Goehring & Rozencwajg Associates, LLC
Net buyer this quarter
$1.74B
40
+$209M
58.4%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 CNQ | $120M | 6.92% | 0.15% | +7.6% | Q4 2024 |
 SLB | $114M | 6.56% | 0.17% | +6.8% | Q4 2022 |
 RRC | $109M | 6.25% | 1.24% | +7.3% | Q4 2022 |
 SU | $106M | 6.10% | 0.17% | +7.3% | Q4 2025 |
 VAL | $103M | 5.90% | 2.04% | +7.1% | Q4 2022 |
 SDRL | $99.7M | 5.74% | 4.22% | +7.6% | Q2 2023 |
 AMR | $93.1M | 5.36% | 4.45% | +133.3% | Q4 2022 |
 NTR | $91.6M | 5.27% | 0.26% | +77.0% | Q4 2022 |
 CCJ | $91M | 5.23% | 0.21% | +6.8% | Q4 2022 |
 CNR | $88.1M | 5.07% | 2.21% | +55.5% | Q1 2025 |
 HCC | $77.2M | 4.44% | 1.80% | +59.0% | Q1 2026 |
 NE | $74.1M | 4.26% | 1.25% | +8.0% | Q4 2022 |
 EQT | $66M | 3.79% | 0.20% | +7.0% | Q4 2022 |
 AR | $60.9M | 3.50% | 0.56% | +7.1% | Q4 2022 |
 SBSW | $38.9M | 2.24% | 0.16% | +7.3% | Q4 2024 |
 LEU | $36.4M | 2.09% | 1.59% | +7.3% | Q4 2022 |
 PR | $35.2M | 2.03% | 0.23% | +5.5% | Q4 2022 |
 CHRD | $35.1M | 2.02% | 0.56% | +8.3% | Q1 2026 |
 OII | $31.4M | 1.81% | 0.78% | +8.7% | Q4 2022 |
 UEC | $25.1M | 1.45% | 0.48% | +7.1% | Q4 2022 |
 MOS | $25M | 1.44% | 0.37% | +27.8% | Q4 2022 |
 MTDR | $24M | 1.38% | 0.39% | +5.3% | Q4 2022 |
 UUUU | $23.1M | 1.33% | 0.64% | +7.1% | Q4 2022 |
 IE | $21.8M | 1.25% | 1.42% | +7.2% | Q4 2022 |
 EXE | $21.7M | 1.25% | 0.10% | +5.3% | Q4 2022 |
 FANG | $21M | 1.21% | 0.04% | +5.4% | Q4 2022 |
 NXE | $18.4M | 1.06% | 0.30% | +8.5% | Q4 2022 |
 DNN | $15.7M | 0.90% | 0.57% | +8.4% | Q4 2022 |
 CRK | $13.5M | 0.78% | 0.31% | +5.3% | Q2 2023 |
 SM | $13.4M | 0.77% | 0.22% | +5.3% | Q1 2026 |
 IPI | $9.76M | 0.56% | 2.26% | +11.5% | Q4 2022 |
 BORR | $9.25M | 0.53% | 0.73% | +5.6% | Q2 2023 |
 TMQ | $6.2M | 0.36% | 1.01% | +2.7% | Q4 2022 |
 URG | $5.96M | 0.34% | 1.16% | +3.1% | Q2 2023 |
 NG | $4.24M | 0.24% | 0.16% | +2.6% | Q4 2022 |
 CMCL | $3M | 0.17% | 0.81% | +2.4% | Q4 2022 |
 EU | $1.98M | 0.11% | 0.78% | +3.0% | Q2 2023 |
 TFPM | $1.84M | 0.11% | 0.03% | +2.2% | Q1 2023 |
 FCX | $1.37M | 0.08% | 0.00% | -82.2% | Q4 2022 |
 TDW | $261K | 0.01% | 0.01% | Not reported | Q2 2023 |
| Q1 2026 | |||||
| CNQ | $138M | 7.41% | 0.14% | +48.7% | Q4 2024 |
| VAL | $129M | 6.95% | 1.90% | +24.2% | Q4 2022 |
| RRC | $123M | 6.61% | 1.16% | +35.9% | Q4 2022 |
| SU | $122M | 6.54% | 0.15% | +153.0% | Q4 2025 |
| SLB | $118M | 6.35% | 0.15% | +145.3% | Q4 2022 |
| SDRL | $111M | 5.99% | 3.92% | +27.6% | Q2 2023 |
| CCJ | $90.8M | 4.88% | 0.19% | +22.5% | Q4 2022 |
| NE | $90.3M | 4.85% | 1.15% | +29.1% | Q4 2022 |
| CNR | $74.2M | 3.99% | 1.40% | +134.0% | Q1 2025 |
| EQT | $73.8M | 3.96% | 0.19% | +37.1% | Q4 2022 |
| AR | $68.6M | 3.69% | 0.52% | +36.6% | Q4 2022 |
| NTR | $62.1M | 3.33% | 0.14% | -0.4% | Q4 2022 |
| HCC | $55.7M | 2.99% | 1.13% | New | Q1 2026 |
| SBSW | $52.6M | 2.83% | 0.15% | +20.6% | Q4 2024 |
| AMR | $49.7M | 2.67% | 1.90% | +206.8% | Q4 2022 |
| CHRD | $40.3M | 2.17% | 0.50% | New | Q1 2026 |
| PR | $38.7M | 2.08% | 0.24% | +304.0% | Q4 2022 |
| LEU | $35.1M | 1.88% | 1.48% | +18.1% | Q4 2022 |
 AGI | $30.5M | 1.64% | 0.16% | -12.1% | Q1 2024 |
| UEC | $29.7M | 1.60% | 0.45% | +20.9% | Q4 2022 |
| MTDR | $28.9M | 1.55% | 0.37% | +33.1% | Q4 2022 |
| UUUU | $27.1M | 1.46% | 0.61% | +20.8% | Q4 2022 |
| OII | $25.3M | 1.36% | 0.72% | +25.5% | Q4 2022 |
| IE | $25M | 1.34% | 1.34% | +18.3% | Q4 2022 |
| EXE | $24.8M | 1.33% | 0.09% | +36.6% | Q4 2022 |
| MOS | $23.5M | 1.26% | 0.29% | +104.5% | Q4 2022 |
| FANG | $22.4M | 1.21% | 0.04% | +33.1% | Q4 2022 |
| NXE | $21M | 1.13% | 0.27% | +19.2% | Q4 2022 |
 EQX | $18.5M | 1.00% | 0.16% | -12.4% | Q4 2022 |
| CRK | $18.2M | 0.98% | 0.29% | +34.8% | Q2 2023 |
| DNN | $16.7M | 0.90% | 0.52% | +19.4% | Q4 2022 |
| SM | $15.2M | 0.82% | 0.20% | New | Q1 2026 |
| BORR | $12.2M | 0.66% | 0.69% | +30.6% | Q2 2023 |
| IPI | $11.4M | 0.61% | 2.03% | +21.8% | Q4 2022 |
| FCX | $7.24M | 0.39% | 0.01% | -48.1% | Q4 2022 |
| URG | $6.34M | 0.34% | 1.12% | +22.6% | Q2 2023 |
| TMQ | $6.22M | 0.33% | 1.00% | +22.7% | Q4 2022 |
| NG | $6.22M | 0.33% | 0.16% | -13.4% | Q4 2022 |
| CMCL | $3.46M | 0.19% | 0.79% | -7.3% | Q4 2022 |
| EU | $2.64M | 0.14% | 0.75% | +19.4% | Q2 2023 |
| TFPM | $2.09M | 0.11% | 0.03% | -11.4% | Q1 2023 |
| TDW | $327K | 0.02% | 0.01% | Not reported | Q2 2023 |
| Q4 2025 | |||||
| RRC | $70.6M | 7.00% | 0.85% | +42.0% | Q4 2022 |
| SDRL | $66.4M | 6.58% | 3.08% | +13.3% | Q2 2023 |
| CNQ | $64.4M | 6.38% | 0.09% | +89.3% | Q4 2024 |
| CCJ | $62.5M | 6.19% | 0.16% | +5.4% | Q4 2022 |
| VAL | $53.5M | 5.30% | 1.53% | +17.7% | Q4 2022 |
| NTR | $50.9M | 5.05% | 0.15% | +5.8% | Q4 2022 |
| SBSW | $50.4M | 5.00% | 0.13% | +5.4% | Q4 2024 |
| EQT | $45.3M | 4.49% | 0.14% | +42.2% | Q4 2022 |
| LEU | $41.5M | 4.12% | 1.25% | +6.3% | Q4 2022 |
| AR | $40.8M | 4.04% | 0.38% | +43.7% | Q4 2022 |
| NE | $40.3M | 3.99% | 0.90% | +31.8% | Q4 2022 |
| SLB | $36M | 3.56% | 0.06% | +415.4% | Q4 2022 |
| AGI | $30.1M | 2.98% | 0.19% | -33.5% | Q1 2024 |
| IE | $28.6M | 2.83% | 1.23% | +5.3% | Q4 2022 |
| CNR | $26.8M | 2.65% | 0.59% | +6.1% | Q1 2025 |
| UEC | $21.3M | 2.11% | 0.38% | +5.3% | Q4 2022 |
| EQX | $20.6M | 2.04% | 0.19% | -35.0% | Q4 2022 |
| EXE | $18.3M | 1.81% | 0.07% | +49.3% | Q4 2022 |
| UUUU | $17.9M | 1.77% | 0.51% | +5.3% | Q4 2022 |
 HBM | $16.4M | 1.62% | 0.21% | +6.6% | Q2 2023 |
| AMR | $15.8M | 1.56% | 0.62% | +6.0% | Q4 2022 |
| CRK | $14.8M | 1.47% | 0.22% | +56.0% | Q2 2023 |
| MTDR | $14.6M | 1.45% | 0.28% | +19.4% | Q4 2022 |
| NXE | $14M | 1.38% | 0.23% | +5.3% | Q4 2022 |
| OII | $13.7M | 1.35% | 0.57% | +22.0% | Q4 2022 |
 SKE | $13.4M | 1.32% | 0.46% | -35.7% | Q4 2022 |
| FANG | $12.8M | 1.27% | 0.03% | +22.1% | Q4 2022 |
| FCX | $12.1M | 1.20% | 0.02% | +5.4% | Q4 2022 |
| MOS | $10.9M | 1.08% | 0.14% | +5.3% | Q4 2022 |
| DNN | $10.5M | 1.04% | 0.44% | +5.3% | Q4 2022 |
 PAAS | $9.07M | 0.90% | 0.04% | -29.4% | Q4 2022 |
| NG | $7.45M | 0.74% | 0.20% | -30.0% | Q4 2022 |
| PR | $7.17M | 0.71% | 0.06% | Not reported | Q4 2022 |
| CIVI | $6.95M | 0.69% | 0.30% | +32.9% | Q4 2022 |
| BORR | $6.54M | 0.65% | 0.53% | +55.7% | Q2 2023 |
| TMQ | $6.1M | 0.60% | 0.86% | +5.2% | Q4 2022 |
| IPI | $6.08M | 0.60% | 1.67% | +5.3% | Q4 2022 |
| URG | $4.82M | 0.48% | 0.92% | +5.3% | Q2 2023 |
| CMCL | $4.33M | 0.43% | 0.86% | -29.4% | Q4 2022 |
| EU | $3.04M | 0.30% | 0.66% | +5.3% | Q2 2023 |
| TFPM | $2.26M | 0.22% | 0.03% | -32.5% | Q1 2023 |
| SU | $0 | 0.00% | 0.06% | New | Q4 2025 |
| Q3 2025 | |||||
| CCJ | $54.4M | 6.54% | 0.15% | -0.1% | Q4 2022 |
| RRC | $53.1M | 6.39% | 0.59% | +0.3% | Q4 2022 |
| SDRL | $51.2M | 6.16% | 2.72% | +0.7% | Q2 2023 |
| LEU | $49.9M | 6.01% | 1.18% | -13.2% | Q4 2022 |
| NTR | $45.8M | 5.51% | 0.14% | -0.1% | Q4 2022 |
| VAL | $44M | 5.30% | 1.29% | +108.9% | Q4 2022 |
| AGI | $40.9M | 4.92% | 0.28% | +0.2% | Q1 2024 |
| SBSW | $37.8M | 4.55% | 0.12% | +0.3% | Q4 2024 |
| EQT | $32.4M | 3.90% | 0.10% | +0.6% | Q4 2022 |
| CNQ | $32.2M | 3.87% | 0.05% | +78.9% | Q4 2024 |
| NE | $30.6M | 3.68% | 0.68% | +183.0% | Q4 2022 |
| AR | $27.7M | 3.33% | 0.27% | -0.1% | Q4 2022 |
| EQX | $25.3M | 3.04% | 0.49% | +0.3% | Q4 2022 |
| CNR | $23.8M | 2.87% | 0.56% | +0.7% | Q1 2025 |
| UEC | $23.1M | 2.78% | 0.37% | -0.2% | Q4 2022 |
| IE | $21.3M | 2.56% | 1.27% | +0.2% | Q4 2022 |
| UUUU | $17.9M | 2.16% | 0.49% | -0.1% | Q4 2022 |
| SKE | $16.1M | 1.94% | 0.81% | +0.5% | Q4 2022 |
| MOS | $14.9M | 1.79% | 0.13% | +0.3% | Q4 2022 |
| MTDR | $12.9M | 1.56% | 0.23% | +0.3% | Q4 2022 |
| NXE | $12.9M | 1.55% | 0.25% | -0.2% | Q4 2022 |
| AMR | $12.2M | 1.47% | 0.58% | +0.7% | Q4 2022 |
| EXE | $11.8M | 1.42% | 0.05% | +0.4% | Q4 2022 |
| HBM | $11.7M | 1.41% | 0.20% | -0.6% | Q2 2023 |
| OII | $11.5M | 1.39% | 0.42% | +0.2% | Q4 2022 |
| DNN | $10.3M | 1.24% | 0.42% | -0.1% | Q4 2022 |
| NG | $10.1M | 1.21% | 0.28% | +1.3% | Q4 2022 |
| FANG | $9.99M | 1.20% | 0.02% | +0.2% | Q4 2022 |
| PAAS | $9.61M | 1.16% | 0.07% | +0.6% | Q4 2022 |
| FCX | $8.84M | 1.06% | 0.02% | +0.2% | Q4 2022 |
| CMCL | $8.48M | 1.02% | 1.22% | +0.9% | Q4 2022 |
| CRK | $8.13M | 0.98% | 0.14% | +0.3% | Q2 2023 |
| IPI | $6.37M | 0.77% | 1.59% | +0.3% | Q4 2022 |
| CIVI | $6.28M | 0.76% | 0.23% | +0.2% | Q4 2022 |
| SLB | $6.25M | 0.75% | 0.01% | +0.3% | Q4 2022 |
| URG | $5.89M | 0.71% | 0.90% | -0.3% | Q2 2023 |
| EU | $3.74M | 0.45% | 0.62% | +0.4% | Q2 2023 |
| TFPM | $2.95M | 0.35% | 0.05% | +0.6% | Q1 2023 |
| TMQ | $2.85M | 0.34% | 0.81% | +4.6% | Q4 2022 |
| BORR | $2.8M | 0.34% | 0.44% | +0.9% | Q2 2023 |
| TDW | $209K | 0.03% | 0.01% | Not reported | Q2 2023 |