Goehring & Rozencwajg Associates, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Goehring & Rozencwajg Associates, LLC reported 41 stock positions worth $654.0 million. Its top holding was Range Resources (RRC) at 8.7% of the portfolio, followed by Cameco (CCJ, 7.4%) and Nutrien (NTR, 7.0%). Compared with Q1 2025, it sold out of 1, added to 13 and reduced 28. The biggest buy was Valaris (VAL, shares +153%) and the biggest sale Range Resources (RRC, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001863154
- Portfolio Value
- $654.0M (Q2 2025)
- SEC Filing
- 0001085146-25-004923 ↗ filed Aug 12, 2025
Holdings Value
Holdings 41 stocks · $654.0M
| RRC Range Resources Corp. | 8.75% | 1,406,795 | $57.2M | Reduce -2.0% |
| CCJ Cameco Corp. | 7.37% | 648,982 | $48.2M | Reduce -3.6% |
| NTR Nutrien Ltd. | 6.96% | 781,074 | $45.5M | Add +16.3% |
| SDRL Seadrill Limited | 6.76% | 1,684,001 | $44.2M | Add +40.3% |
| EQT Eqt Corp. | 5.27% | 591,155 | $34.5M | Reduce -2.4% |
| LEU Centrus Energy Corp. Class A | 5.19% | 185,422 | $34.0M | Reduce -12.7% |
| AR Antero Resources Corp. | 5.08% | 824,612 | $33.2M | Reduce -2.9% |
| AGI Alamos Gold Inc. Class A | 4.76% | 1,171,247 | $31.1M | Reduce -4.3% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 3.70% | 3,348,841 | $24.2M | Add +21.8% |
| CNR Core Natural Resources Inc. | 3.02% | 283,245 | $19.8M | Add +0.1% |
| VAL Valaris Ltd. | 2.78% | 432,021 | $18.2M | Add +152.7% |
| CNQ Canadian Natural Resources | 2.70% | 561,642 | $17.7M | Add +6.6% |
| MOS The Mosaic Co. | 2.38% | 427,078 | $15.6M | Reduce -7.5% |
| IE Ivanhoe Electric Inc. / US | 2.35% | 1,693,316 | $15.4M | Reduce -1.2% |
| SKE Skeena Resources Ltd. | 2.12% | 870,153 | $13.9M | Reduce -25.3% |
| MTDR Matador Resources Co. | 2.10% | 287,404 | $13.7M | Reduce -1.6% |
| EQX Equinox Gold Corp. | 1.99% | 2,244,877 | $13.0M | Add +43.6% |
| EXE Expand Energy Corp. | 1.97% | 110,383 | $12.9M | Reduce -1.2% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 1.81% | 1,176,349 | $11.8M | Reduce -15.8% |
| UEC Uranium Energy Corp. | 1.80% | 1,732,811 | $11.8M | Reduce -2.9% |
| CRK Comstock Resources Inc. | 1.73% | 408,590 | $11.3M | Add +2.5% |
| NE Noble Corp. PLC | 1.55% | 382,240 | $10.1M | Reduce -5.5% |
| NXE Nexgen Energy Ltd. | 1.53% | 1,445,108 | $10.0M | Reduce -1.9% |
| FCX Freeport-McMoran Inc. | 1.49% | 224,924 | $9.8M | Reduce -2.5% |
| OII Oceaneering Intl Inc. | 1.47% | 465,178 | $9.6M | Reduce -1.1% |
| FANG Diamondback Energy Inc. | 1.46% | 69,677 | $9.6M | Reduce -0.0% |
| AMR Alpha Metallurgical Resource | 1.27% | 73,893 | $8.3M | Add +0.3% |
| HBM Hudbay Minerals Inc. | 1.26% | 778,065 | $8.3M | Reduce -2.5% |
| IPI Intrepid Potash Inc. | 1.13% | 207,525 | $7.4M | Reduce -3.0% |
| PAAS Pan American Silver Corp. | 1.07% | 246,608 | $7.0M | Reduce -12.7% |
| DNN Denison Mines Corp. | 1.05% | 3,756,986 | $6.8M | Reduce -0.9% |
| UUUU Energy Fuels Inc. | 1.03% | 1,168,516 | $6.7M | Reduce -0.2% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.94% | 181,320 | $6.1M | Reduce -2.1% |
| CIVI Civitas Resources Inc. | 0.81% | 192,670 | $5.3M | Add +1.6% |
| NG Novagold Resources Inc. | 0.71% | 1,127,844 | $4.6M | Add +197.1% |
| CMCL Caledonia Mining Corp. PLC | 0.69% | 232,065 | $4.5M | Add +0.0% |
| URG Ur-Energy Inc. | 0.53% | 3,301,117 | $3.5M | Add +2.5% |
| EU Encore Energy Corp. | 0.51% | 1,161,320 | $3.3M | Reduce -0.1% |
| TFPM Triple Flag Precious Met | 0.36% | 100,088 | $2.4M | Reduce -1.7% |
| BORR Borr Drilling Ltd. | 0.29% | 1,033,961 | $1.9M | Reduce -2.1% |
| TMQ Trilogy Metals Inc. | 0.27% | 1,279,509 | $1.7M | Reduce -8.8% |
Portfolio Sells Q1 2025 → Q2 2025
| RRC Range Resources Corp. | Reduce -2.0% | 8.75% | −1.73 |
| AR Antero Resources Corp. | Reduce -2.9% | 5.08% | −1.23 |
| AGI Alamos Gold Inc. Class A | Reduce -4.3% | 4.76% | −1.03 |
| MTDR Matador Resources Co. | Reduce -1.6% | 2.10% | −0.67 |
| EQT Eqt Corp. | Reduce -2.4% | 5.27% | −0.63 |
| ORLA Orla Mining Ltd. | Reduce -15.8% | 1.81% | −0.54 |
| FANG Diamondback Energy Inc. | Reduce -0.0% | 1.46% | −0.54 |
| RIG Transocean Ltd. | Sold out | 0.00% | −0.51 |
| SLB SLB Ltd. | Reduce -2.1% | 0.94% | −0.45 |
| OII Oceaneering Intl Inc. | Reduce -1.1% | 1.47% | −0.38 |
| PAAS Pan American Silver Corp. | Reduce -12.7% | 1.07% | −0.28 |
| NE Noble Corp. PLC | Reduce -5.5% | 1.55% | −0.28 |
| EXE Expand Energy Corp. | Reduce -1.2% | 1.97% | −0.24 |
| FCX Freeport-McMoran Inc. | Reduce -2.5% | 1.49% | −0.21 |
| BORR Borr Drilling Ltd. | Reduce -2.1% | 0.29% | −0.17 |
| SKE Skeena Resources Ltd. | Reduce -25.3% | 2.12% | −0.16 |
| TMQ Trilogy Metals Inc. | Reduce -8.8% | 0.27% | −0.15 |
| UEC Uranium Energy Corp. | Reduce -2.9% | 1.80% | −0.02 |
| DNN Denison Mines Corp. | Reduce -0.9% | 1.05% | −0.01 |
| TFPM Triple Flag Precious Met | Reduce -1.7% | 0.36% | +0.01 |
| MOS The Mosaic Co. | Reduce -7.5% | 2.38% | +0.01 |
| IPI Intrepid Potash Inc. | Reduce -3.0% | 1.13% | +0.01 |
| HBM Hudbay Minerals Inc. | Reduce -2.5% | 1.26% | +0.06 |
| UUUU Energy Fuels Inc. | Reduce -0.2% | 1.03% | +0.10 |
| EU Encore Energy Corp. | Reduce -0.1% | 0.51% | +0.16 |
| NXE Nexgen Energy Ltd. | Reduce -1.9% | 1.53% | +0.19 |
| IE Ivanhoe Electric Inc. / US | Reduce -1.2% | 2.35% | +0.38 |
| CCJ Cameco Corp. | Reduce -3.6% | 7.37% | +1.89 |
| LEU Centrus Energy Corp. Class A | Reduce -12.7% | 5.19% | +2.33 |
Portfolio Buys Q1 2025 → Q2 2025
| VAL Valaris Ltd. | Add +152.7% | 2.78% | +1.53 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Add +21.8% | 3.70% | +1.51 |
| SDRL Seadrill Limited | Add +40.3% | 6.76% | +1.30 |
| NTR Nutrien Ltd. | Add +16.3% | 6.96% | +0.57 |
| NG Novagold Resources Inc. | Add +197.1% | 0.71% | +0.47 |
| CRK Comstock Resources Inc. | Add +2.5% | 1.73% | +0.30 |
| CMCL Caledonia Mining Corp. PLC | Add +0.0% | 0.69% | +0.20 |
| EQX Equinox Gold Corp. | Add +43.6% | 1.99% | +0.01 |
| URG Ur-Energy Inc. | Add +2.5% | 0.53% | −0.02 |
| CNQ Canadian Natural Resources | Add +6.6% | 2.70% | −0.24 |
| AMR Alpha Metallurgical Resource | Add +0.3% | 1.27% | −0.40 |
| CIVI Civitas Resources Inc. | Add +1.6% | 0.81% | −0.42 |
| CNR Core Natural Resources Inc. | Add +0.1% | 3.02% | −0.74 |
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 |