Kopernik Global All-Cap Equity Fund

Independent Thinking in Global Value Investing

Fund Overview

The Kopernik Global All-Cap Equity Fund is a global equity strategy designed to capture long-term capital appreciation through active stock selection across developed and emerging markets.

ISIN: IE00BH6XSF26

Structure: UCITS – ICAV (Ireland-domiciled)

Investment Manager: Heptagon Capital Limited

Sub-Investment Manager: Kopernik Global Investors LLC

Asset Class: Global Equity (All-Cap)

Currency: EUR

Fund inception: 16/12/2013

Share class inception: 28/09/2015

The portfolio invests across the entire capitalisation spectrum, allowing the managers to allocate capital wherever valuation opportunities arise rather than following benchmark allocations. The strategy therefore emphasises flexibility and independent research, seeking companies whose market prices diverge materially from their underlying economic value. 📊🌍

Source: FactSet Research Systems and Brown Brothers Harriman (BBH), Kopernik Global Investors.

As seen through its long-term performance profile, the strategy follows its own cycle rather than mirroring global equity indices.

The fund can diverge meaningfully from the benchmark during certain market phases, but when undervalued sectors re-rate the upside can be substantial. A recent example is the strong annual performance where the fund delivered around 70% versus roughly 22% for the MSCI ACWI, illustrating how a valuation-driven portfolio can benefit when market sentiment shifts. 📈🚀

Investment Philosophy

The style map offers a useful insight into how the strategy approaches the market. The portfolio sits firmly within the value segment across different market-capitalisation ranges, indicating a deliberate preference for companies trading below intrinsic value rather than high-growth stocks priced for future expectations.

This positioning reflects a disciplined value framework that prioritises valuation and margin of safety over short-term market trends. 📉📊

Source: Morningstar Direct, as of Feb 28, 2026.

On the other hand, by focusing on businesses where price and fundamentals diverge, the managers aim to exploit inefficiencies created by market sentiment, cyclical downturns or temporary investor pessimism. Over time, as fundamentals improve or the market reassesses these companies, the valuation gap can close, generating attractive long-term returns for patient investors. 💡📉

Source: Kopernik Global Investors, fund presentation.

Generally speaking, the strategy follows a contrarian value approach, seeking assets trading significantly below intrinsic value and waiting for the market to eventually recognise that value. The historical performance shown below reflects how this disciplined approach has translated into solid long-term returns.

Portfolio Positioning

Sector allocation provides a clear illustration of this philosophy in practice. The portfolio shows a significant overweight in materials and energy, sectors that tend to be cyclical and often fall out of favour during growth-driven market phases.

Meanwhile, exposure to information technology is considerably lower than in the MSCI ACWI benchmark. This composition reflects the managers’ emphasis on valuation opportunities rather than macroeconomic forecasting.

Source: FactSet Research and BBH

Geographically, the portfolio holds meaningful exposure to emerging markets and regions outside the United States, while the benchmark remains heavily concentrated in US equities. At the company level, positions such as Valterra Platinum, Seabridge Gold and LG Uplus highlight the fund’s willingness to invest in industries and regions that may currently be overlooked by the broader market. 🌏📈

Portfolio Dynamics

Investment flows provide a useful perspective on how investors behave around the strategy. Over time, the chart shows that net flows tend to move in cycles, with periods of inflows often following strong performance and outflows appearing after weaker market phases.

Despite these fluctuations, total assets have generally trended upward, suggesting that the strategy has continued to attract capital over the long run as performance compounds and investor confidence gradually builds. 📈💰

Source: Morningstar Direct, as of Jan 31, 2026.

This pattern is typical of contrarian strategies, where investor sentiment usually reacts to past performance rather than anticipating it. In other words, capital often enters the fund after strong periods rather than before them. 📊⚖️

Risk Context

Regarding the risk statistics we can highlight the differentiated nature of the strategy. With a beta of roughly 0.58 and a correlation near 0.55 to the benchmark, the portfolio behaves differently from traditional global equity funds. This lower correlation suggests that the strategy can provide diversification benefits within a broader equity allocation.

Source: Morningstar, as of 31.01.2026.

From a regulatory perspective, the fund sits in risk category 6, reflecting the volatility typically associated with global equities and exposure to emerging markets.

Source: Kopernik Global Investors, fund factsheet.

Investors should therefore expect periods of fluctuation in returns, particularly during market environments dominated by growth-oriented stocks. ⚠️📊

Fund Managers

The strategy is led by David Iben, founder of Kopernik Global Investors and one of the most recognised global value investors. 👨‍💼👩‍💼📊

His investment approach emphasises independent thinking and a willingness to invest where consensus views are most pessimistic but valuations appear compelling.

He is joined by Alissa Corcoran, Co-Chief Investment Officer and Director of Research.

Together they oversee the research process and portfolio construction, supported by a team of analysts who continuously challenge investment ideas and refine valuation frameworks through collaborative debate.

Why Consider the Kopernik Global All-Cap

This strategy is likely to appeal to investors looking for something genuinely different from traditional global equity funds. The portfolio often sits far from benchmark positioning, investing in areas of the market that tend to be overlooked or temporarily out of favour. As a result, it can make sense for investors seeking a high degree of diversification within a broader equity portfolio, particularly those comfortable with a more contrarian and unconventional allocation style. 🧭🪙

In practice, it may suit investors who value independent thinking and a proven long-term track record, and who are willing to tolerate periods where the portfolio moves differently from mainstream global equity strategies. For those interested in understanding the philosophy behind the strategy in more depth, here are a couple of interviews with David Iben, where he discusses how he thinks about markets and investing. 🎙️📚

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