Kopernik Global Investors, Llc
- Regulatory AUM
- $10.2B
- Discretionary
- $10.2B
- Clients
- 13
- Avg AUM / client
- $783M
- Accounts
- 13
- Employees
- 44
AUM over time
Annual snapshots from Form ADV filings · as of Jul 27, 2026
Investments (13F portfolio — 31 positions, $1,432,165,836)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Seabridge Gold Inc | COM | $207,813,337 | 7,332,863 | 14.5% | 2.04% |
| 2 | Range Res Corp | COM | $189,241,580 | 4,188,614 | 13.2% | 1.86% |
| 3 | Kt Corp | SPONSORED ADR | $114,155,227 | 5,321,922 | 7.97% | 1.12% |
| 4 | Nutrien Ltd | COM | $107,438,439 | 1,423,780 | 7.5% | 1.06% |
| 5 | Expand Energy Corporation | COM | $89,320,521 | 813,632 | 6.24% | 0.88% |
| 6 | Franklin Resources Inc | COM | $83,203,505 | 3,522,587 | 5.81% | 0.82% |
| 7 | Centene Corp Del | COM | $82,410,050 | 2,517,106 | 5.75% | 0.81% |
| 8 | Novagold Resources Inc | COM NEW | $58,475,326 | 6,511,729 | 4.08% | 0.57% |
| 9 | Cresud S A C I F Y A | SPONSORED ADR | $56,165,709 | 4,415,543 | 3.92% | 0.55% |
| 10 | Weyerhaeuser Co | COM NEW | $46,529,158 | 1,904,591 | 3.25% | 0.46% |
| 11 | Northern Dynasty Minerals Lt | COM NEW | $45,718,184 | 32,655,846 | 3.19% | 0.45% |
| 12 | Rayonier Inc | COM | $45,085,692 | 2,186,503 | 3.15% | 0.44% |
| 13 | Concentrix Corp | COM | $44,523,092 | 1,627,306 | 3.11% | 0.44% |
| 14 | International Tower Hill Min | COM | $40,595,994 | 17,650,432 | 2.83% | 0.4% |
| 15 | Molina Healthcare Inc | COM | $38,915,735 | 291,941 | 2.72% | 0.38% |
| 16 | Nice Ltd | SPONSORED ADR | $27,669,526 | 250,948 | 1.93% | 0.27% |
| 17 | Vista Gold Corp | COM NEW | $27,149,940 | 13,852,010 | 1.9% | 0.27% |
| 18 | Barrick Mng Corp | COM SHS | $22,844,195 | 560,044 | 1.6% | 0.22% |
| 19 | Royal Gold Inc | COM | $21,926,604 | 86,159 | 1.53% | 0.22% |
| 20 | Ivanhoe Electric Inc | COM | $21,088,889 | 1,784,170 | 1.47% | 0.21% |
| 21 | Humana Inc | COM | $19,659,825 | 113,385 | 1.37% | 0.19% |
| 22 | Comcast Corp New | CL A | $18,638,905 | 649,213 | 1.3% | 0.18% |
| 23 | Air Lease Corp | CL A | $18,028,123 | 277,612 | 1.26% | 0.18% |
| 24 | Korea Elec Pwr Corp | SPONSORED ADR | $2,951,745 | 207,140 | 0.21% | 0.03% |
| 25 | Irsa Inversiones Y Rep S A | SPON GDS ECH 10 | $1,383,736 | 85,363 | 0.1% | 0.01% |
Top 25 of 31 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 3 | $4.4B | 43.2% |
| Pooled investment vehicles (non-investment companies) | 7 | $4.5B | 43.8% |
| Pension and profit sharing plans | 1 | $838M | 8.24% |
| Other investment advisers | 2 | $493M | 4.84% |
Private funds (3)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $394M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Kopernik Global All Cap Master Fund, Lp master | Hedge Fund | Delaware | $354M | 57 |
| Kopernik Global Long Term Opportunities Fund, Lp master | Private Equity Fund | Guernsey | $30.2M | 22 |
| Kopernik Global Unconstrained Master Fund, Lp master | Hedge Fund | Delaware | $9.6M | 13 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| C. S. Davidson, Inc. Employee Stock Ownership Plan C. S. Davidson, Inc. | 2024 |
People (4)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Iben, David, Bernhard | Manager, Chief Investment Officer | Jun 2013 (13y) | ≈ 37.5% – 75% via Kopernik Holdings, Llc | |
| Satra, Isabel | Chief Financial Officer | Jun 2013 (13y) | Less than 5% | |
| Yarich, Neda | President | May 2014 (12y) | Less than 5% | |
| Bertrand, Sarah, Lynn | General Counsel And Chief Compliance Officer | May 2018 (8y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Kopernik Holdings, Llc | Holding Company | Jan 2014 | A | 75% or more |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Iben, David, Bernhard: 50% – 75% of Kopernik Holdings, Llc × 75% – 100% direct ≈ 37.5% – 75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (3, $394M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Kopernik Global All Cap Master Fund, Lp | Hedge Fund | $354M | $1.0M | 57 |
| Kopernik Global Long Term Opportunities Fund, Lp | Private Equity Fund | $30.2M | $1.0M | 22 |
| Kopernik Global Unconstrained Master Fund, Lp | Hedge Fund | $9.6M | $1.0M | 13 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (1)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| C. S. Davidson, Inc. Employee Stock Ownership Plan | C. S. Davidson, Inc. | 69 | $9.0M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 1.58 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Other services
Custody
Reported custodians
- BNY Mellon $838M (8% of AUM) Mar 2026
- Northern Trust $306M (3% of AUM) Mar 2026
- Brown Brothers Harriman & Co. $186M (2% of AUM) Mar 2026
- State Street $76.2M (3% of AUM) May 2020
- J.P. Morgan $18.7M (1% of AUM) May 2020
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jul 27, 2026.
View current Form ADV (SEC/IAPD) ↗