Goehring & Rozencwajg Associates LLC's Q1 2026 13F: 4 new positions, 4 exits
Form 13F-HR for the quarter ended Mar 31, 2026 · filed May 5, 2026 · 43 reported positions · accession 0001863154-26-000003
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | SUNCOR ENERGY INC NEW (SU) | 0.0% | 6.5% | +6.5 pts | +1.11M sh | +153% |
| Increased | SLB LIMITED (SLB) | 3.6% | 6.3% | +2.8 pts | +1.36M sh | +145% |
| New | WARRIOR MET COAL INC (HCC) | — | 3.0% | +3.0 pts | +598K sh | new |
| Increased | CANADIAN NAT RES LTD MED TER (CNQ) | 6.4% | 7.4% | +1.0 pts | +925K sh | +49% |
| Increased | CORE NATURAL RESOURCES INC (CNR) | 2.7% | 4.0% | +1.3 pts | +406K sh | +134% |
| New | CHORD ENERGY CORPORATION (CHRD) | — | 2.2% | +2.2 pts | +283K sh | new |
| Increased | ALPHA METALLURGICAL RESOUR I (AMR) | 1.6% | 2.7% | +1.1 pts | +163K sh | +207% |
| Increased | RANGE RES CORP (RRC) | 7.0% | 6.6% | −0.4 pts | +719K sh | +36% |
| Exited | HUDBAY MINERALS INC (HBM) | 1.6% | — | −1.6 pts | −825K sh | −100% |
| Increased | PERMIAN RESOURCES CORP (PR) | 0.7% | 2.1% | +1.4 pts | +1.37M sh | +304% |
| Increased | VALARIS LTD (VAL) | 5.3% | 7.0% | +1.6 pts | +257K sh | +24% |
| Exited | SKEENA RES LTD NEW (SKE) | 1.3% | — | −1.3 pts | −563K sh | −100% |
| Increased | SEADRILL LTD (SDRL) | 6.6% | 6.0% | −0.6 pts | +530K sh | +28% |
| Increased | NOBLE CORP PLC (NE) | 4.0% | 4.9% | +0.9 pts | +415K sh | +29% |
| Increased | EQT CORP (EQT) | 4.5% | 4.0% | −0.5 pts | +313K sh | +37% |
| Increased | ANTERO RESOURCES CORP (AR) | 4.0% | 3.7% | −0.4 pts | +434K sh | +37% |
| Exited | PAN AMERN SILVER CORP (PAAS) | 0.9% | — | −0.9 pts | −175K sh | −100% |
| Increased | CAMECO CORP (CCJ) | 6.2% | 4.9% | −1.3 pts | +153K sh | +22% |
| New | SM ENERGY COMPANY (SM) | — | 0.8% | +0.8 pts | +488K sh | new |
| Exited | CIVITAS RESOURCES INC (CIVI) | 0.7% | — | −0.7 pts | −257K sh | −100% |
| Increased | MOSAIC CO (MOS) | 1.1% | 1.3% | +0.2 pts | +471K sh | +104% |
| Reduced | ORLA MNG LTD NEW (ORLA) | 1.0% | 0.1% | −0.9 pts | −616K sh | −79% |
| Increased | SIBANYE STILLWATER LTD (SBSW) | 5.0% | 2.8% | −2.2 pts | +730K sh | +21% |
| Increased | MATADOR RES CO (MTDR) | 1.4% | 1.6% | +0.1 pts | +114K sh | +33% |
| Reduced | FREEPORT MCMORAN INC (FCX) | 1.2% | 0.4% | −0.8 pts | −114K sh | −48% |
| Increased | EXPAND ENERGY CORPORATION (EXE) | 1.8% | 1.3% | −0.5 pts | +60,492 sh | +37% |
| Increased | DIAMONDBACK ENERGY INC (FANG) | 1.3% | 1.2% | −0.1 pts | +28,246 sh | +33% |
| Increased | CENTRUS ENERGY CORP (LEU) | 4.1% | 1.9% | −2.2 pts | +30,944 sh | +18% |
| Increased | URANIUM ENERGY CORP (UEC) | 2.1% | 1.6% | −0.5 pts | +381K sh | +21% |
| Increased | OCEANEERING INTL INC (OII) | 1.4% | 1.4% | 0.0 pts | +145K sh | +25% |
| Increased | COMSTOCK RES INC (CRK) | 1.5% | 1.0% | −0.5 pts | +223K sh | +35% |
| Increased | ENERGY FUELS INC (UUUU) | 1.8% | 1.5% | −0.3 pts | +255K sh | +21% |
| Reduced | ALAMOS GOLD INC (AGI) | 3.0% | 1.6% | −1.3 pts | −94,064 sh | −12% |
| Increased | IVANHOE ELECTRIC INC (IE) | 2.8% | 1.3% | −1.5 pts | +327K sh | +18% |
| Increased | NEXGEN ENERGY LTD (NXE) | 1.4% | 1.1% | −0.3 pts | +292K sh | +19% |
| Increased | BORR DRILLING LTD (BORR) | 0.6% | 0.7% | 0.0 pts | +496K sh | +31% |
| Increased | DENISON MINES CORP (DNN) | 1.0% | 0.9% | −0.1 pts | +768K sh | +19% |
| Reduced | EQUINOX GOLD CORP (EQX) | 2.0% | 1.0% | −1.0 pts | −182K sh | −12% |
| Increased | INTREPID POTASH INC (IPI) | 0.6% | 0.6% | 0.0 pts | +47,781 sh | +22% |
| Increased | UR-ENERGY INC (URG) | 0.5% | 0.3% | −0.1 pts | +785K sh | +23% |
| Increased | TRILOGY METALS INC NEW (TMQ) | 0.6% | 0.3% | −0.3 pts | +320K sh | +23% |
| Reduced | NOVAGOLD RESOURCES INC (NG) | 0.7% | 0.3% | −0.4 pts | −107K sh | −13% |
| Increased | ENCORE ENERGY CORP (EU) | 0.3% | 0.1% | −0.2 pts | +237K sh | +19% |
| New | TIDEWATER INC NEW (TDW) | — | 0.0% | 0.0 pts | +3,914 sh | new |
| Reduced | CALEDONIA MNG CORP (CMCL) | 0.4% | 0.2% | −0.2 pts | −12,040 sh | −7% |
| Reduced | TRIPLE FLAG PRECIOUS METAL (TFPM) | 0.2% | 0.1% | −0.1 pts | −7,751 sh | −11% |
| Reduced | NUTRIEN LTD (NTR) | 5.0% | 3.3% | −1.7 pts | −3,146 sh | 0% |
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 — 57.5% of the equity book
Changes in the top 10 this quarter: SU entered · SLB entered · NE entered · CNR entered · NTR left · SBSW left · LEU left · AR left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | CANADIAN NAT RES LTD MED TER (CNQ) | 6.4% | 7.4% | |
| 2 | VALARIS LTD (VAL) | 5.3% | 7.0% | |
| 3 | RANGE RES CORP (RRC) | 7.0% | 6.6% | |
| 4 | SUNCOR ENERGY INC NEW (SU) | 0.0% | 6.5% | Entered the top 10 |
| 5 | SLB LIMITED (SLB) | 3.6% | 6.3% | Entered the top 10 |
| 6 | SEADRILL LTD (SDRL) | 6.6% | 6.0% | |
| 7 | CAMECO CORP (CCJ) | 6.2% | 4.9% | |
| 8 | NOBLE CORP PLC (NE) | 4.0% | 4.9% | Entered the top 10 |
| 9 | CORE NATURAL RESOURCES INC (CNR) | 2.7% | 4.0% | Entered the top 10 |
| 10 | EQT CORP (EQT) | 4.5% | 4.0% | |
| — | NUTRIEN LTD (NTR) | 5.0% | 3.3% | Left the top 10 |
| — | SIBANYE STILLWATER LTD (SBSW) | 5.0% | 2.8% | Left the top 10 |
| — | CENTRUS ENERGY CORP (LEU) | 4.1% | 1.9% | Left the top 10 |
| — | ANTERO RESOURCES CORP (AR) | 4.0% | 3.7% | 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).