Kopernik International Fund

Kopernik International Fund


Fund Objective


The Fund seeks to provide long-term capital appreciation.

Fund Highlights


  • The Fund will invest primarily in equity securities of companies in any country, market, and sector/industry, generally across the mid to large market capitalization range.

  • The Fund may invest up to 15% of its net assets in U.S. domiciled businesses that have significant business activities outside the United States, as determined by Kopernik.

  • Philosophy and process designed to capitalize on market dislocations based on fear and greed (i.e., identifying mispriced securities due to prevailing market sentiment).

  • Intensive, original research leads to a 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 a low correlation to other managers.


Fund Facts


Class I Investor Class
CUSIP 00766Y240 00766Y257
Fiscal Year End 10/31 10/31
Inception Date June 30, 2015 December 10, 2018
Gross Expenses 1.11% 1.36%
Net Expenses1 1.10% 1.35%

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

1Kopernik has contractually agreed to reduce its fees and/or reimburse expenses in order to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and non-routine expenses) from exceeding 1.10% of the Fund’s Class I shares' average daily net assets and 1.35% of the Fund's Investor Class shares' average daily net assets until February 28, 2022.

Portfolio Managers


Mark McKinney, CFA

Co-Portfolio Manager since inception. Mark is a principal at Kopernik, with about 29 years of industry experience. He also serves as an analyst covering the telecommunications, technology, and media sectors.  More info

David B. Iben, CFA

Co-Portfolio Manager since inception. David (Dave) Iben is the Managing Member and Founder of Kopernik Global Investors, LLC, with about 39 years of industry experience. He also serves as the Chief Investment Officer, Sole Portfolio Manager of the Kopernik Global All-Cap strategy, Lead Portfolio Manager of the Kopernik Global Unconstrained strategy, and Co-Portfolio Manager of the Kopernik Global Long-Term Opportunities strategy (formerly, Kopernik Global Real Asset).  More info



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



Class I Shares


  Performance Through June 30, 2021 Performance Through August 31, 2021
Fund Class Ticker Q2 YTD 1 Year Since
 August YTD 1 Year Since
Class I (Institutional)  KGIIX  7.85% 15.04% 33.68% 10.84% -0.30% 13.14% 19.11% 10.23%
Investor Class (NAV) KGIRX 7.81% 14.86% 33.44% 19.35% -0.36% 12.88% 18.79% 17.32%
MSCI All Country World ex-U.S. Index (Net) N/A 5.48% 9.16% 35.72% 7.20% 1.90% 9.40% 24.87% 7.03%

1Class I inception date: June 30, 2015. Investor Class inception date: December 10, 2018.

2Time period begins on the Class I inception date: June 30, 2015

3Time period begins on the Investor Class inception date: December 10, 2018.

4Time period for the MSCI ACWI ex U.S. (net) begins on the Class I inception date: June 30, 2015.


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 08/31/2021 Fund
Gazprom PJSC 4.3%
Newcrest Mining Ltd 4.2%
NAC Kazatomprom JSC 3.6%
Cameco Corp 3.6%
Turquoise Hill Resources Ltd 3.1%
China Telecom Corp Ltd 3.0%
Wheaton Precious Metals Corp 2.9%
KT Corp 2.9%
Polyus PJSC 2.8%
Golden Agri-Resources Ltd 2.3%
Total Percent in Top 10 Issuers 32.7%
Sector Allocation Fund MSCI ACWI ex USA
Communication Services 10.9% 6.3%
Consumer Discretionary 2.1% 12.7%
Consumer Staples 4.7% 8.5%
Energy 19.3% 4.4%
Financials 3.0% 18.8%
Health Care 1.1% 9.6%
Industrials 4.8% 12.2%
Information Technology 0.5% 13.5%
Materials 23.5% 8.4%
Real Estate 1.2% 2.5%
Utilities 4.3% 3.1%


Regional Allocation Fund MSCI ACWI ex USA
Canada 19.7% 7.0%
Emerging Markets 39.4% 29.7%
Europe 2.5% 41.6%
Japan 5.6% 14.5%
Pacific ex Japan 7.2% 7.2%
United States 1.2% 0.0%
Portfolio Characteristics Fund   MSCI ACWI ex USA
Total Net Assets (millions) $485.9    
Number of Issuers 65    
Active Share 98.77    
Capitalization (billions)      
    Weighted Average $21.65   $100.30
    Median $7.31   $10.45
  Fund   MSCI ACWI ex USA
Trailing P/E* 13.28   32.20
Trailing P/CF* 6.49   20.72
Trailing P/B* 1.29   4.25
Trailing EV/S* 1.63   6.13

Allocations are as a percentage of total net assets as of August 31, 2021. 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 August 31, 2021, and are calculated using data from Bloomberg. Calculation method is a weighted average using GAAP/IFRS financials and including companies with negative metrics. Characteristics ratios are as a percentage of equity positions only, calculated at market value. Using industry standard reporting, which utilizes harmonic average (a method of calculating an average value that lessens the impact of large outliers) as of August 31, 2021, characteristics are as follows: P/E: 10.53 (INTL), 18.48 (MSCI ACWI ex US) | P/B: 0.86 (INTL), 1.90 (MSCI ACWI ex US) | P/CF: 4.31 (INTL), 10.38 (MSCI ACWI ex US) | EV/S: 1.45 (INTL), 2.98 (MSCI ACWI ex US). The MSCI All Country World Index ex U.S.A. (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 ex U.S.A. Index. MSCI ACWI data is sourced from Bloomberg Finance L.P. ©



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, 2021 (PDF)

Portfolio Holdings as of July 31, 2020 (PDF)

Summary Prospectus (PDF)

Prospectus (PDF)

Statutory Appendix (PDF)

Statement of Additional Information (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 International 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 Funds 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 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.

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 International Fund is available to U.S. investors only.

The Kopernik International 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.