Kopernik
Kopernik International Fund
International
Jun 2025 → Jun 2026
Our archive holds 2 letters from this strategy, behind 7 investment theses and positions in 7 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+1.0%index +13.7%
- 1Y+19.3%index +27.7%
- 3Y · /yr+17.7%index +18.8%
- 5Y · /yr+8.4%index +8.8%
- 10Y · /yr+9.3%index +9.9%
- Inception · /yr+9.7%index +7.9%
Index: MSCI ACWI ex-USA (Net)
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Kopernik International Fund | +1.0% | +19.3% | +17.7% | +8.4% | +9.3% | +9.7% |
| MSCI ACWI ex-USA (Net) | +13.7% | +27.7% | +18.8% | +8.8% | +9.9% | +7.9% |
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
- TrimmedNutrien LtdJun 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.
- AddedKT CorpJun 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.
- New positionIndah Kiat Pulp and Paper Tbk PTJun 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;
- New positionSinopharm Group Co Ltd.Jun 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.
- AddedLG CorpJun 2026
We also took advantage of price volatility in LG Corp to add and trim opportunistically and trimmed BHP.
- ExitedAmundi SAJun 2026
The Fund eliminated its position in Amundi SA as prices appreciated,
- AddedGolden Agri-Resources LtdJun 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.
- ExitedAir Lease CorpJun 2026
Additionally, the Fund’s position in Air Lease Corp was eliminated as the company was acquired and taken private.
- New positionAyala CorpJun 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;
- New positionSuzuken Co Ltd.Jun 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.
- TrimmedLG Uplus CorpJun 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.
- AddedEmpresas COPEC SAJun 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.
- New positionMosaic Co.Jun 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;
- New positionGrupo Financiero Inbursa SAB de CVJun 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;
- AddedSibanye Stillwater 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.
- New positionChampion Iron LtdJun 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;
- 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.
- New positionEPAM Systems Inc.Jun 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;
- New positionJapan Petroleum Exploration Co LtdJun 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.
- TrimmedBHP Group LtdJun 2026
We also took advantage of price volatility in LG Corp to add and trim opportunistically and trimmed BHP.
- TrimmedGlencore PLCJun 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.
- New positionDiDi Global Inc.Jun 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;
Also held
- Impala Platinum Holdings Ltd
- Seabridge Gold Inc
- Valterra Platinum Ltd
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.
- 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.