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Funds (13F)

Kopernik Global Investors, LLC

Backtest from 14 Feb 2014 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+19.4%
S&P 500 +13.7%
Last 12 months
+32.0%
S&P 500 +12.1%
Sharpe ratio
0.69
S&P 500 0.74
Biggest drop
−42.8%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2014201620182020202220242026 $95.2k$50.9k
StrategyS&P 500 $10,000 in Kopernik Global Investors, LLC from 14 Feb 2014 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Kopernik Global Investors, LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Kopernik Global Investors, LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+19.4%+13.7%
Total return+852%+409%
Last 12 months+32.0%+12.1%
Last 3 months+5.8%—
Last month+7.6%—
This year so far+17.0%—
Volatility a year28.8%16.2%
Sharpe ratio0.690.74
Biggest drop−42.8%−31.8%
Beta to the S&P 5000.821.00
Alpha a year (t-statistic)+9.9% (1.38)—
Share of weeks up55%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
RRC17.2%——
SA13.7%——
EXE11.1%——
NTR9.7%——
WY6.3%——
CNXC5.0%——
RYN4.9%——
NAK4.4%——
NICE3.6%——
BEN3.1%——
RGLD3.0%——
CNC2.9%——
NG2.9%——
THM2.6%——
EPAM2.3%——
CMCSA2.2%——
VGZ1.9%——
MOS1.7%——
IE0.7%——
B0.3%——
NEM0.3%——
PLG0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest14 Feb 2014 to 2 Nov 2026+19.4%+13.7%0.690.74−42.8%0.82+9.9% (1.38)
2018 onwards5 Jan 2018 to 2 Nov 2026+26.4%+13.9%0.830.66−42.8%0.79+15.7% (1.75)
Last three years3 Nov 2023 to 2 Nov 2026+44.1%+21.8%1.421.16−13.5%0.68+24.0% (1.81)
Last year7 Nov 2025 to 2 Nov 2026+33.6%+14.2%1.240.84−12.9%0.69+20.2% (0.98)
DateCompanyAction
14 Aug 2026SABought
14 Aug 2026MOSBought
14 Aug 2026EPAMBought
15 May 2026WYBought
15 May 2026RYNBought
15 May 2026PLGBought
15 May 2026NICEBought
15 May 2026HUMBought
15 May 2026CNXCBought
20 Feb 2026MOHBought
20 Feb 2026CMCSABought
21 Nov 2025SLBBought
21 Nov 2025CNCBought
21 Nov 2025BORRBought
15 Aug 2025NXEBought
15 Aug 2025BBought
14 Feb 2025NTRBought
14 Feb 2025NEMBought
14 Feb 2025EXEBought
14 Feb 2025AMTMBought
15 Nov 2024WPMBought
15 Nov 2024VGZBought
15 Nov 2024THMBought
15 Nov 2024RRCBought
15 Nov 2024RGLDBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026MOHSold
14 Aug 2026HUMSold
15 May 2026SLBSold
20 Feb 2026BORRSold
21 Nov 2025NXESold
21 Nov 2025AMTMSold
15 Aug 2025WPMSold
15 Aug 2025PPTASold
15 Aug 2025HMYSold
16 May 2025NXESold
16 May 2025BABASold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest