FEARNLEY ASSET MANAGEMENT AS

OSLO, Q8 · CIK 2056821 · 13F filing filed 2026-08-14

Exempt reporting adviser since 2025 · other (specify)

$278.1m reported value -9.1% vs Q1 2026

16positions

86.8%in top 10

2 new 11 added 3 reduced 5 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SM ENERGY CO COM SM	SM	1,496,537	$39.1m14.04%	14.04%	Added +107.0k	+106,975 7.7%
2	ANTERO RESOURCES CORP COM AR	AR	977,727	$34.4m12.35%	12.35%	Added +540.4k	+540,400 123.6%
3	BRISTOW GROUP INC COM VTOL	VTOL	696,001	$28.8m10.34%	10.34%	Added +54.6k	+54,600 8.5%
4	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	1,678,000	$27.1m9.75%	9.75%	Reduced -48.4k	-48,400 -2.8%
5	MATADOR RES CO COM MTDR	MTDR	515,700	$25.7m9.23%	9.23%	Added +1.0k	+1,000 0.2%
6	STAR BULK CARRIERS CORP. SHS PAR SBLK	SBLK	1,004,209	$25.1m9.02%	9.02%	Added +53.0k	+53,003 5.6%
7	TEEKAY TANKERS LTD CL A TNK	TNK	312,194	$20.3m7.28%	7.28%	Added +243.1k	+243,100 351.8%
8	HAFNIA LTD SHS HAFN	HAFN	2,234,107	$14.6m5.25%	5.25%	Reduced -928.8k	-928,845 -29.4%
9	SAFE BULKERS INC COM SB	SB	2,312,658	$14.6m5.25%	5.25%	Added +433.4k	+433,360 23.1%
10	EURONAV NV SHS CMBT	CMBT	862,071	$12.1m4.34%	4.34%	Added +161.3k	+161,334 23.0%
11	EXPAND ENERGY CORPORATION COM EXE	EXE	95,840	$8.7m3.14%	3.14%	Added +16.8k	+16,840 21.3%
12	DORIAN LPG LTD SHS USD LPG	LPG	225,406	$7.8m2.82%	2.82%	Added +28.9k	+28,863 14.7%
13	PAN AMERN SILVER CORP COM PAAS	PAAS	154,800	$6.9m2.49%	2.49%	Added +60.3k	+60,300 63.8%
14	OKEANIS ECO TANKERS COR SHS ECO	ECO	111,836	$5.5m1.99%	1.99%	Reduced -124.6k	-124,558 -52.7%
15	PERMIAN RESOURCES CORP CLASS A COM PR	PR	252,100	$4.6m1.67%	1.67%	New
16	ARDMORE SHIPPING CORP COM ASC	ASC	208,056	$2.9m1.05%	1.05%	New

Security	Ticker	Shares held before	Value then
SCORPIO TANKERS INC STNG	STNG	162,005	$12.1m162.0k shares
FRONTLINE PLC FRO	FRO	278,079	$9.7m278.1k shares
TENARIS S A TS	TS	112,700	$6.6m112.7k shares
SFL CORPORATION LTD SFL	SFL	605,682	$6.5m605.7k shares
BW LPG LTD BWLP	BWLP	339,027	$6.0m339.0k shares