Goehring & Rozencwajg Associates, LLC

Registered adviser

CIK

1863154

Location

NEW YORK, NY

Portfolio Value

Mid $1,738,535,615

Diversification

Diversified

Filing Date

Global Rank

#1,758 / 8,819 ▼ 241

Top Industry

Oil & Gas E&P 29.9%

3Y Alpha vs SPY

-2.7%

Period ended 4 months ago

Filed Aug 5, 2026 · 3mo

15 quarters · since Dec 2022

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 283394

Roster of Oct 1, 2026

Regulatory AUM

$1,514,632,680

Main clients

Registered funds and BDCs (50% of AUM)

Private funds

3 funds · Other private funds

Focus by fund count, roster of Oct 1, 2026

$5,281,523 gross assets

Registered funds advised

1 series (0 index, 0 ETFs)

$782,129,394 net assets· N-CEN May 31, 2026

LEI

549300238O0SJLE7QI51

Private funds on Schedule D 7.B.(1)

As filed Jan 23, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$10,234,625 gross assets in 3 funds Other private funds $5,250,000 (2) Venture capital funds $4,984,625 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$1,514,632,680	Registered funds and BDCs (50%)
Apr 2025 to Mar 2026	$726,184,621	Registered funds and BDCs (54%)
Feb 2024 to Mar 2025	$543,776,801	Diversified
May 2023 to Jan 2024	$355,564,227	Registered funds and BDCs (55%)
Apr 2023	$355,564,227	Registered funds and BDCs (55%)
Apr 2022 to Mar 2023	$243,502,046	Diversified

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 58.4%, 22.4 effective positions, active share 98.4% against the Russell 2000 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

13.4% over the last four quarters (under 30%)

Horizon

Medium horizon

Value-weighted holding period 11.7 quarters (4 to under 12)

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 98.4%; sector active share 94.5% against the combined 13F book's sector weights.

Over time 15 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

41 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

6.9%

−0.5 pts

Top 5

31.7%

−2.1 pts

Top 10

58.4%

+0.9 pts

HHI

446

Diversified+16

Portfolio Trend

15 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Energy	78.4%	$1,362,866,767	28
Basic Materials	21.6%	$375,668,848	13

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
NTR	Nutrien Ltd.	+632,728	1,455,019	$91,593,446
DNN	Denison Mines Corp.	+396,540	5,117,155	$15,658,494
CNR	Core Natural Resources, Inc.	+392,752	1,100,977	$88,100,179
HCC	Warrior Met Coal, Inc.	+352,932	951,045	$77,186,812
AMR	Alpha Metallurgical Resources, Inc.	+322,675	564,714	$93,143,927
SBSW	Sibanye Stillwater Ltd	+310,725	4,580,794	$38,890,941
MOS	Mosaic Co	+256,651	1,178,956	$24,982,077
CNQ	CANADIAN NATURAL RESOURCES Ltd	+215,402	3,043,255	$120,208,572
RRC	Range Resources Corp	+198,864	2,920,613	$108,617,597
SDRL	SEADRILL Ltd	+187,101	2,636,666	$99,718,708
SLB	Slb Limited	+156,323	2,454,873	$114,127,045
UEC	Uranium Energy Corp	+155,865	2,357,786	$25,133,998
NXE	NexGen Energy Ltd.	+153,759	1,964,702	$18,448,551
IE	Ivanhoe Electric Inc.	+152,899	2,267,908	$21,794,595
NE	Noble Corp plc	+146,395	1,987,601	$74,137,517
SU	Suncor Energy Inc	+134,545	1,974,700	$106,001,896
URG	Ur-Energy Inc	+131,030	4,384,124	$5,962,408
BORR	Borr Drilling Ltd	+119,210	2,238,675	$9,245,727
AR	ANTERO RESOURCES Corp	+114,593	1,731,731	$60,853,027
UUUU	Energy Fuels Inc	+105,268	1,590,170	$23,057,465
PR	Permian Resources Corp	+99,700	1,914,400	$35,244,104
VAL	Valaris Ltd	+94,191	1,413,542	$102,623,149
EQT	EQT Corp	+81,206	1,240,409	$65,952,546
OII	Oceaneering International Inc	+61,890	775,476	$31,422,287
CCJ	Cameco Corp	+56,897	893,328	$90,994,390
No positions match the current search.

Trimmed

Positions the filer reduced

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
FCX	Freeport-Mcmoran Inc	−101,340	21,912	$1,378,045
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
AGI	Alamos Gold Inc	686,587	$30,505,060
EQX	Equinox Gold Corp.	1,283,253	$18,555,838
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

41 tracked positions · $1,738,535,615 total · filing declares 41 positions · $1,738,729,931 · as of Jun 30, 2026

All sectors Basic Materials Energy

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
CNQ	CANADIAN NATURAL RESOURCES Ltd Energy	Added	3,043,255	+215,402	$120,208,572	−12.8%	7	$36.01	6.91%
SLB	Slb Limited Energy	Added	2,454,873	+156,323	$114,127,045	−3.4%	15	before history	6.56%
RRC	Range Resources Corp Energy	Added	2,920,613	+198,864	$108,617,597	−11.7%	15	before history	6.25%
SU	Suncor Energy Inc Energy	Added	1,974,700	+134,545	$106,001,896	−12.9%	3	$51.03	6.10%
VAL	Valaris Ltd Energy	Added	1,413,542	+94,191	$102,623,149	−20.7%	15	before history	5.90%
SDRL	SEADRILL Ltd Energy	Added	2,636,666	+187,101	$99,718,708	−10.5%	13	$35.49	5.74%
AMR	Alpha Metallurgical Resources, Inc. Basic Materials	Added	564,714	+322,675	$93,143,927	+87.5%	15	before history	5.36%
NTR	Nutrien Ltd. Basic Materials	Added	1,455,019	+632,728	$91,593,446	+47.6%	15	before history	5.27%
CCJ	Cameco Corp Energy	Added	893,328	+56,897	$90,994,390	+0.2%	15	before history	5.23%
CNR	Core Natural Resources, Inc. Energy	Added	1,100,977	+392,752	$88,100,179	+18.8%	6	$89.88	5.07%
HCC	Warrior Met Coal, Inc. Basic Materials	Added	951,045	+352,932	$77,186,812	+38.5%	2	$90.19	4.44%
NE	Noble Corp plc Energy	Added	1,987,601	+146,395	$74,137,517	−17.9%	15	before history	4.26%
EQT	EQT Corp Energy	Added	1,240,409	+81,206	$65,952,546	−10.6%	15	before history	3.79%
AR	ANTERO RESOURCES Corp Energy	Added	1,731,731	+114,593	$60,853,027	−11.3%	15	before history	3.50%
SBSW	Sibanye Stillwater Ltd Basic Materials	Added	4,580,794	+310,725	$38,890,941	−26.1%	7	$7.00	2.24%
LEU	Centrus Energy Corp Energy	Added	216,750	+14,692	$36,385,822	+3.7%	15	before history	2.09%
PR	Permian Resources Corp Energy	Added	1,914,400	+99,700	$35,244,104	−8.9%	3	$16.51	2.03%
CHRD	Chord Energy Corp Energy	Added	306,981	+23,520	$35,087,928	−12.9%	2	$111.06	2.02%
OII	Oceaneering International Inc Energy	Added	775,476	+61,890	$31,422,287	+24.1%	15	before history	1.81%
UEC	Uranium Energy Corp Energy	Added	2,357,786	+155,865	$25,133,998	−15.4%	15	before history	1.45%
MOS	Mosaic Co Basic Materials	Added	1,178,956	+256,651	$24,982,077	+6.2%	15	before history	1.44%
MTDR	Matador Resources Co Energy	Added	482,216	+24,322	$24,004,712	−17.0%	15	before history	1.38%
UUUU	Energy Fuels Inc Energy	Added	1,590,170	+105,268	$23,057,465	−14.9%	15	before history	1.33%
IE	Ivanhoe Electric Inc. Basic Materials	Added	2,267,908	+152,899	$21,794,595	−12.8%	15	before history	1.25%
EXE	EXPAND ENERGY Corp Energy	Added	237,837	+11,977	$21,688,356	−12.5%	15	before history	1.25%
FANG	Diamondback Energy, Inc. Energy	Added	119,576	+6,087	$21,019,069	−6.4%	15	before history	1.21%
NXE	NexGen Energy Ltd. Energy	Added	1,964,702	+153,759	$18,448,551	−12.2%	15	before history	1.06%
DNN	Denison Mines Corp. Energy	Added	5,117,155	+396,540	$15,658,494	−6.0%	15	before history	0.90%
CRK	Comstock Resources Inc Energy	Added	907,267	+45,409	$13,536,423	−25.5%	13	$16.38	0.78%
SM	SM Energy Co Energy	Added	513,406	+25,676	$13,399,896	−11.9%	2	$23.18	0.77%
IPI	Intrepid Potash, Inc. Basic Materials	Added	297,866	+30,769	$9,764,047	−14.5%	15	before history	0.56%
BORR	Borr Drilling Ltd Energy	Added	2,238,675	+119,210	$9,245,727	−24.4%	13	$5.46	0.53%
TMQ	Trilogy Metals Inc. Basic Materials	Added	1,775,530	+47,377	$6,232,110	+0.5%	15	before history	0.36%
URG	Ur-Energy Inc Energy	Added	4,384,124	+131,030	$5,962,408	−5.9%	13	$1.26	0.34%
NG	Novagold Resources Inc Basic Materials	Added	710,721	+17,980	$4,243,004	−31.8%	15	before history	0.24%
CMCL	Caledonia Mining Corp Plc Basic Materials	Added	156,906	+3,642	$2,996,904	−13.4%	15	before history	0.17%
EU	enCore Energy Corp. Energy	Added	1,508,483	+43,759	$1,976,112	−25.0%	13	$2.65	0.11%
TFPM	Triple Flag Precious Metals Corp. Basic Materials	Added	61,584	+1,313	$1,845,672	−11.8%	14	$14.55	0.11%
		Added	165,196	+3,612	$1,617,268	−37.9%	15	before history	0.09%
FCX	Freeport-Mcmoran Inc Basic Materials	Reduced	21,912	-101,340	$1,378,045	−81.0%	15	before history	0.08%
TDW	Tidewater Inc Energy	Held	3,914	0	$260,789	−20.3%	2	$69.55	0.02%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.