Goehring & Rozencwajg Associates, LLC

The firm exhibited significant portfolio turnover during the quarter. The activity summary indicates 15 positions were sold completely, while stakes were increased in 20 holdings. This high level of churn—despite a static number of total holdings—suggests a dynamic strategy of capital reallocation, moving capital out of specific names to redeploy into existing core positions or new opportunities.

Key Holdings

The portfolio is dominated by positions in the energy and natural resources sectors, with a specific emphasis on commodities. The top five holdings are tightly clustered in value, ranging between 7.78% and 9.24% of the portfolio, suggesting a balanced weighting among the firm's highest-conviction ideas rather than a single dominant bet.