Kopernik

The firm's lasting product shelf is its strength. Its five-year risk-adjusted success ratio of 100% means that 100% of its strategies have both survived and beaten their respective category median on a risk-adjusted basis. A high success ratio indicates good performance and provides insight into a firm’s discipline around investment strategy and product development. Kopernik has had higher portfolio management turnover than peer firms in the past five years. Turnover in the portfolio-management ranks can happen for a number of reasons, including fund mergers and liquidations, portfolio managers moving into other roles, or portfolio managers leaving the firm. In some cases, such change may not signal a serious or immediate problem at the firm, but can still be disruptive for fundholders, hinder the effectiveness of a firm’s investment processes, or suggest a weaker investment culture. Lofty fees for the firm's open-end and exchange-traded funds are a weakness, contributing negatively to Kopernik's rating and creating a larger performance hurdle. The firm's fund fees, on average, fall within the second most-expensive quintile of similarly distributed strategies.