Goehring & Rozencwajg Associates, LLC

CIK 0001863154 · Q1 2026

13F Equity AUM

$1.9B

+84.4% QoQ

Positions

+1 QoQ

AUM Rank

#1,874

Top 15%

Skill Alpha (FF)

+21.4%/yr^ns

No Clear Edge

Rank #81 · Top 1%

vs S&P -4.5%/yr (unadj.)

Quarters Tracked

~3 years

Portfolio Concentration

Top 5: 33.9%Top 10: 57.5%Top 20: 82.4%

CRC7.4%

VAL-WT7.0%

RRC6.6%

SU6.5%

SLB6.3%

SEADRILL LTD6.0%

CCO4.9%

NE-WTA4.8%

CNR4.0%

EQT4.0%

Others (33)42.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Energy71.7%

Basic Materials14.7%

Unclassified10.8%

Other2.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 43Median: 1.46%Avg: 2.33%

0–0.5%

9(2.0%)

0.5–1%

6(5.0%)

1–3%

16(28.5%)

3–5%

6(24.7%)

5%+

6(39.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 43Unique: 0vs 20 funds

0.6%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BANK OF AMERICA CORP /DE/

0.9%

MORGAN STANLEY

0.8%

GEODE CAPITAL MANAGEMENT, LLC

1.2%

BlackRock, Inc.

VANGUARD CAPITAL MANAGEMENT LLC

1.1%

JPMORGAN CHASE & CO

0.8%

STATE STREET CORP

FMR LLC

1.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New4Increased31Decreased8Exited4

New Positions

HCC3.0%

+598K

CHRD2.2%

+283K

SM0.8%

+488K

TDW0.0%

+4K

Increased

PR2.1%

+1.4M(+304%)

SLB6.3%

+1.4M(+145%)

SU6.5%

+1.1M(+153%)

CRC7.4%

+925K(+49%)

URE0.3%

+785K(+23%)

DML0.9%

+768K(+19%)

SBSW2.8%

+730K(+21%)

RRC6.6%

+719K(+36%)

SEADRILL LTD6.0%

+530K(+28%)

BORR0.7%

+496K(+31%)

Decreased

OLA0.1%

-616,365(-79%)

EQX1.0%

-181,508(-12%)

FCX0.4%

-114,332(-48%)

NG0.3%

-107,085(-13%)

AGI1.6%

-94,064(-12%)

CMCL0.2%

-12,040(-7%)

TFPM0.1%

-7,751(-11%)

NTR3.3%

-3,146(-0%)

Exited

-824,951

-562,975

-175,080

-256,605

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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