1y return+28.3%S&P 500 +20.9%
3y return+69.2%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2022: $172 against $195 in the S&P 500.2
Goehring & Rozencwajg Associates, LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| CNQCanadian Nat Res Ltd Med Ter | $120.3M | 6.9% | +7.6% |
| SLBSlb Limited | $114.1M | 6.6% | +6.8% |
| RRCRange Res Corp | $108.6M | 6.2% | +7.3% |
| SUSuncor Energy Inc New | $106.1M | 6.1% | +7.3% |
| Valaris LtdCUSIP G9460G101 | $102.6M | 5.9% | +7.1% |
| Seadrill LtdCUSIP G7997W102 | $99.7M | 5.7% | +7.6% |
| AMRAlpha Metallurgical Resour I | $93.1M | 5.4% | +133.3% |
| NTRNutrien Ltd | $91.6M | 5.3% | +76.9% |
| CCJCameco Corp | $91.0M | 5.2% | +6.8% |
| CNRCore Natural Resources Inc | $88.1M | 5.1% | +55.5% |
| HCCWarrior Met Coal Inc | $77.2M | 4.4% | +59.0% |
| Noble Corp PLCCUSIP G65431127 | $74.1M | 4.3% | +8.0% |
| EQTEqt Corp | $66.0M | 3.8% | +7.0% |
| ARAntero Resources Corp | $60.9M | 3.5% | +7.1% |
| SBSWSibanye Stillwater Ltd | $38.9M | 2.2% | +7.3% |
| LEUCentrus Energy Corp | $36.4M | 2.1% | +7.3% |
| PRPermian Resources Corp | $35.2M | 2.0% | +5.5% |
| CHRDChord Energy Corporation | $35.1M | 2.0% | +8.3% |
| OIIOceaneering Intl Inc | $31.4M | 1.8% | +8.7% |
| UECUranium Energy Corp | $25.1M | 1.4% | +7.1% |
| MOSMosaic Co | $25.0M | 1.4% | +27.8% |
| MTDRMatador Res Co | $24.0M | 1.4% | +5.3% |
| UUUUEnergy Fuels Inc | $23.1M | 1.3% | +7.1% |
| IEIvanhoe Electric Inc | $21.8M | 1.3% | +7.2% |
| EXEExpand Energy Corporation | $21.7M | 1.2% | +5.3% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TMQTrilogy Metals Inc New | December 31, 2022 | +538.6% | $6.2M |
| LEUCentrus Energy Corp | December 31, 2022 | +416.8% | $36.4M |
| CCJCameco Corp | December 31, 2022 | +349.3% | $91.0M |
| UECUranium Energy Corp | December 31, 2022 | +174.7% | $25.1M |
| DNNDenison Mines Corp | December 31, 2022 | +166.1% | $15.7M |
| SBSWSibanye Stillwater Ltd | December 31, 2024 | +157.3% | $38.9M |
| Orla Mng Ltd NewCUSIP 68634K106 | December 31, 2022 | +142.3% | $1.6M |
| UUUUEnergy Fuels Inc | December 31, 2022 | +133.5% | $23.1M |
| OIIOceaneering Intl Inc | December 31, 2022 | +131.7% | $31.4M |
| NXENexgen Energy Ltd | December 31, 2022 | +112.0% | $18.4M |
Sold off last quarter
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −17.8% | +14.8% |
| March 31, 2026 | +24.2% | −4.6% |
| December 31, 2025 | +5.4% | +2.4% |
| September 30, 2025 | +19.2% | +7.8% |
| June 30, 2025 | +18.7% | +10.5% |
| March 31, 2025 | −1.4% | −4.6% |
| December 31, 2024 | +1.9% | +2.1% |
| September 30, 2024 | −3.6% | +5.4% |
| June 30, 2024 | −2.1% | +4.0% |
| March 31, 2024 | +5.2% | +10.0% |
| December 31, 2023 | −2.7% | +11.2% |
| September 30, 2023 | +14.5% | −3.6% |
| June 30, 2023 | +3.6% | +8.3% |
| March 31, 2023 | −2.2% | +7.0% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Goehring & Rozencwajg Associates, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1863154&type=13F-HR&dateb=&owner=include&count=40CIK 1863154
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1863154/000186315426000004/Filed August 5, 2026 · accession 0001863154-26-000004