13F 申報指南13F 觀念全攻略
什麼是 SEC Form 13F 申報？美股機構大戶持股全攻略
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
AlphaSMO 權威研究指南閱讀專題
CIK: 0001863154
申報總市值
US$17.4億
US$17.4億
43 檔
18.3%
在 Q4 2025 的 13F 官方備案中，Goehring & Rozencwajg Associates, LLC 管理的美股投資組合規模來到 US$17.4億，整體持股檔數為 43 檔。
Goehring & Rozencwajg Associates, LLC 於 Q4 2025 展現出進攻型調倉步調，本季推動了 2 檔股票的新建倉與 33 檔既有部位加碼，整體資金傾向擴大在美股市場的曝險佈局。
在資產配置集中度方面，Goehring & Rozencwajg Associates, LLC 的前 5 大核心持股（包含 RRC, SDRL, CNQ 等）合計佔整體申報市值的 18.3%，反映機構在主要關鍵部位上的權重分佈。
| # | 代號 | 標的名稱 | 資產子類別 | 佔比 | 佔比變動 | 持倉量變化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RRC | Range Resources CORP | 股票-能源 | 7.00% | -0.36% | +41.95% | |
| 2 | SDRL | Seadrill Limited | 股票-其他 | 6.58% | -0.25% | +13.25% | |
| 3 | CNQ | Canadian Natural Resources | 股票-能源 | 6.38% | -0.49% | +89.30% | |
| 4 | CCJ | Cameco CORP | 股票-能源 | 6.19% | +0.35% | +5.35% | |
| 5 | VAL | Valaris Limited | 股票-能源 | 5.30% | -1.05% | +17.69% | |
| 6 | NTR | Nutrien LTD | 股票-原物料 | 5.05% | +1.94% | +5.79% | |
| 7 | SBSW | Sibanye-stillwater Ltd-adr | 股票-其他 | 5.00% | -0.59% | +5.35% | |
| 8 | EQT | Eqt CORP | 股票-能源 | 4.49% | -0.17% | +42.22% | |
| 9 | LEU | Centrus Energy Corp-class A | 股票-能源 | 4.12% | +0.21% | +6.29% | |
| 10 | AR | Antero Resources CORP | 股票-能源 | 4.04% | -0.19% | +43.65% | |
| 11 | NE | Noble Corporation plc | 股票-能源 | 3.99% | -0.59% | +31.84% | |
| 12 | SLB | Slb LTD | 股票-能源 | 3.56% | +0.21% | +415.36% | |
| 13 | AGI | Alamos Gold Inc-class A | 股票-原物料 | 2.98% | -1.64% | EXIT | |
| 14 | IE | Ivanhoe Electric Inc / US | 股票-其他 | 2.83% | -0.09% | +5.34% | |
| 15 | CNR | Core Natural Resources Inc | 股票-能源 | 2.65% | +1.08% | +6.09% | |
| 16 | UEC | Uranium Energy CORP | 股票-能源 | 2.11% | -0.15% | +5.31% | |
| 17 | EQX | Equinox Gold CORP | 股票-其他 | 2.04% | -1.00% | EXIT | |
| 18 | EXE | Expand Energy CORP | 股票-能源 | 1.81% | -0.08% | +49.25% | |
| 19 | UUUU | Energy Fuels Inc | 股票-能源 | 1.77% | -0.13% | +5.32% | |
| 20 | HBM | Hudbay Minerals Inc | 股票-其他 | 1.62% | — | +6.64% | |
| 21 | AMR | Alpha Metallurgical Resource | 股票-其他 | 1.56% | +2.69% | +5.99% | |
| 22 | CRK | Comstock Resources Inc | 股票-其他 | 1.47% | -0.20% | +56.00% | |
| 23 | MTDR | Matador Resources Co | 股票-能源 | 1.45% | -0.17% | +19.40% | |
| 24 | NXE | Nexgen Energy LTD | 股票-其他 | 1.38% | -0.07% | +5.32% | |
| 25 | OII | Oceaneering Intl Inc | 股票-能源 | 1.35% | +0.45% | +22.03% | |
| 26 | SKE | Skeena Resources LTD | 股票-其他 | 1.32% | — | -35.65% | |
| 27 | FANG | Diamondback Energy Inc | 股票-能源 | 1.27% | — | +22.07% | |
| 28 | FCX | Freeport-mcmoran Inc | 股票-原物料 | 1.20% | -0.31% | +5.39% | |
| 29 | MOS | Mosaic Co/the | 股票-原物料 | 1.08% | +0.18% | +5.33% | |
| 30 | DNN | Denison Mines CORP | 股票-其他 | 1.04% | — | +5.32% | |
| 31 | ORLA | Orla Mining LTD | 股票-其他 | 1.04% | -0.05% | -34.22% | |
| 32 | PAAS | Pan American Silver CORP | 股票-原物料 | 0.90% | — | -29.43% | |
| 33 | NG | Novagold Resources Inc | 股票-其他 | 0.74% | -0.09% | -29.99% | |
| 34 | PR | Permian Resources Corp-cl A | 股票-能源 | 0.71% | -0.05% | — | |
| 35 | CIVI | Civitas Resources Inc | 股票-其他 | 0.69% | — | +32.86% | |
| 36 | BORR | Borr Drilling Limited | 股票-其他 | 0.65% | -0.13% | +55.67% | |
| 37 | TMQ | Trilogy Metals Inc | 股票-其他 | 0.60% | +0.03% | +5.22% | |
| 38 | IPI | Intrepid Potash Inc | 股票-其他 | 0.60% | -0.05% | +5.32% | |
| 39 | URG | Ur-energy Inc | 股票-其他 | 0.48% | — | +5.32% | |
| 40 | ✓ | Caledonia Mng CORP PLC | 股票-其他 | 0.43% | -0.02% | -29.38% | |
| 41 | EU | Encore Energy CORP | 股票-其他 | 0.30% | -0.03% | +5.31% | |
| 42 | TFPM | Triple Flag Precious Met | 股票-原物料 | 0.22% | — | -32.47% | |
| 43 | SU | Suncor Energy Inc | 股票-能源 | — | -0.44% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | SLB | Slb LTD | +2.8% | +415.36% | 加碼 |
| 2 | CNQ | Canadian Natural Resources | +2.5% | +89.30% | 加碼 |
| 3 | AR | Antero Resources CORP | +0.7% | +43.65% | 加碼 |
| 4 | RRC | Range Resources CORP | +0.6% | +41.95% | 加碼 |
| 5 | EQT | Eqt CORP | +0.6% | +42.22% | 加碼 |
| 6 | CRK | Comstock Resources Inc | +0.5% | +56.00% | 加碼 |
| 7 | SBSW | Sibanye-stillwater Ltd-adr | +0.5% | +5.35% | 加碼 |
| 8 | SDRL | Seadrill Limited | +0.4% | +13.25% | 加碼 |
| 9 | EXE | Expand Energy CORP | +0.4% | +49.25% | 加碼 |
| 10 | NE | Noble Corporation plc | +0.3% | +31.84% | 加碼 |
| 11 | BORR | Borr Drilling Limited | +0.3% | +55.67% | 加碼 |
| 12 | IE | Ivanhoe Electric Inc / US | +0.3% | +5.34% | 加碼 |
| 13 | TMQ | Trilogy Metals Inc | +0.3% | +5.22% | 加碼 |
| 14 | HBM | Hudbay Minerals Inc | +0.2% | +6.64% | 加碼 |
| 15 | FCX | Freeport-mcmoran Inc | +0.1% | +5.39% | 加碼 |
| 16 | AMR | Alpha Metallurgical Resource | +0.1% | +5.99% | 加碼 |
| 17 | FANG | Diamondback Energy Inc | +0.1% | +22.07% | 加碼 |
| 18 | VAL | Valaris Limited | — | +17.69% | 加碼 |
| 19 | OII | Oceaneering Intl Inc | 0% | +22.03% | 加碼 |
| 20 | CIVI | Civitas Resources Inc | -0.1% | +32.86% | 加碼 |
| 21 | MTDR | Matador Resources Co | -0.1% | +19.40% | 加碼 |
| 22 | TFPM | Triple Flag Precious Met | -0.1% | -32.47% | 減碼 |
| 23 | EU | Encore Energy CORP | -0.2% | +5.31% | 加碼 |
| 24 | NXE | Nexgen Energy LTD | -0.2% | +5.32% | 加碼 |
| 25 | IPI | Intrepid Potash Inc | -0.2% | +5.32% | 加碼 |
| 26 | DNN | Denison Mines CORP | -0.2% | +5.32% | 加碼 |
| 27 | CNR | Core Natural Resources Inc | -0.2% | +6.09% | 加碼 |
| 28 | URG | Ur-energy Inc | -0.2% | +5.32% | 加碼 |
| 29 | PAAS | Pan American Silver CORP | -0.3% | -29.43% | 減碼 |
| 30 | CCJ | Cameco CORP | -0.4% | +5.35% | 加碼 |
| 31 | UUUU | Energy Fuels Inc | -0.4% | +5.32% | 加碼 |
| 32 | NTR | Nutrien LTD | -0.5% | +5.79% | 加碼 |
| 33 | NG | Novagold Resources Inc | -0.5% | -29.99% | 減碼 |
| 34 | ORLA | Orla Mining LTD | -0.5% | -34.22% | 減碼 |
| 35 | ✓ | Caledonia Mng CORP PLC | -0.6% | -29.38% | 減碼 |
| 36 | SKE | Skeena Resources LTD | -0.6% | -35.65% | 減碼 |
| 37 | UEC | Uranium Energy CORP | -0.7% | +5.31% | 加碼 |
| 38 | MOS | Mosaic Co/the | -0.7% | +5.33% | 加碼 |
| 39 | EQX | Equinox Gold CORP | -1% | -34.97% | 減碼 |
| 40 | LEU | Centrus Energy Corp-class A | -1.9% | +6.29% | 加碼 |
| 41 | AGI | Alamos Gold Inc-class A | -1.9% | -33.47% | 減碼 |
| 42 | PR | Permian Resources Corp-cl A | — | NEW | 新建倉 |
| 43 | TDW | Tidewater Inc | — | EXIT | 清倉 |
| 44 | SU | Suncor Energy Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Goehring & Rozencwajg Associates, LLC 在 Q4 2025 季度的美股持倉總市值約為 US$17.4億，共申報了 43 個公開持股部位。
在 Q4 2025 季度，Goehring & Rozencwajg Associates, LLC 按市值排列的前三大核心持股分別為：RRC (7.0%)、SDRL (6.6%)、CNQ (6.4%)。其中最大持股部位 RRC 佔據整體投資組合約 7.0% 的權重。
精選 AlphaSMO 大戶持股與內部人交易深度分析，提升投資決策勝率
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
本季最大新建倉標的
PR
市值: US$717.0萬
本季最大獲利了結 / 清倉標的
TDW
前期市值: US$20.9萬
在 Q4 2025 季度中，Goehring & Rozencwajg Associates, LLC 共進行了 44 項持倉異動，包含新建倉 2 個部位、加碼 33 個部位、減碼 8 個部位以及清倉 1 個部位。 其中最大新建倉標的為 PR。 本季清倉部位包含 TDW。
本頁面所有持股數據均直接同步自美國證券交易委員會（SEC）EDGAR 官方系統之 13F-HR / 13F-HR/A 季度申報文件。AlphaSMO 透過機器解析 CUSIP 與個股對照，提供 100% 精準對齊的歷史時序數據集，並支援 Schema.org 結構化資料格式。
解析公司高管、董事與 10% 大股東之 Form 4 內部人交易申報，掌握高管自家股票買賣第一手訊號。
深入剖析 5% 股益申報門檻、13D 與 13G 之差異，以及最新 SEC 申報時程規範，洞察機構法人的激進投資動向。