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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and industrial metals while maintaining short put options to hedge against overvalued US markets."
In Q3 2025, the Kopernik Global All-Cap Fund (Class I) posted a strong return of 12.58%, outperforming the MSCI ACWI's 7.62% increase. Materials remained the key performance driver, contributing 10.9% to overall returns in the quarter. Amid strong YTD gold performance, the fund trimmed its gold exposure from 20% down to 8%, rotating those profits into platinum group metals, battery metals, and base metals. Multiple new global holdings were established, including Centene, Amundi, SLB, and Teleperformance. In contrast, positions in NexGen Energy and Jupiter Fund Management were eliminated. Despite the strong performance, the fund remains hedged against a 'frothy' US market with S&P 500 put options.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and...
Growth Outlook
Market outlook remains low conviction: The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and...
Risk Appetite
Risk appetite posture is above average conviction: The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and...
Forward Guidance
Forward guidance signal: The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and...
Language Signal
Tone analysis indicates above average conviction language: The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Kopernik Global All-Cap Fund posted a stellar 12.58% gain in Q3 2025, driven by materials and PGM exposure. The team actively rotated capital from gold miners into platinum and...
