Molina Healthcare (MOH) Jumped 70.7% in Q2: Why the Stock Rally Was Enough to Sell

In the second quarter of 2026, the Kopernik Global All-Cap Fund faced a challenging investment landscape as momentum-driven markets and the surge in semiconductor stocks favored growth-oriented equities over the fund's value-focused strategy. The fund's Class I shares declined by 6.60%, significantly underperforming the 14.93% gain of the MSCI ACWI, while the fund's one-year return of 21.88% trailed the benchmark's 23.67% performance.

Kopernik attributed the quarter's weakness to the manic, momentum-driven market, which led to declines in materials (-3.2%) and energy (-1.5%), as well as a 1.1% hit from the fund's S&P 500 put option. Falling precious metals prices, with gold down 16% and silver down 21%, further compounded the results. Looking ahead, Kopernik remains committed to its long-term, fundamentals-based value strategy, viewing the sharp correction in hard-asset and out-of-favor areas as an opportunity to add to securities trading at substantial discounts to their risk-adjusted intrinsic value.

Among the fund's top holdings, Molina Healthcare Inc. (NYSE:MOH) stood out as a positive contributor, delivering a total return of 70.7%.