CIK: 0002056821
Total reported value
$306.0M
Reporting period: 2026-03-31 · Number of holdings: 19
FEARNLEY ASSET MANAGEMENT AS disclosed 19 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $306.0M and a quarterly turnover rate of 90.2%.
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Fearnley Asset Management As's disclosed holdings carry a Herfindahl concentration index of 0.079 — mathematically equivalent to about 13 equally-sized positions, close to its 19 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 0.73), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 47% 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.
Add SM
+58.6% $26.9M
Trim TNK
-79.4% -$12.8M
Add HAFN
+435.8% $21.1M
Trim AR
-38.5% -$6.0M
Trim ECO
-57.4% -$6.4M
Add PBR
+16.3% $18.2M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SM | Sm Energy Co | Stock-Energy | 14.16% | +6.64% | +58.64% | |
| 2 | PBR | Petroleo Brasileiro-spon Adr | Stock-Energy | 11.71% | +3.64% | +16.30% | |
| 3 | MTDR | Matador Resources Co | Stock-Energy | 10.63% | +10.63% | NEW | |
| 4 | VTOL | Bristow Group INC | Stock-Other | 9.83% | +2.05% | +38.64% | |
| 5 | HAFN | Hafnia Limited | Stock-Other | 7.95% | +6.49% | +435.76% | |
| 6 | SBLK | Star Bulk Carriers Corp. | Stock-Other | 7.14% | +2.05% | +64.76% | |
| 7 | AR | Antero Resources CORP | Stock-Energy | 6.06% | -5.19% | -38.52% | |
| 8 | ECO | Okeanis Eco Tankers Corp. | Stock-Other | 4.00% | -4.58% | -57.43% | |
| 9 | STNG | Scorpio Tankers Inc. | Stock-Other | 3.95% | +3.95% | NEW | |
| 10 | SB | Safe Bulkers, Inc. | Stock-Other | 3.89% | +1.54% | +77.19% | |
| 11 | FRO | Frontline plc | Stock-Other | 3.19% | -0.02% | -12.36% | |
| 12 | ✓ | Cmb Tech NV | Stock-Other | 2.90% | -1.82% | -34.25% | |
| 13 | EXE | Expand Energy CORP | Stock-Energy | 2.83% | -2.74% | -28.16% | |
| 14 | LPG | Dorian LPG Ltd. | Stock-Other | 2.20% | +2.20% | NEW | |
| 15 | TS | Tenaris Sa-adr | Stock-Other | 2.14% | +1.29% | +134.79% | |
| 16 | SFL | SFL Corporation Ltd. | Stock-Other | 2.14% | +0.95% | +82.21% | |
| 17 | BWLP | BW LPG Limited | Stock-Other | 1.96% | -0.51% | -17.64% | |
| 18 | PAAS | Pan American Silver CORP | Stock-Materials | 1.69% | +0.19% | +50.24% | |
| 19 | TNK | Teekay Tankers Ltd. | Stock-Other | 1.66% | -6.55% | -79.37% |
Performance for Q3 2026
-7.3%
Performance Last 4 Quarters
+4.7%
Based on 5 months of available history
Based on 76% of reported portfolio value with available pricing
Fearnley Asset Management As's most significant position changes for 2026-03-31: New buy: Matador Resources Co (MTDR); Sold out: Range Resources CORP (RRC); New buy: Scorpio Tankers Inc. (STNG); Sold out: Slb LTD (SLB); Sold out: Permian Resources Corp-cl A (PR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SM | Sm Energy Co | +6.6% | +58.64% | Add |
| 2 | HAFN | Hafnia Limited | +6.5% | +435.76% | Add |
| 3 | PBR | Petroleo Brasileiro-spon Adr | +3.6% | +16.30% | Add |
| 4 | VTOL | Bristow Group INC | +2.1% | +38.64% | Add |
| 5 | SBLK | Star Bulk Carriers Corp. | +2.1% | +64.76% | Add |
| 6 | SB | Safe Bulkers, Inc. | +1.5% | +77.19% | Add |
| 7 | TS | Tenaris Sa-adr | +1.3% | +134.79% | Add |
| 8 | SFL | SFL Corporation Ltd. | +1% | +82.21% | Add |
| 9 | PAAS | Pan American Silver CORP | +0.2% | +50.24% | Add |
| 10 | FRO | Frontline plc | 0% | -12.36% | Trim |
| 11 | BWLP | BW LPG Limited | -0.5% | -17.64% | Trim |
| 12 | ✓ | Cmb Tech NV | -1.8% | -34.25% | Trim |
| 13 | EXE | Expand Energy CORP | -2.7% | -28.16% | Trim |
| 14 | ECO | Okeanis Eco Tankers Corp. | -4.6% | -57.43% | Trim |
| 15 | AR | Antero Resources CORP | -5.2% | -38.52% | Trim |
| 16 | TNK | Teekay Tankers Ltd. | -6.6% | -79.37% | Trim |
| 17 | MTDR | Matador Resources Co | — | NEW | New buy |
| 18 | RRC | Range Resources CORP | — | EXIT | Sold out |
| 19 | STNG | Scorpio Tankers Inc. | — | NEW | New buy |
| 20 | SLB | Slb LTD | — | EXIT | Sold out |
| 21 | PR | Permian Resources Corp-cl A | — | EXIT | Sold out |
| 22 | LPG | Dorian LPG Ltd. | — | NEW | New buy |
| 23 | INSW | International Seaways, Inc. | — | EXIT | Sold out |
| 24 | TRMD | TORM plc | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-03-03 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
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