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Fearnley Asset Management As SEC 13F Holdings (Q2 2026) — Top Position: SM ENERGY CO
Fearnley Asset Management AsCIK: 0002056821
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$278.1M
Reporting period: 2026-06-30 · Number of holdings: 16
FEARNLEY ASSET MANAGEMENT AS disclosed 16 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $278.1M and a quarterly turnover rate of 44.2%.
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Personality snowflake
- Concentration
- 35.08
- Portfolio Stability
- 44.21
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 32
- Sizing Uniformity
- 93.44
Fearnley Asset Management As's disclosed holdings carry a Herfindahl concentration index of 0.088 — mathematically equivalent to about 11 equally-sized positions, close to its 16 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.66), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 4.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 53% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd AR
+123.6% $15.8M
Add TNK
+351.8% $15.2M
Sold out STNG
Sold out FRO
Trim HAFN
-29.4% -$9.7M
Sold out TS
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SM | Sm Energy Co | Stock-Energy | 14.04% | -0.12% | +7.70% | |
| 2 | AR | Antero Resources CORP | Stock-Energy | 12.35% | +6.29% | +123.57% | |
| 3 | VTOL | Bristow Group Inc | Stock-Other | 10.34% | +0.51% | +8.51% | |
| 4 | PBR | Petroleo Brasileiro-spon Adr | Stock-Energy | 9.75% | -1.96% | -2.80% | |
| 5 | MTDR | Matador Resources Co | Stock-Energy | 9.23% | -1.40% | +0.19% | |
| 6 | SBLK | Star Bulk Carriers Corp. | Stock-Other | 9.02% | +1.88% | +5.57% | |
| 7 | TNK | Teekay Tankers Ltd. | Stock-Other | 7.28% | +5.62% | +351.84% | |
| 8 | HAFN | Hafnia Limited | Stock-Other | 5.25% | -2.70% | -29.37% | |
| 9 | SB | Safe Bulkers, Inc. | Stock-Other | 5.25% | +1.36% | +23.06% | |
| 10 | ✓ | Cmb.Tech Nv Shs | Stock-Other | 4.34% | +1.44% | +23.02% | |
| 11 | EXE | Expand Energy CORP | Stock-Energy | 3.14% | +0.31% | +21.32% | |
| 12 | LPG | Dorian LPG Ltd. | Stock-Other | 2.82% | +0.62% | +14.69% | |
| 13 | PAAS | Pan American Silver CORP | Stock-Materials | 2.49% | +0.80% | +63.81% | |
| 14 | ECO | Okeanis Eco Tankers Corp. | Stock-Other | 1.99% | -2.01% | -52.69% | |
| 15 | PR | Permian Resources Corp-cl A | Stock-Energy | 1.67% | +1.67% | NEW | |
| 16 | ASC | Ardmore Shipping Corporation | Stock-Other | 1.05% | +1.05% | NEW |
Portfolio Performance
Performance for Q3 2026
+14.4%
Performance Last 4 Quarters
+15.3%
- Stdev
- +31%
- Beta
- -0.27
- Alpha
- +39.4%
- Max Drawdown
- -14.8%
- Annualized Perf
- +33%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.12
- Stutzer
- +0.33
- Treynor
- -1.22
- Sterling
- —
- Calmar
- +2.22
- Information Ratio
- +0.21
- Tracking Error
- +38.6%
- Stdev Down
- +15.4%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.32
- Sharpe
- +1.06
- Stdev Sectors
- +45.3%
- Skewness
- -0.1
- Kurtosis
- -1.23
- Upside Potential
- +4.12
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Fearnley Asset Management As's most significant position changes for 2026-06-30: Sold out: Scorpio Tankers Inc. (STNG); Sold out: Frontline plc (FRO); Sold out: Tenaris Sa-adr (TS); Sold out: SFL Corporation Ltd. (SFL); Sold out: BW LPG Limited (BWLP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AR | Antero Resources CORP | +6.3% | +123.57% | Add |
| 2 | TNK | Teekay Tankers Ltd. | +5.6% | +351.84% | Add |
| 3 | SBLK | Star Bulk Carriers Corp. | +1.9% | +5.57% | Add |
| 4 | PR | Permian Resources Corp-cl A | +1.7% | NEW | New buy |
| 5 | ✓ | Cmb.Tech Nv Shs | +1.4% | +23.02% | Add |
| 6 | SB | Safe Bulkers, Inc. | +1.4% | +23.06% | Add |
| 7 | ASC | Ardmore Shipping Corporation | +1.1% | NEW | New buy |
| 8 | PAAS | Pan American Silver CORP | +0.8% | +63.81% | Add |
| 9 | LPG | Dorian LPG Ltd. | +0.6% | +14.69% | Add |
| 10 | VTOL | Bristow Group Inc | +0.5% | +8.51% | Add |
| 11 | EXE | Expand Energy CORP | +0.3% | +21.32% | Add |
| 12 | SM | Sm Energy Co | -0.1% | +7.70% | Add |
| 13 | MTDR | Matador Resources Co | -1.4% | +0.19% | Add |
| 14 | PBR | Petroleo Brasileiro-spon Adr | -2% | -2.80% | Trim |
| 15 | BWLP | BW LPG Limited | -2% | EXIT | Sold out |
| 16 | ECO | Okeanis Eco Tankers Corp. | -2% | -52.69% | Trim |
| 17 | TS | Tenaris Sa-adr | -2.1% | EXIT | Sold out |
| 18 | SFL | SFL Corporation Ltd. | -2.1% | EXIT | Sold out |
| 19 | HAFN | Hafnia Limited | -2.7% | -29.37% | Trim |
| 20 | FRO | Frontline plc | -3.2% | EXIT | Sold out |
| 21 | STNG | Scorpio Tankers Inc. | -4% | EXIT | Sold out |
Filing History
FAQ
What is Fearnley Asset Management As and what type of investor is it?
Fearnley Asset Management As is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $278.1M, spread across 16 disclosed positions.
What are Fearnley Asset Management As's largest equity positions?
Based on the latest 13F filing, Fearnley Asset Management As's top holdings by market value are:
1. Sm Energy Co (SM) — $39.1M (14.0%)
2. Antero Resources CORP (AR) — $34.4M (12.3%)
3. Bristow Group Inc (VTOL) — $28.8M (10.3%)
4. Petroleo Brasileiro-spon Adr (PBR) — $27.1M (9.8%)
5. Matador Resources Co (MTDR) — $25.7M (9.2%)
What changes did Fearnley Asset Management As make in its most recent portfolio filing?
In the latest reported quarter, Fearnley Asset Management As made 21 notable position adjustments: 2 new positions were initiated, 11 existing holdings were added to, 3 positions were partially reduced, and 5 were completely exited. The largest of these moves: Sold out: Scorpio Tankers Inc. (STNG); Sold out: Frontline plc (FRO); Sold out: Tenaris Sa-adr (TS); Sold out: SFL Corporation Ltd. (SFL); Sold out: BW LPG Limited (BWLP)
What sectors does Fearnley Asset Management As focus on?
Fearnley Asset Management As is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 95.3%
• Materials: 4.7%
Investment Profile
Fearnley Asset Management As returned an annualized 33.0% over the trailing 6 months — outperforming the S&P 500 by 39.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of -0.27 (less volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 95.3% of the portfolio concentrated in Energy.
Its turnover score has risen from 0 to 44 over the past 2 quarters — a shift toward more active trading.
It has added to its SBLK position over the past two quarters (+$14.0M, now $25.1M), while trimming ECO over the same stretch (-$13.2M, still holding $5.5M).
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