Fund Evaluator:
Kopernik Global All-Cap I (KGGIX)
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Best Performing in Foreign Small/Mid Value Over the Last Year
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Fund Details
Kopernik Global All-Cap I Overview
Kopernik Global All-Cap I (KGGIX) is an actively managed International Equity Foreign Small/Mid Value fund. Kopernik launched the fund in 2013.
The investment seeks to provide long-term capital appreciation. The fund plans to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. and non-U.S. companies of any size. It will invest at least 40% of its net assets in securities of issuers located outside the U.S. and may invest significantly in securities of issuers located in emerging or frontier markets. No more than 35% of the fund's net assets may be invested in securities of companies located in a single country.
About Kopernik Global All-Cap I (KGGIX)
There are 2 members of the management team with an average tenure of 8.42 years: Alissa Corcoran (2022), David Iben (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI ACWI NR USD index with a weighting of 100%. Kopernik Global All-Cap I has 163 securities in its portfolio. The top 10 holdings constitute 24.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Kopernik Global All-Cap I is part of the Equity global asset class and is within the International Equity fund group. Kopernik Global All-Cap I has 76.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 12.5%. There is 76.5% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.3% (1.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Kopernik Global All-Cap I has 9.5% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is above the $797 million average for the Foreign Small/Mid Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
KGGIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Kopernik Global All-Cap I expense ratio is high compared to funds in the Foreign Small/Mid Value category. Kopernik Global All-Cap I has an expense ratio of 1.01%, which is 3% higher than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Kopernik Global All-Cap I has a portfolio turnover rate of 56%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Foreign Small/Mid Value category.
Recently, in the month of July 2026, Kopernik Global All-Cap I returned 4.0%, which earned it a grade of C, as the Foreign Small/Mid Value category had an average return of 4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Kopernik Global All-Cap I has a trailing yield of 5.42%, which is above the 2.88% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Kopernik Global All-Cap I Grades
Year to date, the fund has returned 4.3%, 5.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 28.5% over the past year (grade of A), 22.1% over the past three years (grade of A) and 12.4% per year over the past five years (grade of B) and 12.1% per year over the past 10 years (grade of A).
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KGGIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KGGIX Return (NAV) | 4.0% | -6.7% | 28.5% | 22.1% | 12.4% | 12.1% |
| KGGIX Grade | C | F | A | A | B | A |
| +/- Category | -0.8% | -9.8% | 6.8% | 4.4% | 2.0% | 2.5% |
| Foreign Small/Mid Value Avg | 4.9% | 3.1% | 21.7% | 17.7% | 10.4% | 9.7% |
| KGGIX Tax Cost Ratio | na | na | 4.8% | 3.2% | 3.3% | 2.3% |
KGGIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KGGIX Return (NAV) | 4.3% | 64.8% | -0.3% | 13.4% | -9.0% | 16.9% | 37.2% | 10.0% | -11.1% | 9.0% | 52.0% |
| KGGIX Grade | F | A | D | F | B | C | A | F | A | F | A |
| +/- Category | -5.8% | 28.8% | -5.9% | -6.3% | 2.6% | 1.3% | 30.3% | -8.1% | 8.5% | -18.0% | 42.6% |
| Foreign Small/Mid Value Avg | 10.1% | 36.0% | 5.6% | 19.7% | -11.6% | 15.6% | 6.9% | 18.1% | -19.6% | 27.0% | 9.4% |
| Risk Measures | |
| Standard Deviation: | 14.8% |
| Total Risk Index: | 1.21 - Above Average |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (73% Rank) |
| Beta: | 0.61 |
| R-Squared: | 32% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 5.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3232 Mil |
| Fund Total Assets: | $3,113 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 56% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.8 years | |||
| Average Tenure: 8.4 years | |||
| Managers (Year): Iben David (2013), Corcoran Alissa (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 163 |
| % in Top 10 Holdings: | 24.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 76.5% |
Portfolio Allocation |
|
| Domestic Stock: | 12.5% |
| Foreign Stock: | 76.5% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 1.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 9.5% |
Purchase Information
| Fund Family: | Kopernik |
| Phone Number: | 855-887-4544 |
| Website: | www.kopernikglobal.com |
| Status: | Closed |
| Inception Date: | November 1, 2013 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.01% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Kopernik Global All-Cap I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
