CIK: 0001863154
Total reported value
$1.9B
Reporting period: 2026-03-31 · Number of holdings: 43
Goehring & Rozencwajg Associates, LLC disclosed 43 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.9B and a quarterly turnover rate of 69.5%.
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Goehring & Rozencwajg Associates, LLC's disclosed holdings carry a Herfindahl concentration index of 0.043 — mathematically equivalent to about 23 equally-sized positions, well below its 43 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.93), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add SU
+153.0% $121.7M
Add SLB
+145.3% $82.2M
Trim LEU
+18.1% -$6.5M
Trim SBSW
+20.6% $2.2M
Trim NTR
-0.4% $11.1M
Add VAL
+24.2% $75.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CNQ | Canadian Natural Resources | Stock-Energy | 7.41% | +1.03% | +48.65% | |
| 2 | VAL | Valaris Limited | Stock-Energy | 6.95% | +1.65% | +24.22% | |
| 3 | RRC | Range Resources CORP | Stock-Energy | 6.61% | -0.39% | +35.88% | |
| 4 | SU | Suncor Energy INC | Stock-Energy | 6.54% | +6.54% | +152.98% | |
| 5 | SLB | Slb LTD | Stock-Energy | 6.35% | +2.79% | +145.32% | |
| 6 | SDRL | Seadrill Limited | Stock-Other | 5.99% | -0.59% | +27.60% | |
| 7 | CCJ | Cameco CORP | Stock-Energy | 4.88% | -1.31% | +22.47% | |
| 8 | NE | Noble Corporation plc | Stock-Energy | 4.85% | +0.86% | +29.11% | |
| 9 | CNR | Core Natural Resources INC | Stock-Energy | 3.99% | +1.34% | +133.95% | |
| 10 | EQT | Eqt CORP | Stock-Energy | 3.96% | -0.53% | +37.07% | |
| 11 | AR | Antero Resources CORP | Stock-Energy | 3.69% | -0.35% | +36.63% | |
| 12 | NTR | Nutrien LTD | Stock-Materials | 3.33% | -1.72% | -0.38% | |
| 13 | HCC | Warrior Met Coal INC | Stock-Materials | 2.99% | +2.99% | NEW | |
| 14 | SBSW | Sibanye-stillwater Ltd-adr | Stock-Other | 2.83% | -2.17% | +20.63% | |
| 15 | AMR | Alpha Metallurgical Resource | Stock-Other | 2.67% | +1.11% | +206.79% | |
| 16 | CHRD | Chord Energy CORP | Stock-Energy | 2.17% | +2.17% | NEW | |
| 17 | PR | Permian Resources Corp-cl A | Stock-Energy | 2.08% | +1.37% | +303.95% | |
| 18 | LEU | Centrus Energy Corp-class A | Stock-Energy | 1.88% | -2.24% | +18.08% | |
| 19 | AGI | Alamos Gold Inc-class A | Stock-Materials | 1.64% | -1.34% | -12.05% | |
| 20 | UEC | Uranium Energy CORP | Stock-Energy | 1.60% | -0.51% | +20.91% | |
| 21 | MTDR | Matador Resources Co | Stock-Energy | 1.55% | +0.10% | +33.06% | |
| 22 | UUUU | Energy Fuels INC | Stock-Energy | 1.46% | -0.31% | +20.78% | |
| 23 | OII | Oceaneering Intl INC | Stock-Energy | 1.36% | +0.01% | +25.47% | |
| 24 | IE | Ivanhoe Electric INC / US | Stock-Other | 1.34% | -1.49% | +18.30% | |
| 25 | EXE | Expand Energy CORP | Stock-Energy | 1.33% | -0.48% | +36.58% | |
| 26 | MOS | Mosaic Co/the | Stock-Materials | 1.26% | +0.18% | +104.48% | |
| 27 | FANG | Diamondback Energy INC | Stock-Energy | 1.21% | -0.06% | +33.14% | |
| 28 | NXE | Nexgen Energy LTD | Stock-Other | 1.13% | -0.25% | +19.22% | |
| 29 | EQX | Equinox Gold CORP | Stock-Other | 1.00% | -1.04% | -12.39% | |
| 30 | CRK | Comstock Resources INC | Stock-Other | 0.98% | -0.49% | +34.82% | |
| 31 | DNN | Denison Mines CORP | Stock-Other | 0.90% | -0.14% | +19.43% | |
| 32 | SM | Sm Energy Co | Stock-Energy | 0.82% | +0.82% | NEW | |
| 33 | BORR | Borr Drilling Limited | Stock-Other | 0.66% | +0.01% | +30.58% | |
| 34 | IPI | Intrepid Potash INC | Stock-Other | 0.61% | +0.01% | +21.79% | |
| 35 | FCX | Freeport-mcmoran INC | Stock-Materials | 0.39% | -0.81% | -48.12% | |
| 36 | URG | Ur-energy INC | Stock-Other | 0.34% | -0.14% | +22.64% | |
| 37 | TMQ | Trilogy Metals INC | Stock-Other | 0.33% | -0.27% | +22.72% | |
| 38 | NG | Novagold Resources INC | Stock-Other | 0.33% | -0.41% | -13.39% | |
| 39 | ✓ | Caledonia Mng CORP PLC | Stock-Other | 0.19% | -0.24% | -7.28% | |
| 40 | EU | Encore Energy CORP | Stock-Other | 0.14% | -0.16% | +19.35% | |
| 41 | ORLA | Orla Mining LTD | Stock-Other | 0.14% | -0.90% | -79.23% | |
| 42 | TFPM | Triple Flag Precious Met | Stock-Materials | 0.11% | -0.11% | -11.39% | |
| 43 | TDW | Tidewater INC | Stock-Energy | 0.02% | +0.02% | NEW |
Performance for Q3 2026
-17.2%
Performance Last 4 Quarters
+32.2%
Based on 86% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 43 | $1.9B | 70 | |
| 2025-12-31 | 43 | $1.0B | 29 | |
| 2025-09-30 | 42 | $830.9M | 43 | |
| 2025-06-30 | 41 | $654.0M | 0 | |
| 2025-03-31 | 42 | $551.7M | 0 | |
| 2024-12-31 | 44 | $486.8M | 0 | |
| 2024-09-30 | 44 | $490.6M | 0 | |
| 2024-06-30 | 48 | $503.7M | 0 | |
| 2024-03-31 | 51 | $461.5M | 0 | |
| 2023-12-31 | 50 | $413.8M | 0 | |
| 2023-09-30 | 50 | $408.5M | 0 | |
| 2023-06-30 | 50 | $347.6M | 0 | |
| 2023-03-31 | 47 | $293.2M | 0 | |
| 2022-12-31 | 47 | $281.3M | 0 |
Goehring & Rozencwajg Associates, LLC's most significant position changes for 2026-03-31: New buy: Warrior Met Coal INC (HCC); New buy: Chord Energy CORP (CHRD); Sold out: Hudbay Minerals INC (HBM); New buy: Sm Energy Co (SM); Sold out: Skeena Resources LTD (SKE).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SU | Suncor Energy INC | +6.5% | +152.98% | Add |
| 2 | SLB | Slb LTD | +2.8% | +145.32% | Add |
| 3 | VAL | Valaris Limited | +1.7% | +24.22% | Add |
| 4 | PR | Permian Resources Corp-cl A | +1.4% | +303.95% | Add |
| 5 | CNR | Core Natural Resources INC | +1.3% | +133.95% | Add |
| 6 | AMR | Alpha Metallurgical Resource | +1.1% | +206.79% | Add |
| 7 | CNQ | Canadian Natural Resources | +1% | +48.65% | Add |
| 8 | NE | Noble Corporation plc | +0.9% | +29.11% | Add |
| 9 | MOS | Mosaic Co/the | +0.2% | +104.48% | Add |
| 10 | MTDR | Matador Resources Co | +0.1% | +33.06% | Add |
| 11 | OII | Oceaneering Intl INC | 0% | +25.47% | Add |
| 12 | BORR | Borr Drilling Limited | 0% | +30.58% | Add |
| 13 | IPI | Intrepid Potash INC | 0% | +21.79% | Add |
| 14 | FANG | Diamondback Energy INC | -0.1% | +33.14% | Add |
| 15 | TFPM | Triple Flag Precious Met | -0.1% | -11.39% | Trim |
| 16 | DNN | Denison Mines CORP | -0.1% | +19.43% | Add |
| 17 | URG | Ur-energy INC | -0.1% | +22.64% | Add |
| 18 | EU | Encore Energy CORP | -0.2% | +19.35% | Add |
| 19 | ✓ | Caledonia Mng CORP PLC | -0.2% | -7.28% | Trim |
| 20 | NXE | Nexgen Energy LTD | -0.3% | +19.22% | Add |
| 21 | TMQ | Trilogy Metals INC | -0.3% | +22.72% | Add |
| 22 | UUUU | Energy Fuels INC | -0.3% | +20.78% | Add |
| 23 | AR | Antero Resources CORP | -0.4% | +36.63% | Add |
| 24 | RRC | Range Resources CORP | -0.4% | +35.88% | Add |
| 25 | NG | Novagold Resources INC | -0.4% | -13.39% | Trim |
| 26 | EXE | Expand Energy CORP | -0.5% | +36.58% | Add |
| 27 | CRK | Comstock Resources INC | -0.5% | +34.82% | Add |
| 28 | UEC | Uranium Energy CORP | -0.5% | +20.91% | Add |
| 29 | EQT | Eqt CORP | -0.5% | +37.07% | Add |
| 30 | SDRL | Seadrill Limited | -0.6% | +27.60% | Add |
| 31 | FCX | Freeport-mcmoran INC | -0.8% | -48.12% | Trim |
| 32 | ORLA | Orla Mining LTD | -0.9% | -79.23% | Trim |
| 33 | EQX | Equinox Gold CORP | -1% | -12.39% | Trim |
| 34 | CCJ | Cameco CORP | -1.3% | +22.47% | Add |
| 35 | AGI | Alamos Gold Inc-class A | -1.3% | -12.05% | Trim |
| 36 | IE | Ivanhoe Electric INC / US | -1.5% | +18.30% | Add |
| 37 | NTR | Nutrien LTD | -1.7% | -0.38% | Trim |
| 38 | SBSW | Sibanye-stillwater Ltd-adr | -2.2% | +20.63% | Add |
| 39 | LEU | Centrus Energy Corp-class A | -2.2% | +18.08% | Add |
| 40 | HCC | Warrior Met Coal INC | — | NEW | New buy |
| 41 | CHRD | Chord Energy CORP | — | NEW | New buy |
| 42 | HBM | Hudbay Minerals INC | — | EXIT | Sold out |
| 43 | SM | Sm Energy Co | — | NEW | New buy |
| 44 | SKE | Skeena Resources LTD | — | EXIT | Sold out |
| 45 | PAAS | Pan American Silver CORP | — | EXIT | Sold out |
| 46 | CIVI | Civitas Resources INC | — | EXIT | Sold out |
| 47 | TDW | Tidewater INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-05 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-29 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-28 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-03-01 | 13F-HR | View on EDGAR |
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