Kopernik Global All-Cap Fund
ADVISORS' INNER CIRCLE FUND II · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Expense ratio |
|---|---|
| KGGAX | 1.26% |
| KGGIX | 1.01% |
Portfolio turnover 56.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 81.73% |
| Cash & short-term | 15.65% |
| Bonds | 2.08% |
| Derivatives | 0.17% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 65.8% |
| Cash | 15.7% |
| Other | 7.6% |
| Energy | 3.9% |
| 6 smaller | 6.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: CNXC, CHINA REINSURANCE (GROUP) CORPORATION, VGZ, NICE LTD, IE, MELROSE INDUSTRIES PLC, AYALA CORPORATION, Lumina Metals Corp
Largest exited: FIRST RESOURCES LIMITED, SOCIETE MINIERE BARRICK, AIR LEASE CORPORATION, Korean Reinsurance Company, Bear Creek Mining Corp ×2, U.S. DOLLARS
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| -23.40% | -76.78% | -94.40% | 15.10% | -76.78% | |
| +56.30% | +97.01% | +97.81% | 16.12% | -7.13% |
These classes hold the same portfolio, so the 192.22pp spread over 5 years is the cost difference between them — roughly 38.44pp a year — not a difference in what they own.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | N/A | 15.01% | — | $515.77M | — |
| — | VALTERRA PLATINUM LIMITED | 3.40% | $80.54 | $117.01M | 1.5M |
| — | LG Uplus Corp. | 2.90% | $10.72 | $99.50M | 9.3M |
| — | SEABRIDGE GOLD INC. | 2.88% | $27.93 | $99.06M | 3.5M |
| RRC | RANGE RESOURCES CORPORATIONRRC | 2.55% | $43.50 | $87.77M | 2.0M |
| — | K+S Aktiengesellschaft | 2.45% | $18.71 | $84.17M | 4.5M |
| — | GOLDEN AGRI-RESOURCES LTD | 2.02% | $0.2492 | $69.49M | 278.8M |
| — | LG Corp. | 1.81% | $67.49 | $62.19M | 921.4K |
| — | IMPALA PLATINUM HOLDINGS LIMITED | 1.76% | $14.02 | $60.42M | 4.3M |
| — | CK HUTCHISON HOLDINGS LIMITED | 1.65% | $8.35 | $56.62M | 6.8M |
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.
Top 10 positions are 36.44% of net assets, top 25 55.10%, across 134 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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