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Goehring & Rozencwajg Associates, LLC 13F Portfolio Snapshot & Holdings (Q2 2026)
Goehring & Rozencwajg Associates, LLCCIK: 0001863154
Sector-focusedMomentum followerDiversified strategy
Total reported value
$1.7B
Reporting period: 2026-06-30 · Number of holdings: 41
Goehring & Rozencwajg Associates, LLC disclosed 41 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.7B and a quarterly turnover rate of 19.8%.
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Personality snowflake
- Concentration
- 17.85
- Portfolio Stability
- 19.84
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 82
- Sizing Uniformity
- 90.78
Goehring & Rozencwajg Associates, LLC's disclosed holdings carry a Herfindahl concentration index of 0.045 — mathematically equivalent to about 22 equally-sized positions, well below its 41 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 0.92), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.5 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd AMR
+133.3% $43.5M
Add NTR
+76.9% $29.5M
Sold out AGI
Add HCC
+59.0% $21.5M
Add CNR
+55.5% $13.9M
Trim VAL
+7.1% -$26.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CNQ | Canadian Natural Resources | Stock-Energy | 6.92% | -0.49% | +7.62% | |
| 2 | SLB | Slb LTD | Stock-Energy | 6.56% | +0.21% | +6.80% | |
| 3 | RRC | Range Resources CORP | Stock-Energy | 6.25% | -0.36% | +7.31% | |
| 4 | SU | Suncor Energy Inc | Stock-Energy | 6.10% | -0.44% | +7.31% | |
| 5 | VAL | Valaris Limited | Stock-Energy | 5.90% | -1.05% | +7.14% | |
| 6 | SDRL | Seadrill Limited | Stock-Other | 5.74% | -0.25% | +7.64% | |
| 7 | AMR | Alpha Metallurgical Resource | Stock-Other | 5.36% | +2.69% | +133.32% | |
| 8 | NTR | Nutrien LTD | Stock-Materials | 5.27% | +1.94% | +76.95% | |
| 9 | CCJ | Cameco CORP | Stock-Energy | 5.23% | +0.35% | +6.80% | |
| 10 | CNR | Core Natural Resources Inc | Stock-Energy | 5.07% | +1.08% | +55.46% | |
| 11 | HCC | Warrior Met Coal Inc | Stock-Materials | 4.44% | +1.45% | +59.01% | |
| 12 | NE | Noble Corporation plc | Stock-Energy | 4.26% | -0.59% | +7.95% | |
| 13 | EQT | Eqt CORP | Stock-Energy | 3.79% | -0.17% | +7.01% | |
| 14 | AR | Antero Resources CORP | Stock-Energy | 3.50% | -0.19% | +7.09% | |
| 15 | SBSW | Sibanye-stillwater Ltd-adr | Stock-Other | 2.24% | -0.59% | +7.28% | |
| 16 | LEU | Centrus Energy Corp-class A | Stock-Energy | 2.09% | +0.21% | +7.27% | |
| 17 | PR | Permian Resources Corp-cl A | Stock-Energy | 2.03% | -0.05% | +5.49% | |
| 18 | CHRD | Chord Energy CORP | Stock-Energy | 2.02% | -0.15% | +8.30% | |
| 19 | OII | Oceaneering Intl Inc | Stock-Energy | 1.81% | +0.45% | +8.67% | |
| 20 | UEC | Uranium Energy CORP | Stock-Energy | 1.45% | -0.15% | +7.08% | |
| 21 | MOS | Mosaic Co/the | Stock-Materials | 1.44% | +0.18% | +27.83% | |
| 22 | MTDR | Matador Resources Co | Stock-Energy | 1.38% | -0.17% | +5.31% | |
| 23 | UUUU | Energy Fuels Inc | Stock-Energy | 1.33% | -0.13% | +7.09% | |
| 24 | IE | Ivanhoe Electric Inc / US | Stock-Other | 1.25% | -0.09% | +7.23% | |
| 25 | EXE | Expand Energy CORP | Stock-Energy | 1.25% | -0.08% | +5.30% | |
| 26 | FANG | Diamondback Energy Inc | Stock-Energy | 1.21% | — | +5.36% | |
| 27 | NXE | Nexgen Energy LTD | Stock-Other | 1.06% | -0.07% | +8.49% | |
| 28 | DNN | Denison Mines CORP | Stock-Other | 0.90% | — | +8.40% | |
| 29 | CRK | Comstock Resources Inc | Stock-Other | 0.78% | -0.20% | +5.27% | |
| 30 | SM | Sm Energy Co | Stock-Energy | 0.77% | -0.05% | +5.26% | |
| 31 | IPI | Intrepid Potash Inc | Stock-Other | 0.56% | -0.05% | +11.52% | |
| 32 | BORR | Borr Drilling Limited | Stock-Other | 0.53% | -0.13% | +5.62% | |
| 33 | TMQ | Trilogy Metals Inc | Stock-Other | 0.36% | +0.03% | +2.74% | |
| 34 | URG | Ur-energy Inc | Stock-Other | 0.34% | — | +3.08% | |
| 35 | NG | Novagold Resources Inc | Stock-Other | 0.24% | -0.09% | +2.60% | |
| 36 | ✓ | Caledonia Mng CORP PLC | Stock-Other | 0.17% | -0.02% | +2.38% | |
| 37 | EU | Encore Energy CORP | Stock-Other | 0.11% | -0.03% | +2.99% | |
| 38 | TFPM | Triple Flag Precious Met | Stock-Materials | 0.11% | — | +2.18% | |
| 39 | ORLA | Orla Mining LTD | Stock-Other | 0.09% | -0.05% | +2.24% | |
| 40 | FCX | Freeport-mcmoran Inc | Stock-Materials | 0.08% | -0.31% | -82.22% | |
| 41 | TDW | Tidewater Inc | Stock-Energy | 0.01% | — | — |
Portfolio Performance
Performance for Q3 2026
+2.8%
Performance Last 4 Quarters
+46.9%
- Stdev
- +23%
- Beta
- +0.43
- Alpha
- +15.8%
- Max Drawdown
- -18.6%
- Annualized Perf
- +24.2%
- Batting Avg vs S&P
- +61.1%
- Sortino
- +1.99
- Stutzer
- +0.31
- Treynor
- +0.57
- Sterling
- +0.98
- Calmar
- +1.3
- Information Ratio
- +0.19
- Tracking Error
- +23.5%
- Stdev Down
- +12.3%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +98.5%
- Worst 12 Months
- -4.5%
- Efficiency Ratio
- +0.48
- Sharpe
- +1.06
- Stdev Sectors
- +35.9%
- Skewness
- -0.03
- Kurtosis
- -0.43
- Upside Potential
- +3.6
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Goehring & Rozencwajg Associates, LLC's most significant position changes for 2026-06-30: Sold out: Alamos Gold Inc-class A (AGI); Sold out: Equinox Gold CORP (EQX); Add: Alpha Metallurgical Resource (AMR) — shares +133.32%; Add: Nutrien LTD (NTR) — shares +76.95%; Add: Warrior Met Coal Inc (HCC) — shares +59.01%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMR | Alpha Metallurgical Resource | +2.7% | +133.32% | Add |
| 2 | NTR | Nutrien LTD | +1.9% | +76.95% | Add |
| 3 | HCC | Warrior Met Coal Inc | +1.5% | +59.01% | Add |
| 4 | CNR | Core Natural Resources Inc | +1.1% | +55.46% | Add |
| 5 | OII | Oceaneering Intl Inc | +0.5% | +8.67% | Add |
| 6 | CCJ | Cameco CORP | +0.4% | +6.80% | Add |
| 7 | SLB | Slb LTD | +0.2% | +6.80% | Add |
| 8 | LEU | Centrus Energy Corp-class A | +0.2% | +7.27% | Add |
| 9 | MOS | Mosaic Co/the | +0.2% | +27.83% | Add |
| 10 | TMQ | Trilogy Metals Inc | 0% | +2.74% | Add |
| 11 | FANG | Diamondback Energy Inc | — | +5.36% | Add |
| 12 | DNN | Denison Mines CORP | — | +8.40% | Add |
| 13 | URG | Ur-energy Inc | — | +3.08% | Add |
| 14 | TFPM | Triple Flag Precious Met | — | +2.18% | Add |
| 15 | TDW | Tidewater Inc | — | — | Unchanged |
| 16 | ✓ | Caledonia Mng CORP PLC | 0% | +2.38% | Add |
| 17 | EU | Encore Energy CORP | 0% | +2.99% | Add |
| 18 | PR | Permian Resources Corp-cl A | -0.1% | +5.49% | Add |
| 19 | SM | Sm Energy Co | -0.1% | +5.26% | Add |
| 20 | IPI | Intrepid Potash Inc | -0.1% | +11.52% | Add |
| 21 | ORLA | Orla Mining LTD | -0.1% | +2.24% | Add |
| 22 | NXE | Nexgen Energy LTD | -0.1% | +8.49% | Add |
| 23 | EXE | Expand Energy CORP | -0.1% | +5.30% | Add |
| 24 | IE | Ivanhoe Electric Inc / US | -0.1% | +7.23% | Add |
| 25 | NG | Novagold Resources Inc | -0.1% | +2.60% | Add |
| 26 | UUUU | Energy Fuels Inc | -0.1% | +7.09% | Add |
| 27 | BORR | Borr Drilling Limited | -0.1% | +5.62% | Add |
| 28 | CHRD | Chord Energy CORP | -0.2% | +8.30% | Add |
| 29 | UEC | Uranium Energy CORP | -0.2% | +7.08% | Add |
| 30 | EQT | Eqt CORP | -0.2% | +7.01% | Add |
| 31 | MTDR | Matador Resources Co | -0.2% | +5.31% | Add |
| 32 | AR | Antero Resources CORP | -0.2% | +7.09% | Add |
| 33 | CRK | Comstock Resources Inc | -0.2% | +5.27% | Add |
| 34 | SDRL | Seadrill Limited | -0.3% | +7.64% | Add |
| 35 | FCX | Freeport-mcmoran Inc | -0.3% | -82.22% | Trim |
| 36 | RRC | Range Resources CORP | -0.4% | +7.31% | Add |
| 37 | SU | Suncor Energy Inc | -0.4% | +7.31% | Add |
| 38 | CNQ | Canadian Natural Resources | -0.5% | +7.62% | Add |
| 39 | NE | Noble Corporation plc | -0.6% | +7.95% | Add |
| 40 | SBSW | Sibanye-stillwater Ltd-adr | -0.6% | +7.28% | Add |
| 41 | EQX | Equinox Gold CORP | -1% | EXIT | Sold out |
| 42 | VAL | Valaris Limited | -1.1% | +7.14% | Add |
| 43 | AGI | Alamos Gold Inc-class A | -1.6% | EXIT | Sold out |
Filing History
FAQ
What is Goehring & Rozencwajg Associates, LLC and what type of investor is it?
Goehring & Rozencwajg Associates, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.7B, spread across 41 disclosed positions.
What are Goehring & Rozencwajg Associates, LLC's largest equity positions?
Based on the latest 13F filing, Goehring & Rozencwajg Associates, LLC's top holdings by market value are:
1. Canadian Natural Resources (CNQ) — $120.3M (6.9%)
2. Slb LTD (SLB) — $114.1M (6.6%)
3. Range Resources CORP (RRC) — $108.6M (6.3%)
4. Suncor Energy Inc (SU) — $106.1M (6.1%)
5. Valaris Limited (VAL) — $102.6M (5.9%)
What changes did Goehring & Rozencwajg Associates, LLC make in its most recent portfolio filing?
In the latest reported quarter, Goehring & Rozencwajg Associates, LLC made 42 notable position adjustments: 0 new positions were initiated, 39 existing holdings were added to, 1 positions were partially reduced, and 2 were completely exited. The largest of these moves: Sold out: Alamos Gold Inc-class A (AGI); Sold out: Equinox Gold CORP (EQX); Add: Alpha Metallurgical Resource (AMR) — shares +133.32%; Add: Nutrien LTD (NTR) — shares +76.95%; Add: Warrior Met Coal Inc (HCC) — shares +59.01%
What sectors does Goehring & Rozencwajg Associates, LLC focus on?
Goehring & Rozencwajg Associates, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 85.9%
• Materials: 14.1%
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Investment Profile
Goehring & Rozencwajg Associates, LLC returned an annualized 24.2% over the trailing 36 months — outperforming the S&P 500 by 15.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.43 (less volatile than the market) and a 61% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 85.9% of the portfolio concentrated in Energy.
Its turnover score has risen from 0 to 20 over the past 4 quarters — a shift toward more active trading.
It has added to its AMR position over the past two quarters (+$77.4M, now $93.1M), while trimming FCX over the same stretch (-$10.7M, still holding $1.4M).
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