Fearnley Asset Management As
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Fearnley Asset Management As reported 19 stock positions worth $306.0 million. Its top holding was SM Energy (SM) at 14.2% of the portfolio, followed by Petroleo Brasileiro-Spon ADR (PBR, 11.7%) and Matador Resources (MTDR, 10.6%). Compared with Q4 2025, it opened 3 new positions, sold out of 5, added to 9 and reduced 7. The biggest buy was a new position in Matador Resources (MTDR) and the biggest sale an exit from Range Resources (RRC).
- Most Recent 13F
- Q2 2026
- Location
- OSLO, Q8
- CIK
- 0002056821
- Portfolio Value
- $306.0M (Q1 2026)
- SEC Filing
- 0001892688-26-000082 ↗ filed May 15, 2026
Holdings Value
Holdings 19 stocks · $306.0M
| SM SM Energy Co. | 14.16% | 1,389,562 | $43.3M | Add +58.6% |
| PBR Petroleo Brasileiro-Spon ADR | 11.71% | 1,726,400 | $35.8M | Add +16.3% |
| MTDR Matador Resources Co. | 10.63% | 514,700 | $32.5M | New |
| VTOL Bristow Group Inc. | 9.83% | 641,401 | $30.1M | Add +38.6% |
| HAFN Hafnia Ltd. | 7.95% | 3,162,952 | $24.3M | Add +435.8% |
| SBLK Star Bulk Carriers Corp. | 7.14% | 951,206 | $21.8M | Add +64.8% |
| AR Antero Resources Corp. | 6.06% | 437,327 | $18.6M | Reduce -38.5% |
| ECO Okeanis Eco Tankers Corp. | 4.00% | 236,394 | $12.2M | Reduce -57.4% |
| STNG Scorpio Tankers Inc. | 3.95% | 162,005 | $12.1M | New |
| SB Safe Bulkers Inc. | 3.89% | 1,879,298 | $11.9M | Add +77.2% |
| FRO Frontline PLC | 3.19% | 278,079 | $9.7M | Reduce -12.4% |
| CMBT CMB Tech NV | 2.90% | 700,737 | $8.9M | Reduce -34.3% |
| EXE Expand Energy Corp. | 2.83% | 79,000 | $8.7M | Reduce -28.2% |
| LPG Dorian LPG Ltd. | 2.20% | 196,543 | $6.7M | New |
| TS Tenaris SA-ADR | 2.14% | 112,700 | $6.6M | Add +134.8% |
| SFL SFL Corp. Ltd. | 2.14% | 605,682 | $6.5M | Add +82.2% |
| BWLP BW LPG Ltd. | 1.96% | 339,027 | $6.0M | Reduce -17.6% |
| PAAS Pan American Silver Corp. | 1.69% | 94,500 | $5.2M | Add +50.2% |
| TNK Teekay Tankers Ltd. Class A | 1.66% | 69,094 | $5.1M | Reduce -79.4% |
Portfolio Sells Q4 2025 → Q1 2026
| RRC Range Resources Corp. | Sold out | 0.00% | −8.23 |
| TNK Teekay Tankers Ltd. Class A | Reduce -79.4% | 1.66% | −6.56 |
| AR Antero Resources Corp. | Reduce -38.5% | 6.06% | −5.18 |
| ECO Okeanis Eco Tankers Corp. | Reduce -57.4% | 4.00% | −4.58 |
| SLB SLB Ltd. | Sold out | 0.00% | −3.94 |
| PR Permian Resources Corp. Class A | Sold out | 0.00% | −3.29 |
| INSW International Seaways Inc. | Sold out | 0.00% | −2.87 |
| EXE Expand Energy Corp. | Reduce -28.2% | 2.83% | −2.74 |
| TRMD Torm PLC-A | Sold out | 0.00% | −1.86 |
| CMBT CMB Tech NV | Reduce -34.3% | 2.90% | −1.82 |
| BWLP BW LPG Ltd. | Reduce -17.6% | 1.96% | −0.52 |
| FRO Frontline PLC | Reduce -12.4% | 3.19% | −0.03 |
Portfolio Buys Q4 2025 → Q1 2026
| MTDR Matador Resources Co. | New | 10.63% | +10.63 |
| SM SM Energy Co. | Add +58.6% | 14.16% | +6.64 |
| HAFN Hafnia Ltd. | Add +435.8% | 7.95% | +6.49 |
| STNG Scorpio Tankers Inc. | New | 3.95% | +3.95 |
| PBR Petroleo Brasileiro-Spon ADR | Add +16.3% | 11.71% | +3.63 |
| LPG Dorian LPG Ltd. | New | 2.20% | +2.20 |
| VTOL Bristow Group Inc. | Add +38.6% | 9.83% | +2.05 |
| SBLK Star Bulk Carriers Corp. | Add +64.8% | 7.14% | +2.05 |
| SB Safe Bulkers Inc. | Add +77.2% | 3.89% | +1.54 |
| TS Tenaris SA-ADR | Add +134.8% | 2.14% | +1.30 |
| SFL SFL Corp. Ltd. | Add +82.2% | 2.14% | +0.94 |
| PAAS Pan American Silver Corp. | Add +50.2% | 1.69% | +0.19 |