Goehring & Rozencwajg Associates, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Goehring & Rozencwajg Associates, LLC reported 42 stock positions worth $830.9 million. Its top holding was Cameco (CCJ) at 6.5% of the portfolio, followed by Range Resources (RRC, 6.4%) and Seadrill (SDRL, 6.2%). Compared with Q2 2025, it opened 1 new position, added to 31 and reduced 10. The biggest buy was Valaris (VAL, shares +109%) and the biggest sale Antero Resources (AR, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001863154
- Portfolio Value
- $830.9M (Q3 2025)
- SEC Filing
- 0001863154-25-000004 ↗ filed Nov 10, 2025
Holdings Value
Holdings 42 stocks · $830.9M
| CCJ Cameco Corp. | 6.54% | 648,289 | $54.4M | Reduce -0.1% |
| RRC Range Resources Corp. | 6.39% | 1,411,151 | $53.1M | Add +0.3% |
| SDRL Seadrill Limited | 6.16% | 1,695,114 | $51.2M | Add +0.7% |
| LEU Centrus Energy Corp. Class A | 6.01% | 160,987 | $49.9M | Reduce -13.2% |
| NTR Nutrien Ltd. | 5.51% | 780,238 | $45.8M | Reduce -0.1% |
| VAL Valaris Ltd. | 5.30% | 902,440 | $44.0M | Add +108.9% |
| AGI Alamos Gold Inc. Class A | 4.92% | 1,173,417 | $40.9M | Add +0.2% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 4.55% | 3,360,030 | $37.8M | Add +0.3% |
| EQT Eqt Corp. | 3.90% | 594,638 | $32.4M | Add +0.6% |
| CNQ Canadian Natural Resources | 3.87% | 1,004,981 | $32.2M | Add +78.9% |
| NE Noble Corp. PLC | 3.68% | 1,081,635 | $30.6M | Add +183.0% |
| AR Antero Resources Corp. | 3.33% | 823,946 | $27.7M | Reduce -0.1% |
| EQX Equinox Gold Corp. | 3.04% | 2,252,347 | $25.3M | Add +0.3% |
| CNR Core Natural Resources Inc. | 2.87% | 285,352 | $23.8M | Add +0.7% |
| UEC Uranium Energy Corp. | 2.78% | 1,729,235 | $23.1M | Reduce -0.2% |
| IE Ivanhoe Electric Inc. / US | 2.56% | 1,697,189 | $21.3M | Add +0.2% |
| UUUU Energy Fuels Inc. | 2.16% | 1,167,341 | $17.9M | Reduce -0.1% |
| SKE Skeena Resources Ltd. | 1.94% | 874,822 | $16.1M | Add +0.5% |
| MOS The Mosaic Co. | 1.79% | 428,210 | $14.9M | Add +0.3% |
| MTDR Matador Resources Co. | 1.56% | 288,212 | $12.9M | Add +0.3% |
| NXE Nexgen Energy Ltd. | 1.55% | 1,442,255 | $12.9M | Reduce -0.2% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 1.53% | 1,182,704 | $12.8M | Add +0.5% |
| AMR Alpha Metallurgical Resource | 1.47% | 74,436 | $12.2M | Add +0.7% |
| EXE Expand Energy Corp. | 1.42% | 110,801 | $11.8M | Add +0.4% |
| HBM Hudbay Minerals Inc. | 1.41% | 773,564 | $11.7M | Reduce -0.6% |
| OII Oceaneering Intl Inc. | 1.39% | 466,058 | $11.5M | Add +0.2% |
| DNN Denison Mines Corp. | 1.24% | 3,753,145 | $10.3M | Reduce -0.1% |
| NG Novagold Resources Inc. | 1.21% | 1,142,489 | $10.1M | Add +1.3% |
| FANG Diamondback Energy Inc. | 1.20% | 69,832 | $10.0M | Add +0.2% |
| PAAS Pan American Silver Corp. | 1.16% | 248,080 | $9.6M | Add +0.6% |
| FCX Freeport-McMoran Inc. | 1.06% | 225,436 | $8.8M | Add +0.2% |
| CMCL Caledonia Mining Corp. PLC | 1.02% | 234,065 | $8.5M | Add +0.9% |
| CRK Comstock Resources Inc. | 0.98% | 409,788 | $8.1M | Add +0.3% |
| IPI Intrepid Potash Inc. | 0.77% | 208,232 | $6.4M | Add +0.3% |
| CIVI Civitas Resources Inc. | 0.76% | 193,140 | $6.3M | Add +0.2% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.75% | 181,807 | $6.2M | Add +0.3% |
| URG Ur-Energy Inc. | 0.71% | 3,292,797 | $5.9M | Reduce -0.3% |
| EU Encore Energy Corp. | 0.45% | 1,165,336 | $3.7M | Add +0.3% |
| TFPM Triple Flag Precious Met | 0.35% | 100,724 | $2.9M | Add +0.6% |
| TMQ Trilogy Metals Inc. | 0.34% | 1,338,321 | $2.8M | Add +4.6% |
| BORR Borr Drilling Ltd. | 0.34% | 1,042,699 | $2.8M | Add +0.8% |
| TDW Tidewater Inc. | 0.03% | 3,914 | $209K | New |
Portfolio Sells Q2 2025 → Q3 2025
| AR Antero Resources Corp. | Reduce -0.1% | 3.33% | −1.75 |
| NTR Nutrien Ltd. | Reduce -0.1% | 5.51% | −1.44 |
| CCJ Cameco Corp. | Reduce -0.1% | 6.54% | −0.82 |
| NXE Nexgen Energy Ltd. | Reduce -0.2% | 1.55% | +0.02 |
| HBM Hudbay Minerals Inc. | Reduce -0.6% | 1.41% | +0.15 |
| URG Ur-Energy Inc. | Reduce -0.3% | 0.71% | +0.18 |
| DNN Denison Mines Corp. | Reduce -0.1% | 1.24% | +0.20 |
| LEU Centrus Energy Corp. Class A | Reduce -13.2% | 6.01% | +0.81 |
| UEC Uranium Energy Corp. | Reduce -0.2% | 2.78% | +0.97 |
| UUUU Energy Fuels Inc. | Reduce -0.1% | 2.16% | +1.13 |
Portfolio Buys Q2 2025 → Q3 2025
| VAL Valaris Ltd. | Add +108.9% | 5.30% | +2.52 |
| NE Noble Corp. PLC | Add +183.0% | 3.68% | +2.13 |
| CNQ Canadian Natural Resources | Add +78.9% | 3.87% | +1.17 |
| EQX Equinox Gold Corp. | Add +0.3% | 3.04% | +1.06 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Add +0.3% | 4.55% | +0.85 |
| NG Novagold Resources Inc. | Add +1.3% | 1.21% | +0.50 |
| CMCL Caledonia Mining Corp. PLC | Add +0.9% | 1.02% | +0.33 |
| IE Ivanhoe Electric Inc. / US | Add +0.2% | 2.56% | +0.21 |
| AMR Alpha Metallurgical Resource | Add +0.7% | 1.47% | +0.20 |
| AGI Alamos Gold Inc. Class A | Add +0.2% | 4.92% | +0.17 |
| PAAS Pan American Silver Corp. | Add +0.6% | 1.16% | +0.09 |
| TMQ Trilogy Metals Inc. | Add +4.6% | 0.34% | +0.08 |
| BORR Borr Drilling Ltd. | Add +0.8% | 0.34% | +0.05 |
| TDW Tidewater Inc. | New | 0.03% | +0.03 |
| TFPM Triple Flag Precious Met | Add +0.6% | 0.35% | −0.01 |
| CIVI Civitas Resources Inc. | Add +0.2% | 0.76% | −0.06 |
| EU Encore Energy Corp. | Add +0.3% | 0.45% | −0.06 |
| OII Oceaneering Intl Inc. | Add +0.2% | 1.39% | −0.08 |
| CNR Core Natural Resources Inc. | Add +0.7% | 2.87% | −0.15 |
| SKE Skeena Resources Ltd. | Add +0.5% | 1.94% | −0.18 |
| SLB SLB Ltd. | Add +0.3% | 0.75% | −0.19 |
| FANG Diamondback Energy Inc. | Add +0.2% | 1.20% | −0.26 |
| ORLA Orla Mining Ltd. | Add +0.5% | 1.53% | −0.27 |
| IPI Intrepid Potash Inc. | Add +0.3% | 0.77% | −0.37 |
| FCX Freeport-McMoran Inc. | Add +0.2% | 1.06% | −0.43 |
| MTDR Matador Resources Co. | Add +0.3% | 1.56% | −0.54 |
| EXE Expand Energy Corp. | Add +0.4% | 1.42% | −0.56 |
| MOS The Mosaic Co. | Add +0.3% | 1.79% | −0.60 |
| SDRL Seadrill Limited | Add +0.7% | 6.16% | −0.60 |
| CRK Comstock Resources Inc. | Add +0.3% | 0.98% | −0.75 |
| EQT Eqt Corp. | Add +0.6% | 3.90% | −1.38 |
| RRC Range Resources Corp. | Add +0.3% | 6.39% | −2.36 |
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 |