Goehring & Rozencwajg Associates, LLC

CIK 0001863154 · Q2 2026

13F Equity AUM

$1.7B

-6.6% QoQ

Positions

-2 QoQ

AUM Rank

#1,690

Top 19%

Skill Alpha (FF)

+26.7%/yr^ns

No Clear Edge

Rank #96 · Top 1%

vs S&P -6.8%/yr (unadj.)

Quarters Tracked

~3 years

Portfolio Concentration

Top 5: 31.7%Top 10: 58.4%Top 20: 86.0%

CRC6.9%

SLB6.6%

RRC6.3%

SU6.1%

VAL-WT5.9%

SEADRILL LTD5.7%

AMR5.4%

NTR5.3%

CCO5.2%

CNR5.1%

Others (31)41.6%

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

Sector Allocation

Energy74.5%

Basic Materials12.9%

Unclassified10.0%

Other2.6%

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

Position Sizing

Positions: 41Median: 1.44%Avg: 2.44%

0–0.5%

9(1.5%)

0.5–1%

5(3.5%)

1–3%

13(20.5%)

3–5%

4(16.0%)

5%+

10(58.4%)

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

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Portfolio Overlap

Shared: 0Unique: 41vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New0Increased39Decreased1Exited2

Increased

NTR5.3%

+633K(+77%)

DML0.9%

+397K(+8%)

CNR5.1%

+393K(+55%)

HCC4.4%

+353K(+59%)

AMR5.4%

+323K(+133%)

SBSW2.2%

+311K(+7%)

MOS1.4%

+257K(+28%)

CRC6.9%

+215K(+8%)

RRC6.3%

+199K(+7%)

SEADRILL LTD5.7%

+187K(+8%)

Decreased

FCX0.1%

-101,340(-82%)

Exited

AGI

-686,587

EQX

-1,283,253

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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