Kopernik
Kopernik International Fund
International
Jun 2025 → Jun 2026
Our archive holds 2 letters from this strategy, behind 8 investment theses and positions in 2 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.
What it bought and sold
We trimmed Glencore on a price spike, added to K+S, and took advantage of price volatility in Nutrien to trim and add opportunistically.
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.
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;
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.
We also took advantage of price volatility in LG Corp to add and trim opportunistically and trimmed BHP.
The Fund eliminated its position in Amundi SA as prices appreciated,
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.
Additionally, the Fund’s position in Air Lease Corp was eliminated as the company was acquired and taken private.
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;
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.
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.
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.
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;
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;
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 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;
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.
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;
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.
We also took advantage of price volatility in LG Corp to add and trim opportunistically and trimmed BHP.
We trimmed Glencore on a price spike, added to K+S, and took advantage of price volatility in Nutrien to trim and add opportunistically.
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;
Also held
Its investment theses
- DiDi Global Inc.Jun 2026DiDi Global Inc. is the leading Chinese ride-sharing platform with 70% market share.
- EPAM Systems Inc.Jun 2026EPAM Systems Inc. is a specialized software-engineering firm trading at a discount.
- Mosaic Co.Jun 2026Mosaic Co. is the largest phosphate producer in the United States and a global potash producer.
- Grupo Financiero Inbursa SAB de CVJun 2026Grupo Financiero Inbursa SAB de CV is a Mexico-based financial holding company trading below intrinsic value.
- Japan Petroleum Exploration Co LtdJun 2026Japan Petroleum Exploration Co Ltd is a Japanese oil and gas exploration and production company bought at attractive prices.
- Suzuken Co Ltd.Jun 2026Suzuken Co Ltd. is a Japanese pharmaceutical distributor with upside to intrinsic value.
- Empresas COPEC SAJun 2026Empresas COPEC SA is a Chile-based diversified natural resources and retail company with forestry, fuel retail, and mining exposure.
- Seabridge Gold IncJun 2026Seabridge Gold Inc owns a royalty on the Courageous Lake gold project and still offers upside to intrinsic value.