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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.25

$253 M

0.00%

1.24%

Vitals

YTD Return

0.1%

1 yr return

21.1%

3 Yr Avg Return

19.5%

5 Yr Avg Return

13.6%

Net Assets

$253 M

Holdings in Top 10

43.5%

52 WEEK LOW AND HIGH

$13.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.24%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 18.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$100,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.25

$253 M

0.00%

1.24%

GRHIX - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return 19.5%
  • 5 Yr Annualized Total Return 13.6%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.02%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Goehring & Rozencwajg Resources Fund
  • Fund Family Name
    Goehring & Rozencwajg
  • Inception Date
    Dec 29, 2016
  • Shares Outstanding
    12083989
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Adam Rozencwajg

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in securities of natural resources companies and other investments (including derivatives, futures and options, registered investment companies and exchange-traded funds (“ETFs”), including ETFs that invest in commodities) that provide economic exposure to natural resources or natural resources companies (together “natural resources investments”). This policy may be changed only after 60 days’ notice to shareholders. Natural resources companies are U.S. and foreign companies that may own, explore, develop, produce, refine, transport, or market natural resources or that provide related equipment, infrastructure, or services. Natural resources include energy commodities, such as oil, natural gas, coal and uranium; precious metals, such as gold, silver, platinum, palladium and rhodium; diamond; base metals, such as copper, lead and zinc; ferrous metals; agricultural commodities; and fertilizer commodities, such as potash, phosphate and nitrogen.

When determining whether a company is a natural resources company or whether an investment provides economic exposure to natural resources or natural resources companies for purposes of the Fund’s 80% investment policy above, the Fund currently relies on standard industry classifications developed by third-party providers. The standard industry classifications used by the Fund may be changed by the third-party providers over time and without notice to the Fund or its investors. When determining compliance with its 80% investment policy, the Fund will consider the underlying investments of the investment companies in which it invests, to the extent the Fund has access to sufficient and timely portfolio holdings information from such investment companies. For example, if the Fund invests in an investment company with an 80% investment policy that is consistent with the Fund’s 80% investment policy, the Fund will count its investment in that investment company toward the Fund’s 80% investment policy.

The Adviser believes that substantial value can be created by investing in the securities of companies engaged in those sectors of the natural resources industry where investor sentiment is extremely negative, the associated commodity price is low relative to historical levels, or the Adviser believes that the fundamentals are on the verge of turning positive. The Fund seeks to implement an investment process that consists of both “top-down” and “bottoms-up” analysis. For the “top-down” analysis, the Adviser will use its proprietary supply and demand models to form an outlook for a given commodity. Once the “top-down” outlook for a given commodity is complete, the Adviser will conduct a “bottoms-up” analysis of potential investments that uses its proprietary commodity price outlook to calculate an estimate of intrinsic value for the investment. The Fund will seek to use “value investing” techniques and invest in those securities that it believes are undervalued relative to its estimate of intrinsic value based upon its proprietary commodity outlook, but may use other investment techniques as well.

The Fund will typically invest primarily in equity and equity-related securities consisting of common stock, preferred stock, convertible securities, rights and warrants and depository receipts (including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)). The Fund also may participate in initial public offerings (“IPOs”) of equity and equity-related securities. In addition, the Fund may invest in debt securities of natural resources companies. These debt-securities may include “investment-grade” securities (i.e., BBB- or better from S&P Global Ratings (“S&P”), Baa3 or better from Moody’s Investors Services, Inc. (“Moody’s”) and BBB- or better from Fitch Investor Services, Inc. (“Fitch”)) as well as those that are rated below investment-grade (commonly referred to as “junk bonds”) or are not rated by any rating agency. The Fund may maintain an average portfolio duration of any length, and the Fund may invest in securities of any duration and maturity.

The Fund may invest in derivatives, including long and short positions in futures and options, in order to gain market exposure to natural resources or natural resources companies, enhance returns or hedge an existing position. At times, the Fund may invest in registered investment companies and ETFs. The Fund will primarily utilize ETFs to gain market exposure to an underlying commodity, such as by investing in an ETF which invests in the commodity (e.g., gold). In addition, the Fund may purchase securities issued in private placements and initial public offerings. The Fund also may engage in repurchase agreements to earn incremental income on temporarily available cash.

The Fund may hold both U.S. and foreign securities (including emerging market securities) and does not limit the proportion of securities held by geography. In addition, the Fund does not seek to limit its investments based upon market capitalization and may hold securities of companies whose market capitalization may range from very-small (“micro-cap”) to very large (“large-cap”). At times, the Fund may take a defensive position when it believes commodity prices, or security valuations are at risk of a decline and as a result may hold a higher than normal level of cash.

The Fund will not seek to provide diversified commodity exposure and may be directly or indirectly exposed to a limited number of commodities.

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GRHIX - Performance

Return Ranking - Trailing

Period GRHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -12.2% 10.9% 69.16%
1 Yr 21.1% -25.2% 74.6% 8.49%
3 Yr 19.5%* -12.0% 27.9% 8.57%
5 Yr 13.6%* -3.1% 21.4% 17.00%
10 Yr N/A* -6.8% 12.4% N/A

* Annualized

Return Ranking - Calendar

Period GRHIX Return Category Return Low Category Return High Rank in Category (%)
2023 12.9% -13.1% 52.1% 16.04%
2022 15.0% -34.9% 34.0% 32.38%
2021 56.9% -4.9% 83.5% 5.83%
2020 -4.7% -23.4% 126.4% 80.20%
2019 -0.6% -25.1% 36.9% 91.00%

Total Return Ranking - Trailing

Period GRHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -12.2% 10.9% 69.16%
1 Yr 21.1% -25.2% 74.6% 8.49%
3 Yr 19.5%* -12.0% 27.9% 8.57%
5 Yr 13.6%* -3.1% 21.4% 17.00%
10 Yr N/A* -6.8% 12.4% N/A

* Annualized

Total Return Ranking - Calendar

Period GRHIX Return Category Return Low Category Return High Rank in Category (%)
2023 16.5% -12.2% 57.6% 14.15%
2022 16.4% -32.2% 35.5% 37.14%
2021 62.1% -2.5% 83.6% 8.74%
2020 -2.8% -22.2% 127.8% 82.18%
2019 0.0% -25.1% 38.7% 90.00%

NAV & Total Return History


GRHIX - Holdings

Concentration Analysis

GRHIX Category Low Category High GRHIX % Rank
Net Assets 253 M 1.56 M 7.28 B 69.44%
Number of Holdings 86 23 445 31.48%
Net Assets in Top 10 109 M 627 K 3.57 B 67.59%
Weighting of Top 10 43.53% 16.6% 77.8% 57.41%

Top 10 Holdings

  1. Range Resources Corp. 7.33%
  2. Cameco Corp. 6.27%
  3. Sprott Physical Uranium Trust 4.99%
  4. Pioneer Natural Resources Co. 4.35%
  5. CONSOL Energy, Inc. 3.94%
  6. Alpha Metallurgical Resources, Inc. 3.69%
  7. EQT Corp. 3.68%
  8. NAC Kazatomprom JSC 3.34%
  9. Antero Resources Corp. 3.05%
  10. Ivanhoe Electric, Inc. 2.88%

Asset Allocation

Weighting Return Low Return High GRHIX % Rank
Stocks
98.35% 0.00% 104.40% 64.81%
Cash
1.65% 0.00% 24.88% 55.56%
Convertible Bonds
0.33% 0.00% 0.43% 2.78%
Other
0.00% -0.02% 22.94% 20.37%
Preferred Stocks
0.00% 0.00% 7.55% 21.30%
Bonds
0.00% 0.00% 77.23% 18.52%

Stock Sector Breakdown

Weighting Return Low Return High GRHIX % Rank
Energy
66.19% 0.00% 89.67% 6.48%
Basic Materials
33.81% 2.49% 100.00% 60.19%
Utilities
0.00% 0.00% 35.93% 59.26%
Technology
0.00% 0.00% 17.68% 50.00%
Real Estate
0.00% 0.00% 36.20% 36.11%
Industrials
0.00% 0.00% 63.67% 90.74%
Healthcare
0.00% 0.00% 22.67% 42.59%
Financial Services
0.00% 0.00% 4.52% 25.93%
Communication Services
0.00% 0.00% 0.21% 11.11%
Consumer Defense
0.00% 0.00% 33.96% 57.41%
Consumer Cyclical
0.00% 0.00% 43.37% 57.41%

Stock Geographic Breakdown

Weighting Return Low Return High GRHIX % Rank
US
78.60% 0.00% 104.40% 41.67%
Non US
19.75% 0.00% 88.44% 59.26%

GRHIX - Expenses

Operational Fees

GRHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.24% 0.08% 4.45% 34.26%
Management Fee 0.90% 0.00% 1.25% 82.41%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 0.25% 4.76%

Sales Fees

GRHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

GRHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 2.00% 2.00% 66.67%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GRHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 18.00% 4.00% 169.00% 13.64%

GRHIX - Distributions

Dividend Yield Analysis

GRHIX Category Low Category High GRHIX % Rank
Dividend Yield 0.00% 0.00% 12.62% 28.70%

Dividend Distribution Analysis

GRHIX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Monthly Annual

Net Income Ratio Analysis

GRHIX Category Low Category High GRHIX % Rank
Net Income Ratio -0.02% -35.65% 6.21% 91.59%

Capital Gain Distribution Analysis

GRHIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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GRHIX - Fund Manager Analysis

Managers

Adam Rozencwajg


Start Date

Tenure

Tenure Rank

Dec 30, 2016

5.42

5.4%

Adam A. Rozencwajg, Assistant Portfolio Manager, is Managing Partner of Goehring & Rozencwajg Associates, LLC . Prior to January 2016, Adam was a Vice President at the Chilton Investment Company. Adam joined Chilton Investment Company in 2007.

Leigh Goehring


Start Date

Tenure

Tenure Rank

Dec 30, 2016

5.42

5.4%

Leigh R. Goehring serves as lead portfolio manager with primary responsibility for the day-to-day management of the Fund’s portfolio and full discretionary authority over the selection of investments for the Fund

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 24.18 7.69 0.54