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GRA

Goehring & Rozencwajg Associates Portfolio holdings

AUM $1.74B
1-Year Est. Return 48.6%
This Fund
S&P 500
This Quarter Est. Return
+6.9%
1 Year Est. Return
+48.6%
3 Year Est. Return
+148.15%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.01B
AUM Growth
+$179M
Cap. Flow
+$166M
Cap. Flow %
16.47%
Top 10 Hldgs %
54.15%
Holding
44
New
2
Increased
33
Reduced
8
Closed
1

Top Buys

Rank Stock Value
1
SU icon
Suncor Energy
SU
+$30.7M
2
CNQ icon
Canadian Natural Resources
CNQ
+$29.1M
3
SLB icon
SLB Ltd
SLB
+$27.4M
4
RRC icon
Range Resources
RRC
+$22M
5
EQT icon
EQT Corp
EQT
+$14.1M

Top Sells

Rank Stock Value
1
AGI icon
Alamos Gold
AGI
+$13.7M
2
EQX icon
Equinox Gold
EQX
+$9.94M
3
SKE
Skeena Resources
SKE
+$6.15M
4
ORLA
Orla Mining
ORLA
+$4.91M
5
NG icon
NovaGold Resources
NG
+$3.18M

Sector Composition

Rank Sector Weight
1 Energy 68.54%
2 Materials 31.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SKE
26
Skeena Resources
SKE
$4.1B
$13.4M 1.32%
562,975
-311,847
-36% -$6.15M
FANG icon
27
Diamondback Energy
FANG
$55.7B
$12.8M 1.27%
85,243
+15,411
+22% +$2.27M
FCX icon
28
Freeport-McMoran
FCX
$98.7B
$12.1M 1.2%
237,584
+12,148
+5% +$526K
MOS icon
29
The Mosaic Company
MOS
$7.46B
$10.9M 1.08%
451,046
+22,836
+5% +$615K
DNN icon
30
Denison Mines
DNN
$2.95B
$10.5M 1.04%
3,952,752
+199,607
+5% +$543K
ORLA
31
DELISTED
Orla Mining
ORLA
$10.5M 1.04%
777,949
-404,755
-34% -$4.91M
PAAS icon
32
Pan American Silver
PAAS
$21.8B
$9.07M 0.9%
175,080
-73,000
-29% -$3.06M
NG icon
33
NovaGold Resources
NG
$3.35B
$7.45M 0.74%
799,826
-342,663
-30% -$3.18M
PR
34
Permian Resources
PR
$17.8B
$7.17M 0.71%
+449,235
New +$6.03M
CIVI
35
DELISTED
Civitas Resources
CIVI
$6.95M 0.69%
256,605
+63,465
+33% +$1.84M
BORR
36
Borr Drilling
BORR
$1.28B
$6.54M 0.65%
1,623,163
+580,464
+56% +$1.92M
TMQ
37
Trilogy Metals
TMQ
$670M
$6.1M 0.6%
1,408,204
+69,883
+5% +$329K
IPI icon
38
Intrepid Potash
IPI
$508M
$6.08M 0.6%
219,316
+11,084
+5% +$298K
URG
39
Ur-Energy
URG
$564M
$4.82M 0.48%
3,467,921
+175,124
+5% +$259K
CMCL icon
40
Caledonia Mining Corp
CMCL
$439M
$4.33M 0.43%
165,304
-68,761
-29% -$2.02M
EU
41
enCore Energy
EU
$254M
$3.04M 0.3%
1,227,255
+61,919
+5% +$177K
TFPM icon
42
Triple Flag Precious Metals
TFPM
$6.59B
$2.26M 0.22%
68,022
-32,702
-32% -$1.02M
SU icon
43
Suncor Energy
SU
$73.4B
$0 ﹤0.01%
+727,381
New +$30.7M
TDW icon
44
Tidewater
TDW
$4.46B
– –
-3,914
Closed -$209K
1
2

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PAIM
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RIA
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SFI
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DF
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CIP
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CC
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ESBC
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Goehring & Rozencwajg Associates's Q4 2025 Portfolio in Review

As of Q4 2025, Goehring & Rozencwajg Associates held 44 positions worth $1.01B, up 21% from $831M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Goehring & Rozencwajg Associates deployed $166M of net new capital in Q4 2025, opening 2 new positions and adding to 33 existing holdings. Its largest new stake was Suncor Energy: 727,381 shares worth $0.

By sector, the portfolio is most concentrated in Energy at 69% of assets, up from 62% a quarter earlier, followed by Materials.

On the sell side, the largest reduction was Alamos Gold, an estimated $13.7M trimmed.

  • Goehring & Rozencwajg Associates's largest Q4 2025 buy was Suncor Energy: 727,381 shares worth $0.
  • Goehring & Rozencwajg Associates added most to Canadian Natural Resources in Q4 2025, an estimated $29.1M increase.
  • Goehring & Rozencwajg Associates's biggest Q4 2025 reduction was Alamos Gold, cutting an estimated $13.7M.
  • Goehring & Rozencwajg Associates fully exited Tidewater in Q4 2025, selling an estimated $209K.
  • Goehring & Rozencwajg Associates's ten largest holdings make up 54% of its $1.01B portfolio in Q4 2025.
  • Goehring & Rozencwajg Associates opened 2 new positions and closed 1 in Q4 2025.
  • Goehring & Rozencwajg Associates's portfolio value rose 21% quarter-over-quarter to $1.01B.

Based on Goehring & Rozencwajg Associates's 13F filing for Q4 2025, filed 13 Feb 2026.