Overview
Fund Objective
The Fund seeks to provide long-term capital appreciation.
Fund Highlights
- The Fund will invest primarily in equity securities of U.S. and non-U.S. companies.
- The Fund may invest in any country, market, and sector/industry across the market capitalization range within the Fund’s predefined investment guidelines.
- Philosophy and process designed to capitalize on market dislocations based on fear and greed.
- Intensive, original research leads to deep understanding of portfolio holdings.
- Risk is viewed on an absolute term and defined as permanent loss of capital/purchasing power.
- Opportunistic portfolio which we believe will have low correlation to other managers.
Fund News
After considerable consideration, and consistent with our approach of limiting capacity in order to enhance return potential, we have decided to proceed with soft close of the Kopernik Global All-Cap Fund effective March 31, 2017. Read more
Fund Facts
| Class | A | I |
| Ticker | KGGAX | KGGIX |
| CUSIP | 00766Y315 | 00766Y299 |
| Fiscal Year End | 10/31 | 10/31 |
| Benchmark | MSCI ACWI | MSCI ACWI |
| Inception Date | Nov 1, 2013 | Nov 1, 2013 |
| Gross Expenses | 1.37% | 1.13% |
| Net Expenses1 | 1.36% | 1.11% |
Expense ratios shown are reflective of the Fund’s current prospectus.
1Kopernik has contractually agreed to reduce its fees and/or reimburse expenses in order to keep Net Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses (collectively, “Excluded Expenses”)) from exceeding 1.35% of the Fund’s Class A Shares’ average daily net assets and 1.10% of the Fund’s Class I Shares’ average daily net assets until February 28, 2017. In the absence of current fee waivers, performance would be reduced.
After considerable consideration, and consistent with our approach of limiting capacity in order to enhance return potential, we have decided to proceed with soft close of the Kopernik Global All-Cap Fund effective March 31, 2017. Read more
Portfolio Manager
David B. Iben, CFA
Fund Manager since inception. David Iben is the Managing Member and Founder of Kopernik Global Investors, LLC, with 33 years of industry experience. He serves as the Chief Investment Officer and Lead Portfolio Manager.
The Portfolio Manager previously managed a “Comparable Fund.” For additional information about the past performance of the Portfolio Manager in managing the Comparable Fund, which does not represent the performance of the Kopernik Global All-Cap Fund, please click here to view the prospectus.
Questions?
1-855-887-4KGI (4544) or funds@kopernikglobal.com
Performance
Class A and Class I Shares
| Performance Through September 30, 2016 | Performance Through December 31, 2016 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Fund Class | Ticker | Q3 | YTD | 1 Year | Since Inception1,2 |
Dec | YTD | 1 Year | Since Inception1,2 |
| Class I (Institutional) | KGGIX | 10.22% | 50.87% | 49.70% | 1.85% | 4.80% | 52.00% | 52.00% | 1.95% |
| Class A (NAV) | KGGAX | 10.20% | 50.51% | 49.38% | 1.60% | 4.75% | 51.57% | 51.57% | 1.70% |
| Class A (max sales charge) | KGGAX | 3.91% | 41.86% | 40.70% | -0.44% | -1.29% | 42.87% | 42.87% | -0.19% |
| MSCI All Country World Index (Net) | N/A | 5.30% | 6.60% | 11.96% | 4.04% | 2.16% | 7.86% | 7.86% | 4.10% |
Class A and Class I inception date: November 1, 2013.
1Annualized
2Since Inception values in table above begin on inception date November 1, 2013.
Maximum sales charge for the Class A shares is 5.75%.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than the original cost, and current performance may be lower or higher than the performance quoted. For performance current to the most recent calendar month end, please call 1-855-887-4KGI.
Portfolio Characteristics & Allocations
| Top 10 Issuers as of 12/31/2016 | Fund |
|---|---|
| Newcrest Mining Ltd | 4.6% |
| Electricite de France SA | 3.9% |
| Cameco Corp | 3.5% |
| Gazprom PJSC | 3.4% |
| RusHydro PJSC | 3.0% |
| Federal Grid Co Unified Energy | 3.0% |
| Mitsui & Co Ltd | 3.0% |
| Centrais Eletricas Brasileiras | 2.8% |
| Sberbank of Russia PJSC | 2.7% |
| Mitsubishi Corp | 2.6% |
| Total Percent in Top 10 Issuers | 32.3% |
| Sector Allocation | Fund | MSCI ACWI |
|---|---|---|
| Consumer Discretionary | 2.2% | 12.1% |
| Consumer Staples | 6.6% | 9.5% |
| Energy | 11.3% | 7.4% |
| Financials | 7.2% | 18.7% |
| Health Care | 0.3% | 11.1% |
| Industrials | 15.9% | 10.6% |
| Information Technology | 4.4% | 15.5% |
| Materials | 27.0% | 5.3% |
| Real Estate | 1.4% | 3.1% |
| Telecommunications | 1.9% | 3.6% |
| Utilities | 13.3% | 3.2% |
| Regional Allocation | Fund | MSCI ACWI |
|---|---|---|
| Canada | 28.5% | 3.3% |
| Emerging Markets | 32.6% | 10.5% |
| Europe | 6.5% | 20.7% |
| Japan | 11.9% | 7.8% |
| Pacific ex Japan | 7.6% | 3.9% |
| United States | 4.3% | 53.8% |
| Portfolio Characteristics | Fund | MSCI ACWI | |
|---|---|---|---|
| Total Net Assets (millions) | $947.3 | ||
| Number of Issuers | 78 | ||
| Active Share | 99.70 | ||
| Capitalization (billions) | |||
| Weighted Average | $10.99 | $101.49 | |
| Median | $1.74 | $8.94 | |
| Weighted | Harmonic | Harmonic | |
| Trailing P/E | 15.41 | 11.43 | 18.73 |
| Trailing P/CF | 4.10 | 4.63 | 9.28 |
| Trailing P/B | 0.74 | 0.79 | 2.09 |
| Trailing EV/S | 1.14 | 1.36 | 1.79 |
Allocations are as a percentage of total net assets as of December 31, 2016. These positions may change over time without notice. The holdings listed should not be considered recommendations to purchase or sell a particular security. It should not be assumed that securities bought or sold in the future will be profitable or will equal the performance of the securities in this portfolio.
Characteristics ratios are as a percentage of equity positions only, calculated at market value. The MSCI All Country World (ACWI) Index (Net) is an unmanaged index compiled by Morgan Stanley Capital International. The MSCI indices returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in the MSCI ACWI Index. MSCI ACWI data is sourced from Bloomberg Finance L.P. ©
Glossary
Weighted Average Market Capitalization is the portfolio-weighted mean average capitalizations of all equity securities. Median Market Capitalization is midpoint of market capitalization based on the equity market capitalization of all securities. Weighted Harmonic Average Trailing P/E is the weighted average ratio of closing price to trailing 12 month market convention earnings per share as of the date of analysis. Weighted Harmonic Average Trailing P/CF is the weighted average ratio of closing price to trailing 12 month cash flow per share as of the date of analysis. Weighted Harmonic Average Trailing P/B is the weighted average ratio of closing price to book value per share as of the date of analysis. Weighted Harmonic Average Trailing EV/S is the weighted average ratio of the enterprise value to trailing 12 month sales as of the date of analysis. Weighted harmonic average is a method of calculating an average value that lessens the impact of large outliers.
Prospectus & Fund Documents
Fact Sheet (PDF)
Monthly Holdings (PDF)
Quarterly Commentary (PDF)
Quarterly Contribution Report (PDF)
Annual Report (PDF)
Semi-Annual Report (PDF)
Summary Prospectus (PDF)
Prospectus (PDF)
Statement of Additional Information (PDF)
2016 Capital Gains and Income Distribution (PDF)
Supplement to the Risk/Return Summary section(s) of the Kopernik Global All Cap Fund (Note this requires an interactive data viewer to view.) (XML)
Risk/Return Summary section(s) of the Kopernik Global All Cap Fund (Note this requires an interactive data viewer to view.) (XML)
Principal Risks
To determine if this Fund is an appropriate investment for you, carefully consider the investment objectives, risks, charges and expenses of the fund before investing. This and other information can be found in the summary and full prospectuses, which may be obtained by contacting your investment professional or calling Kopernik Fund at 1-855-887-4KGI (4544). Read them carefully before investing. Check with your investment professional to determine if the Fund is available for sale within their firm. Not all funds are available for sale at all firms.
The Kopernik Global All-Cap Fund and Kopernik International Fund are distributed by SEI Investments Distribution Company, One Freedom Valley Drive, Oaks, PA, 19456, which is not affiliated with Kopernik Global Investors, LLC. Check the background of SEI Investments Distribution Co. on FINRA’s BrokerCheck.
Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Portfolio will achieve its stated objectives. Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus. Investments in foreign securities may underperform and may be more volatile than comparable U.S. securities because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. Investments in foreign and emerging markets present additional risks, such as increased volatility and lower trading volume.
Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks.
There is no guarantee that the Kopernik Funds will meet their stated objectives. The Kopernik Global All-Cap Fund is available to U.S. investors only.
The Kopernik Global All-Cap Fund is offered only to citizens and residents of the U.S., and the information on this Internet site is intended only for such persons. Nothing on this Internet site should be considered a solicitation to buy or an offer to sell shares of this Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.