Institutional Manager · CIK 0001599814
Kopernik Global Investors, LLC
TAMPA, FL · File #028-15794
Latest AUM
$1.25B
Positions
27
Top-10 Concentration
82.3%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | BARRICK MNG CORP | 06849F108 | -2,467,339 | -$107.5M | +$33.0M |
| REDUCE | NOVAGOLD RES INC | 66987E206 | -4,708,198 | -$43.9M | +$6.8M |
| EXITED | SOCIEDAD QUIMICA Y MINERA DE | 833635105 | -812,944 | -$34.9M | $0 |
| ADD | NUTRIEN LTD | NTR | +487,059 | +$30.1M | +$3.8M |
| ADD | RANGE RES CORP | RRC | +818,295 | +$28.9M | -$10.5M |
| REDUCE | SLB LIMITED | SLB | -603,168 | -$23.1M | +$7.7M |
| ADD | KT CORP | KT | +1,213,304 | +$23.0M | -$2.4M |
| NEW | MOLINA HEALTHCARE INC | MOH | +125,534 | +$21.8M | $0 |
| ADD | ROYAL GOLD INC | RGLD | +93,613 | +$20.8M | +$2.5M |
| EXITED | SANDSTORM GOLD LTD | 80013R206 | -1,586,602 | -$19.9M | $0 |
Sector Allocation
Filing History
- 13F COMBINATION REPORTQ/E Dec 202527 pos · $1.25B
- 13F COMBINATION REPORTQ/E Sep 202528 pos · $1.23B
- 13F COMBINATION REPORTQ/E Jun 202528 pos · $910.8M
- 13F COMBINATION REPORTQ/E Mar 202531 pos · $964.8M
- 13F COMBINATION REPORTQ/E Dec 202434 pos · $935.4M
- 13F COMBINATION REPORTQ/E Sep 202431 pos · $999.9M
- 13F COMBINATION REPORTQ/E Jun 202430 pos · $887.5M
- 13F COMBINATION REPORTQ/E Mar 202429 pos · $953.4M
- 13F COMBINATION REPORTQ/E Dec 202334 pos · $861.4M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | SEABRIDGE GOLD INC | SA | 6,979,611 | $206.5M | 16.49% |
| 2 | RANGE RES CORP | RRC | 5,238,903 | $184.7M | 14.75% |
| 3 | KT CORP | KT | 5,768,752 | $109.4M | 8.74% |
| 4 | NUTRIEN LTD | NTR | 1,753,659 | $108.2M | 8.64% |
| 5 | CENTENE CORP DEL | CNC | 2,025,052 | $83.3M | 6.66% |
| 6 | FRANKLIN RESOURCES INC | BEN | 3,369,165 | $80.5M | 6.43% |
| 7 | NOVAGOLD RES INC | 66987E206 | 8,429,379 | $78.6M | 6.27% |
| 8 | EXPAND ENERGY CORPORATION | EXE | 681,579 | $75.2M | 6.01% |
| 9 | CRESUD S A C I F Y A | CRESY | 4,246,881 | $53.6M | 4.28% |
| 10 | SLB LIMITED | SLB | 1,306,620 | $50.1M | 4.01% |
| 11 | ROYAL GOLD INC | RGLD | 209,678 | $46.6M | 3.72% |
| 12 | NORTHERN DYNASTY MINERALS LT | 66510M204 | 21,661,178 | $42.7M | 3.41% |
| 13 | INTERNATIONAL TOWER HILL MIN | 46050R102 | 14,448,418 | $26.9M | 2.15% |
| 14 | BARRICK MNG CORP | 06849F108 | 590,051 | $25.7M | 2.05% |
| 15 | MOLINA HEALTHCARE INC | MOH | 125,534 | $21.8M | 1.74% |
| 16 | COMCAST CORP NEW | CCZ | 649,213 | $19.4M | 1.55% |
| 17 | AIR LEASE CORP | AIIR | 285,013 | $18.3M | 1.46% |
| 18 | IVANHOE ELECTRIC INC | IE | 428,752 | $6.9M | 0.55% |
| 19 | VISTA GOLD CORP | VGZ | 2,466,589 | $4.9M | 0.39% |
| 20 | KOREA ELEC PWR CORP | 500631106 | 268,151 | $4.4M | 0.35% |