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| 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 | |
| 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 Q4 | Jan 21, 2026 | Renaissance Investment Management – International Small Cap Equity | 0.0% | 0.0% | 0696.HK, 4536.T, ARIS.TO, DCBO, EFXT, ERO, GLNG, IMOS, KLBN4.SA, NOMD.L, PSFE, PTXKY, RDWR, TMVWY, TSEM, TTVSY | AI, China, Copper, gold, international, Mining, semiconductors, small cap | Gold rose 64% in 2025, its best year since 1979, driven by concerns over Federal Reserve independence, U.S. government deficit, geopolitical tensions, and central banks diversifying from U.S. dollar-based assets. Precious metals are viewed as dollar and inflation hedges. Copper had a strong year as supply disruptions at major mines continued. Demand is expected to rise in 2026 as copper is a key component in electrification push, maintaining imbalanced supply/demand and upward price pressure. Chinese technology companies with AI exposure performed well during the year. Tower Semiconductor benefited from accelerating AI demand, with strong momentum in RF infrastructure and silicon photonics businesses where customer demand far outpaces current supply. Chinese stocks performed well, particularly technology companies with AI exposure. However, hopes for economic growth acceleration failed to materialize as meaningful stimulus follow-through did not occur. Government officials have signaled further stimulus in 2026 with more proactive fiscal policy. | ARIS CN PSFE TSEM |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||