Kopernik Portfolio Includes One with 39 Million Ounces of Gold in Reserves

September 30, 2019

Alissa Corcoran, CFA, is the Director of Research and analyst covering the health care as well as metals and mining sectors for Kopernik Global Investors, LLC. Previously, she was an analyst for Vinik Asset Management.

In this exclusive 2,780 word interview with the Wall Street Transcript, Ms. Corcoran outlines her investment philosophy and details her specific stock recommendations based on that philosophy.

“We currently manage $4 billion in assets. Our firm is 38 employees’ strong. We are bottom-up, long-term investors and see ourselves as owners of businesses. We don’t believe that the market is efficient, and we seek to take advantage of being able to buy high-quality businesses at large discounts to their risk-adjusted value.

We are a value investment firm, and we invest globally. And for us, value is a prerequisite, not necessarily a philosophy, as others might classify it.

So despite how out of fashion it is to value business on fundamentals, that’s what we do every single day. We search for businesses that are trading far below what we think they’re worth in the market. And when we find them, we buy them. So that’s really our business.”

One example is literally a gold mine:

“…One name that I find particularly interesting is called Seabridge Gold (NYSE:SA). It owns the largest undeveloped gold-copper deposit in Canada, and this deposit is one of the largest globally.

The deposit is called KSM. It has 39 million ounces of gold in reserves and an additional 11 million ounces in measured and indicated resource.

And then, if you include the inferred gold resource, it has an additional 56 million ounces of gold. Anyone who knows the gold space knows that this is an enormous, enormous deposit. ”

More details on this gold mine and many other examples from the Kopernik portfolio are available by reading the entire 2,780 word interview, only in the Wall Street Transcript.