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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

Rank Stock Value
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

Rank Stock Value
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

Rank Sector Weight
1 Energy 79.03%
2 Materials 20.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MOS icon
26
The Mosaic Company
MOS
$7.03B
$23.5M 1.26%
922,305
+471,259
+104% +$12.9M
FANG icon
27
Diamondback Energy
FANG
$55B
$22.4M 1.21%
113,489
+28,246
+33% +$4.8M
NXE icon
28
NexGen Energy
NXE
$5.82B
$21M 1.13%
1,810,943
+292,004
+19% +$3.49M
EQX icon
29
Equinox Gold
EQX
$6.8B
$18.5M 1%
1,283,253
-181,508
-12% -$2.77M
CRK icon
30
Comstock Resources
CRK
$3.92B
$18.2M 0.98%
861,858
+222,569
+35% +$4.74M
DNN icon
31
Denison Mines
DNN
$2.55B
$16.7M 0.9%
4,720,615
+767,863
+19% +$2.89M
SM icon
32
SM Energy
SM
$7.51B
$15.2M 0.82%
+487,730
New +$11.1M
BORR
33
Borr Drilling
BORR
$1.28B
$12.2M 0.66%
2,119,465
+496,302
+31% +$2.54M
IPI icon
34
Intrepid Potash
IPI
$459M
$11.4M 0.61%
267,097
+47,781
+22% +$1.72M
FCX icon
35
Freeport-McMoran
FCX
$83.9B
$7.24M 0.39%
123,252
-114,332
-48% -$6.91M
URG
36
Ur-Energy
URG
$489M
$6.34M 0.34%
4,253,094
+785,173
+23% +$1.28M
TMQ
37
Trilogy Metals
TMQ
$515M
$6.22M 0.33%
1,728,153
+319,949
+23% +$1.46M
NG icon
38
NovaGold Resources
NG
$2.27B
$6.22M 0.33%
692,741
-107,085
-13% -$1.1M
CMCL icon
39
Caledonia Mining Corp
CMCL
$328M
$3.46M 0.19%
153,264
-12,040
-7% -$336K
EU
40
enCore Energy
EU
$223M
$2.64M 0.14%
1,464,724
+237,469
+19% +$607K
ORLA
41
Orla Mining
ORLA
$3.23B
$2.6M 0.14%
161,584
-616,365
-79% -$10.2M
TFPM icon
42
Triple Flag Precious Metals
TFPM
$5.65B
$2.09M 0.11%
60,271
-7,751
-11% -$281K
TDW icon
43
Tidewater
TDW
$3.77B
$327K 0.02%
+3,914
New +$272K
CIVI
44
DELISTED
Civitas Resources
CIVI
– –
-256,605
Closed -$6.95M
HBM icon
45
Hudbay
HBM
$9.04B
– –
-824,951
Closed -$16.4M
PAAS icon
46
Pan American Silver
PAAS
$17.6B
– –
-175,080
Closed -$9.07M
SKE
47
Skeena Resources
SKE
$3.12B
– –
-562,975
Closed -$13.4M
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.