Goehring & Rozencwajg Associates LLC's Q1 2025 13F: 1 new position, 3 exits
Form 13F-HR for the quarter ended Mar 31, 2025 · filed Apr 29, 2025 · 42 reported positions · accession 0001085146-25-002412
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | CONSOL ENERGY INC NEW (CEIX) | 4.5% | — | −4.5 pts | −201K sh | −100% |
| Increased | NUTRIEN LTD (NTR) | 1.8% | 6.4% | +4.5 pts | +471K sh | +235% |
| New | CORE NATURAL RESOURCES INC (CNR) | — | 3.8% | +3.8 pts | +283K sh | new |
| Increased | SEADRILL LTD (SDRL) | 3.6% | 5.5% | +1.9 pts | +724K sh | +152% |
| Reduced | COMSTOCK RES INC (CRK) | 2.2% | 1.4% | −0.8 pts | −304K sh | −43% |
| Exited | ERO COPPER CORP (ERO) | 0.9% | — | −0.9 pts | −350K sh | −100% |
| Reduced | SKEENA RES LTD NEW (SKE) | 2.7% | 2.3% | −0.5 pts | −340K sh | −23% |
| Exited | NOV INC (NOV) | 0.6% | — | −0.6 pts | −190K sh | −100% |
| Increased | RANGE RES CORP (RRC) | 9.5% | 10.5% | +0.9 pts | +25,403 sh | +2% |
| Increased | NOBLE CORP PLC (NE) | 2.2% | 1.8% | −0.4 pts | +34,018 sh | +9% |
| Increased | ANTERO RESOURCES CORP (AR) | 5.2% | 6.3% | +1.1 pts | +18,569 sh | +2% |
| Increased | EQT CORP (EQT) | 5.2% | 5.9% | +0.7 pts | +13,237 sh | +2% |
| Increased | ALAMOS GOLD INC NEW (AGI) | 4.4% | 5.8% | +1.3 pts | +27,032 sh | +2% |
| Increased | CAMECO CORP (CCJ) | 7.0% | 5.5% | −1.6 pts | +14,669 sh | +2% |
| Increased | CANADIAN NAT RES LTD (CNQ) | 3.1% | 2.9% | −0.2 pts | +14,421 sh | +3% |
| Increased | SIBANYE STILLWATER LTD (SBSW) | 1.9% | 2.2% | +0.2 pts | +96,230 sh | +4% |
| Increased | CENTRUS ENERGY CORP (LEU) | 3.0% | 2.9% | −0.1 pts | +4,606 sh | +2% |
| Increased | MATADOR RES CO (MTDR) | 3.1% | 2.8% | −0.4 pts | +6,390 sh | +2% |
| Increased | EXPAND ENERGY CORPORATION (EXE) | 2.1% | 2.2% | +0.1 pts | +2,673 sh | +2% |
| Increased | ORLA MNG LTD NEW (ORLA) | 1.5% | 2.3% | +0.8 pts | +30,722 sh | +2% |
| Increased | MOSAIC CO NEW (MOS) | 2.3% | 2.4% | +0.1 pts | +9,518 sh | +2% |
| Increased | EQUINOX GOLD CORP (EQX) | 1.6% | 2.0% | +0.4 pts | +34,373 sh | +2% |
| Increased | IVANHOE ELECTRIC INC (IE) | 2.4% | 2.0% | −0.5 pts | +37,719 sh | +2% |
| Increased | ALPHA METALLURGICAL RESOUR I (AMR) | 3.1% | 1.7% | −1.4 pts | +1,889 sh | +3% |
| Increased | DIAMONDBACK ENERGY INC (FANG) | 2.2% | 2.0% | −0.2 pts | +1,441 sh | +2% |
| Increased | OCEANEERING INTL INC (OII) | 2.3% | 1.9% | −0.5 pts | +10,356 sh | +2% |
| Increased | URANIUM ENERGY CORP (UEC) | 2.6% | 1.8% | −0.8 pts | +38,302 sh | +2% |
| Increased | FREEPORT-MCMORAN INC (FCX) | 1.8% | 1.7% | −0.1 pts | +5,052 sh | +2% |
| Increased | SCHLUMBERGER LTD (SLB) | 1.4% | 1.4% | 0.0 pts | +4,067 sh | +2% |
| Increased | PAN AMERN SILVER CORP (PAAS) | 1.2% | 1.4% | +0.2 pts | +6,223 sh | +2% |
| Increased | NEXGEN ENERGY LTD (NXE) | 2.1% | 1.3% | −0.7 pts | +32,025 sh | +2% |
| Increased | VALARIS LTD (VAL) | 1.4% | 1.3% | −0.2 pts | +3,710 sh | +2% |
| Increased | HUDBAY MINERALS INC (HBM) | 1.3% | 1.2% | −0.1 pts | +17,361 sh | +2% |
| Increased | INTREPID POTASH INC (IPI) | 1.0% | 1.1% | +0.1 pts | +4,615 sh | +2% |
| Increased | DENISON MINES CORP (DNN) | 1.5% | 1.1% | −0.4 pts | +83,107 sh | +2% |
| Increased | ENERGY FUELS INC (UUUU) | 1.3% | 0.9% | −0.3 pts | +25,829 sh | +2% |
| Reduced | CIVITAS RESOURCES INC (CIVI) | 1.7% | 1.2% | −0.5 pts | −3,046 sh | −2% |
| Increased | UR-ENERGY INC (URG) | 0.7% | 0.6% | −0.2 pts | +71,906 sh | +2% |
| Increased | CALEDONIA MNG CORP PLC (CMCL) | 0.4% | 0.5% | 0.0 pts | +5,813 sh | +3% |
| Increased | TRANSOCEAN LTD (RIG) | 0.6% | 0.5% | −0.1 pts | +19,408 sh | +2% |
| Increased | BORR DRILLING LTD (BORR) | 0.8% | 0.5% | −0.3 pts | +22,795 sh | +2% |
| Increased | TRIPLE FLAG PRECIOUS METAL (TFPM) | 0.3% | 0.4% | 0.0 pts | +2,200 sh | +2% |
| Increased | ENCORE ENERGY CORP (EU) | 0.8% | 0.3% | −0.4 pts | +25,402 sh | +2% |
| Increased | NOVAGOLD RES INC (NG) | 0.3% | 0.2% | 0.0 pts | +8,500 sh | +2% |
| Increased | TRILOGY METALS INC NEW (TMQ) | 0.3% | 0.4% | +0.1 pts | +10,600 sh | +1% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 55.3% of the equity book
Changes in the top 10 this quarter: NTR entered · CNR entered · LEU entered · CEIX left · MTDR left · AMR left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | RANGE RES CORP (RRC) | 9.5% | 10.5% | |
| 2 | NUTRIEN LTD (NTR) | 1.8% | 6.4% | Entered the top 10 |
| 3 | ANTERO RESOURCES CORP (AR) | 5.2% | 6.3% | |
| 4 | EQT CORP (EQT) | 5.2% | 5.9% | |
| 5 | ALAMOS GOLD INC NEW (AGI) | 4.4% | 5.8% | |
| 6 | CAMECO CORP (CCJ) | 7.0% | 5.5% | |
| 7 | SEADRILL LTD (SDRL) | 3.6% | 5.5% | |
| 8 | CORE NATURAL RESOURCES INC (CNR) | 0.0% | 3.8% | Entered the top 10 |
| 9 | CANADIAN NAT RES LTD (CNQ) | 3.1% | 2.9% | |
| 10 | CENTRUS ENERGY CORP (LEU) | 3.0% | 2.9% | Entered the top 10 |
| — | CONSOL ENERGY INC NEW (CEIX) | 4.5% | 0.0% | Left the top 10 |
| — | MATADOR RES CO (MTDR) | 3.1% | 2.8% | Left the top 10 |
| — | ALPHA METALLURGICAL RESOUR I (AMR) | 3.1% | 1.7% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).