Goehring & Rozencwajg Associates, LLC, is a New York–based investment manager founded in 2015 by Leigh Goehring and Adam Rozencwajg. The pair brought together decades of experience from Chilton Investment Company to form a firm that focuses on global commodities and natural resources markets. With 46 years of combined expertise, the firm oversees a portfolio valued at over $550 million and publishes a quarterly market commentary read by more than 10,000 professionals. Regular blog posts and media appearances on podcasts and television broaden the firm’s outreach from its office at 115 Broadway.
The firm’s portfolio holds 42 positions valued at over $550 million, with top exposures in oil, gas, mining and agricultural inputs. Through a contrarian, research-driven process, managers seek value when prices and sentiment are low, conducting detailed analysis at both commodity and company levels. They avoid frequent trading, maintaining low turnover and disciplined position sizing to support long-term capital growth and risk control. Notable holdings include Range Resources, Nutrien Ltd. and Alamos Gold Inc.
While most activities focus on traditional resources, G&R has made a single notable commitment in clean technology. In September 2023 the firm joined a Series C funding round for Boston Metal, which is developing molten oxide electrolysis to decarbonize steel production. Firm research also identifies metals such as copper and uranium for their role in supporting renewable energy expansion and examines technologies like molten salt small modular reactors. Commentary underscores uranium’s potential in nuclear power as a low-emission energy source. Public statements reveal skepticism about the long-term investment merits of most battery and renewable energy ventures, reinforcing G&R’s preference for conventional commodities.
