Kopernik Global Investors
David IbenTAMPA, FLfiles as Kopernik Global Investors, LLC
$1.6bn in 26 US stocks at the end of 30 June 2026. The top 10 are 75.7% of the money. It changed about 31.4% of the portfolio this quarter.
Value
$1.6bn
Stocks
26
Top 10 share
75.7%
Turnover
31.4%
What changed this quarter
New
Bought for the first time this quarter.
- Seabridge GoldSA11.9% of the fund
- EPAM SystemsEPAM2.0% of the fund
- MosaicMOS1.5% of the fund
Added
Bought more of a stock they already held.
- Range ResourcesRRC15.0% of the fund+57%
- Expand EnergyEXE9.6% of the fund+112%
- KTKT9.6% of the fund+70%
- NutrienNTR8.4% of the fund+53%
- WeyerhaeuserWY5.5% of the fund+97%
- ConcentrixCNXC4.4% of the fund+95%
- RayonierRYN4.3% of the fund+49%
- Cresud S A C I F Y ACRESY3.3% of the fund+8%
- NiceNICE3.1% of the fund+124%
- Royal GoldRGLD2.6% of the fund+150%
- Novagold ResourcesNG2.5% of the fund+6%
- International Tower Hill MinesTHM2.3% of the fund+6%
- ComcastCMCSA1.9% of the fund+97%
- NewmontNEM0.3% of the fund+6513%
- Platinum Group MetalsPLG<0.1% of the fund+14%
Cut
Sold some of their stake.
- Franklin TempletonBEN2.7% of the fund-63%
- CenteneCNC2.5% of the fund-74%
- Ivanhoe ElectricIE0.6% of the fund-42%
- Barrick MiningB0.3% of the fund-76%
Sold out
Sold their entire stake.
- Seabridge GoldSA-100%
- Molina HealthcareMOH-100%
- HumanaHUM-100%
- Air Lease-100%
Holdings
- Seabridge GoldSA
- Share
- 11.9%
- Value
- $194m
- Shares
- 7,554,992
New
- NutrienNTR
- Share
- 8.4%
- Value
- $138m
- Shares
- 2,185,431
+53%
- Northern Dynasty MineralsNAK
- Share
- 3.8%
- Value
- $62m
- Shares
- 32,178,392
Held
- Cresud S A C I F Y ACRESY
- Share
- 3.3%
- Value
- $53m
- Shares
- 4,767,644
+8%
- NiceNICE
- Share
- 3.1%
- Value
- $51m
- Shares
- 563,013
+124%
- Barrick MiningB
- Share
- 0.3%
- Value
- $5m
- Shares
- 134,459
-76%
- Irsa Inversiones Y REP S AIRS
- Share
- <0.1%
- Value
- $1m
- Shares
- 85,360
Held
- Platinum Group MetalsPLG
- Share
- <0.1%
- Value
- $549,592
- Shares
- 407,105
+14%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Range ResourcesRRC | 15.0% | $245m | 6,575,941 | +57% |
| Seabridge GoldSA | 11.9% | $194m | 7,554,992 | New |
| Expand EnergyEXE | 9.6% | $157m | 1,723,513 | +112% |
| KTKT | 9.6% | $156m | 9,043,938 | +70% |
| NutrienNTR | 8.4% | $138m | 2,185,431 | +53% |
| WeyerhaeuserWY | 5.5% | $90m | 3,758,427 | +97% |
| ConcentrixCNXC | 4.4% | $71m | 3,175,766 | +95% |
| RayonierRYN | 4.3% | $70m | 3,268,598 | +49% |
| Northern Dynasty MineralsNAK | 3.8% | $62m | 32,178,392 | Held |
| Cresud S A C I F Y ACRESY | 3.3% | $53m | 4,767,644 | +8% |
| NiceNICE | 3.1% | $51m | 563,013 | +124% |
| Franklin TempletonBEN | 2.7% | $44m | 1,320,571 | -63% |
| Royal GoldRGLD | 2.6% | $43m | 214,983 | +150% |
| CenteneCNC | 2.5% | $42m | 646,716 | -74% |
| Novagold ResourcesNG | 2.5% | $41m | 6,898,074 | +6% |
| International Tower Hill MinesTHM | 2.3% | $37m | 18,767,533 | +6% |
| EPAM SystemsEPAM | 2.0% | $32m | 402,809 | New |
| ComcastCMCSA | 1.9% | $31m | 1,278,141 | +97% |
| Vista GoldVGZ | 1.6% | $27m | 14,049,338 | Held |
| MosaicMOS | 1.5% | $24m | 1,119,095 | New |
| Ivanhoe ElectricIE | 0.6% | $10m | 1,033,970 | -42% |
| Barrick MiningB | 0.3% | $5m | 134,459 | -76% |
| NewmontNEM | 0.3% | $5m | 50,328 | +6513% |
| Korea Electric PowerKEP | 0.2% | $3m | 207,140 | Held |
| Irsa Inversiones Y REP S AIRS | <0.1% | $1m | 85,360 | Held |
| Platinum Group MetalsPLG | <0.1% | $549,592 | 407,105 | +14% |
Options (4)
- AutozoneAZO
- Type
- Put
- Value
- $260,800
- Contracts
- 400
- AmgenAMGN
- Type
- Put
- Value
- $38,010
- Contracts
- 4,200
- AppleAAPL
- Type
- Put
- Value
- $34,000
- Contracts
- 5,000
- AbbVieABBV
- Type
- Put
- Value
- $33,580
- Contracts
- 4,600
| Company | Type | Value | Contracts |
|---|---|---|---|
| AutozoneAZO | Put | $260,800 | 400 |
| AmgenAMGN | Put | $38,010 | 4,200 |
| AppleAAPL | Put | $34,000 | 5,000 |
| AbbVieABBV | Put | $33,580 | 4,600 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 79.3% since 30 June 2025.
Where the money is
Materials35.9%
Energy24.6%
Media & telecom11.5%
Real estate9.8%
Technology6.3%
Financial services2.7%
Health care2.5%
Utilities0.2%
Other6.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.