Kopernik
Kopernik Global All-Cap Fund
Global
Jun 2025 → Jun 2026
Our archive holds 2 letters from this strategy and positions in 32 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years — follow all of Kopernik for every strategy.
Performance
as of Jun 30, 2026 · net of fees · USD · Class I
- YTD+0.3%index +11.3%
- 1Y+21.9%index +23.7%
- 3Y · /yr+21.8%index +19.7%
- 5Y · /yr+11.1%index +11.0%
- 10Y · /yr+12.4%index +12.8%
- Inception · /yr+9.3%index +10.5%
Index: MSCI ACWI (Net)
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Kopernik Global All-Cap Fund | +0.3% | +21.9% | +21.8% | +11.1% | +12.4% | +9.3% |
| MSCI ACWI (Net) | +11.3% | +23.7% | +19.7% | +11.0% | +12.8% | +10.5% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We added to the Fund’s positions in all four companies on lower prices.
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.
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.
- New positionLumina Metals CorpJun 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.
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.
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.
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.
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.
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.
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.
Additionally, the Fund’s position in Air Lease Corp was eliminated as the company was acquired and taken private.
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.
- AddedEmpresas COPEC SAJun 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.
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.
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.
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.
We added to the Fund’s position in Sibanye and took advantage of price volatility in Valterra and Impala to trim and add opportunistically.
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.
- New positionGT Capital Holdings LtdJun 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.
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.
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.
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.
- New positionValor GoldJun 2026
Seabridge Gold Inc, another portfolio holding, spun off their Courageous Lake gold project to shareholders, and we received shares in the new company, Valor Gold.
- TrimmedValterra Platinum LtdJun 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.