Goehring & Rozencwajg Associates, LLC
CIK 1863154 · View on SEC EDGAR ↗
- Portfolio value
- $1.7B
- Positions
- 41
- As of
- June 30, 2026
#1,668 of 9,443 by 13F value · top 17.7%
Portfolio value QoQ: -6.6% 13F does not disclose cash
- Top 10 holdings weight
- 58.40%
- Top 25 holdings weight
- 92.66%
- Positions above 1%
- 27
- Effective number of positions
- 22.4
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 3.08% Est. buys $248,812,184 · sells $55,388,732
Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 80.4% still held
- New positions
- 0
- Increased
- 39
- Decreased
- 1
- Closed
- 2
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 90.2% · Options excluded: 0.0%
Sector breakdown
Energy
74.4%
Materials
19.5%
Other/Unmapped
6.1%
Full portfolio 41 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| CNQ Canadian Natural Resources Limited Common Stock | $120,306,700 | 6.92% | 3,043,255 | $-17,570,392 | Up ×6 | ||
| SLB SLB Limited Common Shares | $114,127,046 | 6.56% | 2,454,873 | $-3,995,439 | Up ×4 | ||
| RRC Range Resources Corporation Common Stock | $108,617,597 | 6.25% | 2,920,613 | $-14,351,023 | Up ×4 | ||
| SU Suncor Energy Inc. Common Stock | $106,135,256 | 6.10% | 1,974,700 | $-15,532,365 | Up ×2 | ||
| VAL Valaris Limited Common Shares | $102,623,149 | 5.90% | 1,413,542 | $-26,726,023 | Up ×6 | ||
| SDRL Seadrill Limited Common Shares | $99,718,708 | 5.74% | 2,636,666 | $-11,736,500 | Up ×6 | ||
| AMR Alpha Metallurgical Resources, Inc. Common Stock | $93,143,927 | 5.36% | 564,714 | $43,460,581 | Up ×6 | ||
| NTR Nutrien Ltd. Common Shares | $91,593,446 | 5.27% | 1,455,019 | $29,543,367 | Up ×1 | ||
| CCJ Cameco Corporation Common Stock | $90,994,390 | 5.23% | 893,328 | $149,619 | Up ×3 | ||
| CNR Core Natural Resources, Inc. Common Stock | $88,100,180 | 5.07% | 1,100,977 | $13,927,776 | Up ×5 | ||
| HCC Warrior Met Coal, Inc. Common Stock | $77,186,812 | 4.44% | 951,045 | $21,472,586 | Up ×1 | ||
| NE Noble Corporation plc A Ordinary Shares | $74,137,517 | 4.26% | 1,987,601 | $-16,210,461 | Up ×4 | ||
| EQT EQT Corporation Common Stock | $65,952,547 | 3.79% | 1,240,409 | $-7,819,132 | Up ×4 | ||
| AR Antero Resources Corporation Common Stock | $60,853,027 | 3.50% | 1,731,731 | $-7,778,310 | Up ×3 | ||
| SBSW D/B/A Sibanye-Stillwater Limited ADS | $38,890,941 | 2.24% | 4,580,794 | $-13,716,309 | Up ×6 | ||
| LEU Centrus Energy Corp. Class A Common Stock | $36,385,823 | 2.09% | 216,750 | $1,310,575 | Up ×3 | ||
| PR Permian Resources Corporation Class A Common Stock | $35,244,104 | 2.03% | 1,914,400 | $-3,445,300 | Up ×2 | ||
| CHRD Chord Energy Corporation - Common Stock | $35,087,928 | 2.02% | 306,981 | $-5,214,557 | Up ×1 | ||
| OII Oceaneering International, Inc. Common Stock | $31,422,288 | 1.81% | 775,476 | $6,111,393 | Up ×4 | ||
| UEC | $25,133,999 | 1.45% | 2,357,786 | $-4,591,935 | Up ×3 | ||
| MOS Mosaic Company (The) Common Stock | $24,982,078 | 1.44% | 1,178,956 | $1,463,300 | Up ×4 | ||
| MTDR Matador Resources Company Common Stock | $24,004,712 | 1.38% | 482,216 | $-4,925,031 | Up ×4 | ||
| UUUU | $23,057,465 | 1.33% | 1,590,170 | $-4,041,997 | Up ×3 | ||
| IE | $21,794,596 | 1.25% | 2,267,908 | $-3,204,810 | Up ×4 | ||
| EXE Expand Energy Corporation - Common Stock | $21,688,356 | 1.25% | 237,837 | $-3,106,555 | Up ×4 | ||
| FANG Diamondback Energy, Inc. - Common Stock | $21,019,069 | 1.21% | 119,576 | $-1,427,920 | Up ×4 | ||
| NXE Nexgen Energy Ltd. Common Shares | $18,448,552 | 1.06% | 1,964,702 | $-2,558,387 | Up ×3 | ||
| DNN | $15,658,494 | 0.90% | 5,117,155 | $-1,005,277 | Up ×3 | ||
| CRK Comstock Resources, Inc. Common Stock | $13,536,424 | 0.78% | 907,267 | $-4,631,543 | Up ×5 | ||
| SM SM Energy Company Common Stock | $13,399,897 | 0.77% | 513,406 | $-1,807,524 | Up ×1 | ||
| IPI Intrepid Potash, Inc Common Stock | $9,764,047 | 0.56% | 297,866 | $-1,659,692 | Up ×4 | ||
| BORR Borr Drilling Limited Common Shares | $9,245,728 | 0.53% | 2,238,675 | $-2,983,585 | Up ×4 | ||
| TMQ | $6,203,906 | 0.36% | 1,775,530 | $-17,548 | Up ×4 | ||
| URG | $5,962,409 | 0.34% | 4,384,124 | $-374,701 | Up ×3 | ||
| NG | $4,243,004 | 0.24% | 710,721 | $-1,977,810 | Up ×1 | ||
| CMCL | $2,996,905 | 0.17% | 156,906 | $-465,329 | Up ×1 | ||
| EU enCore Energy Corp. - Common Stock | $1,976,113 | 0.11% | 1,508,483 | $-660,390 | Up ×4 | ||
| TFPM Triple Flag Precious Metals Corp. Common Shares | $1,843,269 | 0.11% | 61,584 | $-248,632 | Up ×1 | ||
| ORLA | $1,614,024 | 0.09% | 165,196 | $-983,442 | Up ×1 | ||
| FCX Freeport-McMoRan, Inc. Common Stock | $1,374,708 | 0.08% | 21,912 | $-5,870,045 | Down ×2 | ||
| TDW Tidewater Inc. Common Stock | $260,790 | 0.01% | 3,914 | $-66,225 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| CNQ | $120,306,700 | 6.92% | up ×6 |
| SLB | $114,127,046 | 6.56% | up ×4 |
| RRC | $108,617,597 | 6.25% | up ×4 |
| VAL | $102,623,149 | 5.90% | up ×6 |
| SDRL | $99,718,708 | 5.74% | up ×6 |
| AMR | $93,143,927 | 5.36% | up ×6 |
| CCJ | $90,994,390 | 5.23% | up ×3 |
| CNR | $88,100,180 | 5.07% | up ×5 |
| NE | $74,137,517 | 4.26% | up ×4 |
| EQT | $65,952,547 | 3.79% | up ×4 |
| AR | $60,853,027 | 3.50% | up ×3 |
| SBSW | $38,890,941 | 2.24% | up ×6 |
| LEU | $36,385,823 | 2.09% | up ×3 |
| OII | $31,422,288 | 1.81% | up ×4 |
| UEC | $25,133,999 | 1.45% | up ×3 |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| AMR | Bought more | +323K | +$43.5M |
| NTR | Bought more | +633K | +$29.5M |
| VAL | Bought more | +94K | -$26.7M |
| HCC | Bought more | +353K | +$21.5M |
| CNQ | Bought more | +215K | -$17.6M |
| NE | Bought more | +146K | -$16.2M |
| SU | Bought more | +135K | -$15.5M |
| RRC | Bought more | +199K | -$14.4M |
| CNR | Bought more | +393K | +$13.9M |
| SBSW | Bought more | +311K | -$13.7M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| AGI | June 30, 2026 | 686,587 | $30,505,060 | 24.4% |
| CEIX | March 31, 2025 | 201,172 | $22,106,791 | No longer tracked |
| EQX | June 30, 2026 | 1,283,253 | $18,525,836 | No longer tracked |
| HBM | March 31, 2026 | 824,951 | $16,380,002 | 42.4% |
| SKE | March 31, 2026 | 562,975 | $13,372,912 | 18.4% |
| PAAS | March 31, 2026 | 175,080 | $9,070,895 | -3.7% |
| CIVI | March 31, 2026 | 256,605 | $6,951,429 | No longer tracked |
| ERO | March 31, 2025 | 349,834 | $4,484,617 | 217.3% |
| RIG | June 30, 2025 | 876,712 | $2,840,547 | 132.8% |
| NOV | March 31, 2025 | 189,652 | $2,691,162 | 34.7% |
| TDW | Dec. 31, 2025 | 3,914 | $208,734 | 91.8% |