Q4 2025 · 13F-HR
Kopernik Global Investors, LLCholdings as filed
Filed 2026-02-13 · accession 0001599814-26-000002
$1.25B
Reported value
27
Positions
2025-12-31
Period end
The Brief · Kopernik Global Investors, LLC · Q4 2025
AI · grounded in 13F
Kopernik Global Investors, LLC closed its position in Sociedad Quimica y Minera de SQM, reducing exposure by $34.9M. The fund established new positions in Molina Healthcare Inc MOH for $21.8M and Comcast Corp New CMCSA for $19.4M. Additionally, the fund increased its holdings in Royal Gold Inc RGLD by 80.7% and Nutrien Ltd NTR by 38.5%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 811916105 | SA | SEABRIDGE GOLD INC | $206.5M | 16.5% | 6,979,611 | Common | SOLE |
| 75281A109 | RRC | RANGE RES CORP | $184.7M | 14.8% | 5,238,903 | Common | SOLE |
| 48268K101 | KT | KT CORP | $109.4M | 8.74% | 5,768,752 | Common | SOLE |
| 67077M108 | NTR | NUTRIEN LTD | $108.2M | 8.64% | 1,753,659 | Common | SOLE |
| 15135B101 | CNC | CENTENE CORP DEL | $83.3M | 6.66% | 2,025,052 | Common | SOLE |
| 354613101 | BEN | FRANKLIN RESOURCES INC | $80.5M | 6.43% | 3,369,165 | Common | SOLE |
| 66987E206 | NG | NOVAGOLD RES INC | $78.6M | 6.27% | 8,429,379 | Common | SOLE |
| 165167735 | EXE | EXPAND ENERGY CORPORATION | $75.2M | 6.01% | 681,579 | Common | SOLE |
| 226406106 | CRESY | CRESUD S A C I F Y A | $53.6M | 4.28% | 4,246,881 | Common | SOLE |
| 806857108 | SLB | SLB LIMITED | $50.1M | 4.01% | 1,306,620 | Common | SOLE |
| 780287108 | RGLD | ROYAL GOLD INC | $46.6M | 3.72% | 209,678 | Common | SOLE |
| 66510M204 | NAK | NORTHERN DYNASTY MINERALS LT | $42.7M | 3.41% | 21,661,178 | Common | SOLE |
| 46050R102 | THM | INTERNATIONAL TOWER HILL MIN | $26.9M | 2.15% | 14,448,418 | Common | SOLE |
| 06849F108 | B | BARRICK MNG CORP | $25.7M | 2.05% | 590,051 | Common | SOLE |
| 60855R100 | MOH | MOLINA HEALTHCARE INC | $21.8M | 1.74% | 125,534 | Common | SOLE |
| 20030N101 | CMCSA | COMCAST CORP NEW | $19.4M | 1.55% | 649,213 | Common | SOLE |
| 00912X302 | AL | AIR LEASE CORP | $18.3M | 1.46% | 285,013 | Common | SOLE |
| 46578C108 | IE | IVANHOE ELECTRIC INC | $6.9M | 0.55% | 428,752 | Common | SOLE |
| 927926303 | VGZ | VISTA GOLD CORP | $4.9M | 0.39% | 2,466,589 | Common | SOLE |
| 500631106 | KEP | KOREA ELEC PWR CORP | $4.4M | 0.35% | 268,151 | Common | SOLE |
| 651639106 | NEM | NEWMONT CORP | $2.3M | 0.19% | 23,201 | Common | SOLE |
| 450047303 | IRS | IRSA INVERSIONES Y REP S A | $1.4M | 0.11% | 85,366 | Common | SOLE |
| 053332102 | AZO | AUTOZONE INC | $213,600 | 0.02% | 400 | PUT | SOLE |
| 704326107 | PAYX | PAYCHEX INC | $179,200 | 0.01% | 5,600 | PUT | SOLE |
| 00287Y109 | ABBV | ABBVIE INC | $84,180 | 0.01% | 4,600 | PUT | SOLE |
| 037833100 | AAPL | APPLE INC | $77,000 | 0.01% | 5,000 | PUT | SOLE |
| 031162100 | AMGN | AMGEN INC | $465 | 0.00% | 3,100 | PUT | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.