with the fund significantly reducing its gold allocation from 15% to 9% due to strong performance. The manager trimmed positions in producing gold companies like Barrick and Aris while maintaining exposure to non-producing companies with substantial optionality to rising gold prices. |
Gold Miners Precious Metals Barrick Northern Dynasty Seabridge |
Platinum Group MetalsPlatinum group metals producers were among the largest contributors for the second consecutive quarter, with platinum up 127% and palladium up 78%. The fund holds significant positions in Valterra Platinum and Impala Platinum, both major platinum producers with substantial reserves and upside potential relative to risk-adjusted intrinsic value estimates. |
Platinum Palladium Valterra Impala South Africa | |
ValueAfter over a decade of underperformance, the market may be beginning to recognize value, with value stocks having a strong fourth quarter. The Russell 1000 Value Index outperformed growth by 2.1%. The manager emphasizes focusing on fundamentals and buying good companies for less than they are worth. |
Value Stocks Russell 1000 Value Fundamentals Undervaluation | |
Industrial MetalsThe fund rolled gains from gold into industrial metals producers where they find significantly more upside to risk-adjusted intrinsic value estimates. Vale, Glencore, SQM, and K+S all performed well during the quarter, with the manager adding to K+S on weakness and trimming others on strength. |
Iron Ore Lithium Potash Vale Glencore | |
ConglomeratesSeveral conglomerates performed well, including Cresud (Argentinian agricultural conglomerate) and LG Corp (South Korean chaebol). The manager notes that conglomerates are complex and difficult to analyze, but the market frequently ignores them, providing significant opportunities for fundamental bottom-up analysis. |
Cresud LG Corp Argentina South Korea Chaebols | |
| 2025 Q3 |
GoldGold producers had another strong quarter with significant appreciation across holdings. The fund trimmed gold positions substantially from roughly 20% to around 8% of the portfolio as prices rose. Non-producing gold companies also performed well as the market began recognizing the optionality value of gold reserves. |
Gold Miners Precious Metals Commodities Mining Gold Royalties |
Platinum Group MetalsPGM producers were the largest contributors to returns with Valterra, Impala, and Sibanye delivering strong performance. The fund rolled gains from gold into platinum, seeing significantly more upside potential. Despite material appreciation, substantial upside remains relative to risk-adjusted intrinsic value estimates. |
Platinum Palladium Mining Precious Metals Battery Metals | |
Battery MetalsThe fund increased exposure to battery and base metals producers where they are finding significantly more upside than in gold companies. Companies like Ivanhoe Mines with copper deposits and SQM with lithium production performed well during the quarter. |
Lithium Copper Nickel Battery Supply Chain Energy Transition | |
ValueValue stocks continued to perform well, adding evidence that they may be coming back into favor after years of underperformance. The fund focuses on buying good companies for less than they are worth, which has historically produced strong long-term returns following periods of underperformance. |
Value Investing Undervalued Intrinsic Value Contrarian Long Term | |
| 2025 Q2 |
Platinum Group MetalsPGM producers had a strong quarter with platinum prices rising over 35%. Impala and Valterra are the largest PGM producers globally, together accounting for 47% of global production. The fund took advantage of volatility by trimming and adding to positions opportunistically. |
Platinum Palladium Mining Commodities South Africa |
GoldGold producers contributed positively with both producing miners and development projects performing well. The fund prefers non-producing miners for their high optionality to higher gold prices, as the market dislikes miners not yet producing. |
Gold Miners Gold Mining Development Canada | |
UraniumCompanies with uranium exposure were the strongest energy performers. Paladin had production issues in Namibia that appear to be reversing. The fund re-initiated positions in uranium companies as prices dropped below risk-adjusted intrinsic values. |
Uranium Nuclear Energy Mining Kazakhstan | |
South KoreaSouth Korean stocks performed strongly after presidential elections brought Lee Jae-myung to power, who pledged to improve corporate governance and reduce the Korea discount. Telecom companies and utilities were major contributors. |
Korea Telecom Utilities Governance Discount | |
ValueThe fund focuses on buying good companies for less than they are worth, which has historically produced strong returns over the long term. Value stocks appear to be coming back into favor after years of underperformance. |
Value Undervalued Intrinsic Value Fundamentals Discount | |
| 2025 Q1 |
GoldGold price rose 18% during the quarter with major gold producers performing strongly. Newmont and Barrick, the world's two largest gold producing companies, had total returns of 31.4% and 26.0% respectively. Canadian gold miners Equinox and Aris also contributed positively with strong returns. |
Gold Miners Gold Precious Metals |
Platinum Group MetalsTwo of the Fund's platinum producers, Impala and Anglo American Platinum, had exceptional returns of 48.0% and 32.9% respectively. These companies are the largest PGM producers globally, together accounting for 47% of global production and meaningful percentage of global reserves. |
Platinum Palladium Mining | |
UraniumUranium companies were detractors during the quarter as uranium price declined more than 40% from January 2024 highs. Kazatomprom, the world's largest uranium producer, declined 13.5% while Paladin Energy fell 28.7% due to problems at its flagship mine in Namibia. |
Uranium Nuclear Mining | |
RussiaSeveral Russian companies contributed positively including Polyus (75.5% return), Gazprom (46.4%), and Sberbank (48.2%). Returns include a 70% haircut applied for fair-value pricing as the fund remains unable to trade Russian securities due to sanctions. |
Russia Sanctions Energy | |
South KoreaSouth Korean companies performed well as investors moved past political turmoil. Telecom companies KT Corp and LG Uplus had positive returns, while DL E&C, Hyundai Department Store, and Korea Electric Power also contributed positively to fund performance. |
South Korea Telecom Utilities | |
ValueAfter a year of lagging extremely manic markets, value stocks appear to be coming back into favor. The first quarter reversed much of 2024's underperformance as U.S. momentum stocks began falling back toward earth from stratospheric valuations. |
Value Momentum Valuations | |
| 2024 Q4 |
GoldGold hit all-time highs in October before pulling back and finishing the quarter roughly flat. Major gold producers like Newmont and Barrick experienced higher than expected costs and lower than expected production despite the gold price increases. The fund trimmed and added to gold positions based on price movements. |
Gold Miners Precious Metals Mining Commodities Production Costs |
Platinum Group MetalsCurrent platinum prices are unsustainable and below the cost needed to incentivize new production, estimated at $2,000/oz. Some miners are already shutting down supply, with production cuts at Stillwater mine and deferred projects at Impala. The supply/demand dynamic for platinum is viewed as favorable. |
Platinum Palladium Mining Supply Constraints Production Cuts | |
South KoreaPolitical turmoil including President Yoon's declaration of martial law and subsequent impeachment created market volatility. The KOSPI was down 21% in USD terms in 2024 due to multiples contracting despite earnings and GDP increases. Political uncertainty frequently provides buying opportunities through volatility. |
Political Risk Emerging Markets Telecom Utilities Volatility | |
Natural GasU.S.-based natural gas producers Range Resources and Expand Energy were positive contributors with strong returns. The combined Southwestern-Chesapeake entity provides an opportunity to own large natural gas resources trading at a substantial discount to their risk-adjusted intrinsic value. |
Energy Gas Producers Shale Mergers Valuation | |
ValueValue underperformed growth in an extremely manic year where breadth continued to narrow. Despite disappointment with returns, buying good companies for less than they are worth has historically portended strong returns over the long term, especially following periods of underperformance. Valuations in the market have never been this bifurcated. |
Value Investing Contrarian Long Term Fundamentals Bifurcation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2026 | Fund Letters | David B. Iben | VAL SJ | Valterra Platinum Ltd | Materials | Diversified Metals & Mining | Bull | New York Stock Exchange | Intrinsicvalue, mispricing, platinum, Reserves, Volatility | Login |
| Feb 10, 2026 | Fund Letters | David B. Iben | IMP SJ | Impala Platinum Holdings Ltd | Materials | Diversified Metals & Mining | Bull | New York Stock Exchange | Intrinsicvalue, mispricing, platinum, Reserves, Volatility | Login |
| TICKER | COMMENTARY |
|---|---|
| CVE.TO | Cenovus Energy Inc, one of Canada's leading integrated oil and gas producers, was one of the Strategy's largest contributors with a total return of 60.7%. Stock price volatility in Cenovus gave us the opportunity to trim and add around price movements. |
| RRC | Range Resources Corp, a U.S.-based natural gas producer with a large reserve base, with a total return of 29.4%. Stock price volatility in Range Resources gave us the opportunity to trim and add around price movements. |
| PBR | Petroleo Brasileiro SA, a Brazilian integrated oil and gas producer which also has downstream operations (including the majority share of refining in Brazil), with a total return of 72.3%. We took advantage of higher prices to trim Petrobras. |
| 1662.T | Japan Petroleum Exploration Co., a Japanese oil and gas producer, with total return of 64.7%. We took advantage of higher prices to trim Japex. The Strategy eliminated positions in Japex as prices appreciated. |
| 1605.T | Inpex Corp, a Japanese oil and gas producer, with total return of 47.9%. We took advantage of higher prices to trim Inpex. |
| PDN.AX | Paladin Energy Ltd, an Australian uranium mining company with operations in Namibia and development projects in Canada and Australia, had a total return of 23.9%. We took advantage of higher prices to trim Paladin. |
| KAP | NAC Kazatomprom JSC, the world's largest uranium producer, based in Kazakhstan, had a total return of 41.4%. We took advantage of higher prices to trim Kazatomprom. |
| SDF.DE | K+S AG, European potash producer, had a total return of 29.9%. We trimmed K+S on higher prices. |
| GLEN.L | Glencore PLC, one of the world's largest diversified natural resources companies, had a total return of 36.6%. |
| VALE | Vale SA, the world's largest producer of iron ore, based in Brazil, had a total return of 21.7%. We trimmed Vale SA on higher prices. |
| NTR | Nutrien Ltd, Canada-based potash producer, had a total return of 23.2%. We trimmed Nutrien on higher prices. |
| RGLD | Royal Gold Inc, a precious metals streaming company which has leverage to higher metals prices without exposure to mining risk, had a total return of 16.3%. We trimmed Royal Gold on higher prices. |
| 0001.HK | CK Hutchison Holdings Ltd, a Hong Kong-based conglomerate with multiple business segments, had a total return of 11.1%. We trimmed CK Hutchison. |
| SDR.L | Schroders PLC, a UK-based asset manager, had a total return of 43.5%. The stock price rose after Nuveen LLC announced in February that it had agreed to acquire Schroders in an all-cash deal, which is expected to close later this year. We trimmed Schroders. The Strategy eliminated positions in Schroders as prices appreciated. |
| 030200.KS | KT Corp, a member of the triopoly of South Korean telecom companies, with a total return of 13.7%. We trimmed KT. |
| DRW3.DE | Draegerwerk AG & Co, a German medical device manufacturer, with a total return of 28.8%. We trimmed Draegerwerk. |
| NAK | Northern Dynasty Minerals Ltd was one of the Strategy's largest detractors, with a total return of -26.5%. The stock price fell after the U.S. Environmental Protection Agency filed a court briefing in the ongoing lawsuit signaling that they would support the prior administration's misguided and (in our opinion) illegal veto of the project. |
| CNC | Centene Corp, a U.S.-based managed care organization specializing in government-sponsored health care programs, with a total return of -19.9%. We took advantage of price volatility in Centene to trim and add opportunistically. |
| IVN.TO | Ivanhoe Mines Ltd, which owns the Kamoa-Kakula copper project in the Democratic Republic of the Congo and the Platreef platinum project in South Africa, with a total return of -24.5%. We added to Ivanhoe Mines on weakness. |
| RYN | The Strategy initiated positions in Rayonier Inc, a U.S.-based timber producer. The company is undervalued on multiple metrics and trades at significant discounts to Kopernik's estimates of risk-adjusted intrinsic values. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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