Goehring & Rozencwajg Associates, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 29, 2025), Goehring & Rozencwajg Associates, LLC reported 42 stock positions worth $551.7 million. Its top holding was Range Resources (RRC) at 10.5% of the portfolio, followed by Nutrien (NTR, 6.4%) and Antero Resources (AR, 6.3%). Compared with Q4 2024, it opened 1 new position, sold out of 3, added to 38 and reduced 3. The biggest buy was Nutrien (NTR, shares +235%) and the biggest sale an exit from Consol Energy.
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001863154
- Portfolio Value
- $551.7M (Q1 2025)
- SEC Filing
- 0001085146-25-002412 ↗ filed Apr 29, 2025
Holdings Value
Holdings 42 stocks · $551.7M
| RRC Range Resources Corp. | 10.48% | 1,435,376 | $57.8M | Add +1.8% |
| NTR Nutrien Ltd. | 6.39% | 671,829 | $35.2M | Add +235.2% |
| AR Antero Resources Corp. | 6.31% | 849,101 | $34.8M | Add +2.2% |
| EQT Eqt Corp. | 5.90% | 605,654 | $32.5M | Add +2.2% |
| AGI Alamos Gold Inc. Class A | 5.78% | 1,223,257 | $31.9M | Add +2.3% |
| CCJ Cameco Corp. | 5.47% | 673,298 | $30.2M | Add +2.2% |
| SDRL Seadrill Limited | 5.46% | 1,200,201 | $30.1M | Add +151.9% |
| CNR Core Natural Resources Inc. | 3.76% | 283,062 | $20.7M | New |
| CNQ Canadian Natural Resources | 2.94% | 526,765 | $16.2M | Add +2.8% |
| LEU Centrus Energy Corp. Class A | 2.86% | 212,362 | $15.8M | Add +2.2% |
| MTDR Matador Resources Co. | 2.77% | 292,069 | $15.3M | Add +2.2% |
| MOS The Mosaic Co. | 2.37% | 461,497 | $13.1M | Add +2.1% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 2.35% | 1,397,753 | $13.0M | Add +2.3% |
| SKE Skeena Resources Ltd. | 2.28% | 1,165,367 | $12.6M | Reduce -22.6% |
| EXE Expand Energy Corp. | 2.21% | 111,704 | $12.2M | Add +2.5% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 2.18% | 2,749,710 | $12.0M | Add +3.6% |
| FANG Diamondback Energy Inc. | 2.00% | 69,684 | $11.0M | Add +2.1% |
| EQX Equinox Gold Corp. | 1.98% | 1,562,929 | $10.9M | Add +2.3% |
| IE Ivanhoe Electric Inc. / US | 1.97% | 1,713,186 | $10.8M | Add +2.3% |
| OII Oceaneering Intl Inc. | 1.85% | 470,545 | $10.2M | Add +2.3% |
| NE Noble Corp. PLC | 1.83% | 404,510 | $10.1M | Add +9.2% |
| UEC Uranium Energy Corp. | 1.82% | 1,784,948 | $10.0M | Add +2.2% |
| FCX Freeport-McMoran Inc. | 1.70% | 230,701 | $9.4M | Add +2.2% |
| AMR Alpha Metallurgical Resource | 1.67% | 73,689 | $9.2M | Add +2.6% |
| CRK Comstock Resources Inc. | 1.43% | 398,707 | $7.9M | Reduce -43.3% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.39% | 185,171 | $7.6M | Add +2.3% |
| PAAS Pan American Silver Corp. | 1.35% | 282,599 | $7.5M | Add +2.3% |
| NXE Nexgen Energy Ltd. | 1.35% | 1,472,899 | $7.4M | Add +2.2% |
| VAL Valaris Ltd. | 1.25% | 170,940 | $6.9M | Add +2.2% |
| CIVI Civitas Resources Inc. | 1.23% | 189,627 | $6.8M | Reduce -1.6% |
| HBM Hudbay Minerals Inc. | 1.20% | 797,648 | $6.6M | Add +2.2% |
| IPI Intrepid Potash Inc. | 1.12% | 213,977 | $6.2M | Add +2.2% |
| DNN Denison Mines Corp. | 1.05% | 3,793,204 | $5.8M | Add +2.2% |
| UUUU Energy Fuels Inc. | 0.92% | 1,171,222 | $5.1M | Add +2.3% |
| URG Ur-Energy Inc. | 0.55% | 3,220,120 | $3.1M | Add +2.3% |
| RIG Transocean Ltd. | 0.51% | 876,712 | $2.8M | Add +2.3% |
| CMCL Caledonia Mining Corp. PLC | 0.49% | 232,034 | $2.7M | Add +2.6% |
| BORR Borr Drilling Ltd. | 0.46% | 1,056,112 | $2.6M | Add +2.2% |
| TMQ Trilogy Metals Inc. | 0.41% | 1,402,797 | $2.3M | Add +0.8% |
| TFPM Triple Flag Precious Met | 0.35% | 101,856 | $2.0M | Add +2.2% |
| EU Encore Energy Corp. | 0.35% | 1,161,923 | $1.9M | Add +2.2% |
| NG Novagold Resources Inc. | 0.24% | 379,628 | $1.3M | Add +2.3% |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| NTR Nutrien Ltd. | Add +235.2% | 6.39% | +4.54 |
| CNR Core Natural Resources Inc. | New | 3.76% | +3.76 |
| SDRL Seadrill Limited | Add +151.9% | 5.46% | +1.88 |
| AGI Alamos Gold Inc. Class A | Add +2.3% | 5.78% | +1.35 |
| AR Antero Resources Corp. | Add +2.2% | 6.31% | +1.09 |
| RRC Range Resources Corp. | Add +1.8% | 10.48% | +0.94 |
| ORLA Orla Mining Ltd. | Add +2.3% | 2.35% | +0.82 |
| EQT Eqt Corp. | Add +2.2% | 5.90% | +0.72 |
| EQX Equinox Gold Corp. | Add +2.3% | 1.98% | +0.36 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Add +3.6% | 2.18% | +0.24 |
| PAAS Pan American Silver Corp. | Add +2.3% | 1.35% | +0.18 |
| IPI Intrepid Potash Inc. | Add +2.2% | 1.12% | +0.14 |
| MOS The Mosaic Co. | Add +2.1% | 2.37% | +0.12 |
| TMQ Trilogy Metals Inc. | Add +0.8% | 0.41% | +0.11 |
| EXE Expand Energy Corp. | Add +2.5% | 2.21% | +0.10 |
| CMCL Caledonia Mining Corp. PLC | Add +2.6% | 0.49% | +0.05 |
| TFPM Triple Flag Precious Met | Add +2.2% | 0.35% | +0.04 |
| SLB SLB Ltd. | Add +2.3% | 1.39% | −0.00 |
| NG Novagold Resources Inc. | Add +2.3% | 0.24% | −0.02 |
| HBM Hudbay Minerals Inc. | Add +2.2% | 1.20% | −0.06 |
| FCX Freeport-McMoran Inc. | Add +2.2% | 1.70% | −0.09 |
| LEU Centrus Energy Corp. Class A | Add +2.2% | 2.86% | −0.10 |
| RIG Transocean Ltd. | Add +2.3% | 0.51% | −0.12 |
| URG Ur-Energy Inc. | Add +2.3% | 0.55% | −0.16 |
| VAL Valaris Ltd. | Add +2.2% | 1.25% | −0.17 |
| CNQ Canadian Natural Resources | Add +2.8% | 2.94% | −0.18 |
| FANG Diamondback Energy Inc. | Add +2.1% | 2.00% | −0.19 |
| UUUU Energy Fuels Inc. | Add +2.3% | 0.92% | −0.34 |
| BORR Borr Drilling Ltd. | Add +2.2% | 0.46% | −0.34 |
| MTDR Matador Resources Co. | Add +2.2% | 2.77% | −0.37 |
| NE Noble Corp. PLC | Add +9.2% | 1.83% | −0.38 |
| DNN Denison Mines Corp. | Add +2.2% | 1.05% | −0.40 |
| EU Encore Energy Corp. | Add +2.2% | 0.35% | −0.41 |
| IE Ivanhoe Electric Inc. / US | Add +2.3% | 1.97% | −0.47 |
| OII Oceaneering Intl Inc. | Add +2.3% | 1.85% | −0.47 |
| NXE Nexgen Energy Ltd. | Add +2.2% | 1.35% | −0.72 |
| UEC Uranium Energy Corp. | Add +2.2% | 1.82% | −0.75 |
| AMR Alpha Metallurgical Resource | Add +2.6% | 1.67% | −1.40 |
| CCJ Cameco Corp. | Add +2.2% | 5.47% | −1.55 |
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 |