Goehring & Rozencwajg Associates

Goehring & Rozencwajg Associates

Goehring & Rozencwajg Associates launched the G&R Resources Fund on December 30, 2016, formalizing a partnership forged over nearly a decade. Leigh Goehring and Adam Rozencwajg, CFA, previously ran the Global Natural Resources Fund at Chilton Investment Company, growing it to more than $5 billion by investing across energy, metals, and agriculture before the 2014–2015 commodity downturn reshaped the sector. The Fund commits at least 80% of net assets to natural resources equities — spanning oil, natural gas, coal, uranium, precious and base metals, diamonds, and agricultural inputs — alongside derivatives, futures, and commodity ETFs. The portfolio targets total return through capital appreciation and income, with disclosed holdings weighted both by sector and country of domicile. The strategy is globally scoped, maintaining exposure across US and foreign markets without a disclosed private-investment sleeve or co-investment structure. The vehicle operates under a mutual fund wrapper with both Retail (GRHAX) and Institutional (GRHIX) share classes. An expense limitation arrangement caps annual operating expenses at 1.25% and 0.92%, respectively, through September 2026. The firm lists no additional offices beyond its New York base and does not disclose parallel managed accounts, philanthropic entities, or adjacent vehicles — reinforcing a concentrated, single-product posture. Goehring & Rozencwajg’s architecture differs from most resource-specialist managers in its deliberate narrowness: a single public-markets mutual fund with no venture, private equity, or real-asset branches. That structre concentrates career risk for both founders, who function as the sole named portfolio managers and link the firm’s institutional credibility entirely to their public-track record.