The fund reopened January 3, 2023, after being closed since March 31, 2021.
https://www.kopernikglobal.com/sites/default/files/Kopernik Global All-Cap Fund - Soft Close Update November 2022_SEI - FINAL.pdf

https://www.sec.gov/Archives/edgar/data/890540/000139834423006578/fp0082730-1_497.htm
497 1 fp0082730-1_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Kopernik Global All-Cap Fund
(the “Fund”)
Supplement dated March 24, 2023
to the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”), each
dated March 1, 2023
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
Effective as of the close of business on June 1, 2023 (the “Effective Date”), the Fund will be closed to certain new investments because Kopernik Global Investors, LLC (the “Adviser”), the Fund’s investment adviser, believes that carefully managing the Fund’s capacity provides the opportunity to continue to invest in the most attractively priced companies it can find and maintain the ability to take advantage of investments across different markets, countries, industry/sectors, and across the market capitalization spectrum.
While any existing shareholder may continue to reinvest Fund dividends and distributions, other new investments in the Fund may only be made by those investors within the following categories:
•Direct shareholders of the Fund as of the Effective Date and the date of the new investment;
•Participants in qualified retirement plans that offer shares of the Fund as an investment option as of the Effective Date; and
•Trustees and officers of the Trust, employees of the Adviser, and their immediate family members.
The Fund reserves the right to modify the above criteria, suspend all sales of new shares or reject any specific purchase order for any reason.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
KGI-SK-009-0200

@Sven Giroux updates his top 10 holdings monthly usually within a week of the beginning of the month. I check this frequently to see what he is doing. His biggest increase this past month was in UNH, which I found interesting. For the new ETF I really hope he doesn’t provide these updates on a daily basis. It doesn’t seem like it would be in the shareholder interest.

Between March 14th and 17th SCHW insiders bought over 128,000 shares of SCHW stock. I guess they expect to make more by doing that than the 4.5% Schwab's MMFs are paying.

https://www.sec.gov/Archives/edgar/data/1830437/000119312523078651/d465390d497.htm
497 1 d465390d497.htm 497
Filed pursuant to Rule 497(e)
File Nos. 333-249784 and 811-23615
JOHCM FUNDS TRUST
JOHCM CREDIT INCOME FUND
Institutional Shares, Advisor Shares, Investor Shares, Class Z Shares
JOHCM GLOBAL INCOME BUILDER FUND
Institutional Shares, Advisor Shares, Investor Shares, Class Z Shares
Supplement dated March 24, 2023
to the Prospectus and Statement of Additional Information
dated January 27, 2023
On March 16, 2023, The Board of Trustees (the “Board”) of the JOHCM Funds Trust (the “Trust”) approved a plan of liquidation and termination (the “Plan”) for the JOHCM Credit Income Fund and the JOHCM Global Income Builder Fund (each a “Fund” and collectively the “Funds”) pursuant to the provisions of the Trust’s Amended and Restated Agreement and Declaration of Trust.
The liquidations of the Funds are expected to take place on or about May 26, 2023 (the “Liquidation Date”). Effective March 24, 2023, shares of the Funds will no longer be available for purchase by new or existing investors, other than through the automatic reinvestment of distributions by current shareholders. The Funds reserve the right, in their discretion, to modify the extent to which sales of shares are limited prior to the Liquidation Date.
Pursuant to the Plan, on or before the Liquidation Date, each Fund will seek to convert substantially all of its respective portfolio securities and other assets to cash or cash equivalents. Therefore, each Fund may depart from its stated investment objectives and policies as it prepares to liquidate its assets and distribute them to shareholders. During this period, your investments in the Funds will not reflect the performance results that would be expected if the Funds were still pursuing their investment objectives. Any shares of a Fund outstanding on the Liquidation Date will be automatically redeemed on that date. As soon as practicable after the Liquidation Date, each Fund will distribute pro rata to the Fund’s shareholders of record as of the close of business on the Liquidation Date all of the remaining assets of such Fund, after paying, or setting aside the amount to pay, any expenses and liabilities of the Fund.
At any time prior to the Liquidation Date shareholders may redeem their shares of a Fund pursuant to the procedures set forth under “How to Redeem Shares” in the Fund’s Prospectus. Shareholders may be permitted to exchange their Fund shares for the same class shares, in another series of the Trust, as described in and subject to any restrictions set forth in the section in the Prospectus entitled “How to Exchange Shares”. Such exchanges will be taxable transactions for shareholders who hold shares in taxable accounts.
The Funds may each make one or more distributions of net capital gains on or prior to the Liquidation Date in order to eliminate Fund-level taxes. Redemptions on the Liquidation Date will generally be treated like any other redemption of shares and may result in a gain or loss for U.S. federal income tax purposes. Shareholders should consult their own tax advisors regarding their particular situation and the possible application of state, local or non-U.S. tax laws. Please refer to the sections in the Prospectus entitled “Taxes” for general information.
This Supplement and the Prospectus should be retained for future reference.

It's about 5 minutes of good info, TwitterLINK.
Video https://twitter.com/i/status/1638955703460302848

@Observant1 and @yogibb, Thanks for the info. VDIGX is a fund I invested in for a long time and will continue to do so.

Kilbride may be around 60 - not that old. He has high positions at Wellington Management (WM) - Partner, Managing Director (MD), portfolio manager. Vanguard has setup a smaller, similar and more concentrated fund for him - VADGX, AUM $318.1 million, ER 0.45%, only 28 holdings (vs 41 for VDIGX), inception 11/9/21. It's advisor-only fund and Schwab shows as NA and it isn't part of Fido NTF (so, no competition with VDIGX). It seems to me that Kilbride will be around Wellington Management handling VADGX, helping Fisher, and may be other even higher things at WM. It doesn't look like he is moving into a retirement community.

Look at Fido experience that has active ETF cousins for several of its famous funds (stock & bond). So, FMAG (ER 0.59%), the ETF cousin of storied FMAGX (note ticker similarity), has only $42 million since 2/2/21 inception.
Most of the ETF trading is among traders without involving the ETF. Only when there are significant AUM changes, the authorized participants step in with the creation/redemption mechanism. Of course, there are tax advantages with ETFs - no/low CG annual distributions.

Regarding Giroux's ability to pick stocks, the following was part of the recent annual report dated 12/31/2022.
"In addition, our equities outperformed the S&P500 by 167 basis points (-16.44% versus -18.11%) in 2022. Over the last 3-, 5-, and10-year periods, our equities outperformed the S&P500 by an average of 267, 368, and 405 basis points annualized, respectively. While our equities have substantially outperformed the market, our equities have also been less risky (from a beta perspective) than the market."

A dividend from USAA would have been the right thing to have done for its members so I don't fault Schwab
The right thing to have done, as with any sale, was to have compensated the owners for the sale. USAA's members were customers receiving services. They were not owners merely because they were members.

Use of the term "member" or "membership" refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA.

https://www.usaa.com/inet/wc/about_usaa_corporate_overview_main
However, USAA is a mutual company (not to be confused with a mutual fund) owned via Subscriber Savings Accounts. (This is similar to the way Vanguard customers own The Vanguard Group via investments in Vanguard funds.) It appears that members automatically get a Subscriber Account and via this account become owners of USAA.
http://www.savermetrics.com/2022/10/25/usaa-subscribers-savings-account-distribution-explained/
As suggested on The Military Wallet Site, owners (i.e. those with a Subscriber Account) would get some cash out of the sale:

All USAA members benefit from the sales to Victory and Schwab. By the end of 2020, USAA will have a new focus on insurance and banking– without trying to handle an investment branch. There might even be a little extra distribution in the Subscriber Accounts.

https://themilitarywallet.com/usaa-subscriber-savings-account-insurance-policy/
It looks like there was "a little extra distribution" to Subscriber Account holders, at least according to this member:

We receive two bonus checks annually as part of this relationship [with USAA].
The first for $412 was the annual distribution (dividend) from the Subscriber’s Account, a portion of the capital base for this mutual insurance company. USAA stated that the amount was partly from the sale of their asset management company as well as from their overall net income.

https://chipfilson.com/2020/01/remembering-long-time-members/
had I allowed Schwab to take custody of my accounts I would have had to liquidate my positions at USAA
Why would you have had to liquidate? Was Schwab requiring everyone to liquidate all positions, or just positions it couldn't hold. If it was the latter, are you now facing the same prospect - that your positions can be held by TDA but not by Schwab?

+1.

I would like to consider going somewhere other than Schwab... hopefully with a transfer bonus and the ability to move assets "in kind".
When Schwab bought out USAA members (I being one) I was under the hopeful impression USAA accounts holders were to be partial recipient of this buyout ($1.8 B). We (as owners of these accounts) were not. USAA pocketed millions while members were told that this windfall would help enrich USAA member experience. A dividend from USAA would have been the right thing to have done for its members so I don't fault Schwab. I just felt like a pawn in this buyout. In addition, had I allowed Schwab to take custody of my accounts I would have had to liquidate my positions at USAA (to cash) which was not appealing to me. I decided to shop my account.
Merrill Edge was my first stop. I transferred funds "in kind"...collect my bonus. A year later I moved assets to TD Ameritrade "in kind" and received another bonus.
Schwab! got me again. TD Ameritrade was bought out by... Schwab!
It was a little bit of a part time job moving the account from USAA to Merrill to TD Ameritrade, but it was thousands of dollars for my efforts. Transfer bonuses were tax free since this was a Roth account.
Looks like I have until May to find a new brokerage for this TD Ameritrade account.
Here's one from Merrill I will look into:
merrill-edge-promotions
List of other Bonus Offers:
best-brokerage-bonuses/

While I wish you could buy VMFXX at Schwab or Fido, the inconvenience and nuisances at Vanguard IMHO do not make up the difference. For $50,000 I am loosing $50 to put up with Vanguard
I don't have $1,000,000 to put into cash which is the minimum for institutional funds at least at Schwab and Fidelity I think.
Never looked at Merrill online.
@msf Is it worth looking at?
I have tried not to leave much in MMF recently, as T bills and CDs pay better and are a little bit more secure

When rates were effectively zero, fund sponsors subsidized their funds so that they all yielded 0.01%.
SWVXX 7 day yield w/waivers: 4.49%: w/o waivers: 4.48% (as of 3/22/23)
https://www.schwabassetmanagement.com/products/swvxx
E/R (after waiver); 0.34%
E/R (w/o waiver): 0.35%
Summary prospectus
If one is willing to trade convenience for small improvements in yield (which can make sense for larger piles of cash), instead of VMFXX (0.11% ER, 4.55% yield, gov fund), one might use VUSXX (0.09% ER, 4.59% yield, pure treasury).
For Fidelity MMFs (again, sacrificing convenience for return) one might use FSIXX (0.21% ER, 0.18% w/waivers; 4.48% w/waivers; pure treasury), available with a $1K min at Merrill.
https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf

Not sure why I didn't pay attention to this before, but I never bothered to look at the expense ratio of the Schwab MM fund, SWVXX. It's 0.34%. The 7day yield given is 4.49% but with an added stipulation, 7 day yield with waivers. So, is the actual "net yield " actually 4.49-0.34 = 4.15% after expenses? Or, is the expense ratio known as "waivers"?
I'm assuming the Fidelity MM fund has the same connotation, with waivers(?)
Which now has me thinking, a couple years ago when rates were measured in fractions of a percent, 0.1, 0.2% yield, were we actually losing money being in this fund?

There is a filing for several active Price ETFs, including TCAF (although 80%+ equity; ER 0.31% only) to be managed by Giroux (PRWCX). Filing also includes several other active ETFs.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1795351/000174177323000901/c485bpos.htm

@Devo,
I think the question has been answered above. I own FPA Queens Road Small Cap Value Fund I class since I owned its predecessor FPA Capital Fund. My broker has asked if I wanted to transfer my FPA account to them. I still keep the fund with FPA transfer agent since my history shows I was a FPA Capital investor despite not having $100K invested in the fund. Also, a brokerage may impose a restriction on my account (not verified as it may vary from brokerage to brokerage) since I do not have the $100K as required for the I class shares as well as should the fund close again, the brokerage may not allow additional investments.
You need to check with your broker on their requirements.

It depends on a lot of things. I've transferred a few funds that one could not (at the time) open at a brokerage.
Most recently, I transferred some Vanguard admiral class shares to Merrill (for a bonus and to maintain a balance for higher credit card rebates). One cannot open new admiral share accounts there for most Vanguard funds.
I was told that I could not transfer Fidelity funds there - at least the funds I asked about. (Though they offer institutional share classes of several Fidelity MM funds with a $1K min.) But other brokerages can hold Fidelity funds, e.g. Schwab.
I have a legacy Franklin (from Legg Mason, from Citi, from Salamon Bros.) fund. The original share class, which became institutional (at Salamon) now has a $1M min. Multiple brokerages told me they could accept the transfer from Legg Mason. But Legg Mason refused to transfer any account unless it met the share class min. (Though it would transfer a smaller amount to a charity.)
Franklin was more agreeable, and I've transferred the holding. At the time of the transfer, I was told by the brokerage that they could hold (and sell) the shares but I would not be able to buy more shares. I just checked and the system appears to let me place a buy order. Things change.
I purchased a Columbia fund that was closed except for direct investment. The prospectus clearly stated that new accounts could not be transferred to a brokerage for six(?) months. After that holding period, transfers were allowed.
So the ability to transfer can depend on where to, where from, and when. The ability to add to the account may depend on the particular brokerage and possibly the fund rules as well. The best answer is to ask before opening the account.