Goehring & Rozencwajg Associates’ Q3 2021 Investor Letter

Goehring & Rozencwajg Associates, an investment management firm, published its “Natural Resource Market Commentary” third-quarter 2021 investor letter – a copy of which can be downloaded here. In its letter, the fund talked about the energy crisis unfolding across Europe, Asia, and South America. The energy-heavy Goldman Sachs Commodity Index rose 5.2% on a total-return basis, while the Roger International Commodity Index, with its higher exposure to metals and agriculture, rose 6.2%. The S&P North American Natural Resources Sector Index, which is very heavily weighted to North American energy stocks, fell 2.5%. The S&P Global Natural Resource Index, which has significantly more metal and agricultural stock exposure, fell 3.1%. The broad market, as measured by the S&P 500 Stock Index, rose by 0.6%. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.