The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jun 30, 2026
Kopernik Global All-Cap Fund declined 6.60% net of fees in the second quarter of 2026, materially lagging the MSCI All Country World Index gain of 14.93% during a period characterized by manic momentum in semiconductor and mega-cap technology equities. Fund performance suffered primarily from S&P 500 put options and sharp pullbacks across core materials and energy holdings, notably South African platinum group metals producers, fertilizer manufacturers, and natural gas operators. The manager views this hard-asset selloff as a compelling long-term buying opportunity driven by market panic rather than deteriorating business values. Capitalizing on price dislocations, the portfolio redeployed accumulated cash into beaten-down natural resources, initiated eight new deeply discounted equities, and opportunistically took profits in outperforming healthcare and financial positions. The manager maintains high conviction in undervalued tangibles and disciplined diversification across sectors and regions.
True long-term value investing requires independent appraisal of businesses and capitalizing on emotional market inefficiencies where market prices fall significantly below risk-adjusted intrinsic values.
Kopernik remains focused on appraising businesses and mitigating risks through broad sector and geographic diversification. The manager is pleased to see hard asset companies fall back to attractive prices, noting that disciplined, fundamentals-based value investing historically experiences sharp, powerful recoveries following periods of acute underperformance.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Kopernik Global All-Cap Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.