# Goehring & Rozencwajg Associates, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1863154. Source: https://holderbook.com/funds/1863154-goehring-rozencwajg-associates-llc/

- Reported value: $1.7B
- Positions: 41
- Weight of the ten largest: 58.4%
- Filed: 2026-08-05

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $120.3M | 3,043,255 | 6.9% | 7 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $114.1M | 2,454,873 | 6.6% | 15 |
| RANGE RES CORP | [RRC](https://holderbook.com/stocks/RRC/) | $108.6M | 2,920,613 | 6.2% | 15 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $106.1M | 1,974,700 | 6.1% | 2 |
| VALARIS LTD | [VAL](https://holderbook.com/stocks/VAL/) | $102.6M | 1,413,542 | 5.9% | 15 |
| SEADRILL LTD | [SDRL](https://holderbook.com/stocks/SDRL/) | $99.7M | 2,636,666 | 5.7% | 13 |
| ALPHA METALLURGICAL RESOUR I | [AMR](https://holderbook.com/stocks/AMR/) | $93.1M | 564,714 | 5.4% | 15 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $91.6M | 1,455,019 | 5.3% | 15 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $91.0M | 893,328 | 5.2% | 15 |
| CORE NATURAL RESOURCES INC | [CNR](https://holderbook.com/stocks/CNR/) | $88.1M | 1,100,977 | 5.1% | 6 |
| WARRIOR MET COAL INC | [HCC](https://holderbook.com/stocks/HCC/) | $77.2M | 951,045 | 4.4% | 2 |
| NOBLE CORP PLC | [NE](https://holderbook.com/stocks/NE/) | $74.1M | 1,987,601 | 4.3% | 15 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $66.0M | 1,240,409 | 3.8% | 15 |
| ANTERO RESOURCES CORP | [AR](https://holderbook.com/stocks/AR/) | $60.9M | 1,731,731 | 3.5% | 15 |
| SIBANYE STILLWATER LTD | [SBSW](https://holderbook.com/stocks/SBSW/) | $38.9M | 4,580,794 | 2.2% | 7 |
| CENTRUS ENERGY CORP | [LEU](https://holderbook.com/stocks/LEU/) | $36.4M | 216,750 | 2.1% | 15 |
| PERMIAN RESOURCES CORP | [PR](https://holderbook.com/stocks/PR/) | $35.2M | 1,914,400 | 2.0% | 3 |
| CHORD ENERGY CORPORATION | [CHRD](https://holderbook.com/stocks/CHRD/) | $35.1M | 306,981 | 2.0% | 2 |
| OCEANEERING INTL INC | [OII](https://holderbook.com/stocks/OII/) | $31.4M | 775,476 | 1.8% | 15 |
| URANIUM ENERGY CORP | [UEC](https://holderbook.com/stocks/UEC/) | $25.1M | 2,357,786 | 1.4% | 15 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $25.0M | 1,178,956 | 1.4% | 15 |
| MATADOR RES CO | [MTDR](https://holderbook.com/stocks/MTDR/) | $24.0M | 482,216 | 1.4% | 15 |
| ENERGY FUELS INC | [UUUU](https://holderbook.com/stocks/UUUU/) | $23.1M | 1,590,170 | 1.3% | 15 |
| IVANHOE ELECTRIC INC | [IE](https://holderbook.com/stocks/IE/) | $21.8M | 2,267,908 | 1.3% | 15 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $21.7M | 237,837 | 1.2% | 15 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $21.0M | 119,576 | 1.2% | 15 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $18.4M | 1,964,702 | 1.1% | 15 |
| DENISON MINES CORP | [DNN](https://holderbook.com/stocks/DNN/) | $15.7M | 5,117,155 | 0.9% | 15 |
| COMSTOCK RES INC | [CRK](https://holderbook.com/stocks/CRK/) | $13.5M | 907,267 | 0.8% | 13 |
| SM ENERGY COMPANY | [SM](https://holderbook.com/stocks/SM/) | $13.4M | 513,406 | 0.8% | 2 |
| INTREPID POTASH INC | [IPI](https://holderbook.com/stocks/IPI/) | $9.8M | 297,866 | 0.6% | 15 |
| BORR DRILLING LTD | [BORR](https://holderbook.com/stocks/BORR/) | $9.2M | 2,238,675 | 0.5% | 13 |
| TRILOGY METALS INC NEW | [TMQ](https://holderbook.com/stocks/TMQ/) | $6.2M | 1,775,530 | 0.4% | 15 |
| UR-ENERGY INC | [URG](https://holderbook.com/stocks/URG/) | $6.0M | 4,384,124 | 0.3% | 13 |
| NOVAGOLD RESOURCES INC | [NG](https://holderbook.com/stocks/NG/) | $4.2M | 710,721 | 0.2% | 15 |
| CALEDONIA MNG CORP | [CMCL](https://holderbook.com/stocks/CMCL/) | $3.0M | 156,906 | 0.2% | 15 |
| ENCORE ENERGY CORP | [EU](https://holderbook.com/stocks/EU/) | $2.0M | 1,508,483 | 0.1% | 13 |
| TRIPLE FLAG PRECIOUS METAL | [TFPM](https://holderbook.com/stocks/TFPM/) | $1.8M | 61,584 | 0.1% | 14 |
| ORLA MNG LTD NEW | [ORLA](https://holderbook.com/stocks/ORLA/) | $1.6M | 165,196 | 0.1% | 15 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $1.4M | 21,912 | 0.1% | 15 |
| TIDEWATER INC NEW | [TDW](https://holderbook.com/stocks/TDW/) | $260.8K | 3,914 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -17.8% | +14.8% | -32.6% | 100% |
| Q1 2026 | +23.4% | -4.6% | +28.1% | 99% |
| Q4 2025 | +5.4% | +2.4% | +3.1% | 100% |
| Q3 2025 | +19.2% | +7.8% | +11.4% | 100% |
| Q2 2025 | +18.7% | +10.5% | +8.2% | 97% |
| Q1 2025 | -0.2% | -4.6% | +4.4% | 99% |
| Q4 2024 | +1.9% | +2.1% | -0.2% | 100% |
| Q3 2024 | -3.6% | +5.4% | -9.1% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.7B | 41 |
| Q1 2026 | $1.9B | 43 |
| Q4 2025 | $1.0B | 42 |
| Q3 2025 | $830.9M | 42 |
| Q2 2025 | $654.0M | 41 |
| Q1 2025 | $551.7M | 42 |
| Q4 2024 | $486.8M | 44 |
| Q3 2024 | $490.6M | 44 |
| Q2 2024 | $503.7M | 48 |
| Q1 2024 | $461.5M | 51 |
| Q4 2023 | $413.8M | 50 |
| Q3 2023 | $408.5M | 50 |