Kopernik Global Investors, LLC

Q4 2025 13F-HR Holdings

Location
Tampa, FL
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
27
Total value ($000)
$1,252,074
Net value change ($000)
+24,823 (2.0%)
New positions
3
Sold out positions
3
Turnover %
8.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
SA 38,765 23.1%
NTR 33,874 45.6%
RGLD 23,329 100.2%
MOH 21,785 NEW
KT 20,602 23.2%
CMCSA 19,405 NEW
CRESY 19,342 56.4%
RRC 18,332 11.0%
BEN 17,214 27.2%
NAK 16,680 64.2%
Top Reduces (Value $000, Stocks/ETFs)
B -74,494 -74.4%
NG -37,049 -32.0%
SQM -34,940 -100.0%
SAND -19,864 -100.0%
SLB -15,491 -23.6%
BORR -13,406 -100.0%
IE -9,916 -59.1%
EXE -3,191 -4.1%
VGZ -1,807 -27.1%
NEM -1,773 -43.3%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 554 (0.0% 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