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GRA

Goehring & Rozencwajg Associates Portfolio holdings

AUM $1.86B
1-Year Est. Return 130.26%
This Fund
S&P 500
This Quarter Est. Return
+32.11%
1 Year Est. Return
+130.26%
3 Year Est. Return
+213.45%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.86B
AUM Growth
+$852M
Cap. Flow
+$512M
Cap. Flow %
27.52%
Top 10 Hldgs %
57.53%
Holding
47
New
4
Increased
31
Reduced
8
Closed
4

Top Buys

1
SLB icon
SLB Ltd
SLB
+$66.1M
2
SU icon
Suncor Energy
SU
+$61.5M
3
HCC icon
Warrior Met Coal
HCC
+$53.9M
4
CNR
Core Natural Resources Inc
CNR
+$38.6M
5
CNQ icon
Canadian Natural Resources
CNQ
+$38.1M

Top Sells

1
HBM icon
Hudbay
HBM
+$16.4M
2
SKE
Skeena Resources
SKE
+$13.4M
3
ORLA
Orla Mining
ORLA
+$10.2M
4
PAAS icon
Pan American Silver
PAAS
+$9.07M
5
CIVI
Civitas Resources
CIVI
+$6.95M

Sector Composition

1 Energy 79.03%
2 Materials 20.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CNQ icon
1
Canadian Natural Resources
CNQ
$89.4B
$138M 7.41%
2,827,853
+925,440
+49% +$38.1M
VAL icon
2
Valaris
VAL
$5.29B
$129M 6.95%
1,319,351
+257,281
+24% +$20M
RRC icon
3
Range Resources
RRC
$8.54B
$123M 6.61%
2,721,749
+718,648
+36% +$28M
SU icon
4
Suncor Energy
SU
$71.6B
$122M 6.54%
1,840,155
+1,112,774
+153% +$61.5M
SLB icon
5
SLB Ltd
SLB
$70.4B
$118M 6.35%
2,298,550
+1,361,588
+145% +$66.1M
SDRL icon
6
Seadrill
SDRL
$2.64B
$111M 5.99%
2,449,565
+529,884
+28% +$21.6M
CCJ icon
7
Cameco
CCJ
$38B
$90.8M 4.88%
836,431
+153,479
+22% +$17.6M
NE icon
8
Noble Corp
NE
$6.45B
$90.3M 4.85%
1,841,206
+415,152
+29% +$17M
CNR
9
Core Natural Resources Inc
CNR
$4.21B
$74.2M 3.99%
708,225
+405,505
+134% +$38.6M
EQT icon
10
EQT Corp
EQT
$30.9B
$73.8M 3.96%
1,159,203
+313,493
+37% +$18.4M
AR icon
11
Antero Resources
AR
$10.3B
$68.6M 3.69%
1,617,138
+433,518
+37% +$15.8M
NTR icon
12
Nutrien
NTR
$32.2B
$62.1M 3.33%
822,291
-3,146
-0.4% -$224K
HCC icon
13
Warrior Met Coal
HCC
$4.25B
$55.7M 2.99%
+598,113
New +$53.9M
SBSW icon
14
Sibanye-Stillwater
SBSW
$5.75B
$52.6M 2.83%
4,270,069
+730,389
+21% +$11.4M
AMR icon
15
Alpha Metallurgical Resources
AMR
$1.85B
$49.7M 2.67%
242,039
+163,144
+207% +$33.1M
CHRD icon
16
Chord Energy
CHRD
$6.99B
$40.3M 2.17%
+283,461
New +$30.9M
PR
17
Permian Resources
PR
$16.5B
$38.7M 2.08%
1,814,700
+1,365,465
+304% +$23.6M
LEU icon
18
Centrus Energy
LEU
$2.89B
$35.1M 1.88%
202,058
+30,944
+18% +$7.46M
AGI icon
19
Alamos Gold
AGI
$11.9B
$30.5M 1.64%
686,587
-94,064
-12% -$4.15M
UEC icon
20
Uranium Energy
UEC
$4.62B
$29.7M 1.6%
2,201,921
+380,827
+21% +$5.87M
MTDR icon
21
Matador Resources
MTDR
$6.59B
$28.9M 1.55%
457,894
+113,756
+33% +$5.7M
UUUU icon
22
Energy Fuels
UUUU
$2.92B
$27.1M 1.46%
1,484,902
+255,494
+21% +$5.29M
OII icon
23
Oceaneering
OII
$4.22B
$25.3M 1.36%
713,586
+144,852
+25% +$4.69M
IE icon
24
Ivanhoe Electric
IE
$1.31B
$25M 1.34%
2,115,009
+327,112
+18% +$5.13M
EXE
25
Expand Energy Corp
EXE
$21.1B
$24.8M 1.33%
225,860
+60,492
+37% +$6.46M
1
2

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Goehring & Rozencwajg Associates's Q1 2026 Portfolio in Review

As of Q1 2026, Goehring & Rozencwajg Associates held 47 positions worth $1.86B, up 84% from $1.01B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Goehring & Rozencwajg Associates deployed $512M of net new capital in Q1 2026, opening 4 new positions and adding to 31 existing holdings. Its largest new stake was Warrior Met Coal: 598,113 shares worth $55.7M.

By sector, the portfolio is most concentrated in Energy at 79% of assets, up from 69% a quarter earlier, followed by Materials.

On the sell side, the largest reduction was Orla Mining, an estimated $10.2M trimmed.

  • Goehring & Rozencwajg Associates's largest Q1 2026 buy was Warrior Met Coal: 598,113 shares worth $55.7M.
  • Goehring & Rozencwajg Associates added most to SLB Ltd in Q1 2026, an estimated $66.1M increase.
  • Goehring & Rozencwajg Associates's biggest Q1 2026 reduction was Orla Mining, cutting an estimated $10.2M.
  • Goehring & Rozencwajg Associates fully exited Hudbay in Q1 2026, selling an estimated $16.4M.
  • Goehring & Rozencwajg Associates's ten largest holdings make up 58% of its $1.86B portfolio in Q1 2026.
  • Goehring & Rozencwajg Associates opened 4 new positions and closed 4 in Q1 2026.
  • Goehring & Rozencwajg Associates's portfolio value rose 84% quarter-over-quarter to $1.86B.

Based on Goehring & Rozencwajg Associates's 13F filing for Q1 2026, filed 5 May 2026.