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Goehring & Rozencwajg Associates, LLC

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

Q4 2025 · Filed 2026-02-13
Market Value
$933M
+20.7%
Holdings
40
+1
New Purchases
1
Added To
30
Closed
1
Reduced
8
Top 10 Concentration
55.8%
Turnover
5.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SLB 3.85% 0.81% +3.04% $36M
CNQ 6.90% 4.16% +2.74% $64M
AR 4.37% 3.58% +0.79% $41M
PR 0.77% 0.00% +0.77% $7M
RRC 7.57% 6.87% +0.70% $71M
EQT 4.86% 4.19% +0.67% $45M
CRK 1.59% 1.05% +0.54% $15M
SBSW 5.40% 4.88% +0.52% $50M
EXE 1.96% 1.52% +0.43% $18M
NE 4.31% 3.96% +0.36% $40M
IE 3.06% 2.76% +0.31% $29M
TMQ 0.65% 0.37% +0.29% $6M
HBM 1.75% 1.52% +0.24% $16M
FCX 1.29% 1.14% +0.15% $12M
AMR 1.69% 1.58% +0.11% $16M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AGI 3.23% 5.29% -2.06% $30M
LEU 4.45% 6.46% -2.01% $42M
EQX 2.21% 3.27% -1.07% $21M
MOS 1.16% 1.92% -0.76% $11M
UEC 2.28% 2.98% -0.70% $21M
SKE.TO 1.43% 2.09% -0.65% $13M
CMCL 0.46% 1.10% -0.63% $4M
ORLA 1.12% 1.65% -0.53% $10M
NG 0.80% 1.30% -0.50% $7M
NTR 5.46% 5.93% -0.47% $51M
UUUU 1.92% 2.32% -0.40% $18M
CCJ 6.69% 7.03% -0.34% $62M
PAAS 0.97% 1.24% -0.27% $9M
URG 0.52% 0.76% -0.25% $5M
CNR 2.87% 3.08% -0.21% $27M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Energy 85.5%
Basic Materials 13.1%
Technology 1.4%

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 12 $389M 41.7%
Mid Cap 23 $494M 52.9%
Small Cap 5 $50M 5.3%

Portfolio Analytics

Avg Market Cap
$16.8B
Median Market Cap
$7.0B
Avg P/E
24.8
Median P/E
14.5
Avg Dividend Yield
0.01%
Avg Beta
1.05
# Stocks
40
# ETFs / Funds
0

Top Holdings (40 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 RRC 7.57% 2,003,101 $71M $35.26 $18M +591,950 +42.0%
2 CNQ 6.90% 1,902,413 $64M $33.87 $32M +897,432 +89.3%
3 CCJ 6.69% 682,952 $62M $91.49 $8M +34,663 +5.3%
4 VAL 5.73% 1,062,070 $54M $50.40 $10M +159,630 +17.7%
5 NTR 5.46% 825,437 $51M $61.72 $5M +45,199 +5.8%
6 SBSW 5.40% 3,539,680 $50M $14.25 $13M +179,650 +5.3%
7 EQT 4.86% 845,710 $45M $53.60 $13M +251,072 +42.2%
8 LEU 4.45% 171,114 $42M $242.76 -$8M +10,127 +6.3%
9 AR 4.37% 1,183,620 $41M $34.46 $13M +359,674 +43.6%
10 NE 4.31% 1,426,054 $40M $28.24 $10M +344,419 +31.8%
11 SLB 3.85% 936,962 $36M $38.38 $30M +755,155 +415.4%
12 AGI 3.23% 780,651 $30M $38.58 -$11M -392,766 -33.5%
13 IE 3.06% 1,787,897 $29M $15.98 $7M +90,708 +5.3%
14 CNR 2.87% 302,720 $27M $88.51 $3M +17,368 +6.1%
15 UEC 2.28% 1,821,094 $21M $11.68 -$2M +91,859 +5.3%
16 EQX 2.21% 1,464,761 $21M $14.06 -$5M -787,586 -35.0%
17 EXE 1.96% 165,368 $18M $110.36 $6M +54,567 +49.2%
18 UUUU 1.92% 1,229,408 $18M $14.54 -$43K +62,067 +5.3%
19 HBM 1.75% 824,951 $16M $19.86 $5M +51,387 +6.6%
20 AMR 1.69% 78,895 $16M $199.88 $4M +4,459 +6.0%
21 CRK 1.59% 639,289 $15M $23.18 $7M +229,501 +56.0%
22 MTDR 1.56% 344,138 $15M $42.44 $2M +55,926 +19.4%
23 NXE 1.50% 1,518,939 $14M $9.20 $1M +76,684 +5.3%
24 OII 1.46% 568,734 $14M $24.03 $2M +102,676 +22.0%
25 SKE.TO 1.43% 562,975 $13M $23.75 -$3M -311,847 -35.6%
26 FANG 1.37% 85,243 $13M $150.33 $3M +15,411 +22.1%
27 FCX 1.29% 237,584 $12M $50.79 $3M +12,148 +5.4%
28 MOS 1.16% 451,046 $11M $24.09 -$4M +22,836 +5.3%
29 DNN 1.13% 3,952,752 $11M $2.66 $193K +199,607 +5.3%
30 ORLA 1.12% 777,949 $10M $13.45 -$2M -404,755 -34.2%
31 PAAS 0.97% 175,080 $9M $51.81 -$537K -73,000 -29.4%
32 NG 0.80% 799,826 $7M $9.32 -$3M -342,663 -30.0%
33 PR 0.77% 449,235 $7M $15.96 +449,235 NEW
34 CIVI 0.74% 256,605 $7M $27.09 $674K +63,465 +32.9%
35 TMQ 0.65% 1,408,204 $6M $4.34 $3M +69,883 +5.2%
36 IPI 0.65% 219,316 $6M $27.73 -$286K +11,084 +5.3%
37 URG 0.52% 3,467,921 $5M $1.39 -$1M +175,124 +5.3%
38 CMCL 0.46% 165,304 $4M $26.17 -$4M -68,761 -29.4%
39 TFPM.TO 0.24% 68,022 $2M $33.23 -$687K -32,702 -32.5%
40 TDW —% -$209K -3,914 -100.0% SOLD

New Positions

SymbolValue% Port
PR $7M 0.77%

Sold Out Positions

SymbolValue% Port
TDW —%
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