Kopernik Global All-Cap Equity Fund

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321.03
16 October 2025
ISIN
IE00BH4GYB17
Currency
USD
SFDR classification
Article 6
Benchmark
MSCI ACWI NR USD
Category
Global Flex-Cap Equity
Investment Style
Mid Value
Fund Size
USD2254m

INVESTMENT OBJECTIVES

The Fund seeks to provide long-term capital appreciation by investing primarily in equity securities of U.S. and non-U.S. companies.

The research driven investment process seeks to add value through active management and by selecting securities of companies that, in the manager’s opinion, are misperceived and undervalued by the market. The Fund may invest in any country, market, and sector/industry across the market capitalisation range within the Fund’s predefined investment guidelines.

The Fund’s Sub-Investment Manager, Kopernik Global Investors, LLC, was launched by David Iben on July 1, 2013 and operates out of Tampa, Florida. The firm provides investment management services for investment funds, institutions and separate accounts. Kopernik is a client-centric, 100% employee owned firm and many employees are invested in the firm’s strategies. The investment philosophy is that markets are inherently inefficient and significant alpha may be gained on a global basis via independent thought and rigorous research. Kopernik believes that only through bottom-up fundamental analysis may a thorough, forward looking understanding of a company’s business and valuation be gained. Kopernik views value as a prerequisite, not philosophy and views itself as owners of businesses.

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Key stats

The below shows the information for the share class selected in the drop down box directly below the name of the fund. You can use the drop down box to view information relating to other share classes listed in the fund. A full list of all currency share classes is available on request.

Investment Team LocationTampa, Florida, USA
Active/PassiveActive with reference to a benchmark
BenchmarkMSCI ACWI NR USD
Fund SizeUSD2254m
Fund Launch16 December 2013
Fund StatusOpen to all investors
Share Class Launch09 January 2014
Fund CurrencyUSD
Share Class CCYUSD
Management Fee1.15%
Min. InvestmentUSD2,000,000
Fund TypeUCITS
DomicileIreland
AdministratorBBH Fund Administration Services (Ireland) Ltd
DepositaryBBH Trustee Services (Ireland) Ltd
AuditorGrant Thornton
Dealing FrequencyDaily
SubscriptionsT+2
RedemptionsT+3
Risk Management
1234567
Lower RiskHigher Risk

Performance

As of 30 September 2025
to
Frequency
As of 16 October 2025
Fund -12.03 51.97 8.12 -12.01 10.70 38.29 20.78 -14.46 17.60 5.99
Benchmark -2.36 7.86 23.97 -9.41 26.60 16.25 18.54 -18.36 22.20 17.49
As of 16 October 2025
Fund 50.79 9.13 15.09 36.35 40.81 28.88 17.91 15.70 10.17
Benchmark 18.44 3.62 7.62 20.03 17.27 23.12 13.54 11.91 7.05

Past performance is no guide to future performance and the value of investment and income from them can fall as well as rise.

Kopernik Global All-Cap Equity Fund - Q2 2025 Market Update

Top Ten Holdings

As of 30 September 2025
Name Sector Country Weight %
1 Valterra Platinum Ltd Basic Materials South Africa 4.1
2 LG Uplus Corp Communication Services South Korea 3.2
3 Impala Platinum Holdings Ltd Basic Materials South Africa 3.1
4 Seabridge Gold Inc Basic Materials Canada 3.1
5 K+S AG Basic Materials Germany 2.2
6 Golden Agri-Resources Ltd Consumer Defensive Mauritius 2.2
7 Range Resources Corp Energy United States 2.1
8 National Atomic Co Kazatomprom JSC ADR Energy Kazakhstan 1.9
9 Paladin Energy Ltd Energy Australia 1.8
10 Novagold Resources Inc Basic Materials United States 1.8

Exposure Breakdowns

As of 30 September 2025
Type Fund % Benchmark %
Communication Services 8.0 8.8
Consumer Discretionary 2.5 10.7
Consumer Staples 6.5 5.3
Energy 11.5 3.5
Financials 5.1 17.3
Health Care 3.1 8.5
Industrials 8.7 10.7
Information Technology 0.1 27.2
Materials 29.3 3.6
Real Estate 0.2 1.9
Utilities 4.2 2.6
Cash 19.7 0
Type Fund % Benchmark %
South Korea 16.5 1.2
Canada 15.2 3.0
United States 11.7 64.7
South Africa 9.7 0.4
China 4.6 3.3
Brazil 4.5 0.6
Japan 4.3 4.8
France 4.0 2.1
United Kingdom 3.8 3.1
Germany 3.8 2.1
Australia 3.1 1.5
Hong Kong 3.0 0.4
Singapore 2.9 0.5
Kazakhstan 2.8 0
Mauritius 2.7 0
Chile 1.7 0.0
Ukraine 1.2 0
Indonesia 0.9 0.1
Malaysia 0.9 0.1
Mexico 0.6 0.2
Argentina 0.6 0
Thailand 0.4 0.1
Saudi Arabia 0.3 0.4
Philippines 0.3 0.0
Sri Lanka 0.3 0
Norway 0.2 0.1
Vietnam 0.0 0
Lebanon 0.0 0
Cash 19.7 0
Type Fund % Benchmark %
Giant 9.9 49.0
Large 23.8 34.6
Medium 38.8 16.0
Small 24.2 0.5
Micro 3.3 0
ValueBlendGrowth
SmallMidLarge
  • Fund
  • Benchmark

Fund Manager

David Iben, CFA

Founder, Co-Chief Investment Officer & Lead Portfolio Manager

Read More
Alissa Corcoran, CFA

Co-CIO, Director of Research & Portfolio Manager

Read More

Disclaimers

Heptagon Capital Limited, Heptagon Capital LLP and its Partners disclaim any and all liability relating to these materials, including, without limitation, any express or implied representations or warranties for statements or errors contained in, and omissions from, these materials. Certain assumptions have been made, and/or parameters set, in the preparation of these materials which have resulted in the returns detailed herein, and no representation or warranty is made that any returns indicated will be achieved. Changes to assumptions or parameters may have a material impact on the returns detailed. This document should not be considered an offer to buy or sell investments. Heptagon Capital Limited has issued this communication as investment manager for Heptagon Fund ICAV, and is licenced to conduct investment services by the Malta Financial Services Authority.

Heptagon Capital LLP, acting as Distributor, is authorised and regulated in the UK by the Financial Conduct Authority.

Representative and Paying Agent in Switzerland is Société Générale, Paris, Zurich branch, Talacker 50, PO Box 1928, 8021 Zurich, Switzerland. The prospectus, the key investor information document, the Articles and the annual and semi-annual reports are available free of charge from the Swiss representative.

The results given herein are based solely upon historical fund performance as gathered and supplied by Morningstar. That past performance has not been independently verified by either Heptagon Capital Limited or Heptagon Capital LLP. It is not intended to predict or depict the future performance of any investment. Past performance is not necessarily indicative of future returns.

The information contained herein is provided for informational purposes only, is not complete, and does not contain certain material information about the funds, including important disclosures and risk factors associated with an investment in the funds. Before making an investment in any fund, prospective investors are advised to thoroughly and carefully review the fund’s private placement memorandum with their financial, legal and tax advisors to determine whether an investment is suitable for them. An investment in these funds is not suitable for all investors.

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