Kopernik Global Investors, LLC

Q3 2025 13F-HR Holdings

Location
Tampa, FL
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
28
Total value ($000)
$1,227,251
Net value change ($000)
+316,477 (34.7%)
New positions
3
Sold out positions
3
Turnover %
15.3%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/13/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
CNC 80,526 NEW
SLB 65,639 NEW
SA 60,567 56.5%
RRC 52,117 45.6%
NTR 40,953 122.6%
NG 37,430 47.9%
EXE 17,284 28.3%
BORR 13,406 NEW
THM 11,334 91.7%
RGLD 8,860 61.4%
Top Reduces (Value $000, Stocks/ETFs)
SQM -30,031 -46.2%
AMTM -15,021 -100.0%
IE -14,185 -45.8%
NXE -12,218 -100.0%
B -6,580 -6.2%
NEM -6,430 -61.1%
BEN -4,551 -6.7%
SLV -399 -100.0%
NAK -360 -1.4%
KEP -319 -8.4%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 1,614 (0.1% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type