Overview
Fund Objective
The Fund seeks to provide long-term capital appreciation.
Fund Highlights
- The Fund will invest primarily in equity securities of companies in any country, market, and sector/industry, generally across the mid to large market capitalization range.
- The Fund may invest up to 15% of its net assets in U.S. domiciled businesses that have significant business activities outside the United States, as determined by Kopernik.
- Philosophy and process designed to capitalize on market dislocations based on fear and greed (i.e.,identifying mispriced securities due to prevailing market sentiment).
- 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 Facts
| Class | I | |
| Ticker | KGIIX | |
| CUSIP | 00766Y240 | |
| Fiscal Year End | 10/31 | |
| Benchmark | MSCI ACWI ex USA | |
| Inception Date | June 30, 2015 | |
| Gross Expenses | 4.34% | |
| Net Expenses1 | 1.10% |
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 1.10% 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.
Portfolio Managers
David B. Iben, CFA
Co-Portfolio Manager since inception. David (Dave) Iben is the Managing Member and Founder of Kopernik Global Investors, LLC, with over 33 years of industry experience. He also serves as the Chief Investment Officer, Sole Portfolio Manager of the Kopernik Global All-Cap strategy, Lead Portfolio Manager of the Kopernik Global Unconstrained strategy and Co-Portfolio Manager of the Kopernik Global Real Asset strategy. More info
Questions?
1-855-887-4KGI (4544) or funds@kopernikglobal.com
Performance
Class I Shares
| Performance Through March 31, 2016 | Performance Through April 30, 2016 | ||||||
|---|---|---|---|---|---|---|---|
| Fund Class | Ticker | Q1 | YTD | Since Inception1,2 |
April | YTD | Since Inception1,2 |
| Class I (Institutional) | KGIIX | 14.37% | 14.37% | 2.05% | 10.21% | 26.04% | 12.47% |
| MSCI All Country World Index ex USA (Net) | N/A | -0.38% | -0.38% | -9.66% | 2.63% | 2.25% | -7.28% |
Class A and Class I inception date: June 30, 2015.
1Cumulative
2Since Inception values in table above begin on inception date June 30, 2015.
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 4/30/2016 | Fund |
|---|---|
| Barrick Gold Corp | 5.0% |
| Gazprom PAO | 4.7% |
| Newcrest Mining Ltd | 4.7% |
| Cameco Corp | 3.8% |
| Silver Wheaton Corp | 3.8% |
| Sberbank of Russia PJSC | 3.8% |
| Royal Gold Inc | 3.2% |
| Novagold Resources Inc | 3.0% |
| KT Corp | 2.5% |
| Goldcorp Inc | 2.2% |
| Total Percent in Top 10 Issuers | 36.6% |
| Sector Allocation | Fund | MSCI ACWI ex USA |
|---|---|---|
| Consumer Discretionary | 0.7% | 11.6% |
| Consumer Staples | 3.6% | 11.0% |
| Energy | 13.1% | 6.7% |
| Financials | 7.9% | 25.9% |
| Health Care | 0.0% | 9.0% |
| Industrials | 4.9% | 11.5% |
| Information Technology | 5.0% | 8.1% |
| Materials | 27.9% | 7.4% |
| Telecommunications | 4.1% | 5.3% |
| Utilities | 1.9% | 3.6% |
| Regional Allocation | Fund | MSCI ACWI ex USA |
|---|---|---|
| Canada | 23.6% | 6.9% |
| Emerging Markets | 30.3% | 21.4% |
| Europe ex U.K. | 1.7% | 32.8% |
| Japan | 3.6% | 16.5% |
| Pacific ex Japan | 6.5% | 8.6% |
| United Kingdom | 0.0% | 13.9% |
| United States | 3.4% | 0.0% |
| Portfolio Characteristics | Fund | MSCI ACWI ex USA | |
|---|---|---|---|
| Number of Issuers | 41 | ||
| Total Net Assets (millions) | $1.6 | ||
| Capitalization (billions) | |||
| Weighted Average | $14.36 | $52.19 | |
| Median | $4.46 | $7.20 | |
| Weighted | Harmonic | Harmonic | |
| Trailing P/E | 17.26 | 14.61 | 15.20 |
| Trailing P/CF | 3.71 | 7.26 | 3.29 |
| Trailing P/B | 0.79 | 0.94 | 1.51 |
| Trailing EV/S | 1.17 | 2.09 | 1.28 |
Allocations are as a percentage of total net assets as of April 30, 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 Index ex U.S.A. (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 ex U.S.A. 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 Contribution Report (PDF)
Annual Report (PDF)
Summary Prospectus (PDF)
Prospectus (PDF)
Statement of Additional Information (PDF)
2015 Capital Gains and Income Distribution (PDF)
Risk/Return Summary section(s) of the Kopernik International 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 Funds 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.
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 International Fund is available to U.S. investors only.
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.
The Kopernik International 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. GAC. International.