Kopernik International Fund截至2026年6月30日的持仓显示，基金资产高度集中于材料板块（28.79%）及现金（29.40%），能源（9.23%）和工业（9.27%）次之。前十大持仓包括Valterra Platinum Ltd.（4.37%）、Seabridge Gold Inc.（2.72%）、Glencore PLC（2.52%）、LG Uplus Corp.（2.54%）、KT Corp.（2.01%）等，显著偏向黄金、铂金、铀等资源类资产。此外，俄罗斯证券因美国制裁采用公允价值定价，可能限制买卖能力。整体配置显示基金防御性较强，现金储备充足，同时通过资源股
本章节（Introduction）实为 Kopernik International Fund 截至 2026-06-30 的持仓披露，不是带评论的月报：没有业绩、没有基准对比、没有归因、没有经理人观点，也没有调仓方向。可分析的实质内容只有静态持仓、俄罗斯证券估值提示，以及一笔 S&P 500 指数看跌期权。
本基金最大仓位是现金（29.40%）与材料（28.79%），合计 58.19%，防御性显著；能源（9.23%）和工业（9.27%）构成第二梯队。
| 类别 | 权重 |
|---|---|
| Cash and Cash Equivalents | 29.40% |
| Materials | 28.79% |
| Industrials | 9.27% |
| Energy | 9.23% |
| Financials | 5.70% |
| Communication Services | 5.46% |
| Consumer Staples | 4.69% |
| Utilities | 3.25% |
| Consumer Discretionary | 1.35% |
| Information Technology | 1.19% |
| Options | 0.97% |
| Health Care | 0.56% |
| Real Estate | 0.13% |
以下按行业列出报告披露的 90 个持仓/工具，权重均为占净资产百分比；原文对这些标的没有给出买卖动作或观点，只有仓位数据。
| 行业 | 标的 | 国家/地区 | 权重 |
|---|---|---|---|
| Communication Services | Baidu Inc. | China | 0.22% |
| Communication Services | KT Corp. | South Korea | 2.01% |
| Communication Services | LG Uplus Corp. | South Korea | 2.54% |
| Communication Services | Vodafone Group PLC | United Kingdom | 0.68% |
| Consumer Discretionary | Empresas COPEC SA | Chile | 0.22% |
| Consumer Discretionary | Meituan | China | 0.72% |
| Consumer Discretionary | SJM Holdings Ltd. | Hong Kong | 0.41% |
| Consumer Staples | Carrefour SA | France | 0.93% |
| Consumer Staples | First Pacific Co., Ltd. | Hong Kong | 0.46% |
| Consumer Staples | Golden Agri-Resources Ltd. | Singapore | 1.83% |
| Consumer Staples | Indofood Sukses Makmur Tbk PT | Indonesia | 0.40% |
| Consumer Staples | Lenta International Co PJSC | Russia | 0.19% |
| Consumer Staples | MHP SE | Ukraine | 0.67% |
| Consumer Staples | Treasury Wine Estates Ltd. | Australia | 0.20% |
| Energy | Cenovus Energy Inc. | Canada | 0.63% |
| Energy | Gazprom Neft PJSC | Russia | 0.53% |
| Energy | Gazprom PJSC | Russia | 0.34% |
| Energy | Inpex Corp. | Japan | 0.83% |
| Energy | Japan Petroleum Exploration Co., Ltd. | Japan | 0.75% |
| Energy | NAC Kazatomprom JSC | Kazakhstan | 0.87% |
| Energy | Paladin Energy Ltd. | Australia | 1.70% |
| Energy | Petroleo Brasileiro SA | Brazil | 1.15% |
| Energy | Saudi Arabian Oil Co. | Saudi Arabia | 0.99% |
| Energy | United Tractors Tbk PT | Indonesia | 0.24% |
| Energy | Yellow Cake PLC | United Kingdom | 1.21% |
| Financials | Bangkok Bank Public Co., Ltd. | Thailand | 0.92% |
| Financials | Bank of East Asia Ltd. | Hong Kong | 0.09% |
| Financials | China Reinsurance Group Corp. | China | 0.54% |
| Financials | Grupo Financiero Inbursa SAB de CV | Mexico | 0.25% |
| Financials | Halyk Bank of Kazakhstan JSC | Kazakhstan | 0.59% |
| Financials | Kasikornbank PCL | Thailand | 0.33% |
| Financials | Man Group PLC | United Kingdom | 0.25% |
| Financials | Moscow Exchange MICEX-RTS PJSC | Russia | 0.40% |
| Financials | Sberbank of Russia PJSC | Russia | 1.05% |
| Financials | Schroders PLC | United Kingdom | 0.23% |
| Financials | Sprott Physical Uranium Trust | Canada | 0.98% |
| Financials | VTB Bank PJSC | Russia | 0.07% |
| Health Care | Sinopharm Group Co., Ltd. | China | 0.33% |
| Health Care | Suzuken Co., Ltd. | Japan | 0.24% |
| Industrials | Ayala Corp. | Philippines | 0.21% |
| Industrials | China Communications Services Corp., Ltd. | China | 1.06% |
| Industrials | CK Hutchison Holdings Ltd. | Hong Kong | 1.38% |
| Industrials | DiDi Global Inc. | China | 0.50% |
| Industrials | DL E&C Co., Ltd. | South Korea | 0.70% |
| Industrials | GS Holdings Corp. | South Korea | 0.59% |
| Industrials | Guangshen Railway Co., Ltd. | China | 0.32% |
| Industrials | Kamigumi Co., Ltd. | Japan | 0.40% |
| Industrials | Korean Air Lines Co., Ltd. | South Korea | 0.50% |
| Industrials | LG Corp. | South Korea | 0.92% |
| Industrials | Melrose Industries PLC | United Kingdom | 0.22% |
| Industrials | Teleperformance SE | France | 0.58% |
| Industrials | Tokyo Metro Co., Ltd. | Japan | 0.53% |
| Industrials | West Japan Railway Co. | Japan | 1.35% |
| Information Technology | EPAM Systems, Inc. | United States | 0.34% |
| Information Technology | NICE Ltd. | Israel | 0.75% |
| Information Technology | PAX Global Technology Ltd. | Hong Kong | 0.10% |
| Materials | Barrick Mining Corp. | Canada | 0.51% |
| Materials | BHP Group Ltd. | Australia | 0.98% |
| Materials | Champion Iron Ltd. | Australia | 0.47% |
| Materials | Empresas CMPC SA | Chile | 1.13% |
| Materials | Glencore PLC | United Kingdom | 2.52% |
| Materials | Impala Platinum Holdings Ltd. | South Africa | 2.13% |
| Materials | Indah Kiat Pulp & Paper Tbk PT | Indonesia | 0.28% |
| Materials | Ivanhoe Mines Ltd. | Canada | 2.04% |
| Materials | K+S AG | Germany | 2.95% |
| Materials | Lotte Chemical Corp. | South Korea | 0.04% |
| Materials | Mosaic Co. | United States | 0.25% |
| Materials | Newmont Corp. | United States | 0.50% |
| Materials | Novagold Resources Inc. | Canada | 0.77% |
| Materials | Nutrien Ltd. | Canada | 1.55% |
| Materials | Orbia Advance Corp. SAB de CV | Mexico | 0.19% |
| Materials | Polyus PJSC | Russia | 1.01% |
| Materials | Royal Gold Inc. | United States | 0.99% |
| Materials | Seabridge Gold Inc. | Canada | 2.72% |
| Materials | Sibanye Stillwater Ltd. | South Africa | 1.12% |
| Materials | Stora Enso Oyj | Finland | 0.98% |
| Materials | Vale SA | Brazil | 1.16% |
| Materials | Valor Gold Corp. | Canada | 0.14% |
| Materials | Valterra Platinum Ltd. | South Africa | 4.37% |
| Real Estate | LSR Group PJSC | Russia | 0.13% |
| Utilities | AXIA Energia SA | Brazil | 0.54% |
| Utilities | CGN Power Co., Ltd. | China | 0.60% |
| Utilities | China Gas Holdings Ltd. | China | 0.25% |
| Utilities | Electric Power Development Co., Ltd. | Japan | 0.30% |
| Utilities | Federal Grid Co - Rosseti PJSC | Russia | 0.06% |
| Utilities | Korea Electric Power Corp. | South Korea | 1.37% |
| Utilities | RusHydro PJSC | Russia | 0.13% |
| Options | S&P 500 Index Put | United States | 0.97% |
| Cash and Cash Equivalents | Cash and Cash Equivalents | — | 29.40% |
报告未披露业绩、规模变化或调仓记录，唯一额外事项是俄罗斯证券估值与制裁限制的提示，以及一笔指数看跌期权的存在。