Nutrien (NTR) Dropped 15.4% in Q2: Why the Fertilizer Stock Could Be a Bargain

In the second quarter of 2026, the Kopernik Global All-Cap Fund experienced a challenging investment environment, resulting in a decline of 6.60% for its Class I shares. This underperformance contrasted sharply with the 14.93% gain of the MSCI ACWI, while the fund's one-year return stood at 21.88%, trailing behind the benchmark's 23.67%.

The fund attributed its poor performance to the manic, momentum-driven market, which caused a 3.2% decline in materials and a 1.5% drop in energy sectors. Additionally, precious-metals prices plummeted, with gold falling 16% and silver down 21%, further exacerbating the results. Looking forward, Kopernik remains committed to its value-focused approach, recognizing the opportunity to capitalize on the current market volatility and identify undervalued assets.

Among its top holdings, the fund identified Nutrien Ltd. (NYSE:NTR), a major global producer of potash and phosphate-based fertilizers. Despite Nutrien's shares trading between $55.03 and $85.36 during the past 52 weeks, the fund's Q2 2026 investor letter noted a -15.4% total return for the stock. Notably, Nutrien was not on the list of the 40 most popular stocks among hedge funds heading into 2026, with only 47 hedge fund portfolios holding the stock at the end of the first quarter, compared to 43 in the previous quarter.