Goehring & Rozencwajg Associates, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 5, 2026), Goehring & Rozencwajg Associates, LLC reported 43 stock positions worth $1.9 billion. Its top holding was Canadian Natural Resources (CNQ) at 7.4% of the portfolio, followed by Valaris (VAL, 7.0%) and Range Resources (RRC, 6.6%). Compared with Q4 2025, it opened 4 new positions, sold out of 4, added to 31 and reduced 8. The biggest buy was Suncor Energy (SU, shares +153%) and the biggest sale Nutrien (NTR, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001863154
- Portfolio Value
- $1.9B (Q1 2026)
- SEC Filing
- 0001863154-26-000003 ↗ filed May 5, 2026
Holdings Value
Holdings 43 stocks · $1.9B
| CNQ Canadian Natural Resources | 7.41% | 2,827,853 | $137.9M | Add +48.6% |
| VAL Valaris Ltd. | 6.95% | 1,319,351 | $129.3M | Add +24.2% |
| RRC Range Resources Corp. | 6.61% | 2,721,749 | $123.0M | Add +35.9% |
| SU Suncor Energy Inc. | 6.54% | 1,840,155 | $121.7M | Add +153.0% |
| SLB SLB Ltd. filed as SLB LIMITED | 6.35% | 2,298,550 | $118.1M | Add +145.3% |
| SDRL Seadrill Limited | 5.99% | 2,449,565 | $111.5M | Add +27.6% |
| CCJ Cameco Corp. | 4.88% | 836,431 | $90.8M | Add +22.5% |
| NE Noble Corp. PLC | 4.85% | 1,841,206 | $90.3M | Add +29.1% |
| CNR Core Natural Resources Inc. | 3.99% | 708,225 | $74.2M | Add +133.9% |
| EQT Eqt Corp. | 3.96% | 1,159,203 | $73.8M | Add +37.1% |
| AR Antero Resources Corp. | 3.69% | 1,617,138 | $68.6M | Add +36.6% |
| NTR Nutrien Ltd. | 3.33% | 822,291 | $62.1M | Reduce -0.4% |
| HCC Warrior Met Coal Inc. | 2.99% | 598,113 | $55.7M | New |
| SBSW Sibanye-Stillwater Ltd.-ADR | 2.83% | 4,270,069 | $52.6M | Add +20.6% |
| AMR Alpha Metallurgical Resource | 2.67% | 242,039 | $49.7M | Add +206.8% |
| CHRD Chord Energy Corp. | 2.17% | 283,461 | $40.3M | New |
| PR Permian Resources Corp. Class A | 2.08% | 1,814,700 | $38.7M | Add +303.9% |
| LEU Centrus Energy Corp. Class A | 1.88% | 202,058 | $35.1M | Add +18.1% |
| AGI Alamos Gold Inc. Class A | 1.64% | 686,587 | $30.5M | Reduce -12.1% |
| UEC Uranium Energy Corp. | 1.60% | 2,201,921 | $29.7M | Add +20.9% |
| MTDR Matador Resources Co. | 1.55% | 457,894 | $28.9M | Add +33.1% |
| UUUU Energy Fuels Inc. | 1.46% | 1,484,902 | $27.1M | Add +20.8% |
| OII Oceaneering Intl Inc. | 1.36% | 713,586 | $25.3M | Add +25.5% |
| IE Ivanhoe Electric Inc. / US | 1.34% | 2,115,009 | $25.0M | Add +18.3% |
| EXE Expand Energy Corp. | 1.33% | 225,860 | $24.8M | Add +36.6% |
| MOS The Mosaic Co. | 1.26% | 922,305 | $23.5M | Add +104.5% |
| FANG Diamondback Energy Inc. | 1.21% | 113,489 | $22.4M | Add +33.1% |
| NXE Nexgen Energy Ltd. | 1.13% | 1,810,943 | $21.0M | Add +19.2% |
| EQX Equinox Gold Corp. | 1.00% | 1,283,253 | $18.5M | Reduce -12.4% |
| CRK Comstock Resources Inc. | 0.98% | 861,858 | $18.2M | Add +34.8% |
| DNN Denison Mines Corp. | 0.90% | 4,720,615 | $16.7M | Add +19.4% |
| SM SM Energy Co. | 0.82% | 487,730 | $15.2M | New |
| BORR Borr Drilling Ltd. | 0.66% | 2,119,465 | $12.2M | Add +30.6% |
| IPI Intrepid Potash Inc. | 0.61% | 267,097 | $11.4M | Add +21.8% |
| FCX Freeport-McMoran Inc. | 0.39% | 123,252 | $7.2M | Reduce -48.1% |
| URG Ur-Energy Inc. | 0.34% | 4,253,094 | $6.3M | Add +22.6% |
| TMQ Trilogy Metals Inc. | 0.33% | 1,728,153 | $6.2M | Add +22.7% |
| NG Novagold Resources Inc. | 0.33% | 692,741 | $6.2M | Reduce -13.4% |
| CMCL Caledonia Mining Corp. PLC | 0.19% | 153,264 | $3.5M | Reduce -7.3% |
| EU Encore Energy Corp. | 0.14% | 1,464,724 | $2.6M | Add +19.4% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.14% | 161,584 | $2.6M | Reduce -79.2% |
| TFPM Triple Flag Precious Met | 0.11% | 60,271 | $2.1M | Reduce -11.4% |
| TDW Tidewater Inc. | 0.02% | 3,914 | $327K | New |
Portfolio Sells Q4 2025 → Q1 2026
| NTR Nutrien Ltd. | Reduce -0.4% | 3.33% | −1.71 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −1.62 |
| AGI Alamos Gold Inc. Class A | Reduce -12.1% | 1.64% | −1.34 |
| SKE Skeena Resources Ltd. | Sold out | 0.00% | −1.32 |
| EQX Equinox Gold Corp. | Reduce -12.4% | 1.00% | −1.04 |
| PAAS Pan American Silver Corp. | Sold out | 0.00% | −0.90 |
| ORLA Orla Mining Ltd. | Reduce -79.2% | 0.14% | −0.90 |
| FCX Freeport-McMoran Inc. | Reduce -48.1% | 0.39% | −0.81 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −0.69 |
| NG Novagold Resources Inc. | Reduce -13.4% | 0.33% | −0.40 |
| CMCL Caledonia Mining Corp. PLC | Reduce -7.3% | 0.19% | −0.24 |
| TFPM Triple Flag Precious Met | Reduce -11.4% | 0.11% | −0.11 |
Portfolio Buys Q4 2025 → Q1 2026
| SU Suncor Energy Inc. | Add +153.0% | 6.54% | +6.54 |
| HCC Warrior Met Coal Inc. | New | 2.99% | +2.99 |
| SLB SLB Ltd. | Add +145.3% | 6.35% | +2.78 |
| CHRD Chord Energy Corp. | New | 2.17% | +2.17 |
| VAL Valaris Ltd. | Add +24.2% | 6.95% | +1.65 |
| PR Permian Resources Corp. Class A | Add +303.9% | 2.08% | +1.37 |
| CNR Core Natural Resources Inc. | Add +133.9% | 3.99% | +1.33 |
| AMR Alpha Metallurgical Resource | Add +206.8% | 2.67% | +1.11 |
| CNQ Canadian Natural Resources | Add +48.6% | 7.41% | +1.02 |
| NE Noble Corp. PLC | Add +29.1% | 4.85% | +0.86 |
| SM SM Energy Co. | New | 0.82% | +0.82 |
| MOS The Mosaic Co. | Add +104.5% | 1.26% | +0.19 |
| MTDR Matador Resources Co. | Add +33.1% | 1.55% | +0.11 |
| TDW Tidewater Inc. | New | 0.02% | +0.02 |
| IPI Intrepid Potash Inc. | Add +21.8% | 0.61% | +0.01 |
| BORR Borr Drilling Ltd. | Add +30.6% | 0.66% | +0.01 |
| OII Oceaneering Intl Inc. | Add +25.5% | 1.36% | +0.01 |
| FANG Diamondback Energy Inc. | Add +33.1% | 1.21% | −0.06 |
| URG Ur-Energy Inc. | Add +22.6% | 0.34% | −0.14 |
| DNN Denison Mines Corp. | Add +19.4% | 0.90% | −0.15 |
| EU Encore Energy Corp. | Add +19.4% | 0.14% | −0.16 |
| NXE Nexgen Energy Ltd. | Add +19.2% | 1.13% | −0.26 |
| TMQ Trilogy Metals Inc. | Add +22.7% | 0.33% | −0.27 |
| UUUU Energy Fuels Inc. | Add +20.8% | 1.46% | −0.31 |
| AR Antero Resources Corp. | Add +36.6% | 3.69% | −0.35 |
| RRC Range Resources Corp. | Add +35.9% | 6.61% | −0.39 |
| EXE Expand Energy Corp. | Add +36.6% | 1.33% | −0.48 |
| CRK Comstock Resources Inc. | Add +34.8% | 0.98% | −0.49 |
| UEC Uranium Energy Corp. | Add +20.9% | 1.60% | −0.51 |
| EQT Eqt Corp. | Add +37.1% | 3.96% | −0.53 |
| SDRL Seadrill Limited | Add +27.6% | 5.99% | −0.59 |
| CCJ Cameco Corp. | Add +22.5% | 4.88% | −1.31 |
| IE Ivanhoe Electric Inc. / US | Add +18.3% | 1.34% | −1.49 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Add +20.6% | 2.83% | −2.17 |
| LEU Centrus Energy Corp. Class A | Add +18.1% | 1.88% | −2.23 |
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 |