FEARNLEY ASSET MANAGEMENT AS

Est. AUM

$306.0M

13F long equity, this entity only

Positions

Period

Mar 2026 (Q1)

SEC EDGAR

Mar 2026 (Q1)

#	Issuer	Class	Value	Shares	% Portfolio	Discretion
1	SM ENERGY COMPANY	COM	$43.3M	1389562	14.16%	SOLE
2	PETROLEO BRASILEIRO S A	SPONSORED ADR	$35.8M	1726400	11.71%	SOLE
3	MATADOR RES CO	COM	$32.5M	514700	10.63%	SOLE
4	BRISTOW GROUP INC	COM	$30.1M	641401	9.83%	SOLE
5	HAFNIA LTD	SHS	$24.3M	3162952	7.95%	SOLE
6	STAR BULK CARRIERS CORP.	SHS PAR	$21.8M	951206	7.14%	SOLE
7	ANTERO RESOURCES CORP	COM	$18.6M	437327	6.06%	SOLE
8	OKEANIS ECO TANKERS COR	SHS	$12.2M	236394	4.00%	SOLE
9	SCORPIO TANKERS INC	SHS	$12.1M	162005	3.95%	SOLE
10	SAFE BULKERS INC	COM	$11.9M	1879298	3.89%	SOLE
11	FRONTLINE PLC	COM	$9.7M	278079	3.19%	SOLE
12	CMB.TECH NV	SHS	$8.9M	700737	2.90%	SOLE
13	EXPAND ENERGY CORPORATION	COM	$8.7M	79000	2.83%	SOLE
14	DORIAN LPG LTD	SHS USD	$6.7M	196543	2.20%	SOLE
15	TENARIS S A	SPONSORED ADS	$6.6M	112700	2.14%	SOLE
16	SFL CORPORATION LTD	SHS	$6.5M	605682	2.14%	SOLE
17	BW LPG LTD	COM	$6.0M	339027	1.96%	SOLE
18	PAN AMERN SILVER CORP	COM	$5.2M	94500	1.69%	SOLE
19	TEEKAY TANKERS LTD	CL A	$5.1M	69094	1.66%	SOLE

Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.