Goehring & Rozencwajg Associates, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Goehring & Rozencwajg Associates, LLC reported 43 stock positions worth $1.0 billion. Its top holding was Range Resources (RRC) at 7.0% of the portfolio, followed by Seadrill (SDRL, 6.6%) and Canadian Natural Resources (CNQ, 6.4%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 33 and reduced 8. The biggest buy was SLB (SLB, shares +415%) and the biggest sale Alamos Gold Class A (AGI, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001863154
- Portfolio Value
- $1.0B (Q4 2025)
- SEC Filing
- 0001863154-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 43 stocks · $1.0B
| RRC Range Resources Corp. | 7.00% | 2,003,101 | $70.6M | Add +42.0% |
| SDRL Seadrill Limited | 6.58% | 1,919,681 | $66.4M | Add +13.3% |
| CNQ Canadian Natural Resources | 6.38% | 1,902,413 | $64.4M | Add +89.3% |
| CCJ Cameco Corp. | 6.19% | 682,952 | $62.5M | Add +5.3% |
| VAL Valaris Ltd. | 5.30% | 1,062,070 | $53.5M | Add +17.7% |
| NTR Nutrien Ltd. | 5.05% | 825,437 | $50.9M | Add +5.8% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 5.00% | 3,539,680 | $50.4M | Add +5.3% |
| EQT Eqt Corp. | 4.49% | 845,710 | $45.3M | Add +42.2% |
| LEU Centrus Energy Corp. Class A | 4.12% | 171,114 | $41.5M | Add +6.3% |
| AR Antero Resources Corp. | 4.04% | 1,183,620 | $40.8M | Add +43.6% |
| NE Noble Corp. PLC | 3.99% | 1,426,054 | $40.3M | Add +31.8% |
| SLB SLB Ltd. filed as SLB LIMITED | 3.56% | 936,962 | $36.0M | Add +415.4% |
| AGI Alamos Gold Inc. Class A | 2.98% | 780,651 | $30.1M | Reduce -33.5% |
| IE Ivanhoe Electric Inc. / US | 2.83% | 1,787,897 | $28.6M | Add +5.3% |
| CNR Core Natural Resources Inc. | 2.65% | 302,720 | $26.8M | Add +6.1% |
| UEC Uranium Energy Corp. | 2.11% | 1,821,094 | $21.3M | Add +5.3% |
| EQX Equinox Gold Corp. | 2.04% | 1,464,761 | $20.6M | Reduce -35.0% |
| EXE Expand Energy Corp. | 1.81% | 165,368 | $18.3M | Add +49.3% |
| UUUU Energy Fuels Inc. | 1.77% | 1,229,408 | $17.9M | Add +5.3% |
| HBM Hudbay Minerals Inc. | 1.62% | 824,951 | $16.4M | Add +6.6% |
| AMR Alpha Metallurgical Resource | 1.56% | 78,895 | $15.8M | Add +6.0% |
| CRK Comstock Resources Inc. | 1.47% | 639,289 | $14.8M | Add +56.0% |
| MTDR Matador Resources Co. | 1.45% | 344,138 | $14.6M | Add +19.4% |
| NXE Nexgen Energy Ltd. | 1.38% | 1,518,939 | $14.0M | Add +5.3% |
| OII Oceaneering Intl Inc. | 1.35% | 568,734 | $13.7M | Add +22.0% |
| SKE Skeena Resources Ltd. | 1.32% | 562,975 | $13.4M | Reduce -35.6% |
| FANG Diamondback Energy Inc. | 1.27% | 85,243 | $12.8M | Add +22.1% |
| FCX Freeport-McMoran Inc. | 1.20% | 237,584 | $12.1M | Add +5.4% |
| MOS The Mosaic Co. | 1.08% | 451,046 | $10.9M | Add +5.3% |
| DNN Denison Mines Corp. | 1.04% | 3,952,752 | $10.5M | Add +5.3% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 1.04% | 777,949 | $10.5M | Reduce -34.2% |
| PAAS Pan American Silver Corp. | 0.90% | 175,080 | $9.1M | Reduce -29.4% |
| NG Novagold Resources Inc. | 0.74% | 799,826 | $7.5M | Reduce -30.0% |
| PR Permian Resources Corp. Class A | 0.71% | 449,235 | $7.2M | New |
| CIVI Civitas Resources Inc. | 0.69% | 256,605 | $7.0M | Add +32.9% |
| BORR Borr Drilling Ltd. | 0.65% | 1,623,163 | $6.5M | Add +55.7% |
| TMQ Trilogy Metals Inc. | 0.60% | 1,408,204 | $6.1M | Add +5.2% |
| IPI Intrepid Potash Inc. | 0.60% | 219,316 | $6.1M | Add +5.3% |
| URG Ur-Energy Inc. | 0.48% | 3,467,921 | $4.8M | Add +5.3% |
| CMCL Caledonia Mining Corp. PLC | 0.43% | 165,304 | $4.3M | Reduce -29.4% |
| EU Encore Energy Corp. | 0.30% | 1,227,255 | $3.0M | Add +5.3% |
| TFPM Triple Flag Precious Met | 0.22% | 68,022 | $2.3M | Reduce -32.5% |
| SU Suncor Energy Inc. | 0.00% | 727,381 | $0 | New |
Portfolio Sells Q3 2025 → Q4 2025
| AGI Alamos Gold Inc. Class A | Reduce -33.5% | 2.98% | −1.94 |
| EQX Equinox Gold Corp. | Reduce -35.0% | 2.04% | −1.00 |
| SKE Skeena Resources Ltd. | Reduce -35.6% | 1.32% | −0.62 |
| CMCL Caledonia Mining Corp. PLC | Reduce -29.4% | 0.43% | −0.59 |
| ORLA Orla Mining Ltd. | Reduce -34.2% | 1.04% | −0.50 |
| NG Novagold Resources Inc. | Reduce -30.0% | 0.74% | −0.47 |
| PAAS Pan American Silver Corp. | Reduce -29.4% | 0.90% | −0.26 |
| TFPM Triple Flag Precious Met | Reduce -32.5% | 0.22% | −0.13 |
| TDW Tidewater Inc. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| SLB SLB Ltd. | Add +415.4% | 3.56% | +2.81 |
| CNQ Canadian Natural Resources | Add +89.3% | 6.38% | +2.51 |
| AR Antero Resources Corp. | Add +43.6% | 4.04% | +0.71 |
| PR Permian Resources Corp. Class A | New | 0.71% | +0.71 |
| RRC Range Resources Corp. | Add +42.0% | 7.00% | +0.60 |
| EQT Eqt Corp. | Add +42.2% | 4.49% | +0.60 |
| CRK Comstock Resources Inc. | Add +56.0% | 1.47% | +0.49 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Add +5.3% | 5.00% | +0.45 |
| SDRL Seadrill Limited | Add +13.3% | 6.58% | +0.42 |
| EXE Expand Energy Corp. | Add +49.3% | 1.81% | +0.39 |
| BORR Borr Drilling Ltd. | Add +55.7% | 0.65% | +0.31 |
| NE Noble Corp. PLC | Add +31.8% | 3.99% | +0.31 |
| IE Ivanhoe Electric Inc. / US | Add +5.3% | 2.83% | +0.27 |
| TMQ Trilogy Metals Inc. | Add +5.2% | 0.60% | +0.26 |
| HBM Hudbay Minerals Inc. | Add +6.6% | 1.62% | +0.21 |
| FCX Freeport-McMoran Inc. | Add +5.4% | 1.20% | +0.13 |
| AMR Alpha Metallurgical Resource | Add +6.0% | 1.56% | +0.09 |
| FANG Diamondback Energy Inc. | Add +22.1% | 1.27% | +0.07 |
| VAL Valaris Ltd. | Add +17.7% | 5.30% | +0.01 |
| SU Suncor Energy Inc. | New | 0.00% | 0.00 |
| OII Oceaneering Intl Inc. | Add +22.0% | 1.35% | −0.04 |
| CIVI Civitas Resources Inc. | Add +32.9% | 0.69% | −0.07 |
| MTDR Matador Resources Co. | Add +19.4% | 1.45% | −0.11 |
| EU Encore Energy Corp. | Add +5.3% | 0.30% | −0.15 |
| IPI Intrepid Potash Inc. | Add +5.3% | 0.60% | −0.16 |
| NXE Nexgen Energy Ltd. | Add +5.3% | 1.38% | −0.17 |
| DNN Denison Mines Corp. | Add +5.3% | 1.04% | −0.20 |
| CNR Core Natural Resources Inc. | Add +6.1% | 2.65% | −0.21 |
| URG Ur-Energy Inc. | Add +5.3% | 0.48% | −0.23 |
| CCJ Cameco Corp. | Add +5.3% | 6.19% | −0.35 |
| UUUU Energy Fuels Inc. | Add +5.3% | 1.77% | −0.39 |
| NTR Nutrien Ltd. | Add +5.8% | 5.05% | −0.47 |
| UEC Uranium Energy Corp. | Add +5.3% | 2.11% | −0.67 |
| MOS The Mosaic Co. | Add +5.3% | 1.08% | −0.71 |
| LEU Centrus Energy Corp. Class A | Add +6.3% | 4.12% | −1.89 |
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 |