Goehring & Rozencwajg Associates, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 28, 2025), Goehring & Rozencwajg Associates, LLC reported 44 stock positions worth $486.8 million. Its top holding was Range Resources (RRC) at 9.5% of the portfolio, followed by Cameco (CCJ, 7.0%) and Antero Resources (AR, 5.2%). Compared with Q3 2024, it opened 2 new positions, sold out of 2, added to 2 and reduced 40. The biggest buy was a new position in Canadian Natural Resources (CNQ) and the biggest sale an exit from Corteva (CTVA).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001863154
- Portfolio Value
- $486.8M (Q4 2024)
- SEC Filing
- 0001085146-25-000524 ↗ filed Jan 28, 2025
Holdings Value
Holdings 44 stocks · $486.8M
| RRC Range Resources Corp. | 9.54% | 1,409,973 | $46.4M | Reduce -1.8% |
| CCJ Cameco Corp. | 7.03% | 658,629 | $34.2M | Reduce -10.9% |
| AR Antero Resources Corp. | 5.21% | 830,532 | $25.4M | Reduce -2.3% |
| EQT Eqt Corp. | 5.18% | 592,417 | $25.2M | Reduce -2.4% |
| CONSOL ENERGY INC | 4.54% | 201,172 | $22.1M | Reduce -3.5% |
| AGI Alamos Gold Inc. Class A | 4.44% | 1,196,225 | $21.6M | Reduce -3.3% |
| SDRL Seadrill Limited | 3.58% | 476,374 | $17.4M | Reduce -2.1% |
| MTDR Matador Resources Co. | 3.14% | 285,679 | $15.3M | Reduce -0.3% |
| CNQ Canadian Natural Resources | 3.12% | 512,344 | $15.2M | New |
| AMR Alpha Metallurgical Resource | 3.07% | 71,800 | $15.0M | Reduce -2.9% |
| LEU Centrus Energy Corp. Class A | 2.96% | 207,756 | $14.4M | Reduce -3.4% |
| SKE Skeena Resources Ltd. | 2.74% | 1,505,167 | $13.3M | Reduce -2.4% |
| UEC Uranium Energy Corp. | 2.57% | 1,746,646 | $12.5M | Reduce -3.1% |
| IE Ivanhoe Electric Inc. / US | 2.43% | 1,675,467 | $11.8M | Reduce -2.4% |
| OII Oceaneering Intl Inc. | 2.33% | 460,189 | $11.3M | Reduce -2.4% |
| MOS The Mosaic Co. | 2.25% | 451,979 | $11.0M | Reduce -4.3% |
| CRK Comstock Resources Inc. | 2.22% | 702,991 | $10.8M | Reduce -3.4% |
| NE Noble Corp. PLC | 2.21% | 370,492 | $10.7M | Reduce -6.3% |
| FANG Diamondback Energy Inc. | 2.19% | 68,243 | $10.7M | Reduce -2.8% |
| EXE Expand Energy Corp. | 2.12% | 109,031 | $10.3M | Reduce -3.1% |
| NXE Nexgen Energy Ltd. | 2.07% | 1,440,874 | $10.1M | Reduce -1.3% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 1.94% | 2,653,480 | $9.4M | New |
| NTR Nutrien Ltd. | 1.85% | 200,439 | $9.0M | Reduce -5.6% |
| FCX Freeport-McMoran Inc. | 1.79% | 225,649 | $8.7M | Reduce -3.5% |
| CIVI Civitas Resources Inc. | 1.72% | 192,673 | $8.4M | Reduce -2.5% |
| EQX Equinox Gold Corp. | 1.62% | 1,528,556 | $7.9M | Reduce -3.2% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 1.52% | 1,367,031 | $7.4M | Reduce -1.9% |
| DNN Denison Mines Corp. | 1.46% | 3,710,097 | $7.1M | Reduce -3.5% |
| VAL Valaris Ltd. | 1.42% | 167,230 | $6.9M | Reduce -3.7% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.39% | 181,104 | $6.8M | Reduce -3.5% |
| HBM Hudbay Minerals Inc. | 1.26% | 780,287 | $6.1M | Reduce -4.1% |
| UUUU Energy Fuels Inc. | 1.26% | 1,145,393 | $6.1M | Reduce -2.9% |
| PAAS Pan American Silver Corp. | 1.17% | 276,376 | $5.7M | Reduce -2.1% |
| IPI Intrepid Potash Inc. | 0.99% | 209,362 | $4.8M | Add +0.6% |
| ERO Ero Copper Corp. | 0.92% | 349,834 | $4.5M | Reduce -3.0% |
| BORR Borr Drilling Ltd. | 0.80% | 1,033,317 | $3.9M | Reduce -1.2% |
| EU Encore Energy Corp. | 0.76% | 1,136,521 | $3.7M | Reduce -2.2% |
| URG Ur-Energy Inc. | 0.71% | 3,148,214 | $3.5M | Reduce -0.5% |
| RIG Transocean Ltd. | 0.64% | 857,304 | $3.1M | Reduce -1.6% |
| NOV Nov Inc. | 0.55% | 189,652 | $2.7M | Reduce -2.9% |
| CMCL Caledonia Mining Corp. PLC | 0.44% | 226,221 | $2.1M | Reduce -0.7% |
| TFPM Triple Flag Precious Met | 0.32% | 99,656 | $1.5M | Reduce -7.4% |
| TMQ Trilogy Metals Inc. | 0.30% | 1,392,197 | $1.5M | Reduce -16.6% |
| NG Novagold Resources Inc. | 0.25% | 371,128 | $1.2M | Add +5.6% |
Portfolio Sells Q3 2024 → Q4 2024
| CTVA Corteva Inc. | Sold out | 0.00% | −1.14 |
| ERO Ero Copper Corp. | Reduce -3.0% | 0.92% | −0.72 |
| NE Noble Corp. PLC | Reduce -6.3% | 2.21% | −0.70 |
| AGI Alamos Gold Inc. Class A | Reduce -3.3% | 4.44% | −0.59 |
| FCX Freeport-McMoran Inc. | Reduce -3.5% | 1.79% | −0.58 |
| VAL Valaris Ltd. | Reduce -3.7% | 1.42% | −0.56 |
| IE Ivanhoe Electric Inc. / US | Reduce -2.4% | 2.43% | −0.53 |
| AMR Alpha Metallurgical Resource | Reduce -2.9% | 3.07% | −0.49 |
| BORR Borr Drilling Ltd. | Reduce -1.2% | 0.80% | −0.37 |
| SDRL Seadrill Limited | Reduce -2.1% | 3.58% | −0.36 |
| EQX Equinox Gold Corp. | Reduce -3.2% | 1.62% | −0.35 |
| MOS The Mosaic Co. | Reduce -4.3% | 2.25% | −0.32 |
| CIVI Civitas Resources Inc. | Reduce -2.5% | 1.72% | −0.32 |
| FANG Diamondback Energy Inc. | Reduce -2.8% | 2.19% | −0.28 |
| HBM Hudbay Minerals Inc. | Reduce -4.1% | 1.26% | −0.26 |
| CMCL Caledonia Mining Corp. PLC | Reduce -0.7% | 0.44% | −0.26 |
| NTR Nutrien Ltd. | Reduce -5.6% | 1.85% | −0.23 |
| SLB SLB Ltd. | Reduce -3.5% | 1.39% | −0.22 |
| EU Encore Energy Corp. | Reduce -2.2% | 0.76% | −0.20 |
| CCJ Cameco Corp. | Reduce -10.9% | 7.03% | −0.17 |
| RIG Transocean Ltd. | Reduce -1.6% | 0.64% | −0.12 |
| NOV Nov Inc. | Reduce -2.9% | 0.55% | −0.08 |
| OII Oceaneering Intl Inc. | Reduce -2.4% | 2.33% | −0.06 |
| UUUU Energy Fuels Inc. | Reduce -2.9% | 1.26% | −0.06 |
| TDW Tidewater Inc. | Sold out | 0.00% | −0.06 |
| URG Ur-Energy Inc. | Reduce -0.5% | 0.71% | −0.06 |
| TFPM Triple Flag Precious Met | Reduce -7.4% | 0.32% | −0.04 |
| PAAS Pan American Silver Corp. | Reduce -2.1% | 1.17% | −0.03 |
| DNN Denison Mines Corp. | Reduce -3.5% | 1.46% | +0.02 |
| SKE Skeena Resources Ltd. | Reduce -2.4% | 2.74% | +0.07 |
| CONSOL ENERGY INC | Reduce -3.5% | 4.54% | +0.09 |
| NXE Nexgen Energy Ltd. | Reduce -1.3% | 2.07% | +0.12 |
| TMQ Trilogy Metals Inc. | Reduce -16.6% | 0.30% | +0.13 |
| EXE Expand Energy Corp. | Reduce -3.1% | 2.12% | +0.23 |
| AR Antero Resources Corp. | Reduce -2.3% | 5.21% | +0.25 |
| MTDR Matador Resources Co. | Reduce -0.3% | 3.14% | +0.25 |
| UEC Uranium Energy Corp. | Reduce -3.1% | 2.57% | +0.29 |
| ORLA Orla Mining Ltd. | Reduce -1.9% | 1.52% | +0.38 |
| RRC Range Resources Corp. | Reduce -1.8% | 9.54% | +0.53 |
| LEU Centrus Energy Corp. Class A | Reduce -3.4% | 2.96% | +0.55 |
| CRK Comstock Resources Inc. | Reduce -3.4% | 2.22% | +0.57 |
| EQT Eqt Corp. | Reduce -2.4% | 5.18% | +0.66 |
Portfolio Buys Q3 2024 → Q4 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 41 | $1.7B | CNQ, SLB, RRC, SU, VAL |
| Q1 2026 | 43 | $1.9B | CNQ, VAL, RRC, SU, SLB |
| Q4 2025 | 43 | $1.0B | RRC, SDRL, CNQ, CCJ, VAL |
| Q3 2025 | 42 | $830.9M | CCJ, RRC, SDRL, LEU, NTR |
| Q2 2025 | 41 | $654.0M | RRC, CCJ, NTR, SDRL, EQT |
| Q1 2025 | 42 | $551.7M | RRC, NTR, AR, EQT, AGI |
| Q4 2024 | 44 | $486.8M | RRC, CCJ, AR, EQT, CONSOL ENERGY INC |
| Q3 2024 | 44 | $490.6M | RRC, CCJ, AGI, AR, EQT |
| Q2 2024 | 48 | $503.7M | RRC, CCJ, AR, SDRL, EQT |
| Q1 2024 | 51 | $461.5M | RRC, CCJ, AR, AMR, EQT |