As of June 30, 2026, the Kopernik International Fund's holdings show that fund assets are highly concentrated in the materials sector (28.79%) and cash (29.40%), followed by energy (9.23%) and industrials (9.27%). The top ten holdings include Valterra Platinum Ltd. (4.37%), Seabridge Gold Inc. (2.72
This section (Introduction) is in fact the holdings disclosure of the Kopernik International Fund as of 2026-06-30, not a monthly report with commentary: there is no performance, no benchmark comparison, no attribution, no manager views, and no indication of position changes. The only substantive content available for analysis is the static holdings, the Russian securities valuation note, and one S&P 500 index put option.
The fund's largest positions are cash (29.40%) and materials (28.79%), totaling 58.19%, a distinctly defensive posture; energy (9.23%) and industrials (9.27%) form the second tier.
| Category | Weight |
|---|---|
| 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% |
The following lists the 90 positions/instruments disclosed in the report by industry; all weights are percentages of net assets. The original text gives no buy/sell actions or views on these holdings, only position data.
| Industry | Holding | Country/Region | Weight |
|---|---|---|---|
| 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% |
The report does not disclose performance, changes in fund size, or rebalancing records. The only additional items are the note on Russian securities valuation and sanctions restrictions, and the existence of an index put option.