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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
+6.9%
1 Year Est. Return
+130.26%
3 Year Est. Return
+213.45%
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
RRC icon
1
Range Resources
RRC
$9.34B
$70.6M 7%
2,003,101
+591,950
+42% +$22M
SDRL icon
2
Seadrill
SDRL
$2.8B
$66.4M 6.58%
1,919,681
+224,567
+13% +$6.99M
CNQ icon
3
Canadian Natural Resources
CNQ
$99.3B
$64.4M 6.38%
1,902,413
+897,432
+89% +$29.1M
CCJ icon
4
Cameco
CCJ
$38B
$62.5M 6.19%
682,952
+34,663
+5% +$3.12M
VAL icon
5
Valaris
VAL
$5.46B
$53.5M 5.3%
1,062,070
+159,630
+18% +$8.57M
NTR icon
6
Nutrien
NTR
$33.5B
$50.9M 5.05%
825,437
+45,199
+6% +$2.66M
SBSW icon
7
Sibanye-Stillwater
SBSW
$6.23B
$50.4M 5%
3,539,680
+179,650
+5% +$2.17M
EQT icon
8
EQT Corp
EQT
$33.2B
$45.3M 4.49%
845,710
+251,072
+42% +$14.1M
LEU icon
9
Centrus Energy
LEU
$3.51B
$41.5M 4.12%
171,114
+10,127
+6% +$3.06M
AR icon
10
Antero Resources
AR
$11.1B
$40.8M 4.04%
1,183,620
+359,674
+44% +$12.2M
NE icon
11
Noble Corp
NE
$6.75B
$40.3M 3.99%
1,426,054
+344,419
+32% +$10.2M
SLB icon
12
SLB Ltd
SLB
$73.5B
$36M 3.56%
936,962
+755,155
+415% +$27.4M
AGI icon
13
Alamos Gold
AGI
$11.7B
$30.1M 2.98%
780,651
-392,766
-33% -$13.7M
IE icon
14
Ivanhoe Electric
IE
$1.44B
$28.6M 2.83%
1,787,897
+90,708
+5% +$1.3M
CNR
15
Core Natural Resources Inc
CNR
$4.02B
$26.8M 2.65%
302,720
+17,368
+6% +$1.48M
UEC icon
16
Uranium Energy
UEC
$4.73B
$21.3M 2.11%
1,821,094
+91,859
+5% +$1.21M
EQX icon
17
Equinox Gold
EQX
$7.13B
$20.6M 2.04%
1,464,761
-787,586
-35% -$9.94M
EXE
18
Expand Energy Corp
EXE
$21.7B
$18.3M 1.81%
165,368
+54,567
+49% +$6.05M
UUUU icon
19
Energy Fuels
UUUU
$2.88B
$17.9M 1.77%
1,229,408
+62,067
+5% +$1.05M
HBM icon
20
Hudbay
HBM
$10.1B
$16.4M 1.62%
824,951
+51,387
+7% +$869K
AMR icon
21
Alpha Metallurgical Resources
AMR
$1.74B
$15.8M 1.56%
78,895
+4,459
+6% +$771K
CRK icon
22
Comstock Resources
CRK
$3.87B
$14.8M 1.47%
639,289
+229,501
+56% +$5.06M
MTDR icon
23
Matador Resources
MTDR
$6.13B
$14.6M 1.45%
344,138
+55,926
+19% +$2.35M
NXE icon
24
NexGen Energy
NXE
$6.08B
$14M 1.38%
1,518,939
+76,684
+5% +$677K
OII icon
25
Oceaneering
OII
$4.83B
$13.7M 1.35%
568,734
+102,676
+22% +$2.48M
1
2

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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.