015760-KS-2

015760-KS-2

015760-KS-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Kopernik Global All-Cap Fund	18.3%	35.3%	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	PGM 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.		View
2025 Q1	Apr 29, 2025	Kopernik Global All-Cap Fund	14.4%	14.4%	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	Gold 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.		View
2025 Q4	Feb 10, 2026	Kopernik Global All-Cap Fund	8.0%	64.8%	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	Gold prices rose 65% in 2025, with precious metals miners performing strongly. The fund trimmed gold positions significantly from 15% to 9% of the portfolio due to strong performance, rolling gains into platinum and industrial metals where more upside is seen. Platinum group metals producers were among the largest contributors for the second consecutive quarter. South African companies Valterra and Impala had strong returns of 20.7% and 26.4% respectively, with substantial upside potential remaining relative to risk-adjusted intrinsic value estimates. After over a decade of underperformance, value stocks had a strong fourth quarter with Russell 1000 Value up 3.3% versus 1.2% for growth. The manager believes the market is beginning to recognize value, emphasizing buying good companies for less than they are worth. Conglomerates performed well with Cresud up 48.7% and LG Corp up 9.1%. The manager notes conglomerates are complex and difficult to analyze, frequently ignored by the market, providing significant opportunities for fundamental bottom-up analysis.	IMP SJ VAL SJ	View
2024 Q4	Dec 31, 2024	Kopernik Global All-Cap Fund	-7.6%	-0.5%	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	Gold 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.		View
2025 Q3	Nov 17, 2025	Kopernik Global All-Cap Fund	12.5%	52.2%	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	Gold 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.		View
2025 Q3	Oct 19, 2025	Artisan International Fund	5.0%	34.0%	015760.KS, 0700.HK, 300750.SZ, 8306.T, 9988.HK, ABI.BR, AI.PA, AMZN, ARGX, BATS.L, BN.PA, BNP.PA, DB1.DE, DTEGY, LLOY.L, LSE.L, NG.L, REL.L, TSCO.L, UBS	Asia, defense, Electrification, Europe, financials, healthcare, international, technology	Government spending on defense will continue to grow systematically over the next decade as NATO countries have committed to spend 5% of their GDP over that time frame. Companies that offer high-quality defense systems and related components at attractive prices will inevitably grow their business. Several holdings within this theme are seeing their order books building over several years.	3750 HK 012450 KS UBSG SW UCB BB	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of 015760-KS-2

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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