# Kopernik Global Investors, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1599814. Source: https://holderbook.com/funds/1599814-kopernik-global-investors-llc/

- Reported value: $1.6B
- Positions: 30
- Weight of the ten largest: 75.7%
- Filed: 2026-08-11

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| RANGE RES CORP | [RRC](https://holderbook.com/stocks/RRC/) | $244.6M | 6,575,941 | 15.0% | 31 |
| SEABRIDGE GOLD INC | - | $194.5M | 7,554,992 | 11.9% | 1 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $157.2M | 1,723,513 | 9.6% | 7 |
| KT CORP | [KT](https://holderbook.com/stocks/KT/) | $156.3M | 9,043,938 | 9.6% | 31 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $137.6M | 2,185,431 | 8.4% | 7 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $90.0M | 3,758,427 | 5.5% | 2 |
| CONCENTRIX CORP | [CNXC](https://holderbook.com/stocks/CNXC/) | $71.2M | 3,175,766 | 4.4% | 2 |
| RAYONIER INC | [RYN](https://holderbook.com/stocks/RYN/) | $69.6M | 3,268,598 | 4.3% | 2 |
| NORTHERN DYNASTY MINERALS LT | [NAK](https://holderbook.com/stocks/NAK/) | $61.8M | 32,178,392 | 3.8% | 31 |
| CRESUD S A C I F Y A | [CRESY](https://holderbook.com/stocks/CRESY/) | $53.4M | 4,767,644 | 3.3% | 11 |
| NICE LTD | [NICE](https://holderbook.com/stocks/NICE/) | $51.1M | 563,013 | 3.1% | 2 |
| FRANKLIN RESOURCES INC | [BEN](https://holderbook.com/stocks/BEN/) | $43.9M | 1,320,571 | 2.7% | 8 |
| ROYAL GOLD INC | [RGLD](https://holderbook.com/stocks/RGLD/) | $42.9M | 214,983 | 2.6% | 31 |
| CENTENE CORP DEL | [CNC](https://holderbook.com/stocks/CNC/) | $41.5M | 646,716 | 2.5% | 4 |
| NOVAGOLD RESOURCES INC | [NG](https://holderbook.com/stocks/NG/) | $41.2M | 6,898,074 | 2.5% | 31 |
| INTERNATIONAL TOWER HILL MIN | [THM](https://holderbook.com/stocks/THM/) | $37.3M | 18,767,533 | 2.3% | 31 |
| EPAM SYS INC | [EPAM](https://holderbook.com/stocks/EPAM/) | $32.0M | 402,809 | 2.0% | 1 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $31.4M | 1,278,141 | 1.9% | 3 |
| VISTA GOLD CORP | [VGZ](https://holderbook.com/stocks/VGZ/) | $26.8M | 14,049,338 | 1.6% | 20 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $23.7M | 1,119,095 | 1.5% | 1 |
| IVANHOE ELECTRIC INC | [IE](https://holderbook.com/stocks/IE/) | $9.9M | 1,033,970 | 0.6% | 16 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $4.9M | 134,459 | 0.3% | 5 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $4.7M | 50,328 | 0.3% | 7 |
| KOREA ELEC PWR CORP | [KEP](https://holderbook.com/stocks/KEP/) | $2.5M | 207,140 | 0.2% | 29 |
| IRSA INVERSIONES Y REP S A | [IRS](https://holderbook.com/stocks/IRS/) | $1.3M | 85,360 | 0.1% | 3 |
| PLATINUM GROUP METALS LTD | [PLG](https://holderbook.com/stocks/PLG/) | $549.6K | 407,105 | 0.0% | 2 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $260.8K | 0 | 0.0% | 8 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $38.0K | 0 | 0.0% | 12 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $34.0K | 0 | 0.0% | 7 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $33.6K | 0 | 0.0% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +1.2% | +14.8% | -13.7% | 100% |
| Q1 2026 | +5.5% | -4.6% | +10.2% | 100% |
| Q4 2025 | +13.5% | +2.4% | +11.1% | 98% |
| Q3 2025 | +27.8% | +7.8% | +20.0% | 100% |
| Q2 2025 | +14.7% | +10.5% | +4.2% | 100% |
| Q1 2025 | +16.2% | -4.6% | +20.7% | 100% |
| Q4 2024 | -0.3% | +2.1% | -2.5% | 100% |
| Q3 2024 | +13.8% | +5.4% | +8.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.6B | 30 |
| Q1 2026 | $1.4B | 31 |
| Q4 2025 | $1.3B | 27 |
| Q3 2025 | $1.2B | 28 |
| Q2 2025 | $910.8M | 27 |
| Q1 2025 | $964.8M | 31 |
| Q4 2024 | $935.4M | 34 |
| Q3 2024 | $999.9M | 31 |
| Q2 2024 | $887.5M | 30 |
| Q1 2024 | $953.4M | 29 |
| Q4 2023 | $965.6M | 34 |
| Q3 2023 | $861.4M | 34 |