Fearnley Asset Management AS
OSLO, Q8
$278m in 16 US stocks at the end of 30 June 2026. The top 10 are 86.8% of the money. It changed about 21.6% of the portfolio this quarter.
Value
$278m
Stocks
16
Top 10 share
86.8%
Turnover
21.6%
What changed this quarter
New
Bought for the first time this quarter.
- Permian ResourcesPR1.7% of the fund
- Ardmore ShippingASC1.0% of the fund
Added
Bought more of a stock they already held.
- SM EnergySM14.0% of the fund+8%
- Antero ResourcesAR12.4% of the fund+124%
- Bristow GroupVTOL10.3% of the fund+9%
- Star Bulk CarriersSBLK9.0% of the fund+6%
- Teekay TankersTNK7.3% of the fund+352%
- Safe BulkersSB5.2% of the fund+23%
- Cmb.tech NVCMBT4.3% of the fund+23%
- Expand EnergyEXE3.1% of the fund+21%
- Dorian LPGLPG2.8% of the fund+15%
- PAN American SilverPAAS2.5% of the fund+64%
Cut
Sold some of their stake.
- Petrobras - Petroleo Brasileiro SAPBR9.7% of the fund-3%
- HafniaHAFN5.2% of the fund-29%
- Okeanis Eco TankersECO2.0% of the fund-53%
Sold out
Sold their entire stake.
- Scorpio TankersSTNG-100%
- FrontlineFRO-100%
- Tenaris S ATS-100%
- SFLSFL-100%
- BW LPGBWLP-100%
Holdings
- PAN American SilverPAAS
- Share
- 2.5%
- Value
- $7m
- Shares
- 154,800
+64%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| SM EnergySM | 14.0% | $39m | 1,496,537 | +8% |
| Antero ResourcesAR | 12.4% | $34m | 977,727 | +124% |
| Bristow GroupVTOL | 10.3% | $29m | 696,001 | +9% |
| Petrobras - Petroleo Brasileiro SAPBR | 9.7% | $27m | 1,678,000 | -3% |
| Matador ResourcesMTDR | 9.2% | $26m | 515,700 | Held |
| Star Bulk CarriersSBLK | 9.0% | $25m | 1,004,209 | +6% |
| Teekay TankersTNK | 7.3% | $20m | 312,194 | +352% |
| HafniaHAFN | 5.2% | $15m | 2,234,107 | -29% |
| Safe BulkersSB | 5.2% | $15m | 2,312,658 | +23% |
| Cmb.tech NVCMBT | 4.3% | $12m | 862,071 | +23% |
| Expand EnergyEXE | 3.1% | $9m | 95,840 | +21% |
| Dorian LPGLPG | 2.8% | $8m | 225,406 | +15% |
| PAN American SilverPAAS | 2.5% | $7m | 154,800 | +64% |
| Okeanis Eco TankersECO | 2.0% | $6m | 111,836 | -53% |
| Permian ResourcesPR | 1.7% | $5m | 252,100 | New |
| Ardmore ShippingASC | 1.0% | $3m | 208,056 | New |
Over time and by industry
Value over time
Dec '25
Jun '26
Value is up 27.6% since 31 December 2025.
Where the money is
Energy50.2%
Industrials47.3%
Materials2.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.