As of June 30, 2026, the Kopernik Global All-Cap Fund (Class I) returned 4.14% in Q2 2026, but posted a YTD return of -0.98% and a 1-year return of -9.43%, significantly underperforming the MSCI ACWI (Q2 10.17%, YTD 5.16%). By region, Japan (-21.61%) and emerging markets (-7.02%) were the largest dr
In Q2 2026, Class I returned 4.14%, versus 10.17% for the MSCI ACWI (Net) benchmark, underperforming by 6.03 percentage points. Year-to-date, Class I returned -0.98%, versus +5.16% for the benchmark, underperforming by 6.14 percentage points.
| Metric | Q2 2026 | Year-to-Date | 1-Year | 5-Year (Annualized) | 10-Year (Annualized) | Since Inception (Annualized) |
|---|---|---|---|---|---|---|
| Kopernik Global All-Cap (Class I) | 4.14% | -0.98% | -9.43% | -6.60% | 0.26% | 21.88% |
| Class A (NAV) | 4.05% | -1.03% | -9.43% | -6.67% | 0.13% | 21.64% |
| Class A (with maximum 5.75% sales charge) | -1.91% | -6.74% | -14.61% | -12.02% | -5.61% | 14.66% |
| MSCI ACWI (Net) | 10.17% | 5.16% | -0.80% | 14.93% | 11.25% | 23.67% |
| Excess (Class I − Benchmark, percentage points) | -6.03 | -6.14 | -8.63 | -21.53 | -10.99 | -1.79 |
The fund (Class A / Class I) was established on November 1, 2013. Its since-inception annualized return of 21.88% is still fairly close to the benchmark's 23.67%, but it has lagged significantly across the board over the past 1-year (-9.43% vs. -0.80%), 5-year (-6.60% vs. +14.93%), and 10-year (+0.26% vs. +11.25%) periods, indicating that the underperformance is concentrated in the past decade.
YTD’s largest drags are Materials (-3.21pct) and Emerging Markets (-2.66pct); the US (+0.50pct) is the only region with a net positive contribution. In Q2 alone, Energy (+1.90pct), Industrials (+1.34pct), and the US (+1.13pct) turned positive, but Materials (-1.22pct) remained the largest single-quarter drag.
By region (YTD / Q2):
| Region | YTD Avg Weight | YTD Contribution | YTD Portfolio Total Return | Q2 Avg Weight | Q2 Contribution | Q2 Portfolio Total Return |
|---|---|---|---|---|---|---|
| Canada | 11.99% | -0.74% | -5.29% | 12.41% | -0.17% | -3.34% |
| Emerging Markets | 38.05% | -2.66% | -7.02% | 38.49% | +0.21% | -0.17% |
| Europe | 11.83% | -0.79% | -7.00% | 12.04% | +0.71% | +5.00% |
| Japan | 4.12% | -0.85% | -21.61% | 4.06% | -0.13% | -4.55% |
| Pacific ex Japan | 8.60% | -0.43% | -4.30% | 8.37% | +0.37% | +5.96% |
| US | 9.59% | +0.50% | +6.22% | 8.98% | +1.13% | +16.10% |
By sector (YTD / Q2):
| Sector | YTD Avg Weight | YTD Contribution | YTD Portfolio Total Return | Q2 Avg Weight | Q2 Contribution | Q2 Portfolio Total Return |
|---|---|---|---|---|---|---|
| Communication Services | 7.09% | -0.58% | -8.92% | 7.11% | -0.43% | -7.60% |
| Consumer Discretionary | 2.48% | -0.20% | -7.67% | 2.45% | -0.40% | -15.40% |
| Consumer Staples | 7.58% | -0.32% | -4.64% | 7.59% | +0.17% | +2.31% |
| Energy | 10.30% | -1.48% | -14.95% | 11.36% | +1.90% | +13.62% |
| Financials | 6.57% | +0.41% | +7.63% | 6.72% | +0.69% | +10.77% |
| Health Care | 3.47% | +0.54% | +14.41% | 3.58% | +0.49% | +12.80% |
| Industrials | 12.40% | +0.52% | +6.45% | 11.77% | +1.34% | +15.82% |
| Information Technology | 0.54% | -0.09% | -17.32% | 0.39% | -0.09% | -19.37% |
| Materials | 28.36% | -3.21% | -10.82% | 28.25% | -1.22% | -6.69% |
| Real Estate | 1.63% | +0.02% | +0.99% | 1.27% | -0.02% | -3.54% |
| Utilities | 3.76% | -0.58% | -15.54% | 3.85% | -0.29% | -9.98% |
The contrast between Q2 and YTD shows that the real drag was concentrated in Q1: Japan’s YTD total return was -21.61% but only -4.55% in Q2, Energy was -14.95% YTD but +13.62% in Q2, and the US was +6.22% YTD but +16.10% in Q2 — most sectors rebounded in Q2, yet cumulative year-to-date returns remain deeply negative.
Q2 average weights relative to the H1 average: U.S. (9.59%→8.98%), Industrials (12.40%→11.77%), Real Estate (1.63%→1.27%), and Pacific ex Japan (8.60%→8.37%) declined notably; Energy (10.30%→11.36%), Emerging Markets (38.05%→38.49%), Canada (11.99%→12.41%), and Europe (11.83%→12.04%) rose.
Note: This is a period-over-period comparison of average weights and includes the impact of price movements, so it cannot be directly equated with active buying or selling. The report does not disclose details of active position increases or reductions. The portfolio remains an extremely concentrated structure: emerging markets at roughly 38% and Materials at about 28%, which are the two biggest swing factors for full-year performance.
Options positions are increasing: the YTD average weight was 0.47%, rising to 0.60% in Q2; the YTD options contribution was -2.07%, while the Q2 contribution was -1.12% — options holdings continue to make a negative contribution, and the drag widened in Q2.