Kopernik Global All-Cap Fund — Introduction: Holdings Snapshot (as of 2026-06-30)
This report is a pure holdings snapshot: it only discloses the GICS industry classification and all position weights as of June 30, 2026. It does not include fund and benchmark returns, attribution, manager commentary, or comparisons with the prior period, so no "monthly scorecard," "contributors/detractors," or "individual stock commentary" can be shown, nor can any direction of increase or decrease be determined. The only substantive textual disclosure in the report is that Russian securities are valued at fair value (see "Fund Notes").
Industry Allocation Overview
Materials weigh 28.94%, close to a third; cash and equivalents of 10.08% and S&P 500 put options of 1.01% form a defensive tail, while non-U.S. names dominate core holdings.
| Industry |
Weight |
| Materials |
28.94% |
| Industrials |
13.67% |
| Energy |
11.74% |
| Cash and Equivalents |
10.08% |
| Consumer Staples |
8.19% |
| Communication Services |
7.22% |
| Financials |
6.59% |
| Utilities |
3.64% |
| Health Care |
2.88% |
| Consumer Discretionary |
2.68% |
| Real Estate |
2.28% |
| Information Technology |
1.08% |
| Options |
1.01% |
Within Communication Services' 7.22%, South Korean telecoms account for the bulk — KT Corp. (2.12%) and LG Uplus Corp. (2.74%) total 4.86%; Financials' 6.59% includes Russian names Sberbank of Russia PJSC (0.48%), Moscow Exchange MICEX-RTS PJSC (0.29%), and VTB Bank PJSC (0.09%).
Top 10 Holdings
The top ten holdings total 24.56%, of which five are metals/mining names and two are North American natural gas producers — a strong natural-resources tilt; the largest position is South African platinum producer Valterra Platinum Ltd. (4.00%).
| Rank |
Holding |
Country/Region |
Industry |
Weight |
| 1 |
Valterra Platinum Ltd. |
South Africa |
Materials |
4.00% |
| 2 |
Seabridge Gold Inc. |
Canada |
Materials |
2.94% |
| 3 |
Range Resources Corp. |
United States |
Energy |
2.91% |
| 4 |
LG Uplus Corp. |
South Korea |
Communication Services |
2.74% |
| 5 |
K+S AG |
Germany |
Materials |
2.50% |
| 6 |
Golden Agri-Resources Ltd. |
Singapore |
Consumer Staples |
2.03% |
| 7 |
Impala Platinum Holdings Ltd. |
South Africa |
Materials |
1.93% |
| 8 |
Expand Energy Corp. |
United States |
Energy |
1.89% |
| 9 |
CK Hutchison Holdings Ltd. |
Hong Kong, China |
Industrials |
1.84% |
| 10 |
Northern Dynasty Minerals Ltd. |
Canada |
Materials |
1.78% |
Full Holdings by Industry
The following lists all holdings by GICS industry, totaling 100.00% (including options and cash); weights are percentage of net assets, and country/region is converted per the MSCI/Bloomberg classification disclosed in the report.
Communication Services · 7.22%
| Holding |
Country/Region |
Weight |
| Baidu Inc. |
China |
0.23% |
| Comcast Corp. |
United States |
0.37% |
| Empresa Nacional de Telecomunicaciones SA |
Chile |
0.91% |
| KT Corp. |
South Korea |
2.12% |
| LG Uplus Corp. |
South Korea |
2.74% |
| Media Nusantara Citra Tbk PT |
Indonesia |
0.14% |
| Soop Co., Ltd. |
South Korea |
0.06% |
| Vodafone Group PLC |
United Kingdom |
0.65% |
Consumer Discretionary · 2.68%
| Holding |
Country/Region |
Weight |
| Empresas COPEC SA |
Chile |
0.25% |
| Hankook & Company Co., Ltd. |
South Korea |
0.43% |
| Meituan |
China |
0.76% |
| Nemak SAB de CV |
Mexico |
0.28% |
| Oriental Holdings BHD |
Malaysia |
0.40% |
| PHA Co., Ltd. |
South Korea |
0.13% |
| SJM Holdings Ltd. |
Hong Kong, China |
0.43% |
Consumer Staples · 8.19%
| Holding |
Country/Region |
Weight |
| Astarta Holding PLC |
Ukraine |
0.27% |
| BrasilAgro Cia Brasileira de Propriedades Agricolas |
Brazil |
0.32% |
| Carrefour SA |
France |
1.06% |
| Cresud SA |
Argentina |
0.72% |
| First Pacific Co., Ltd. |
Hong Kong, China |
0.49% |
| Genting Plantations BHD |
Malaysia |
0.43% |
| Golden Agri-Resources Ltd. |
Singapore |
2.03% |
| Indofood Sukses Makmur Tbk PT |
Indonesia |
0.44% |
| Kato Sangyo Co., Ltd. |
Japan |
0.24% |
| Lenta International Co PJSC |
Russia |
0.28% |
| MHP SE |
Ukraine |
0.83% |
| Puregold Price Club Inc. |
Philippines |
0.23% |
| SLC Agricola SA |
Brazil |
0.65% |
| Treasury Wine Estates Ltd. |
Australia |
0.22% |
Energy · 11.74%
| Holding |
Country/Region |
Weight |
| Birchcliff Energy Ltd. |
Canada |
0.20% |
| Cenovus Energy Inc. |
Canada |
0.68% |
| Expand Energy Corp. |
United States |
1.89% |
| Gazprom PJSC |
Russia |
0.32% |
| Gulf Keystone Petroleum Ltd. |
United Kingdom |
0.01% |
| Inpex Corp. |
Japan |
0.45% |
| Japan Petroleum Exploration Co., Ltd. |
Japan |
0.65% |
| NAC Kazatomprom JSC |
Kazakhstan |
0.50% |
| Paladin Energy Ltd. |
Australia |
1.77% |
| Petroleo Brasileiro SA |
Brazil |
0.66% |
| Range Resources Corp. |
United States |
2.91% |
| Saudi Arabian Oil Co. |
Saudi Arabia |
0.53% |
| United Tractors Tbk PT |
Indonesia |
0.26% |
| Yellow Cake PLC |
United Kingdom |
0.93% |
Financials · 6.59%
| Holding |
Country/Region |
Weight |
| Bangkok Bank Public Co., Ltd. |
Thailand |
1.09% |
| Bank of East Asia Ltd. |
Hong Kong, China |
0.11% |
| China Reinsurance Group Corp. |
China |
0.57% |
| Close Brothers Group PLC |
United Kingdom |
0.41% |
| Franklin Resources Inc. |
United States |
0.52% |
| Grupo Financiero Inbursa SAB de CV |
Mexico |
0.27% |
| Halyk Bank of Kazakhstan JSC |
Kazakhstan |
0.36% |
| Hi Sun Technology (China) Ltd. |
China |
0.12% |
| Kasikornbank PCL |
Thailand |
0.47% |
| Man Group PLC |
United Kingdom |
0.29% |
| Moscow Exchange MICEX-RTS PJSC |
Russia |
0.29% |
| Sberbank of Russia PJSC |
Russia |
0.48% |
| Schroders PLC |
United Kingdom |
0.27% |
| Sprott Physical Uranium Trust |
Canada |
1.25% |
| VTB Bank PJSC |
Russia |
0.09% |
Health Care · 2.88%
| Holding |
Country/Region |
Weight |
| Centene Corp. |
United States |
0.50% |
| Chong Kun Dang Pharmaceutical Corp. |
South Korea |
0.61% |
| Draegerwerk AG & Co. KGaA |
Germany |
0.70% |
| Kyorin Pharmaceutical Co., Ltd. |
Japan |
0.49% |
| Sinopharm Group Co., Ltd. |
China |
0.33% |
| Suzuken Co., Ltd. |
Japan |
0.25% |
Industrials · 13.67%
| Holding |
Country/Region |
Weight |
| Ayala Corp. |
Philippines |
0.23% |
| China Communications Services Corp., Ltd. |
China |
1.10% |
| CK Hutchison Holdings Ltd. |
Hong Kong, China |
1.84% |
| Concentrix Corp. |
United States |
0.86% |
| DiDi Global Inc. |
China |
0.53% |
| DL E&C Co., Ltd. |
South Korea |
0.72% |
| Fukuda Corp. |
Japan |
0.28% |
| GS Holdings Corp. |
South Korea |
0.72% |
| GT Capital Holdings Inc. |
Philippines |
0.39% |
| Guangshen Railway Co., Ltd. |
China |
0.43% |
| Hemas Holdings Ltd. |
Sri Lanka |
0.11% |
| Kamigumi Co., Ltd. |
Japan |
0.44% |
| Korean Air Lines Co., Ltd. |
South Korea |
0.56% |
| LG Corp. |
South Korea |
0.97% |
| LX Holdings Corp. |
South Korea |
0.23% |
| LX International Corp. |
South Korea |
0.16% |
| Melrose Industries PLC |
United Kingdom |
0.25% |
| PageGroup PLC |
United Kingdom |
0.03% |
| Pan Ocean Co., Ltd. |
South Korea |
0.51% |
| Teleperformance SE |
France |
0.60% |
| Tokyo Metro Co., Ltd. |
Japan |
0.54% |
| Travis Perkins PLC |
United Kingdom |
0.77% |
| West Japan Railway Co. |
Japan |
1.39% |
Information Technology · 1.08%
| Holding |
Country/Region |
Weight |
| EPAM Systems, Inc. |
United States |
0.35% |
| NICE Ltd. |
Israel |
0.53% |
| PAX Global Technology Ltd. |
Hong Kong, China |
0.21% |
Materials · 28.94%
| Holding |
Country/Region |
Weight |
| Alpek, S.A.B. de C.V. |
Mexico |
0.28% |
| Aris Mining Corp. |
Canada |
0.19% |
| BHP Group Ltd. |
Australia |
0.50% |
| Champion Iron Ltd. |
Australia |
0.92% |
| Deterra Royalties Ltd. |
Australia |
0.62% |
| Empresas CMPC SA |
Chile |
0.54% |
| Eramet SA |
France |
1.02% |
| Gabriel Resources Ltd. |
Canada |
0.02% |
| Glencore PLC |
United Kingdom |
1.24% |
| Impala Platinum Holdings Ltd. |
South Africa |
1.93% |
| Indah Kiat Pulp & Paper Tbk PT |
Indonesia |
0.22% |
| International Tower Hill Mines Ltd. |
United States |
0.47% |
| Ivanhoe Electric Inc. |
United States |
0.12% |
| Ivanhoe Mines Ltd. |
Canada |
1.60% |
| K+S AG |
Germany |
2.50% |
| Lotte Chemical Corp. |
South Korea |
0.05% |
| Luks Group Vietnam Holdings Co., Ltd. |
Hong Kong, China |
0.03% |
| Lumina Metals Corp. |
Canada |
0.30% |
| Mosaic Co. |
United States |
0.26% |
| Northern Dynasty Minerals Ltd. |
Canada |
1.78% |
| Novagold Resources Inc. |
Canada |
1.01% |
| Nutrien Ltd. |
Canada |
1.40% |
| Orbia Advance Corp. SAB de CV |
Mexico |
0.19% |
| Pan American Silver Corp. |
Canada |
0.04% |
| Polyus PJSC |
Russia |
0.75% |
| Royal Gold Inc. |
United States |
0.24% |
| Seabridge Gold Inc. |
Canada |
2.94% |
| Sibanye Stillwater Ltd. |
South Africa |
1.09% |
| Stora Enso Oyj |
Finland |
0.53% |
| Vale SA |
Brazil |
1.30% |
| Valor Gold Corp. |
Canada |
0.15% |
| Valterra Platinum Ltd. |
South Africa |
4.00% |
| Vista Gold Corp. |
United States |
0.27% |
| Western Copper & Gold Corp. |
Canada |
0.45% |
Real Estate · 2.28%
| Holding |
Country/Region |
Weight |
| Etalon Group PLC |
Russia |
0.04% |
| IRSA Inversiones y Representaciones SA |
Argentina |
0.02% |
| LSR Group PJSC |
Russia |
0.13% |
| Rayonier Inc. |
United States |
0.83% |
| Solidere |
Lebanon |
0.06% |
| Weyerhaeuser Co. |
United States |
1.07% |
| Yoma Strategic Holdings Ltd. |
Singapore |
0.14% |
Utilities · 3.64%
| Holding |
Country/Region |
Weight |
| AXIA Energia SA |
Brazil |
0.64% |
| CGN Power Co., Ltd. |
China |
0.63% |
| China Gas Holdings Ltd. |
China |
0.28% |
| Electric Power Development Co., Ltd. |
Japan |
0.34% |
| Federal Grid Co - Rosseti PJSC |
Russia |
0.10% |
| Korea Electric Power Corp. |
South Korea |
1.40% |
| RusHydro PJSC |
Russia |
0.26% |
Options & Cash
| Holding |
Country/Region |
Weight |
| S&P 500 Index Put |
United States |
1.01% |
| Cash and Cash Equivalents |
— |
10.08% |
Where Positions Move: Increases and Decreases
This report provides no comparison data against the prior period's holdings, so no additions, reductions, new positions, or closures can be confirmed; the following only presents the position structure and capital distribution as of the end of this period.
- Hedging structure: Holds S&P 500 Index Put (1.01%), the only derivative position separately listed in the report, providing downside protection on U.S. equity indices. The report does not disclose net exposure, leverage, or long/short ratio, so the overall hedge ratio cannot be quantified.
- Cash buffer: Cash and equivalents of 10.08% is relatively high for an active equity fund; the report does not explain the intended use of cash, making this a defensive feature as presented by the holdings data.
- Geographic distribution (aggregated by country/region disclosed in the report, not the fund's own disclosure classification):
| Country/Region |
Approximate Number of Holdings |
Total Weight (approx.) |
| United States (incl. S&P 500 Put) |
14 |
11.7% |
| Canada |
13 |
11.6% |
| South Korea |
15 |
11.4% |
| Mainland China + Hong Kong, China |
17 |
8.1% |
| South Africa |
3 |
7.0% |
| Japan |
10 |
5.1% |
| Australia |
5 |
4.0% |
| United Kingdom |
9 |
3.9% |
| Brazil |
5 |
3.6% |
| Russia |
10 |
2.7% |
| Other countries (Germany, France, Chile, Thailand, Indonesia, Ukraine, Kazakhstan, Saudi Arabia, Mexico, Argentina, Israel, Finland, Philippines, Malaysia, Singapore, Sri Lanka, Lebanon, etc.) |
~40 |
~20.8% |
| Cash and Equivalents |
— |
10.1% |
- Theme concentration (classified by the business profile of the holdings, not the fund's disclosure classification; the report does not use themes to describe its positioning logic):
- Precious metals/platinum group metals (gold, silver, platinum, palladium) total approximately 15.3%: Valterra Platinum Ltd. (4.00%), Seabridge Gold Inc. (2.94%), Impala Platinum Holdings Ltd. (1.93%), Northern Dynasty Minerals Ltd. (1.78%), Sibanye Stillwater Ltd. (1.09%), Novagold Resources Inc. (1.01%), Polyus PJSC (0.75%), etc.;
- Uranium-related total approximately 4.5%: NAC Kazatomprom JSC (0.50%), Paladin Energy Ltd. (1.77%), Yellow Cake PLC (0.93%), Sprott Physical Uranium Trust (1.25%);
- Fertilizer and agricultural product chain: K+S AG (2.50%), Nutrien Ltd. (1.40%), Mosaic Co. (0.26%), Golden Agri-Resources Ltd. (2.03%), SLC Agricola SA (0.65%), Cresud SA (0.72%), etc.;
- North American natural gas: Range Resources Corp. (2.91%), Expand Energy Corp. (1.89%), Cenovus Energy Inc. (0.68%), Birchcliff Energy Ltd. (0.20%);
- South Korean conglomerates/telecoms: KT Corp., LG Uplus Corp., LG Corp., GS Holdings Corp., LX Holdings Corp., Korea Electric Power Corp., etc., totaling approximately 11.4%.
Fund Notes
The fund notes contain only one substantive disclosure: Russian assets are valued at fair value rather than market price.
The report states verbatim: "The value of local Russian security holdings and Russian GDR/ADR holdings as of 06/30/2026 reflects fair value pricing." — That is, as of June 30, 2026, the value of Russian local securities and Russian GDR/ADR holdings is reflected at fair value. The report involves a total of 10 Russian names with a combined weight of approximately 2.74% (Gazprom, Lenta, Polyus, Moscow Exchange, Sberbank, VTB, Etalon, LSR, Federal Grid, RusHydro). This valuation treatment suggests additional uncertainty regarding the liquidity and pricing of these positions. The report does not disclose fund size, subscriptions/redemptions, fees, or management personnel changes.