Top Stocks From A Star Investor You've Never Heard Of

Weekly Issue

When I started this Flagship adventure last year, one of our initial discussions was about the need to resist the temptation to use cheap marketing tricks and misinformation techniques to attract members.

I am never going to promise to make you rich by next week or even the week after.

I am never going to tell you that western civilization is collapsing, and your only hope is to subscribe now.

I will never, under any circumstances, attempt to build a tribe based on fear of the government, or on inside money-making secrets of the secret cabal that secretly runs the world.

Whatever tribe we build here will be focused on making money.

You guys can fight the cabals and keep an eye out for the black helicopters.

We will focus on core strategies that allow you to maximize returns and build income streams.

I also told you that in addition to the model portfolio and market overviews every week, we would discuss the opportunities that I uncovered in my research and studies.

Today I want to talk to you about the art of idea piracy, a craft I have almost perfected over the past 35 years.

I have studied the 13F filings of the world's best investors since the 1980s.

Back then we used dot matrix printouts and highlighters to see what the best investors were buying and selling.

It is a bit easier than that now, but as is the case with many things these days, the media and instant experts of the Internet make it much more difficult.

If you care about clicks and eyeballs, you will write about the most popular and well-known investors.

All the articles are about Buffett, Woods, Druckenmiller, Ackman, and other darlings of the day.

If you care about making money, then you need to be talking about the off-the-radar investors who are putting up big numbers with little media or Internet chatter.

You want to track investors who make money and are unlikely to have turned over their entire portfolio in the 45 days between the end of the quarter and the filing deadline.

Kopernik Global Investors, a Tampa-based global value manager, checks those boxes.

Founder David Iben is one of the more interesting independent thinkers in global value investing today. Before launching the firm in 2013, he spent years running international portfolios at Vinik Asset Management, where he built a reputation for ignoring benchmarks and focusing on absolute value instead of relative performance games.

Iben comes out of the classic Graham and Whitman tradition, looking for assets trading at steep discounts to intrinsic value with real downside protection rather than chasing whatever is working this quarter. In a market dominated by index flows and momentum narratives, Iben remains a true contrarian, focused on buying dollars for fifty cents and waiting patiently for sentiment to catch up with reality.

Checking the firm's 13F filing every quarter and buying the firm's top ten holdings has been a market-beating strategy for investors who do the homework needed to spot the off-the-beaten-path investors.

The firm Iben has built is likely to be around for a long time. The firm is 100% employee owned, and so everyone in the building has skin in the game.

Here are the firm's top positions at the end of 2025:

When you look at the top holdings, you immediately see the fingerprints of a deep value global investor who is far more interested in asset value and long term supply demand imbalances than whatever momentum trade is dominating headlines this week. The portfolio leans heavily toward hard assets, out of favor sectors, and companies where sentiment is weak but intrinsic value remains intact.

Seabridge Gold $SA ( ▲ 2.0% ) is a perfect example of that mindset. This is not about quarterly earnings beats. It is about enormous embedded optionality tied to one of the largest undeveloped gold and copper resource bases in the world. When capital flows back into large scale resource development, assets like this can reprice dramatically because the underlying ounces in the ground dwarf the current market valuation.

Range Resources $RRC ( ▲ 5.6% ) reflects a similar theme in natural gas. The company operates in the Marcellus with a deep inventory of low cost reserves and significant leverage to normalized gas prices. LNG exports, power demand, and industrial electrification continue to tighten the long term supply outlook, but the market remains focused on short term volatility. That disconnect is exactly where a contrarian global value investor tends to step in.

KT Corporation $KT ( ▼ 0.71% ) brings in the classic international telecom deep value angle. Stable cash flows, infrastructure assets, and a valuation that often trades at a steep discount to global peers make it the kind of overlooked income producing business that fits perfectly into a margin of safety framework. It is not flashy, but it throws off cash and trades at a price that reflects far more pessimism than reality.

Nutrien $NTR ( ▲ 2.65% ) adds exposure to the global fertilizer cycle, which remains one of the most asset heavy and strategically important segments of the commodities market. With potash and crop nutrients tied directly to food security, the company benefits from structural demand drivers that extend well beyond any single agricultural season. Cyclicality creates volatility, but it also creates opportunity when the market prices these businesses as if demand will disappear.

Centene $CNC ( ▲ 4.54% ) stands out as a misunderstood healthcare name. Managed care companies tied to government programs often trade at discounted multiples because investors fear regulatory risk and margin pressure. Yet enrollment growth and recurring revenue streams create a durable business model that can look extremely cheap when sentiment turns negative.

Franklin Resources $BEN ( ▼ 3.25% ) reflects another classic deep value theme. Traditional asset managers have been left for dead by the rise of passive investing, but the underlying cash flow, brand recognition, and global distribution networks remain valuable. When expectations fall far enough, even modest stabilization in flows can drive significant upside.

Natural gas exposure shows up again through Expand Energy $EXE ( ▲ 1.53% ), a company positioned to benefit from structural growth in gas demand tied to LNG exports and the rising power needs of data centers and electrification trends. The market continues to treat natural gas producers as purely cyclical trades, but long duration demand shifts are beginning to change that narrative.

Schlumberger $SLB ( ▼ 0.29% ) represents the highest quality oilfield services platform in the world, with a strong international footprint and advanced technology capabilities. Unlike smaller service firms, SLB benefits from diversified revenue streams and exposure to global upstream investment cycles that tend to lag U.S. shale. It is a way to gain leverage to rising energy investment without taking direct commodity risk.

Royal Gold $RGLD ( ▲ 1.84% ) adds a more defensive precious metals component through its royalty and streaming model. By collecting revenue from mines without bearing the full operational cost structure, the company offers exposure to gold prices with strong margins and capital discipline. In a portfolio tilted toward hard assets and inflation hedges, this structure provides balance.

Taken together, these holdings paint a clear picture. This is not a benchmark driven portfolio chasing AI headlines or mega cap momentum. It is a collection of hard asset businesses, global telecom infrastructure, misunderstood healthcare operators, and deeply discounted financials, all tied together by a simple idea. Buy real assets and durable cash flows when they are unpopular, demand a margin of safety, and let time do the heavy lifting while the crowd chases the next shiny object.