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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | COPX, GDX, PALL, SIL, URNM, XBM.TO | Agriculture, commodities, energy, gold, inflation, natural resources, oil, uranium | The managers believe a new long inflationary cycle has begun, similar to the 1970s. They argue that political pressure on the Federal Reserve will lead to monetary accommodation, just as it did with Martin and Burns. They expect Trump to pressure Powell into cutting rates or replacing him with a more compliant successor. | View | |
| 2024 Q4 | Mar 7, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, COPX, FCG, GDX, GOOGL, META, MSFT, NVDA, OKLO, QQQ, RIO, SIL, XBM.TO, XLE, XOP | Agriculture, commodities, energy, gold, monetary policy, natural resources, nuclear | Commodities are as undervalued relative to stocks as they have ever been, marking the fourth episode of extreme undervaluation in 125 years. The authors believe the time to buy natural resource equities has arrived as the long-dormant bull market may be stirring again. History shows every commodity bear cycle has ended with a monetary regime shock. | View | |
| 2025 Q4 | Mar 13, 2026 | Goehring & Rozencwajg Associates, LLC | - | - | CCJ, COPX, GDX, GOOGL, META, NEE, SIL, TSLA, VST, XBM, XLE, XOP | Coal, commodities, Copper, gold, Natural Gas, oil, Silver, uranium | Oil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. Gold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. Silver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. Market shifted from deficit to surplus as Chinese demand stalled for first time in 25 years while supply expanded by 3 million tonnes since 2021. Exchange inventories reached 1.2 million tonnes, highest since 2003. Bearish outlook as China transitions from under-consuming to over-consuming copper. Demand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. North American gas showed strength on cold weather despite bearish sentiment. Production growth concentrated in Permian Basin while other shales declined. Supply growth expected to plateau as Permian oil production slows, setting stage for higher prices as LNG demand expands. Coal consumption rose 7-8% in 2025, first increase in years, driven by data center demand and higher gas prices. Multiple plant closures delayed or cancelled as grid reliability concerns mount. Asia continues expanding coal capacity despite transition promises. Bull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent. | View | |
| 2023 Q3 | Nov 29, 2023 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | BHP, CCO, CVX, GDX, HES, IVN, IVNEF, KAP, OIH, PXD, QQQ, RIO, RRC, SIL, URA, XLE, XOM, XOP | commodities, demand, energy, natural resources, nuclear, Renewables, Shale, Supply Deficit | Managers argue renewable energy investments represent history's worst malinvestment due to poor energy return on investment (EROI). Wind and solar have terrible EROIs compared to fossil fuels, requiring massive raw materials and energy inputs. Recent project cancellations and cost increases validate their contrarian view that renewables cannot replace conventional energy. | View | |
| 2025 Q3 | Nov 25, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | ABX, CCJ, COPX, FCX, GDX, IMPUY, IVN, KAP, NVDA, NXE, OSX, SBSW, SIL, SLB, TSLA, URNM, XBM, XLE, XOM, XOP | Carry Regime, commodities, energy, gold, Mining, monetary policy, natural resources, oil | Gold continues strong performance with 16% gain in Q3 and 45% year-to-date. Western ETF buying remains robust with 200 tonnes accumulated in Q3. Central banks purchased 220 tonnes in Q3, maintaining steady accumulation. Gold bull market still in early stages despite some valuation measures flashing overvaluation signals. | View | |
| 2024 Q3 | Oct 18, 2024 | Equity Management Associates | 12.7% | 29.1% | GDX, GDXJ, GLD, GOEX, SIL | commodities, Fiscal Dominance, gold, inflation, Miners, monetary policy, Precious Metals, Silver | Gold broke out from three-year ceiling to $2,650, up 28% in six months. Driven by fiscal dominance, central bank buying, BRICS demand, and inflation protection needs. Fund believes gold will reach unimaginable prices as sovereign debt crisis becomes understood. | View | |
| 2025 Q4 | Jan 23, 2026 | Equity Management Associates | 18.6% | 174.5% | GDX, GDXJ, GOEX, HUI, SIL, XAU | Bitcoin, Federal Reserve, gold, inflation, Mining, monetary policy, Silver, Sound Money | Gold is the ultimate form of money as it is geologically constrained and cannot be debased. The fund believes investors have not missed this bull market and are still early, with historical norms suggesting gold could achieve $8,000-$10,000 an ounce over the next few years. Central banks have jumped on the bullion accumulation train globally. Physical demand for silver is outstripping supply massively with silver prices skyrocketing as prices are being set by physical delivery markets in Asia rather than paper markets. The fund sees a supply shortage issue for a critical mineral in a world of growing solar/AI/power needs, with silver potentially spiking to $300+ during 2026. Precious metal miners remain cheap in comparison to the bullion and to the S&P 500. Gold mining companies represent streams of gold and are enjoying much higher margins because their cost to extract gold has not increased as rapidly as the price of gold, with miners earning a 70% profit margin on each ounce mined at current prices. Silver miners have a long way to catch up given their profit margin outlook is far greater than Wall Street understands. With average all-in mining costs running $26/oz and current silver prices at $90, margins have swollen to 70%+, which should drive institutional capital chasing silver miner cash flows. Markets can smell the inflation with 10 Year US Treasury Yields spiking higher breaking a 45-year trend of lower rates. The fund believes this represents a big secular change from the deflationary setting of 1982-2020 to an inflationary trend that has just started and could have many years or decades to run. Bitcoin is digital gold and the scarcest asset in the world. While deleveraging has hurt it in the short run, in the medium term it will join gold as a key sound money asset. The fund views Bitcoin as sound money that tends to accentuate gold's moves up or down due to its adoption curve and volatility. | View | |
| 2024 Q2 | Aug 28, 2024 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | AEM, FCX, GDX, Gold, NEM, SCCO, SIL, XLE, XOP | Agriculture, commodities, Copper, energy, gold, Natural Gas, oil, uranium | Commodities are as undervalued relative to equities as they have ever been, with the commodity-to-Dow ratio at extreme lows. All signs point to the early stages of a prolonged commodity bull market likely stretching into the 2030s. The cost of being early in commodity investments has proven minimal historically. | View | |
| 2023 Q1 | May 31, 2023 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | COPX, GDX, GNR, IGE, OIH, RRC, SIL, XBM.TO, XOP | Central Banks, commodities, Depletion, energy, gold, Natural Gas, oil, Permian | Conventional oil production has peaked globally and unconventional production growth is concentrated in just six counties in West Texas. The Permian Basin shows signs of depletion with per-well productivity declining 6% year-over-year for the first time. The firm predicts Hubbert's Peak is finally here with the Permian likely to peak within twelve months. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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