Kopernik Global Investors, LLC
Kopernik Global Investors, LLC, managed by David Iben, reported 26 positions worth $1.63B in its 2026 Q2 13F filing: 2 new and 3 closed.
Estimated return
Since 2025 Q2 the disclosed positions returned an estimated +77.7% against +34.4% for the S&P 500. Price-only return of the fund's top 100 US longs at each quarter start, vs the S&P 500 over the same windows. Not the fund's actual return (no trades, fees, shorts, derivatives, cash).
| Quarter | Fund | S&P 500 |
|---|---|---|
| 2025 Q2 | +14.8% | +11.4% |
| 2025 Q3 | +27.8% | +7.6% |
| 2025 Q4 | +13.3% | +3.1% |
| 2026 Q1 | +5.5% | -5.8% |
| 2026 Q2 | +1.4% | +15.5% |
Top holdings, 2026 Q2
| Ticker | Company | Value | Portfolio % | Change |
|---|---|---|---|---|
| RRC | RANGE RES CORP | $244.56M | 15.00% | +57% |
| SA | SEABRIDGE GOLD INC | $194.47M | 11.90% | -6.4% |
| EXE | EXPAND ENERGY CORPORATION | $157.17M | 9.60% | +111.8% |
| KT | KT CORP | $156.28M | 9.60% | +69.9% |
| NTR | NUTRIEN LTD | $137.57M | 8.40% | +53.5% |
| WY | WEYERHAEUSER CO | $89.98M | 5.50% | +97.3% |
| CNXC | CONCENTRIX CORP | $71.15M | 4.40% | +95.2% |
| RYN | RAYONIER INC | $69.56M | 4.30% | +49.5% |
| NAK | NORTHERN DYNASTY MINERALS LT | $61.78M | 3.80% | -1.5% |
| CRESY | CRESUD S A C I F Y A | $53.45M | 3.30% | +8% |
| NICE | NICE LTD | $51.15M | 3.10% | +124.4% |
| BEN | FRANKLIN RESOURCES INC | $43.94M | 2.70% | -62.5% |
| RGLD | ROYAL GOLD INC | $42.91M | 2.60% | +149.5% |
| CNC | CENTENE CORP DEL | $41.51M | 2.50% | -74.3% |
| NG | NOVAGOLD RESOURCES INC | $41.18M | 2.50% | +5.9% |
| THM | INTERNATIONAL TOWER HILL MIN | $37.35M | 2.30% | +6.3% |
| EPAM | EPAM SYS INC | $31.96M | 2.00% | NEW |
| CMCSA | COMCAST CORP NEW | $31.38M | 1.90% | +96.9% |
| VGZ | VISTA GOLD CORP | $26.83M | 1.60% | +1.4% |
| MOS | MOSAIC CO | $23.71M | 1.50% | NEW |
| IE | IVANHOE ELECTRIC INC | $9.94M | 0.61% | -42% |
| B | BARRICK MNG CORP | $4.94M | 0.30% | -76% |
| NEM | NEWMONT CORP | $4.70M | 0.29% | +6513.4% |
| KEP | KOREA ELEC PWR CORP | $2.51M | 0.15% | NO CHANGE |
| IRS | IRSA INVERSIONES Y REP S A | $1.32M | 0.08% | -0% |
| PLG | PLATINUM GROUP METALS LTD | $549.59K | 0.03% | +13.5% |
All funds · Hedge Fund Tracker
Source: SEC EDGAR 13F filings, reported as of quarter end and filed up to 45 days later. Not investment advice.