Kopernik Global Investors, LLC

CIK

1599814

Location

TAMPA, FL

Portfolio Value

Mid $1,216,473,514

Diversification

Diversified

Filing Date

Global Rank

#1,567 / 7,976 ▲ 226

Top Industry

Gold 36.5%

3Y Alpha vs SPY

+21.3%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+187.2%

SPY

+76.3%

Annualised alpha

+21.3%

Max drawdown

−20.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

27 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

13.8%

+1.1 pts

Top 5

52.5%

−2.3 pts

Top 10

82.3%

−1.2 pts

HHI

802

Diversified−22

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Basic Materials	48.8%	$593,357,387	11
Energy	26.6%	$323,847,288	4
Communication Services	7.3%	$88,831,236	1
Healthcare	6.8%	$82,372,802	3
Financial Services	5.2%	$63,274,983	1
Industrials	4.2%	$51,600,228	2
Unclassified	0.5%	$5,991,118	1
Utilities	0.3%	$3,499,370	1
Technology	0.2%	$1,983,006	2
Consumer Cyclical	0.1%	$1,716,096	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

8 positions

Ticker	Company	Δ Shares	Shares	Value
NAK	Northern Dynasty Minerals Ltd	+1,995,111	21,661,178	$25,993,413
RRC	Range Resources Corp	+1,610,804	4,420,608	$166,391,685
CRESY	Cresud Inc	+1,334,914	3,727,790	$33,459,151
NTR	Nutrien Ltd.	+692,956	1,266,600	$74,362,086
KT	Kt Corp	+278,984	4,555,448	$88,831,236
EXE	EXPAND ENERGY Corp	+215,331	738,047	$78,410,113
RGLD	Royal Gold Inc	+34,982	116,065	$23,280,317
AZO	Autozone Inc	+300	400	$1,716,096
No positions match the current search.

Trimmed

Positions the filer reduced

10 positions

Ticker	Company	Δ Shares	Shares	Value
NG	Novagold Resources Inc	−5,977,632	13,137,577	$115,610,677
IE	Ivanhoe Electric Inc.	−2,076,576	1,335,985	$16,766,611
B	Barrick Mining Corp	−2,070,897	3,057,390	$100,190,670
SQM	Chemical & Mining Co Of Chile Inc	−1,029,169	812,944	$34,940,333
VGZ	Vista Gold Corp	−701,047	3,129,347	$6,665,509
SA	Seabridge Gold Inc	−435,940	6,946,666	$167,761,983
NEM	NEWMONT Corp /DE/	−132,054	48,516	$4,090,383
BEN	Franklin Resources Inc	−108,225	2,735,624	$63,274,983
SLV	iShares Silver Trust	−12,155	141,400	$5,991,118
AL	SUMISHO AIR LEASE CORP	−1,669	285,013	$18,141,077
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
CNC	Centene Corp	2,256,881	$80,525,514
SLB	Slb Limited/Nv	1,909,788	$65,639,413
BORR	Borr Drilling Ltd	4,983,672	$13,406,077
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
AMTM	Amentum Holdings, Inc.	636,226	$15,021,295
NXE	NexGen Energy Ltd.	1,760,522	$12,218,022
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

27 positions · $1,216,473,514 total · as of Sep 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Energy Financial Services Healthcare Industrials Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SA	Seabridge Gold Inc Basic Materials	Reduced	6,946,666	-435,940	$167,761,983	+56.5%	13.79%
RRC	Range Resources Corp Energy	Added	4,420,608	+1,610,804	$166,391,685	+45.6%	13.68%
NG	Novagold Resources Inc Basic Materials	Reduced	13,137,577	-5,977,632	$115,610,677	+47.9%	9.50%
B	Barrick Mining Corp Basic Materials	Reduced	3,057,390	-2,070,897	$100,190,670	−6.2%	8.24%
KT	Kt Corp Communication Services	Added	4,555,448	+278,984	$88,831,236	−0.0%	7.30%
CNC	Centene Corp Healthcare	NEW	2,256,881	NEW	$80,525,514	NEW	6.62%
EXE	EXPAND ENERGY Corp Energy	Added	738,047	+215,331	$78,410,113	+28.3%	6.45%
NTR	Nutrien Ltd. Basic Materials	Added	1,266,600	+692,956	$74,362,086	+122.6%	6.11%
SLB	Slb Limited/Nv Energy	NEW	1,909,788	NEW	$65,639,413	NEW	5.40%
BEN	Franklin Resources Inc Financial Services	Reduced	2,735,624	-108,225	$63,274,983	−6.7%	5.20%
SQM	Chemical & Mining Co Of Chile Inc Basic Materials	Reduced	812,944	-1,029,169	$34,940,333	−46.2%	2.87%
CRESY	Cresud Inc Industrials	Added	3,727,790	+1,334,914	$33,459,151	+33.2%	2.75%
NAK	Northern Dynasty Minerals Ltd Basic Materials	Added	21,661,178	+1,995,111	$25,993,413	−1.4%	2.14%
THM	International Tower Hill Mines Ltd Basic Materials	Held	14,448,418	0	$23,695,405	+90.7%	1.95%
RGLD	Royal Gold Inc Basic Materials	Added	116,065	+34,982	$23,280,317	+61.4%	1.91%
AL	SUMISHO AIR LEASE CORP Industrials	Reduced	285,013	-1,669	$18,141,077	+8.2%	1.49%
IE	Ivanhoe Electric Inc. Basic Materials	Reduced	1,335,985	-2,076,576	$16,766,611	−45.8%	1.38%
BORR	Borr Drilling Ltd Energy	NEW	4,983,672	NEW	$13,406,077	NEW	1.10%
VGZ	Vista Gold Corp Basic Materials	Reduced	3,129,347	-701,047	$6,665,509	+77.6%	0.55%
SLV	iShares Silver Trust	Reduced	141,400	-12,155	$5,991,118	+18.9%	0.49%
NEM	NEWMONT Corp /DE/ Basic Materials	Reduced	48,516	-132,054	$4,090,383	−61.1%	0.34%
KEP	Korea Electric Power Corp Utilities	Held	268,151	0	$3,499,370	−8.4%	0.29%
AZO	Autozone Inc Consumer Cyclical	Added	400	+300	$1,716,096	+362.3%	0.14%
AAPL	Apple Inc. Technology	Held	5,000	0	$1,273,150	+24.1%	0.10%
ABBV	AbbVie Inc. Healthcare	Held	4,200	0	$972,468	+24.7%	0.08%
AMGN	Amgen Inc Healthcare	Held	3,100	0	$874,820	+1.1%	0.07%
PAYX	Paychex Inc Technology	Held	5,600	0	$709,856	−12.9%	0.06%