Kopernik Global All-Cap Equity Fund is a value-oriented mutual fund managed by Kopernik Global Investors and is a sub-fund of Heptagon Fund ICAV.
It recently released its Q1 2026 investor letter; a copy can be downloaded here
The strategy started the quarter positively but declined substantially in March. In the last third of the quarter, market volatility increased due to the impact of the war in the Middle East on energy prices. In this environment, focusing on fundamentals, avoiding overpriced securities, and diversifying across sectors and countries is important.
The Strategy remains focused on appraising businesses and managing risks through diversification and focuses on buying and holding companies at significant discounts to these values, viewing volatility as an opportunity to adjust our positions. In addition, please check the firm’s top five holdings to know its best picks in 2026. In its first-quarter 2026 investor letter, Kopernik Global All-Cap Equity Fund highlighted Rayonier Inc. (NYSE:RYN).