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.
Added to
16
New positions
2
Reduced
6
| Action | Ticker | Shares Δ | Position Value | % Portfolio |
|---|---|---|---|---|
| ADD | RRC | +2,387,327 | $244,559,246 | 14.98% |
| ADD | SA | +222,129 | $194,465,494 | 11.91% |
| ADD | EXE | +909,881 | $157,167,150 | 9.63% |
| ADD | KT | +3,722,016 | $156,279,249 | 9.57% |
| ADD | NTR | +761,651 | $137,572,882 | 8.43% |
| ADD | WY | +1,853,836 | $89,976,742 | 5.51% |
| ADD | CNXC | +1,548,460 | $71,153,038 | 4.36% |
| ADD | RYN | +1,082,095 | $69,555,765 | 4.26% |
| REDUCE | NAK | -477,454 | $61,782,513 | 3.79% |
| ADD | CRESY | +352,101 | $53,445,289 | 3.27% |
| ADD | NICE | +312,065 | $51,149,731 | 3.13% |
| REDUCE | BEN | -2,202,016 | $43,935,397 | 2.69% |
| ADD | RGLD | +128,824 | $42,912,757 | 2.63% |
| REDUCE | CNC | -1,870,390 | $41,512,700 | 2.54% |
| ADD | NG | +386,345 | $41,181,502 | 2.52% |
| ADD | THM | +1,117,101 | $37,347,391 | 2.29% |
| NEW | EPAM | +402,809 | $31,962,894 | 1.96% |
| ADD | CMCSA | +628,928 | $31,378,362 | 1.92% |
| ADD | VGZ | +197,328 | $26,834,236 | 1.64% |
| NEW | MOS | +1,119,095 | $23,713,623 | 1.45% |
| REDUCE | IE | -750,200 | $9,936,452 | 0.61% |
| REDUCE | B | -425,585 | $4,938,679 | 0.30% |
| REDUCE | IRS | -3 | $1,317,958 | 0.08% |
| ADD | PLG | +48,413 | $549,592 | 0.03% |