Kopernik Global All-Cap Fund
Actively managed global stock fund
As of its 2026 Q2 report, Kopernik Global All-Cap Fund held 145 positions with $3.44B in net assets. Its ten largest holdings made up 36.4% of the fund. The KGGAX share class costs 1.26% a year. Over the 12 months to May 2026, KGGAX returned 64.2%, with dividends reinvested. In 2026 Q3 it added 27 new positions and exited 9.
The Kopernik Global All-Cap Fund (the Fund or the Global All-Cap Fund) seeks to provide long-term capital appreciation.
The fund employs bottom-up fundamental research to select undervalued equity securities globally, screening for metrics including price-to-earnings, price-to-book, and free cash flow multiples alongside qualitative factors such as management quality and competitive advantage. The fund maintains at least 40% of assets in non-U.S. securities, including emerging and frontier markets, with no single country exceeding 35% of net assets. Because security selection depends on the adviser's assessment of intrinsic value and market perception, portfolio performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
N/A | 15.01% | $515.77M | — | — |
VALTERRA PLATINUM LIMITED | 3.40% | $117.01M | 1.5M | $80.54 |
LG Uplus Corp. | 2.90% | $99.50M | 9.3M | $10.72 |
SEABRIDGE GOLD INC. | 2.88% | $99.06M | 3.5M | $27.93 |
2.55% | $87.77M | 2.0M | $43.50 | |
K+S Aktiengesellschaft | 2.45% | $84.17M | 4.5M | $18.71 |
GOLDEN AGRI-RESOURCES LTD | 2.02% | $69.49M | 278.8M | $0.2492 |
LG Corp. | 1.81% | $62.19M | 921.4K | $67.49 |
IMPALA PLATINUM HOLDINGS LIMITED | 1.76% | $60.42M | 4.3M | $14.02 |
CK HUTCHISON HOLDINGS LIMITED | 1.65% | $56.62M | 6.8M | $8.35 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 145 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 81.73% |
| Cash & short-term | 15.65% |
| Bonds | 2.08% |
| Derivatives | 0.17% |
Derivatives are shown at market value, not notional exposure.
By sector
- International
- 72.0%
- Other
- 9.1%
- Cash
- 7.5%
- Energy
- 4.9%
- 7 other sectors
- 6.4%
- International
- 72.0%
- Other
- 9.1%
- Cash
- 7.5%
- Energy
- 4.9%
- Materials
- 2.1%
- Real Estate
- 1.9%
- Industrials
- 0.9%
- Health Care
- 0.5%
- Financials
- 0.4%
- Communication Services
- 0.4%
- Information Technology
- 0.2%
How it has done
KGGAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 15.02%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.26% | +64.19% | +97.33% | +107.61% | -7.14% | |
| 1.01% | +64.73% | +98.45% | +110.21% | -7.13% |
These classes hold the same portfolio, so the 2.60pp spread over 5 years is the cost difference between them — roughly 0.52pp a year — not a difference in what they own.
Fees & fund details
Kopernik Global All-Cap Fund is an actively managed global equity fund.
- Asset class
- Equity
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 1.01% – 1.26%· KGGAX 1.26%
- Portfolio turnover
- 56.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
27 new· the largest 8
9 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 58.9% |
| Zero-coupon or unclassified | 41.1% |
Share of the fund's debt value in each maturity band, shortest first.
| 3-5y | 41.1% |
| 5-10y | 58.9% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Understand how this fund fits with the rest.
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