Kopernik Global Investors, LLC

CIK

1599814

Location

TAMPA, FL

Portfolio Value

Small $278,562,100

Diversification

Diversified

Filing Date

Global Rank

#1,435 / 8,578 ▲ 141

Top Industry

Gold 26.4%

3Y Alpha vs SPY

+22.1%

Period ended 3 months ago

Filed May 14, 2026 · 32d

25 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

+193.6%

SPY

+77.5%

Annualised alpha

+22.1%

Max drawdown

−16.6%

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

31 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

14.5%

−2.0 pts

Top 5

49.3%

−5.9 pts

Top 10

72.0%

−10.0 pts

HHI

714

Diversified−160

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Basic Materials	38.5%	$553,768,165	11
Energy	19.4%	$278,562,100	2
Healthcare	10.0%	$143,463,834	5
Communication Services	9.2%	$132,794,131	2
Real Estate	6.5%	$92,998,583	3
Financial Services	5.8%	$83,203,504	1
Industrials	5.2%	$74,193,829	2
Technology	5.1%	$73,461,568	3
Utilities	0.2%	$2,951,745	1
Consumer Cyclical	0.1%	$1,351,112	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

11 positions

Ticker	Company	Δ Shares	Shares	Value
VGZ	Vista Gold Corp	+11,385,421	13,852,010	$27,149,939
NAK	Northern Dynasty Minerals Ltd	+10,994,668	32,655,846	$45,718,184
THM	International Tower Hill Mines Ltd	+3,202,014	17,650,432	$40,595,993
IE	Ivanhoe Electric Inc.	+1,355,418	1,784,170	$21,088,889
CNC	Centene Corp	+492,054	2,517,106	$82,410,050
SA	Seabridge Gold Inc	+353,252	7,332,863	$207,813,337
CRESY	Cresud Inc	+168,662	4,415,543	$56,165,706
MOH	Molina Healthcare, Inc.	+166,407	291,941	$38,915,735
BEN	Franklin Resources Inc	+153,422	3,522,587	$83,203,504
EXE	EXPAND ENERGY Corp	+132,053	813,632	$89,320,520
AMGN	Amgen Inc	+1,100	4,200	$1,477,770
No positions match the current search.

Trimmed

Positions the filer reduced

10 positions

Ticker	Company	Δ Shares	Shares	Value
NG	Novagold Resources Inc	−1,917,650	6,511,729	$58,475,326
RRC	Range Resources Corp	−1,050,289	4,188,614	$189,241,580
KT	Kt Corp	−446,830	5,321,922	$114,155,226
NTR	Nutrien Ltd.	−329,879	1,423,780	$107,438,438
RGLD	Royal Gold Inc	−123,519	86,159	$21,926,603
KEP	Korea Electric Power Corp	−61,011	207,140	$2,951,745
B	Barrick Mining Corp	−30,007	560,044	$22,844,194
NEM	NEWMONT Corp /DE/	−22,440	761	$82,378
AL	SUMISHO AIR LEASE CORP	−7,401	277,612	$18,028,123
IRS	Irsa Investments & Representations Inc	−3	85,363	$1,383,734
No positions match the current search.

New Positions

Positions the filer opened this quarter

6 positions

Ticker	Company	Shares	Value
WY	Weyerhaeuser Co	1,904,591	$46,529,158
RYN	Rayonier Inc	2,186,503	$45,085,691
CNXC	Concentrix Corp	1,627,306	$44,523,092
NICE	NICE Ltd.	250,948	$27,669,526
HUM	Humana Inc	113,385	$19,659,825
PLG	Platinum Group Metals Ltd	358,692	$634,884
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
SLB	Slb Limited/Nv	1,306,620	$50,148,075
PAYX	Paychex Inc	5,600	$628,208
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

2 positions · $278,562,100 total · Energy only · as of Mar 31, 2026

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio	History
RRC	Range Resources Corp Energy	Reduced	4,188,614	-1,050,289	$189,241,580	+2.4%	67.94%
EXE	EXPAND ENERGY Corp Energy	Added	813,632	+132,053	$89,320,520	+18.7%	32.06%