FEARNLEY ASSET MANAGEMENT AS

CIK

2056821

Location

OSLO, Q8

Portfolio Value

Small $305,303,740

Diversification

Diversified

Filing Date

Global Rank

#3,388 / 8,588 ▲ 734

Top Industry

Oil & Gas E&P 33.8%

3Y Alpha vs SPY

+4.8%

Period ended 3 months ago

Filed May 15, 2026 · 33d

2 quarters · since Dec 2025

Clone Performance

Feb 2026–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+11.0%

SPY

+10.4%

Annualised alpha

+2.3%

Max drawdown

−9.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

19 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

14.2%

+2.9 pts

Top 5

54.3%

+9.9 pts

Top 10

79.3%

+4.2 pts

HHI

796

Diversified+132

Portfolio Trend

2 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	73.3%	$223,863,133	13
Industrials	25.0%	$76,278,072	5
Basic Materials	1.7%	$5,162,535	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
HAFN	Hafnia Ltd	+2,572,584	3,162,952	$24,038,435
SB	Safe Bulkers, Inc.	+818,700	1,879,298	$11,895,956
SM	SM Energy Co	+513,662	1,389,562	$43,326,543
SBLK	Star Bulk Carriers Corp.	+373,890	951,206	$21,849,201
SFL	SFL Corp Ltd.	+273,282	605,682	$6,535,308
PBR	Petrobras - Petroleo Brasileiro SA	+242,000	1,726,400	$35,822,800
VTOL	Bristow Group Inc.	+178,767	641,401	$30,075,292
TS	Tenaris SA	+64,700	112,700	$6,556,886
PAAS	Pan American Silver Corp	+31,600	94,500	$5,162,535
No positions match the current search.

Trimmed

Positions the filer reduced

7 positions

Ticker	Company	Δ Shares	Shares	Value
CMBT	Cmb.Tech NV	−365,000	700,737	$8,864,323
ECO	Okeanis Eco Tankers Corp.	−318,853	236,394	$11,959,172
AR	ANTERO RESOURCES Corp	−273,973	437,327	$18,560,157
TNK	Teekay Tankers Ltd.	−265,800	69,094	$5,065,972
BWLP	BW LPG Ltd	−72,633	339,027	$5,888,898
FRO	Frontline plc	−39,212	278,079	$9,693,833
EXE	EXPAND ENERGY Corp	−30,970	79,000	$8,672,620
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
MTDR	Matador Resources Co	514,700	$32,518,746
STNG	Scorpio Tankers Inc.	162,005	$12,095,293
LPG	Dorian Lpg Ltd.	196,543	$6,721,770
No positions match the current search.

Sold Out

Positions the filer fully exited

5 positions

Ticker	Company	Shares	Value
RRC	Range Resources Corp	508,430	$17,927,241
SLB	Slb Limited/Nv	223,400	$8,574,092
PR	Permian Resources Corp	511,400	$7,174,942
INSW	International Seaways, Inc.	128,900	$6,258,095
TRMD	TORM plc	202,849	$3,971,783
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

19 positions · $305,303,740 total · as of Mar 31, 2026

All sectors Basic Materials Energy Industrials

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SM	SM Energy Co Energy	Added	1,389,562	+513,662	$43,326,543	+164.5%	14.19%
PBR	Petrobras - Petroleo Brasileiro SA Energy	Added	1,726,400	+242,000	$35,822,800	+103.7%	11.73%
MTDR	Matador Resources Co Energy	NEW	514,700	NEW	$32,518,746	NEW	10.65%
VTOL	Bristow Group Inc. Energy	Added	641,401	+178,767	$30,075,292	+77.5%	9.85%
HAFN	Hafnia Ltd Industrials	Added	3,162,952	+2,572,584	$24,038,435	+663.9%	7.87%
SBLK	Star Bulk Carriers Corp. Industrials	Added	951,206	+373,890	$21,849,201	+96.9%	7.16%
AR	ANTERO RESOURCES Corp Energy	Reduced	437,327	-273,973	$18,560,157	−24.3%	6.08%
STNG	Scorpio Tankers Inc. Energy	NEW	162,005	NEW	$12,095,293	NEW	3.96%
ECO	Okeanis Eco Tankers Corp. Industrials	Reduced	236,394	-318,853	$11,959,172	−36.4%	3.92%
SB	Safe Bulkers, Inc. Industrials	Added	1,879,298	+818,700	$11,895,956	+132.7%	3.90%
FRO	Frontline plc Energy	Reduced	278,079	-39,212	$9,693,833	+40.0%	3.18%
CMBT	Cmb.Tech NV Energy	Reduced	700,737	-365,000	$8,864,323	−13.8%	2.90%
EXE	EXPAND ENERGY Corp Energy	Reduced	79,000	-30,970	$8,672,620	−28.5%	2.84%
LPG	Dorian Lpg Ltd. Energy	NEW	196,543	NEW	$6,721,770	NEW	2.20%
TS	Tenaris SA Energy	Added	112,700	+64,700	$6,556,886	+255.3%	2.15%
SFL	SFL Corp Ltd. Industrials	Added	605,682	+273,282	$6,535,308	+151.7%	2.14%
BWLP	BW LPG Ltd Energy	Reduced	339,027	-72,633	$5,888,898	+9.2%	1.93%
PAAS	Pan American Silver Corp Basic Materials	Added	94,500	+31,600	$5,162,535	+58.4%	1.69%
TNK	Teekay Tankers Ltd. Energy	Reduced	69,094	-265,800	$5,065,972	−71.7%	1.66%