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Kopernik Global All-Cap Fund re-opening to new investors

497 1 fp0081107-2_497.htm

Kopernik Global All-Cap Fund (the “Fund”)

Supplement dated December 7, 2022
to the Summary Prospectus and Prospectus,
each dated March 1, 2022, as supplemented.

This supplement provides new and additional information beyond that contained in the Summary Prospectus and Prospectus and should be read in conjunction with the Summary Prospectus and Prospectus.

Effective January 3, 2023, Class A Shares and Class I Shares of the Fund are available for purchase by new investors. Accordingly, effective January 3, 2023, all references to the contrary are hereby deleted from the Summary Prospectus and Prospectus.

Please retain this supplement for future reference.



  • Interesting.

    The fund absolutely cratered in its first two years, 2014 and 2015. Terrible absolute returns - down about 40% - and terrible relative ones. Great since then but reopening, I'm guessing, because it saw massive outflows in the last couple months despite okay returns, about 4% in the past three months which isn't great but wouldn't normally cause investor flight.

    I might ask them.

  • This fund is called global, but 84% of its holdings are ex-US. Owns a lot of "stuff," metals and energy, and often has a big slug of gold.
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