Managers / Q4 2025 · view latest →

Goehring & Rozencwajg Associates, LLC

CIK 0001863154 · 115 BROADWAY, 5TH FL, NEW YORK, NY, 10006 · 6462169777

Reported Value

$1.0B

Q4 2025

Positions

Filings on Record

2019–present window

Filed

Feb 13, 2026

original filing

Summary

Goehring & Rozencwajg Associates, LLC reported $1.0B in U.S.-listed holdings across 43 positions for Q4 2025.

Its largest position, RRC, represents 7.0% of the portfolio.

Compared with Q3 2025, the fund opened 2 new positions and exited 1.

Portfolio Metrics

Turnover

+4.9%

vs prior filed quarter

Top-10 Concentration

+54.1%

share of reported value

Largest Position

+7.0%

Range Res

New / Exited

2 / 1

positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value

Portfolio Composition

By security type

Common Stock · 78.1% · $788M
Other · 16.9% · $171M
ADR · 5.0% · $50M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
PR PERMIAN RESOURCES CORP	NEW	+449.2K	449.2K	+$7M	$7M
SU SUNCOR ENERGY INC NEW	NEW	+727.4K	727.4K	+$0	$0
SLB SLB LIMITED	ADDED	+755.2K	937.0K	+$30M	$36M
TDW TIDEWATER INC NEW	SOLD OUT	−3.9K	0	−$208,734	$0
CRC CANADIAN NAT RES LTD	ADDED	+897.4K	1.90M	+$32M	$64M
CRK COMSTOCK RES INC	ADDED	+229.5K	639.3K	+$7M	$15M
BORR DRILLING LTD	ADDED	+580.5K	1.62M	+$4M	$7M
EXE EXPAND ENERGY CORPORATION	ADDED	+54.6K	165.4K	+$6M	$18M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

43 positions

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	RRC RANGE RES CORP history →	COM	7.00%	$71M	2.00M
2	SEADRILL LTD	COM	6.58%	$66M	1.92M
3	CRC CANADIAN NAT RES LTD history →	COM	6.38%	$64M	1.90M
4	CCO CAMECO CORP history →	COM	6.19%	$62M	683.0K
5	VALARIS LTD	CL A	5.30%	$54M	1.06M
6	NTR NUTRIEN LTD history →	COM	5.05%	$51M	825.4K
7	SBSW SIBANYE STILLWATER LTD history →	SPONSORED ADR	5.00%	$50M	3.54M
8	EQT EQT CORP history →	COM	4.49%	$45M	845.7K
9	LEU CENTRUS ENERGY CORP history →	CL A	4.12%	$42M	171.1K
10	AR ANTERO RESOURCES CORP history →	COM	4.04%	$41M	1.18M
11	NOBLE CORP PLC	ORD SHS A	3.99%	$40M	1.43M
12	SLB SLB LIMITED history →	COM STK	3.56%	$36M	937.0K
13	AGI ALAMOS GOLD INC NEW history →	COM CL A	2.98%	$30M	780.7K
14	IE IVANHOE ELECTRIC INC history →	COM	2.83%	$29M	1.79M
15	CNR CORE NATURAL RESOURCES INC history →	COM SHS	2.65%	$27M	302.7K
16	U6Z URANIUM ENERGY CORP history →	COM	2.11%	$21M	1.82M
17	EQX EQUINOX GOLD CORP history →	COM	2.04%	$21M	1.46M
18	EXE EXPAND ENERGY CORPORATION history →	COM	1.81%	$18M	165.4K
19	EFR ENERGY FUELS INC history →	COM NEW	1.77%	$18M	1.23M
20	HBM HUDBAY MINERALS INC history →	COM	1.62%	$16M	825.0K
21	AMR ALPHA METALLURGICAL RESOUR I history →	COM	1.56%	$16M	78.9K
22	CRK COMSTOCK RES INC history →	COM	1.47%	$15M	639.3K
23	MTDR MATADOR RES CO history →	COM	1.45%	$15M	344.1K
24	NXE NEXGEN ENERGY LTD history →	COM	1.38%	$14M	1.52M
25	OII OCEANEERING INTL INC history →	COM	1.35%	$14M	568.7K
26	SKE SKEENA RES LTD NEW history →	COM	1.32%	$13M	563.0K
27	FANG DIAMONDBACK ENERGY INC history →	COM	1.27%	$13M	85.2K
28	FCX FREEPORT-MCMORAN INC history →	CL B	1.20%	$12M	237.6K
29	MOS MOSAIC CO NEW history →	COM	1.08%	$11M	451.0K
30	DML DENISON MINES CORP history →	COM	1.04%	$11M	3.95M
31	OLA ORLA MNG LTD NEW history →	COM	1.04%	$10M	777.9K
32	PAAS PAN AMERN SILVER CORP	COM	0.90%	$9M	175.1K
33	NG NOVAGOLD RES INC	COM NEW	0.74%	$7M	799.8K
34	PR PERMIAN RESOURCES CORP	CLASS A COM	0.71%	$7M	449.2K
35	CIVI CIVITAS RESOURCES INC	COM NEW	0.69%	$7M	256.6K
36	BORR DRILLING LTD	SHS	0.65%	$7M	1.62M
37	TMQ TRILOGY METALS INC NEW	COM	0.60%	$6M	1.41M
38	IPI INTREPID POTASH INC	COM	0.60%	$6M	219.3K
39	URE UR-ENERGY INC	COM	0.48%	$5M	3.47M
40	CALEDONIA MNG CORP PLC	SHS NEW	0.43%	$4M	165.3K
41	EU ENCORE ENERGY CORP	COM NEW	0.30%	$3M	1.23M
42	TFPM TRIPLE FLAG PRECIOUS METAL	COM	0.22%	$2M	68.0K
43	SU SUNCOR ENERGY INC NEW	COM	0.00%	$0	727.4K

Filing History

Quarter	Reported Value	Positions	Filed	Type	Links
Q1 2026	$1.9B	43	May 5, 2026	13F-HR	changes · EDGAR ↗
Q4 2025	$1.0B	43	Feb 13, 2026	13F-HR	changes · EDGAR ↗
Q3 2025	$831M	42	Nov 10, 2025	13F-HR	changes · EDGAR ↗
Q2 2025	$654M	41	Aug 12, 2025	13F-HR	changes · EDGAR ↗
Q1 2025	$552M	42	Apr 29, 2025	13F-HR	changes · EDGAR ↗
Q4 2024	$487M	44	Jan 28, 2025	13F-HR	changes · EDGAR ↗
Q3 2024	$491M	44	Nov 13, 2024	13F-HR	changes · EDGAR ↗
Q2 2024	$504M	48	Aug 12, 2024	13F-HR	changes · EDGAR ↗
Q1 2024	$462M	51	May 13, 2024	13F-HR	changes · EDGAR ↗
Q4 2023	$414M	50	Feb 14, 2024	13F-HR	changes · EDGAR ↗
Q3 2023	$408M	50	Nov 14, 2023	13F-HR	changes · EDGAR ↗
Q2 2023	$348M	50	Aug 14, 2023	13F-HR	changes · EDGAR ↗
Q1 2023	$293M	47	May 9, 2023	13F-HR	changes · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.