DI
David Iben
Kopernik Global Investors
- Portfolio value
- $1,632,202,061
- Stocks
- 30
- Period
- Q2 2026
- Filed
- 11 Aug 2026
Contrarian global value; seeks deeply undervalued hard-asset and emerging-market names worldwide.
✦
Cut Barrick Mining Corp 76.0%, added 150% to Royal Gold Inc and opened 2 new positions, the largest EPAM at 2.0%. Basic Materials is still the biggest weight in the book at 31.6%. The top five names are 55% of it.
Sector exposure
Basic Materials
31.6%
Energy
24.6%
Communication Services
11.5%
Unknown
11.3%
Real Estate
9.9%
Technology
5.1%
Industrials
3.3%
Financial Services
2.7%
Consumer Cyclical
0.0%
Healthcare
0.0%
Concentration
15.0%Largest, RRC
55%Top 5
76%Top 10
6Positions over 5%
10Under 1%, 1% of the book
Portfolio return
Time-weighted · held at window start
By position
By sector
| Stock | % Portfolio | Recent Activity | Shares | Reported Price | Value | |
|---|---|---|---|---|---|---|
| RRC — Range Resources Corp | 14.98% | Add 57.00% | 6,575,941 | $37.19 | $244,559,246 | ↗ ◎ |
| SA — Seabridge Gold Inc | 11.91% | Add 3.03% | 7,554,992 | $25.74 | $194,465,494 | ↗ ◎ |
| EXE — Expand Energy Corp | 9.63% | Add 111.83% | 1,723,513 | $91.19 | $157,167,150 | ↗ ◎ |
| KT — Kt Corp-Sp Adr | 9.57% | Add 69.94% | 9,043,938 | $17.28 | $156,279,249 | ↗ ◎ |
| NTR — Nutrien Ltd | 8.43% | Add 53.49% | 2,185,431 | $62.95 | $137,572,882 | ↗ ◎ |
| WY — Weyerhaeuser Co | 5.51% | Add 97.34% | 3,758,427 | $23.94 | $89,976,742 | ↗ ◎ |
| CNXC — Concentrix Corp | 4.36% | Add 95.15% | 3,175,766 | $22.41 | $71,153,038 | ↗ ◎ |
| RYN — Rayonier Inc | 4.26% | Add 49.49% | 3,268,598 | $21.28 | $69,555,765 | ↗ ◎ |
| NAK — Northern Dynasty Minerals | 3.79% | Reduce 1.46% | 32,178,392 | $1.92 | $61,782,513 | ↗ ◎ |
| CRESY — Cresud S.a.-Spons Adr | 3.27% | Add 7.97% | 4,767,644 | $11.21 | $53,445,289 | ↗ ◎ |
| NICE — Nice Ltd - Spon Adr | 3.13% | Add 124.35% | 563,013 | $90.85 | $51,149,731 | ↗ ◎ |
| BEN — Franklin Resources Inc | 2.69% | Reduce 62.51% | 1,320,571 | $33.27 | $43,935,397 | ↗ ◎ |
| RGLD — Royal Gold Inc | 2.63% | Add 149.52% | 214,983 | $199.61 | $42,912,757 | ↗ ◎ |
| CNC — Centene Corp | 2.54% | Reduce 74.31% | 646,716 | $64.19 | $41,512,700 | ↗ ◎ |
| NG — Novagold Resources Inc | 2.52% | Add 5.93% | 6,898,074 | $5.97 | $41,181,502 | ↗ ◎ |
| THM — Intl Tower Hill Mines Ltd | 2.29% | Add 6.33% | 18,767,533 | $1.99 | $37,347,391 | ↗ ◎ |
| EPAM — Epam Systems Inc | 1.96% | New | 402,809 | $79.35 | $31,962,894 | ↗ ◎ |
| CMCSA — Comcast Corp-Class A | 1.92% | Add 96.88% | 1,278,141 | $24.55 | $31,378,362 | ↗ ◎ |
| VGZ — Vista Gold Corp | 1.64% | Add 1.42% | 14,049,338 | $1.91 | $26,834,236 | ↗ ◎ |
| MOS — Mosaic Co/the | 1.45% | New | 1,119,095 | $21.19 | $23,713,623 | ↗ ◎ |
| IE — Ivanhoe Electric Inc. | 0.61% | Reduce 42.05% | 1,033,970 | $9.61 | $9,936,452 | ↗ ◎ |
| B — Barrick Mining Corp | 0.30% | Reduce 75.99% | 134,459 | $36.73 | $4,938,679 | ↗ ◎ |
| NEWMONT CORP | 0.29% | 50,328 | $93.40 | $4,700,635 | ||
| KOREA ELEC PWR CORP | 0.15% | 207,140 | $12.10 | $2,506,394 | ||
| IRS — Irsa -Sp Adr | 0.08% | Reduce 0.00% | 85,360 | $15.44 | $1,317,958 | ↗ ◎ |
| PLG — Platinum Group Metals Ltd | 0.03% | Add 13.50% | 407,105 | $1.35 | $549,592 | ↗ ◎ |
| AZO — Autozone Inc | 0.02% | 400 | $652.00 | $260,800 | ↗ ◎ | |
| AMGN — Amgen Inc | 0.00% | 4,200 | $9.05 | $38,010 | ↗ ◎ | |
| AAPL — Apple Inc | 0.00% | 5,000 | $6.80 | $34,000 | ↗ ◎ | |
| ABBV — Abbvie Inc | 0.00% | 4,600 | $7.30 | $33,580 | ↗ ◎ |