| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.68% | 7.99% | 64.79% |
| 2025 | 2024 |
|---|---|
| 64.4% | -0.5% |
Kopernik Global All-Cap Fund delivered exceptional performance in Q4 2025, returning 7.99% versus 3.29% for the MSCI ACWI, bringing full-year returns to 64.79% versus 22.34% for the benchmark. The materials sector drove returns, contributing 5.5% in Q4 and 36.2% for the year, led by precious metals miners benefiting from significant price appreciation across gold, silver, platinum, and palladium. The fund trimmed gold positions from 15% to 9% of assets, redeploying capital into platinum group metals and industrial metals where greater upside potential exists. Value stocks showed signs of revival after a decade of underperformance, with the Russell 1000 Value outpacing growth in Q4. The manager initiated multiple new positions across diverse sectors and geographies, finding companies trading at substantial discounts to intrinsic value. Key risks include elevated U.S. market valuations and ongoing Russian securities exposure. The disciplined, fundamentals-based approach continues to identify opportunities through market inefficiencies.
Kopernik employs a contrarian value approach, buying businesses trading at significant discounts to risk-adjusted intrinsic value while diversifying across sectors and countries, trusting fundamental analysis over market sentiment.
The team continues to find companies trading at significant discounts to risk-adjusted intrinsic values despite strong 2025 performance. The manager remains focused on appraising businesses and mitigating risks through diversification, viewing volatility as an opportunity to add and trim positions.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 |
|---|---|---|
| 2025 Q4 |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand |
PlatinumPlatinum experienced strong performance alongside gold, with Valterra Platinum being the largest contributor following an accelerated book build by former parent Anglo American. The manager maintains a positive view on platinum while managing position sizes appropriately. |
Platinum PGM Valterra Anglo American Mining | |
RatesThe Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September, delivering three reductions by year-end as labor market risks rose. Markets expect continued, though slower, easing into 2026. |
Fed Monetary Policy Easing | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q3 |
Battery Metals |
|
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
Platinum Group MetalsRhodium is particularly well-suited for hybrid vehicles requiring catalysts at lower operating temperatures. The US has classified rhodium as a critical mineral with $64.3 billion potential GDP impact, yet prices trade 150% below 2022 levels despite recovery momentum. |
Rhodium Hybrid Vehicles Critical Minerals Catalysts PGM | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q2 |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand |
Platinum Group MetalsRhodium is particularly well-suited for hybrid vehicles requiring catalysts at lower operating temperatures. The US has classified rhodium as a critical mineral with $64.3 billion potential GDP impact, yet prices trade 150% below 2022 levels despite recovery momentum. |
Rhodium Hybrid Vehicles Critical Minerals Catalysts PGM | |
South KoreaKorea has been a fast follower in shareholder rights enhancements, with government legislation and most companies now having value-up plans. The KOSPI Index gained 79% in 2025, though the market still trades at less than 11x forward earnings, suggesting the Korean discount remains. |
South Korea KOSPI Value-up Korean Discount | |
UraniumDemand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. |
Nuclear SMR Utilities Physical | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q1 |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand |
Platinum Group MetalsRhodium is particularly well-suited for hybrid vehicles requiring catalysts at lower operating temperatures. The US has classified rhodium as a critical mineral with $64.3 billion potential GDP impact, yet prices trade 150% below 2022 levels despite recovery momentum. |
Rhodium Hybrid Vehicles Critical Minerals Catalysts PGM | |
Russia |
||
South KoreaKorea has been a fast follower in shareholder rights enhancements, with government legislation and most companies now having value-up plans. The KOSPI Index gained 79% in 2025, though the market still trades at less than 11x forward earnings, suggesting the Korean discount remains. |
South Korea KOSPI Value-up Korean Discount | |
UraniumDemand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. |
Nuclear SMR Utilities Physical | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2024 Q4 |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand |
Natural GasNorth American gas showed strength on cold weather despite bearish sentiment. Production growth concentrated in Permian Basin while other shales declined. Supply growth expected to plateau as Permian oil production slows, setting stage for higher prices as LNG demand expands. |
Shale Permian LNG Weather | |
Platinum Group MetalsRhodium is particularly well-suited for hybrid vehicles requiring catalysts at lower operating temperatures. The US has classified rhodium as a critical mineral with $64.3 billion potential GDP impact, yet prices trade 150% below 2022 levels despite recovery momentum. |
Rhodium Hybrid Vehicles Critical Minerals Catalysts PGM | |
South KoreaKorea has been a fast follower in shareholder rights enhancements, with government legislation and most companies now having value-up plans. The KOSPI Index gained 79% in 2025, though the market still trades at less than 11x forward earnings, suggesting the Korean discount remains. |
South Korea KOSPI Value-up Korean Discount | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled |
| 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 |
|---|---|
| 015760.KS | Korea Electric Power Co, Korea's dominant electric utility, had a total return of 29.0%, a 0.4% contribution to total Fund returns |
| CMCSA | Within the portfolio, stocks like AutoZone, Comcast, and Zoetis were all punished for having perceived headwinds to already lowered expectations for growth. |
| CNC | Centene is one of America's largest health insurers. We purchased it in August after its share price collapsed, due to rising healthcare costs squeezing its profits. Longer term, profits should recover as the company reprices its policies. |
| CVE.TO | Our biggest detractors were Pandora (PNDORA DC), Cenovus Energy (CVE CN), and Occidental warrants (OXY/WS US). |
| GLEN.L | Glencore also contributed as commodity markets remained firm. |
| MOH | We recently initiated a position in Molina Healthcare (MOH), which we believe is a mispriced compounder experiencing transitory margin pressure. The stock traded as high as $300 per share only six months ago; we purchased our shares at approximately $160 in late December. Molina provides managed healthcare services primarily to low-income families and individuals via Medicaid, Medicare and the various state marketplaces established by the 2010 Affordable Care Act (Obamacare). The company is an example of a situation in which the stock price decline has been vastly exacerbated by negative political news—and mostly disconnected from the company's actual business fundamentals. In our view, the market's reaction extrapolates short-term pressures indefinitely and underappreciates both the structural dynamics of Medicaid rate resets and Molina's long track record of operational outperformance versus peers. We see a credible path to 2–3x upside over the next several years as margins normalize and earnings power becomes evident. |
| NG | Novagold Resources Inc, which owns 60% of the Donlin project in Alaska, had a total return of 6.6% (the stock's total return in 2025 was 269%) |
| PDN.AX | Paladin Energy Ltd, uranium producer, had a total return of 16.8%, a 0.3% contribution |
| RGLD | Our three precious metals holdings in Royal Gold (RGLD), Triple Flag (TFPM) and Franco-Nevada (FNV) were responsible for a third of our gains this year. It has been a fascinating year for precious metals with gold up 64% and silver up 146% for the year! As we've discussed previously, our allocation to these companies was intended to serve as a hedge against macroeconomic volatility. This is likely the most fully valued part of the portfolio due to which our allocation to this basket is at the lower end of our targeted 10-15% allocation. |
| RRC | We sold EQT Corp (EQT) and trimmed Range Resources Corp (RRC) to reduce natural gas price exposure. |
| SQM | SQM is a Chilean chemical and mining company with extraction rights in the Salar de Atacama, which is the world's largest and lowest-cost lithium deposit. Its share price has been strong amid rising market expectations for electromobility and energy storage systems demand, which supports price recovery and volume growth. SQM achieved record lithium sales volumes in the third quarter, up 43% year-over-year, and achieved approval from China's antitrust regulator for a joint venture that will enable long-term lithium production planning in Chile through 2060. |
| TPK.L | We added to our holdings in UK builder merchant Travis Perkins on relative weakness. |
| VALE | Top gainers included Vale (+26%) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
