Kopernik Global Investors, LLC
Long book
$1.43B
Q1 2026
Positions
27
Top-10 weight
72%
concentration
Last quarter
+4.6%
SPY +14.8%
Turnover
25%
of book per quarter
Strategy in plain words
auto-generated from filingsKopernik Global Investors, LLC is a concentrated fundamental stock-picker, running a $1.43B US long book across 27 positions.
The portfolio is concentrated: the top 10 names carry 72% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: SEABRIDGE GOLD INC, RANGE RESOURCES CORP, KT CORP-SP ADR, NUTRIEN LTD, EXPAND ENERGY CORP.
Over the last 9 quarters its long book ran on average 5.8pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.9%
Q2 2024
+16.4%
Q3 2024
-5.5%
Q4 2024
+14.9%
Q1 2025
+10.7%
Q2 2025
+28.5%
Q3 2025
+14.2%
Q4 2025
+6.0%
Q1 2026
+4.6%
Sector allocation
Materials 37%
Energy 24%
Financials 22%
Other 11%
Services media 4%
Communications 2%
Long book by quarter
What does Kopernik Global own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SA SEABRIDGE GOLD INC | Materials | 7.3M | $207.8M | 14.5% | +5.1% |
| RRC RANGE RESOURCES CORP | Energy | 4.2M | $189.2M | 13.2% | -20.0% |
| NTR NUTRIEN LTD | Other | 1.4M | $107.4M | 7.5% | -18.8% |
| EXE EXPAND ENERGY CORP | Energy | 813.6K | $89.3M | 6.2% | +19.4% |
| BEN FRANKLIN RESOURCES INC | Financials | 3.5M | $83.2M | 5.8% | +4.6% |
| CNC CENTENE CORP | Financials | 2.5M | $82.4M | 5.8% | +24.3% |
| NG NOVAGOLD RESOURCES INC | Materials | 6.5M | $58.5M | 4.1% | -22.7% |
| NAK NORTHERN DYNASTY MINERALS | Materials | 32.7M | $45.7M | 3.2% | +50.8% |
| CNXC CONCENTRIX CORP | Services media | 1.6M | $44.5M | 3.1% | New |
| THM INTL TOWER HILL MINES LTD | Materials | 17.7M | $40.6M | 2.8% | +22.2% |
| MOH MOLINA HEALTHCARE INC | Financials | 291.9K | $38.9M | 2.7% | +132.6% |
| VGZ VISTA GOLD CORP | Materials | 13.9M | $27.1M | 1.9% | +461.6% |
| B BARRICK MINING CORP | Materials | 560.0K | $22.8M | 1.6% | -5.1% |
| RGLD ROYAL GOLD INC | Financials | 86.2K | $21.9M | 1.5% | -58.9% |
| IE IVANHOE ELECTRIC INC / US | Materials | 1.8M | $21.1M | 1.5% | +316.1% |
| HUM HUMANA INC | Financials | 113.4K | $19.7M | 1.4% | New |
| CMCSA COMCAST CORP-CLASS A | Communications | 649.2K | $18.6M | 1.3% | Held |
| AL AIR LEASE CORP | — | 277.6K | $18.0M | 1.3% | -2.6% |
| PLG PLATINUM GROUP METALS LTD | Materials | 358.7K | $635K | 0.0% | New |
| NEM NEWMONT CORP | Materials | 761 | $82K | 0.0% | -96.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 31 | $1.43B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 27 | $1.25B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 28 | $1.23B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 28 | $910.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 31 | $964.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 34 | $935.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 31 | $999.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 30 | $887.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 29 | $953.4M | canonical | SEC ↗ |
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