Kopernik International Fund underperformed its benchmark in Q2 2026: Class I returned 2.37% for the quarter and -0.89% YTD, versus 9.65% and 5.03% for the MSCI ACWI ex USA (Net) over the same periods, respectively. By region, emerging markets had the highest weight (32.90%) but contributed -2.44%; J
In Q2 2026, Class I returned 2.37%, trailing the MSCI ACWI ex USA (Net) benchmark by 7.28 percentage points (benchmark: 9.65%). The year-to-date cumulative return is -0.89%, still 5.92 percentage points behind the benchmark.
| Share Class | Q2 2026 | YTD 2026 | 1 Year | 5 Yr Annualized | 10 Yr Annualized | Since Inception Annualized |
|---|---|---|---|---|---|---|
| Class I (KGIIX) | 2.37% | -0.89% | -7.90% | -6.56% | 0.99% | 19.30% |
| Investor Class (KGIRX) | 2.38% | -0.95% | -7.85% | -6.55% | 0.94% | 19.07% |
| MSCI ACWI ex USA (Net) | 9.65% | 5.03% | -0.59% | 14.49% | 13.68% | 27.66% |
| Class I Excess | -7.28% | -5.92% | — | — | — | — |
| Investor Class Excess | -7.27% | -5.98% | — | — | — | — |
By region, Emerging Markets held the highest YTD average weight (32.90%) and contributed -2.44%, making it the largest drag year-to-date. By sector, Materials held a YTD average weight of 25.74% and contributed -3.21%, the heaviest drag. Energy's Q2 contribution turned positive at +2.12%, but its YTD contribution remains -1.20%.
By region (the report lists YTD first, then Q2):
| Region | YTD Avg. Weight | YTD Contribution | YTD Total Return | Q2 Avg. Weight | Q2 Contribution | Q2 Total Return |
|---|---|---|---|---|---|---|
| Canada | 8.67% | -0.73% | -8.10% | 9.27% | 0.07% | -1.68% |
| Emerging Markets | 32.90% | -2.44% | -7.39% | 33.10% | 0.48% | 0.07% |
| Europe | 11.49% | -0.93% | -8.33% | 11.70% | 1.24% | 9.69% |
| Japan | 3.27% | -0.68% | -21.59% | 3.12% | -0.10% | -3.06% |
| Pacific ex Japan | 7.23% | -0.30% | -3.06% | 7.15% | 0.44% | 6.99% |
| US | 0.59% | -0.22% | -28.89% | 1.00% | 0.27% | -18.16% |
By sector:
| Sector | YTD Avg. Weight | YTD Contribution | YTD Total Return | Q2 Avg. Weight | Q2 Contribution | Q2 Total Return |
|---|---|---|---|---|---|---|
| Communication Services | 5.58% | -0.53% | -10.46% | 5.60% | -0.17% | -4.63% |
| Consumer Discretionary | 1.07% | -0.25% | -20.46% | 0.93% | -0.39% | -34.36% |
| Consumer Staples | 4.57% | 0.02% | 0.21% | 4.61% | 0.21% | 4.89% |
| Energy | 8.50% | -1.20% | -14.75% | 9.85% | 2.12% | 14.25% |
| Financials | 5.46% | 0.08% | 2.08% | 5.74% | 0.42% | 7.11% |
| Health Care | 0.23% | -0.04% | -18.73% | 0.13% | -0.04% | -16.80% |
| Industrials | 8.79% | 0.45% | 6.30% | 8.56% | 0.93% | 13.27% |
| Information Technology | 0.72% | -0.11% | -14.59% | 0.52% | -0.13% | -20.46% |
| Materials | 25.74% | -3.21% | -11.81% | 25.85% | -0.35% | -4.21% |
| Real Estate | 0.14% | -0.01% | -4.06% | 0.15% | 0.00% | -3.70% |
| Utilities | 3.33% | -0.50% | -15.25% | 3.43% | -0.22% | -10.04% |
Separately, options positions recorded a Q2 average weight of 0.59% and a Q2 contribution of -1.09%; the YTD average weight was 0.45%, with a YTD contribution of -2.01%. The contributions and total returns above are calculated by FactSet on a market-value, gross-of-fee basis and may differ from those on a NAV basis.
This section does not disclose individual security buy/sell details, so a list of new positions, additions, trims, and liquidations cannot be provided. Based on average weights over the period, the overall position structure changed little; aside from the US, Energy was the only sector whose Q2 average weight was notably higher than its YTD average (9.85% vs. 8.50%).
Expense ratio: Class I 1.03%, Investor Class 1.27%. Inception dates: Class I 2015-06-30, Investor Class 2018-12-10.