Goehring & Rozencwajg Associates, LLC
Long book
$1.86B
Q1 2026
Positions
43
Top-10 weight
58%
concentration
Last quarter
-17.1%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsGoehring & Rozencwajg Associates, LLC is a concentrated fundamental stock-picker, specialised in energy (65% of the long book), running a $1.86B US long book across 43 positions.
The portfolio is concentrated: the top 10 names carry 58% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: CANADIAN NATURAL RESOURCES, VALARIS LTD, RANGE RESOURCES CORP, SUNCOR ENERGY INC, SLB LTD.
Over the last 9 quarters its long book ran on average 1.3pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.9%
Q2 2024
-2.7%
Q3 2024
+2.4%
Q4 2024
+0.3%
Q1 2025
+21.0%
Q2 2025
+19.4%
Q3 2025
+5.7%
Q4 2025
+23.9%
Q1 2026
-17.1%
Sector allocation
Energy 66%
Materials 29%
Other 5%
Financials 0%
Industrials 0%
Long book by quarter
What does Goehring & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CNQ CANADIAN NATURAL RESOURCES | Energy | 2.8M | $137.9M | 7.4% | +48.6% |
| VAL VALARIS LTD | Energy | 1.3M | $129.3M | 7.0% | +24.2% |
| RRC RANGE RESOURCES CORP | Energy | 2.7M | $123.0M | 6.6% | +35.9% |
| SU SUNCOR ENERGY INC | Energy | 1.8M | $121.7M | 6.5% | +153.0% |
| SLB SLB LTD | Energy | 2.3M | $118.1M | 6.3% | +145.3% |
| SDRL SEADRILL LIMITED | Energy | 2.4M | $111.5M | 6.0% | +27.6% |
| CCJ CAMECO CORP | Materials | 836.4K | $90.8M | 4.9% | +22.5% |
| NE NOBLE CORP PLC | Energy | 1.8M | $90.3M | 4.9% | +29.1% |
| CNR CORE NATURAL RESOURCES INC | Materials | 708.2K | $74.2M | 4.0% | +134.0% |
| EQT EQT CORP | Energy | 1.2M | $73.8M | 4.0% | +37.1% |
| AR ANTERO RESOURCES CORP | Energy | 1.6M | $68.6M | 3.7% | +36.6% |
| NTR NUTRIEN LTD | Other | 822.3K | $62.1M | 3.3% | -0.4% |
| HCC WARRIOR MET COAL INC | Materials | 598.1K | $55.7M | 3.0% | New |
| AMR ALPHA METALLURGICAL RESOURCE | Materials | 242.0K | $49.7M | 2.7% | +206.8% |
| CHRD CHORD ENERGY CORP | Energy | 283.5K | $40.3M | 2.2% | New |
| PR PERMIAN RESOURCES CORP-CL A | Energy | 1.8M | $38.7M | 2.1% | +304.0% |
| LEU CENTRUS ENERGY CORP-CLASS A | Materials | 202.1K | $35.1M | 1.9% | +18.1% |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 686.6K | $30.5M | 1.6% | -12.0% |
| UEC URANIUM ENERGY CORP | Materials | 2.2M | $29.7M | 1.6% | +20.9% |
| MTDR MATADOR RESOURCES CO | Energy | 457.9K | $28.9M | 1.6% | +33.1% |
| UUUU ENERGY FUELS INC | Materials | 1.5M | $27.1M | 1.5% | +20.8% |
| OII OCEANEERING INTL INC | Energy | 713.6K | $25.3M | 1.4% | +25.5% |
| IE IVANHOE ELECTRIC INC / US | Materials | 2.1M | $25.0M | 1.3% | +18.3% |
| EXE EXPAND ENERGY CORP | Energy | 225.9K | $24.8M | 1.3% | +36.6% |
| MOS MOSAIC CO/THE | Other | 922.3K | $23.5M | 1.3% | +104.5% |
| FANG DIAMONDBACK ENERGY INC | Energy | 113.5K | $22.4M | 1.2% | +33.1% |
| NXE NEXGEN ENERGY LTD | Materials | 1.8M | $21.0M | 1.1% | +19.2% |
| EQX EQUINOX GOLD CORP | Materials | 1.3M | $18.5M | 1.0% | -12.4% |
| CRK COMSTOCK RESOURCES INC | Energy | 861.9K | $18.2M | 1.0% | +34.8% |
| DNN DENISON MINES CORP | Materials | 4.7M | $16.7M | 0.9% | +19.4% |
| SM SM ENERGY CO | Energy | 487.7K | $15.2M | 0.8% | New |
| BORR BORR DRILLING LTD | Energy | 2.1M | $12.2M | 0.7% | +30.6% |
| IPI INTREPID POTASH INC | Materials | 267.1K | $11.4M | 0.6% | +21.8% |
| FCX FREEPORT-MCMORAN INC | Materials | 123.3K | $7.2M | 0.4% | -48.1% |
| URG UR-ENERGY INC | Materials | 4.3M | $6.3M | 0.3% | +22.6% |
| TMQ TRILOGY METALS INC | Materials | 1.7M | $6.2M | 0.3% | +22.7% |
| NG NOVAGOLD RESOURCES INC | Materials | 692.7K | $6.2M | 0.3% | -13.4% |
| CMCL CALEDONIA MINING CORP PLC | Materials | 153.3K | $3.5M | 0.2% | -7.3% |
| EU ENCORE ENERGY CORP | Materials | 1.5M | $2.6M | 0.1% | +19.3% |
| ORLA ORLA MINING LTD | Materials | 161.6K | $2.6M | 0.1% | -79.2% |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 60.3K | $2.1M | 0.1% | -11.4% |
| TDW TIDEWATER INC | Industrials | 3.9K | $327K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 5, 2026 | 43 | $1.86B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 43 | $1.01B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 42 | $830.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 41 | $654.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 29, 2025 | 42 | $551.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 28, 2025 | 44 | $486.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 44 | $490.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 48 | $503.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 51 | $461.5M | canonical | SEC ↗ |
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