HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

Kopernik

Jun 2025 → Jun 2026 · 2 funds

Our archive holds 4 letters from Kopernik, behind 7 investment theses and positions in 60 companies. Every quote below is copied verbatim from the letter it came from.

Get an email when this fund publishes its next letter

Kopernik’s own letters page
4
Letters
60
Companies
53
Moves
7
Theses

2 strategies

Kopernik publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 53 moves

  • AddedJapan Petroleum Exploration Co Ltd
    June 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 Ltd
    June 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 Corp
    June 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 Inc
    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 positionLumina Metals Corp
    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
  • AddedChampion Iron Ltd
    June 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 SA
    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 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
  • New positionIndah Kiat Pulp and Paper Tbk PT
    June 2026
    “The Fund initiated positions in: 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; Grupo Financiero Inbursa SAB de CV, a Mexico-based financial holding company; Champion Iron Ltd, a Canadian iron-ore producer; Indah Kiat Pulp and Paper Tbk PT, an Indonesian integrated producer of pulp, cultural paper, packaging materials, and tissue products;”
    Read the letter
  • New positionSinopharm Group Co Ltd.
    June 2026
    “The Fund also re-initiated positions in Japan Petroleum Exploration Co Ltd, a Japanese oil & gas exploration and production company; 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 to our risk-adjusted intrinsic value estimates, 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
  • ExitedMolina Healthcare Inc
    June 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 Group
    June 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
  • AddedLG Corp
    June 2026
    “We also took advantage of price volatility in LG Corp to add and trim opportunistically and trimmed BHP.”
    Read the letter
  • ExitedAir Lease Corp
    June 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 Co
    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
  • AddedEmpresas COPEC SA
    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
  • ExitedAmundi SA
    June 2026
    “The Fund eliminated its position in Amundi SA as prices appreciated,”
    Read the letter
  • AddedGolden Agri-Resources Ltd
    June 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
  • AddedGolden Agri-Resources Ltd
    June 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
  • ExitedAir Lease Corp
    June 2026
    “Additionally, the Fund’s position in Air Lease Corp was eliminated as the company was acquired and taken private.”
    Read the letter
  • New positionAyala Corp
    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
  • TrimmedImpala Platinum Holdings Ltd
    June 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 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
  • New positionAyala Corp
    June 2026
    “The Fund initiated positions in: 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;”
    Read the letter
  • TrimmedLG Corp
    June 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 SA
    June 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

Showing the 30 most recent of 53 recorded moves.

Companies held · 60

Every company Kopernik has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 7

Letter archive · 4

2026

2025

Get Kopernik’s next letter the day it lands

We track Kopernik alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund