Kopernik Global All-Cap Fund underperformed in Q2 2026 as NovaGold Resources plummeted 36.9% amid a broader sell-off in precious metals and a market shift toward growth-oriented equities.
NovaGold Resources plunged 36.9% in Q2 2026, with shares closing at $7.43, reflecting sharp declines in precious metals prices and momentum-driven market headwinds.
Gold prices fell 16% in Q2 2026, contributing to NovaGold's decline and the fund's underperformance.
Silver prices fell 21% in Q2 2026, further weighing on the fund's materials exposure.
Kopernik Global All-Cap Fund reported a 6.6% decline in Q2 2026, trailing the MSCI ACWI's 14.93% gain. The fund's performance was hampered by a 36.9% drop in NovaGold Resources and broader weakness in precious metals, with gold and silver prices falling 16% and 21% respectively. Despite the volatility, the firm maintains its long-term value strategy, viewing current market corrections as opportunities to acquire assets at a discount.
The fund struggled due to a momentum-driven market that favored growth stocks over its value-focused approach, compounded by sharp declines in precious metals and a 36.9% drop in its holding of NovaGold Resources.
NovaGold Resources, a gold developer focused on the Donlin Gold project, saw its shares drop 36.9% in Q2 2026, closing at $7.43 with a market capitalization of approximately $3.19 billion.