Kopernik Global All-Cap Fund

Kopernik Global All-Cap Fund

 

Fund Objective

 

The Fund seeks to provide long-term capital appreciation.

Fund Highlights

 

  • The Fund will invest primarily in equity securities of U.S. and non-U.S. companies.

  • The Fund may invest in any country, market, and sector/industry across the market capitalization range within the Fund's predefined investment guidelines.

  • Philosophy and process designed to capitalize on market dislocations based on fear and greed.

  • Intensive, original research leads to deep understanding of portfolio holdings.

  • Risk is viewed on an absolute term and defined as permanent loss of capital/purchasing power.

  • Opportunistic portfolio which we believe will have low correlation to other managers.

 

Fund News

 

Kopernik has soft closed the Kopernik Global All-Cap Fund effective March 31, 2021. Please see the prospectus for more information.

Fund Facts

 

Class A I
Ticker KGGAX KGGIX
CUSIP 00766Y315 00766Y299
Fiscal Year End 10/31 10/31
Benchmark MSCI ACWI MSCI ACWI
Inception Date Nov 1, 2013 Nov 1, 2013
     
Expense Ratios1 1.28% 1.03%

 

1Expense ratios shown are reflective of the Fund's current prospectus.
 

Portfolio Manager

 

David B. Iben, CFA

Fund Manager since inception. David Iben is the Managing Member and Founder of Kopernik Global Investors, LLC, with 40 years of industry experience. He serves as the Chief Investment Officer and Lead Portfolio Manager.  More info

The Portfolio Manager previously managed a "Comparable Fund." For additional information about the past performance of the Portfolio Manager in managing the Comparable Fund, which does not represent the performance of the Kopernik Global All-Cap Fund, please click here to view the prospectus.

Alissa Corcoran, CFA

Co-Portfolio Manager effective July 1, 2022. Alissa Corcoran is Deputy CIO, Director of Research, and an analyst covering health care, with 10 years of industry experience. More info

Questions?

 

1-855-887-4KGI (4544) or funds@kopernikglobal.com

Performance

 

Class A and Class I Shares

 

  Performance Through September 30, 2022 Performance Through October 31, 2022
Fund Class Ticker Q3 YTD 1 Year 5 Year Since
Inception1,2
October YTD 1 Year 5 Year Since
Inception1,2
 Class I (Institutional)  KGGIX  -6.27% -19.57% -19.52% 5.18% 4.34% 2.67% -17.42% -20.64% 5.78% 4.60%
 Class A (NAV)  KGGAX  -6.24% -19.69% -19.66% 4.93% 4.09% 2.66% -17.55% -20.79% 5.52% 4.36%
 Class A (max sales charge)  KGGAX  -11.62% -24.33% -24.27% 3.69% 3.14% -3.26% -22.31% -25.34% 4.27% 3.68%
 MSCI All Country World Index (Net) N/A -6.82% -25.63% -20.66% 4.44% 5.81% 6.03% -21.14% -19.96% 5.24% 6.45%

Class A and Class I inception date: November 1, 2013.
1Annualized
2Since Inception values in the table above begin on inception date November 1, 2013.
Maximum sales charge for the Class A shares is 5.75%.

Past performance does not guarantee future results. The performance data quoted represents past performance. Current returns and principal value of the investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost, and current performance may be lower or higher than the performance quoted. For performance current to the most recent calendar month-end, please call 1-855-887-4KGI. 

Portfolio Characteristics & Allocations

 

Top 10 Issuers as of 10/31/2022* Fund
KT Corp 4.5%
Newcrest Mining Ltd 3.9%
Sprott Physical Uranium Trust 3.0%
NAC Kazatomprom JSC 2.9%
Golden Agri-Resources Ltd 2.9%
Wheaton Precious Metals Corp 2.8%
Centrais Eletricas Brasileiras 2.3%
Southwestern Energy Co 2.2%
Turquoise Hill Resources Ltd 2.2%
Range Resources Corp 2.0%
Total Percent in Top 10 Issuers 28.7%
Sector Allocation* Fund MSCI ACWI
Communication Services 5.9% 6.8%
Consumer Discretionary 4.8% 10.8%
Consumer Staples 7.5% 7.6%
Energy 14.2% 5.8%
Financials 7.0% 14.8%
Health Care 3.9% 13.3%
Industrials 14.6% 9.8%
Information Technology 1.3% 20.9%
Materials 24.5% 4.6%
Real Estate 0.8% 2.5%
Utilities 8.0% 3.0%

 

Regional Allocation*^ Fund MSCI ACWI
Canada 22.8% 3.2%
Emerging Markets 36.5% 10.2%
Europe  5.4% 15.5%
Japan 10.7% 5.2%
Pacific ex Japan 10.7% 2.9%
United States 6.2% 63.0%
Portfolio Characteristics* Fund MSCI ACWI
Total Net Assets (millions) $1,811.2  
Number of Issuers 114  
Active Share 99.55  
Capitalization (billions)    
    Weighted Average $10.48 $314.77
    Median $1.93 $9.96
  Fund MSCI ACWI
Trailing P/E** 8.28 21.25
Trailing P/CF** 3.99 15.24
Trailing P/B** 0.63 4.10
Trailing EV/S** 1.13 4.06

*The value of local Russian security holdings and Russian GDR/ADR holdings as of October 31, 2022 reflect fair value pricing.

^Excludes exchange-traded fund (less than 0.5% of net assets).

The U.S. government has imposed sanctions on Russian companies across multiple business sectors, which may inhibit Kopernik’s ability to buy or sell certain securities. Kopernik continues to monitor the situation and will comply with all U.S. sanctions.

Allocations are a percentage of total net assets as of October 31, 2022. These positions may change over time without notice. The holdings listed should not be considered recommendations to purchase or sell a particular security. It should not be assumed that securities bought or sold in the future will be profitable or will equal the performance of the securities in this portfolio.

**Characteristics above are as of October 31, 2022, and are calculated using data from Bloomberg. Calculation method is a weighted average using GAAP/IFRS financials and including companies with negative metrics. Using industry-standard reporting, which utilizes harmonic average (a method of calculating that lessens the impact of large outliers) as of October 31, 2022, characteristics are as follows: P/E: 6.85 (GAC), 15.35 (MSCI ACWI) | P/B: 0.53 (GAC), 2.44 (MSCI ACWI) | P/CF: 3.61 (GAC), 9.99 (MSCI ACWI) | EV/S: 1.06 (GAC), 2.58 (MSCI ACWI). The MSCI All Country World (ACWI) Index (Net) is an unmanaged index compiled by Morgan Stanley Capital International. The MSCI indices returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in the MSCI ACWI Index. MSCI ACWI data is sourced from Bloomberg Finance L.P. ©

Glossary

Weighted Average Market Capitalization is the portfolio-weighted mean average capitalizations of all equity securities. Median Market Capitalization is the midpoint of market capitalization based on the equity market capitalization of all securities. Trailing P/E is the weighted average ratio of closing price to trailing 12-month market convention earnings per share as of the date of analysis. Trailing P/CF is the weighted average ratio of closing price to trailing 12-month cash flow per share as of the date of analysis. Trailing P/B is the weighted average ratio of closing price to book value per share as of the date of analysis. Trailing EV/S is the weighted average ratio of the enterprise value to trailing 12-month sales as of the date of analysis. 

 

Prospectus & Fund Documents

 

Fact Sheet (PDF)

Monthly Holdings (PDF)

Quarterly Commentary (PDF)

Quarterly Contribution Report (PDF)

Annual Report (PDF)

Semi-Annual Report (PDF)

Portfolio Holdings as of January 31, 2022 (PDF)

Portfolio Holdings as of July 31, 2021 (PDF)

Summary Prospectus (PDF)

Prospectus (PDF)

Statutory Appendix (PDF)

Statement of Additional Information (PDF)

2022 Estimated Capital Gain Distribution and Income Dividend (PDF)

2021 Final Capital Gain Distribution and Income Dividend (PDF)

2020 Final Capital Gain Distribution and Income Dividend (PDF)

2019 Final Capital Gain Distribution and Income Dividend (PDF)

2018 Final Capital Gain Distribution and Income Dividend (PDF)

2017 Final Capital Gain Distribution and Income Dividend (PDF)

Risk/Return Summary section(s) of the Kopernik Global All Cap Fund (Note this requires an interactive data viewer to view.) (XML)

 

Principal Risks

 

To determine if this Fund is an appropriate investment for you, carefully consider the investment objectives, risks, charges and expenses of the fund before investing. This and other information can be found in the summary and full prospectuses, which may be obtained by contacting your investment professional or calling Kopernik Fund at 1-855-887-4KGI (4544). Read them carefully before investing. Check with your investment professional to determine if the Fund is available for sale within their firm. Not all funds are available for sale at all firms.

The Fund may purchase or write options, which involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Put and call options on indices give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally, rather than the price movements in individual securities.

The Kopernik Global All-Cap Fund and Kopernik International Fund are distributed by SEI Investments Distribution Company, One Freedom Valley Drive, Oaks, PA, 19456, which is not affiliated with Kopernik Global Investors, LLC. Check the background of SEI Investments Distribution Co. on FINRA’s BrokerCheck.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Kopernik Global Investors, LLC. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Portfolio will achieve its stated objectives. Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus. Investments in foreign securities may underperform and may be more volatile than comparable U.S. securities because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. Investments in foreign and emerging markets present additional risks, such as increased volatility and lower trading volume.

Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.

There is no guarantee that the Kopernik Funds will meet their stated objectives. The Kopernik Global All-Cap Fund is available to U.S. investors only.

The Kopernik Global All-Cap Fund is offered only to citizens and residents of the U.S., and the information on this Internet site is intended only for such persons. Nothing on this Internet site should be considered a solicitation to buy or an offer to sell shares of this Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.