Kopernik
Jun 2025 → Jun 2026 · 2 funds
Our archive holds 4 letters from Kopernik, behind 10 investment theses and positions in 37 companies. Every quote below is copied verbatim from the letter it came from.
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4
Letters
37
Companies
35
Moves
10
Theses
2 strategies
Kopernik publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.
- Kopernik Global All-Cap Fund2
Global · 12 companies
- Kopernik International Fund2
International · 2 companies
What they bought and sold · 35 moves
- AddedJapan Petroleum Exploration Co LtdJune 2026
“We added to the Fund’s positions in all four companies on lower prices.”
Read the letter - New positionSuzuken Co Ltd.June 2026
“The Fund also re- initiated positions in Suzuken Co Ltd., a Japanese pharmaceutical distributor, and Sinopharm Group Co Ltd., China’s leading pharmaceutical and medical device distributor, as prices decreased to levels that suggested significant upside, and finished building a position in Empresas COPEC SA, a Chile-based diversified natural resources and retail company with operations spanning forestry, fuel distribution/retail, and mining.”
Read the letter - TrimmedNutrien LtdJune 2026
“We trimmed Glencore on a price spike, added to K+S, and took advantage of price volatility in Nutrien to trim and add opportunistically.”
Read the letter - AddedKT CorpJune 2026
“We added to the Fund’s positions in Golden Agri and KT Corp, and took advantage of price volatility in LG Uplus to trim and add opportunistically.”
Read the letter - ExitedHumana IncJune 2026
“The Fund also eliminated positions in Hyundai Department Store Co. Ltd., Amundi SA, First Resources Ltd, Barrick Mining Corp, Humana Inc as prices appreciated, and in Euroapi SA as fundamentals deteriorated.”
Read the letter - New positionLumina Metals CorpJune 2026
“The Fund initiated positions in: Lumina Metals Corp, a pre-production gold and silver developer with assets in Poland; DiDi Global Inc., the “Uber of China,” which has 70% of the Chinese ride-sharing market; Ayala Corp, a Filipino conglomerate with investments in various segments including real estate, banking, telecommunication, renewable energy, health, logistics, and mobility; EPAM Systems Inc., a specialized software-engineering firm; Mosaic Co., the largest phosphate producer in the United States and a global producer of potash; Birchcliff Energy Ltd., a Canadian natural gas producer with long- lived low-cost reserves; GT Capital Holdings Ltd, a Filipino holding company; and Grupo Financiero Inbursa SAB de CV, a Mexico-based financial holding company.”
Read the letter - AddedChampion Iron LtdJune 2026
“We added to the Fund’s position in Champion Iron and K+S, and took advantage of price volatility in Nutrien to trim and add opportunistically.”
Read the letter - ExitedEuroapi SAJune 2026
“The Fund also eliminated positions in Hyundai Department Store Co. Ltd., Amundi SA, First Resources Ltd, Barrick Mining Corp, Humana Inc as prices appreciated, and in Euroapi SA as fundamentals deteriorated.”
Read the letter - New positionDiDi Global Inc.June 2026
“The Fund initiated positions in: Lumina Metals Corp, a pre-production gold and silver developer with assets in Poland; DiDi Global Inc., the “Uber of China,” which has 70% of the Chinese ride-sharing market; Ayala Corp, a Filipino conglomerate with investments in various segments including real estate, banking, telecommunication, renewable energy, health, logistics, and mobility; EPAM Systems Inc., a specialized software-engineering firm; Mosaic Co., the largest phosphate producer in the United States and a global producer of potash; Birchcliff Energy Ltd., a Canadian natural gas producer with long- lived low-cost reserves; GT Capital Holdings Ltd, a Filipino holding company; and Grupo Financiero Inbursa SAB de CV, a Mexico-based financial holding company.”
Read the letter - New positionEPAM Systems Inc.June 2026
“The Fund initiated positions in: Lumina Metals Corp, a pre-production gold and silver developer with assets in Poland; DiDi Global Inc., the “Uber of China,” which has 70% of the Chinese ride-sharing market; Ayala Corp, a Filipino conglomerate with investments in various segments including real estate, banking, telecommunication, renewable energy, health, logistics, and mobility; EPAM Systems Inc., a specialized software-engineering firm; Mosaic Co., the largest phosphate producer in the United States and a global producer of potash; Birchcliff Energy Ltd., a Canadian natural gas producer with long- lived low-cost reserves; GT Capital Holdings Ltd, a Filipino holding company; and Grupo Financiero Inbursa SAB de CV, a Mexico-based financial holding company.”
Read the letter - ExitedMolina Healthcare IncJune 2026
“We trimmed the Fund’s positions in Centene and Franklin Resources on strength, eliminated the Fund’s position in Molina as the price approached Kopernik’s estimate of its risk-adjusted intrinsic value, and took advantage of price volatility in LG Corp to add and trim opportunistically.”
Read the letter - AddedChong Kun Dang Pharmaceutical GroupJune 2026
“We added to the Fund’s positions in Golden Agri, SLC Agricola, Kyorin, CKD Pharma, and KT Corp, and took advantage of price volatility in LG Uplus to trim and add opportunistically.”
Read the letter - ExitedAir Lease CorpJune 2026
“Additionally, the Fund’s position in Air Lease Corp was eliminated as the company was acquired and taken private.”
Read the letter - New positionMosaic CoJune 2026
“The Fund initiated positions in: Lumina Metals Corp, a pre-production gold and silver developer with assets in Poland; DiDi Global Inc., the “Uber of China,” which has 70% of the Chinese ride-sharing market; Ayala Corp, a Filipino conglomerate with investments in various segments including real estate, banking, telecommunication, renewable energy, health, logistics, and mobility; EPAM Systems Inc., a specialized software-engineering firm; Mosaic Co., the largest phosphate producer in the United States and a global producer of potash; Birchcliff Energy Ltd., a Canadian natural gas producer with long- lived low-cost reserves; GT Capital Holdings Ltd, a Filipino holding company; and Grupo Financiero Inbursa SAB de CV, a Mexico-based financial holding company.”
Read the letter - AddedEmpresas COPEC SAJune 2026
“The Fund also re- initiated positions in Suzuken Co Ltd., a Japanese pharmaceutical distributor, and Sinopharm Group Co Ltd., China’s leading pharmaceutical and medical device distributor, as prices decreased to levels that suggested significant upside, and finished building a position in Empresas COPEC SA, a Chile-based diversified natural resources and retail company with operations spanning forestry, fuel distribution/retail, and mining.”
Read the letter - ExitedAmundi SAJune 2026
“The Fund eliminated its position in Amundi SA as prices appreciated,”
Read the letter - AddedGolden Agri-Resources LtdJune 2026
“We added to the Fund’s positions in Golden Agri, SLC Agricola, Kyorin, CKD Pharma, and KT Corp, and took advantage of price volatility in LG Uplus to trim and add opportunistically.”
Read the letter - New positionSinopharm Group Co Ltd.June 2026
“The Fund also re- initiated positions in Suzuken Co Ltd., a Japanese pharmaceutical distributor, and Sinopharm Group Co Ltd., China’s leading pharmaceutical and medical device distributor, as prices decreased to levels that suggested significant upside, and finished building a position in Empresas COPEC SA, a Chile-based diversified natural resources and retail company with operations spanning forestry, fuel distribution/retail, and mining.”
Read the letter - New positionAyala CorpJune 2026
“The Fund initiated positions in: Lumina Metals Corp, a pre-production gold and silver developer with assets in Poland; DiDi Global Inc., the “Uber of China,” which has 70% of the Chinese ride-sharing market; Ayala Corp, a Filipino conglomerate with investments in various segments including real estate, banking, telecommunication, renewable energy, health, logistics, and mobility; EPAM Systems Inc., a specialized software-engineering firm; Mosaic Co., the largest phosphate producer in the United States and a global producer of potash; Birchcliff Energy Ltd., a Canadian natural gas producer with long- lived low-cost reserves; GT Capital Holdings Ltd, a Filipino holding company; and Grupo Financiero Inbursa SAB de CV, a Mexico-based financial holding company.”
Read the letter - TrimmedImpala Platinum Holdings LtdJune 2026
“We added to the Fund’s position in Sibanye and took advantage of price volatility in Valterra and Impala to trim and add opportunistically.”
Read the letter - ExitedHyundai Department Store Co. Ltd.June 2026
“The Fund also eliminated positions in Hyundai Department Store Co. Ltd., Amundi SA, First Resources Ltd, Barrick Mining Corp, Humana Inc as prices appreciated, and in Euroapi SA as fundamentals deteriorated.”
Read the letter - New positionGT Capital Holdings LtdJune 2026
“The Fund initiated positions in: Lumina Metals Corp, a pre-production gold and silver developer with assets in Poland; DiDi Global Inc., the “Uber of China,” which has 70% of the Chinese ride-sharing market; Ayala Corp, a Filipino conglomerate with investments in various segments including real estate, banking, telecommunication, renewable energy, health, logistics, and mobility; EPAM Systems Inc., a specialized software-engineering firm; Mosaic Co., the largest phosphate producer in the United States and a global producer of potash; Birchcliff Energy Ltd., a Canadian natural gas producer with long- lived low-cost reserves; GT Capital Holdings Ltd, a Filipino holding company; and Grupo Financiero Inbursa SAB de CV, a Mexico-based financial holding company.”
Read the letter - TrimmedLG CorpJune 2026
“We trimmed the Fund’s positions in Centene and Franklin Resources on strength, eliminated the Fund’s position in Molina as the price approached Kopernik’s estimate of its risk-adjusted intrinsic value, and took advantage of price volatility in LG Corp to add and trim opportunistically.”
Read the letter - AddedSLC Agricola SAJune 2026
“We added to the Fund’s positions in Golden Agri, SLC Agricola, Kyorin, CKD Pharma, and KT Corp, and took advantage of price volatility in LG Uplus to trim and add opportunistically.”
Read the letter - TrimmedCentene CorpJune 2026
“We trimmed the Fund’s positions in Centene and Franklin Resources on strength, eliminated the Fund’s position in Molina as the price approached Kopernik’s estimate of its risk-adjusted intrinsic value, and took advantage of price volatility in LG Corp to add and trim opportunistically.”
Read the letter - New positionBirchcliff Energy Ltd.June 2026
“The Fund initiated positions in: Lumina Metals Corp, a pre-production gold and silver developer with assets in Poland; DiDi Global Inc., the “Uber of China,” which has 70% of the Chinese ride-sharing market; Ayala Corp, a Filipino conglomerate with investments in various segments including real estate, banking, telecommunication, renewable energy, health, logistics, and mobility; EPAM Systems Inc., a specialized software-engineering firm; Mosaic Co., the largest phosphate producer in the United States and a global producer of potash; Birchcliff Energy Ltd., a Canadian natural gas producer with long- lived low-cost reserves; GT Capital Holdings Ltd, a Filipino holding company; and Grupo Financiero Inbursa SAB de CV, a Mexico-based financial holding company.”
Read the letter - ExitedAmundi SAJune 2026
“The Fund also eliminated positions in Hyundai Department Store Co. Ltd., Amundi SA, First Resources Ltd, Barrick Mining Corp, Humana Inc as prices appreciated, and in Euroapi SA as fundamentals deteriorated.”
Read the letter - AddedKyorin Pharmaceutical Co LtdJune 2026
“We added to the Fund’s positions in Golden Agri, SLC Agricola, Kyorin, CKD Pharma, and KT Corp, and took advantage of price volatility in LG Uplus to trim and add opportunistically.”
Read the letter - AddedInpex CorpJune 2026
“We added to the Fund’s positions in all four companies on lower prices.”
Read the letter - New positionGrupo Financiero Inbursa SAB de CVJune 2026
“The Fund initiated positions in: Lumina Metals Corp, a pre-production gold and silver developer with assets in Poland; DiDi Global Inc., the “Uber of China,” which has 70% of the Chinese ride-sharing market; Ayala Corp, a Filipino conglomerate with investments in various segments including real estate, banking, telecommunication, renewable energy, health, logistics, and mobility; EPAM Systems Inc., a specialized software-engineering firm; Mosaic Co., the largest phosphate producer in the United States and a global producer of potash; Birchcliff Energy Ltd., a Canadian natural gas producer with long- lived low-cost reserves; GT Capital Holdings Ltd, a Filipino holding company; and Grupo Financiero Inbursa SAB de CV, a Mexico-based financial holding company.”
Read the letter
Showing the 30 most recent of 35 recorded moves.
Companies held · 37
Every company Kopernik has disclosed a position in across our archive, with the letter that last mentioned it.
- Air Lease CorpJun 2026
- Amundi SAJun 2026
- Ayala CorpJun 2026
- Barrick Mining CorpJun 2026
- Birchcliff Energy Ltd.Jun 2026
- Centene CorpJun 2026
- Champion Iron LtdJun 2026
- Chong Kun Dang Pharmaceutical GroupJun 2026
- DiDi Global Inc.Jun 2026
- Empresas COPEC SAJun 2026
- EPAM Systems Inc.Jun 2026
- Euroapi SAJun 2026
- First Resources LtdJun 2026
- Franklin Resources IncJun 2026
- Golden Agri-Resources LtdJun 2026
- Grupo Financiero Inbursa SAB de CVJun 2026
- GT Capital Holdings LtdJun 2026
- Humana IncJun 2026
- Hyundai Department Store Co. Ltd.Jun 2026
- Impala Platinum Holdings LtdJun 2026
- Inpex CorpJun 2026
- Japan Petroleum Exploration Co LtdJun 2026
- KT CorpJun 2026
- Kyorin Pharmaceutical Co LtdJun 2026
- LG CorpJun 2026
- Molina Healthcare IncJun 2026
- Mosaic CoJun 2026
- Northern Dynasty Minerals LtdJun 2026
- Novagold Resources IncJun 2026
- Nutrien LtdJun 2026
- Paladin Energy LtdJun 2026
- Range Resources CorpJun 2026
- Seabridge Gold IncJun 2026
- Sibanye Stillwater LtdJun 2026
- Sinopharm Group Co Ltd.Jun 2026
- SLC Agricola SAJun 2026
- Suzuken Co Ltd.Jun 2026
Theses · 10
- June 2026
GT Capital Holdings Ltd is a Filipino holding company trading at a substantial discount to estimated intrinsic value.
Read the full thesis - Seabridge Gold IncJune 2026
Seabridge Gold Inc holds a royalty on the Courageous Lake project and the manager still sees upside to intrinsic value.
Read the full thesis - June 2026
DiDi Global Inc. is the leading Chinese ride-sharing platform with 70% market share.
Read the full thesis - EPAM Systems Inc.June 2026
EPAM Systems Inc. is a specialized software-engineering firm trading at a discount.
Read the full thesis - Mosaic Co.June 2026
Mosaic Co. is the largest phosphate producer in the United States and a global potash producer.
Read the full thesis - Grupo Financiero Inbursa SAB de CVJune 2026
Grupo Financiero Inbursa SAB de CV is a Mexico-based financial holding company trading below intrinsic value.
Read the full thesis - Japan Petroleum Exploration Co LtdJune 2026
Japan Petroleum Exploration Co Ltd is a Japanese oil and gas exploration and production company bought at attractive prices.
Read the full thesis - Suzuken Co Ltd.June 2026
Suzuken Co Ltd. is a Japanese pharmaceutical distributor with upside to intrinsic value.
Read the full thesis - Empresas COPEC SAJune 2026
Empresas COPEC SA is a Chile-based diversified natural resources and retail company with forestry, fuel retail, and mining exposure.
Read the full thesis - Seabridge Gold IncJune 2026
Seabridge Gold Inc owns a royalty on the Courageous Lake gold project and still offers upside to intrinsic value.
Read the full thesis
Letter archive · 4
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