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Goehring & Rozencwajg Associates, LLC

115 BROADWAY 5TH FL, NEW YORK, NY 10006 • 6462169777

Q2 2025 · Filed 2025-08-12
Market Value
$605M
+16.9%
Holdings
39
-3
New Purchases
0
Added To
12
Closed
1
Reduced
26
Top 10 Concentration
57.2%
Turnover
2.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LEU 5.62% 3.05% +2.57% $34M
CCJ 7.97% 5.84% +2.13% $48M
VAL 3.01% 1.33% +1.68% $18M
SBSW 4.00% 2.33% +1.67% $24M
NTR 7.52% 6.81% +0.71% $45M
NG 0.76% 0.25% +0.51% $5M
IE 2.54% 2.10% +0.44% $15M
CRK 1.87% 1.53% +0.34% $11M
NXE 1.66% 1.44% +0.22% $10M
CMCL 0.74% 0.52% +0.22% $4M
UUUU 1.11% 0.99% +0.13% $7M
HBM 1.37% 1.28% +0.08% $8M
MOS 2.58% 2.53% +0.04% $16M
EQX 2.15% 2.11% +0.04% $13M
IPI 1.23% 1.20% +0.03% $7M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
RRC 9.46% 11.18% -1.71% $57M
AR 5.49% 6.73% -1.23% $33M
AGI 5.15% 6.17% -1.03% $31M
CNR 3.27% 4.01% -0.74% $20M
MTDR 2.27% 2.95% -0.69% $14M
EQT 5.70% 6.29% -0.59% $34M
FANG 1.58% 2.14% -0.55% $10M
RIG 0.00% 0.55% -0.55% $0
ORLA 1.96% 2.50% -0.55% $12M
SLB 1.01% 1.48% -0.46% $6M
CIVI 0.88% 1.31% -0.43% $5M
AMR 1.37% 1.78% -0.41% $8M
OII 1.59% 1.98% -0.38% $10M
PAAS 1.16% 1.44% -0.28% $7M
NE 1.68% 1.95% -0.27% $10M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Energy 85.5%
Basic Materials 13.1%
Technology 1.4%

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 11 $255M 42.3%
Mid Cap 23 $317M 52.4%
Small Cap 5 $32M 5.4%

Portfolio Analytics

Avg Market Cap
$16.9B
Median Market Cap
$7.0B
Avg P/E
25.2
Median P/E
14.5
Avg Dividend Yield
0.01%
Avg Beta
1.08
# Stocks
39
# ETFs / Funds
0

Top Holdings (39 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 RRC 9.46% 1,406,795 $57M $40.67 -$588K -28,581 -2.0%
2 CCJ 7.97% 648,982 $48M $74.23 $18M -24,316 -3.6%
3 NTR 7.52% 781,074 $45M $58.24 $10M +109,245 +16.3%
4 EQT 5.70% 591,155 $34M $58.32 $2M -14,499 -2.4%
5 LEU 5.62% 185,422 $34M $183.18 $18M -26,940 -12.7%
6 AR 5.49% 824,612 $33M $40.28 -$2M -24,489 -2.9%
7 AGI 5.15% 1,171,247 $31M $26.56 -$806K -52,010 -4.2%
8 SBSW 4.00% 3,348,841 $24M $7.22 $12M +599,131 +21.8%
9 CNR 3.27% 283,245 $20M $69.74 -$975K +183 +0.1%
10 VAL 3.01% 432,021 $18M $42.11 $11M +261,081 +152.7%
11 CNQ 2.92% 561,642 $18M $31.45 $1M +34,877 +6.6%
12 MOS 2.58% 427,078 $16M $36.48 $2M -34,419 -7.5%
13 IE 2.54% 1,693,316 $15M $9.07 $5M -19,870 -1.2%
14 SKE.TO 2.29% 870,153 $14M $15.92 $1M -295,214 -25.3%
15 MTDR 2.27% 287,404 $14M $47.72 -$2M -4,665 -1.6%
16 EQX 2.15% 2,244,877 $13M $5.78 $2M +681,948 +43.6%
17 EXE 2.14% 110,383 $13M $116.94 $705K -1,321 -1.2%
18 ORLA 1.96% 1,176,349 $12M $10.05 -$1M -221,404 -15.8%
19 UEC 1.95% 1,732,811 $12M $6.80 $2M -52,137 -2.9%
20 CRK 1.87% 408,590 $11M $27.67 $3M +9,883 +2.5%
21 NE 1.68% 382,240 $10M $26.55 $56K -22,270 -5.5%
22 NXE 1.66% 1,445,108 $10M $6.94 $3M -27,791 -1.9%
23 FCX 1.61% 224,924 $10M $43.35 $361K -5,777 -2.5%
24 OII 1.59% 465,178 $10M $20.72 -$591K -5,367 -1.1%
25 FANG 1.58% 69,677 $10M $137.40 -$1M -7 -0.0%
26 AMR 1.37% 73,893 $8M $112.48 -$900K +204 +0.3%
27 HBM 1.37% 778,065 $8M $10.62 $2M -19,583 -2.5%
28 IPI 1.23% 207,525 $7M $35.73 $1M -6,452 -3.0%
29 PAAS 1.16% 246,608 $7M $28.40 -$457K -35,991 -12.7%
30 DNN 1.13% 3,756,986 $7M $1.82 $1M -36,218 -0.9%
31 UUUU 1.11% 1,168,516 $7M $5.75 $2M -2,706 -0.2%
32 SLB 1.01% 181,320 $6M $33.80 -$2M -3,851 -2.1%
33 CIVI 0.88% 192,670 $5M $27.52 -$1M +3,043 +1.6%
34 NG 0.76% 1,127,844 $5M $4.09 $3M +748,216 +197.1%
35 CMCL 0.74% 232,065 $4M $19.32 $2M +31 +0.0%
36 URG 0.57% 3,301,117 $3M $1.05 $407K +80,997 +2.5%
37 TFPM.TO 0.39% 100,088 $2M $23.73 $418K -1,768 -1.7%
38 TMQ 0.29% 1,279,509 $2M $1.36 -$543K -123,288 -8.8%
39 RIG —% -$3M -876,712 -100.0% SOLD

Sold Out Positions

SymbolValue% Port
RIG —%
View SEC EDGAR Filings for Goehring & Rozencwajg Associates, LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms