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FEARNLEY ASSET MANAGEMENT AS

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13F filer, CIK 2056821, OSLO, Norway

FEARNLEY ASSET MANAGEMENT AS reported $306,034,666 across 19 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 79.31% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001892688-26-000082

Period
2026-03-31
Reported value
$306M
Holdings
19
Top 10 weight
79.31%
New
3
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MTDRnew+514,700$32.5M
HAFNadded+2,572,584$19.8M
SMadded+513,662$16M
STNGnew+162,005$12.1M
SBLKadded+373,890$8.59M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
TNKreduced-265,800-$19.5M
RRCexited-508,430-$17.9M
ECOreduced-318,853-$16.5M
ARreduced-273,973-$11.6M
SLBexited-223,400-$8.57M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2026

Share positions as resolved from 13F-HR 0001892688-26-000082, largest first. % of portfolio is the value over $306,034,666, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SMSM ENERGY COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 875,900 shares; 2026Q1: 1,389,562 shares 1,389,562$43.3M14.16%+513,662Timeline
PBRPETROLEO BRASILEIRO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 1,484,400 shares; 2026Q1: 1,726,400 shares 1,726,400$35.8M11.71%+242,000Timeline
MTDRMATADOR RES COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: not reported; 2026Q1: 514,700 shares 514,700$32.5M10.63%newTimeline
VTOLBRISTOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 462,634 shares; 2026Q1: 641,401 shares 641,401$30.1M9.83%+178,767Timeline
HAFNHAFNIA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 590,368 shares; 2026Q1: 3,162,952 shares 3,162,952$24.3M7.95%+2,572,584Timeline
SBLKSTAR BULK CARRIERS CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 577,316 shares; 2026Q1: 951,206 shares 951,206$21.8M7.14%+373,890Timeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 711,300 shares; 2026Q1: 437,327 shares 437,327$18.6M6.06%-273,973Timeline
ECOOKEANIS ECO TANKERS CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 555,247 shares; 2026Q1: 236,394 shares 236,394$12.2M4%-318,853Timeline
STNGSCORPIO TANKERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: not reported; 2026Q1: 162,005 shares 162,005$12.1M3.95%newTimeline
SBSAFE BULKERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 1,060,598 shares; 2026Q1: 1,879,298 shares 1,879,298$11.9M3.89%+818,700Timeline
FROFRONTLINE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 317,291 shares; 2026Q1: 278,079 shares 278,079$9.75M3.19%-39,212Timeline
CMBTCMB.TECH NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 1,065,737 shares; 2026Q1: 700,737 shares 700,737$8.86M2.9%-365,000Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 109,970 shares; 2026Q1: 79,000 shares 79,000$8.67M2.83%-30,970Timeline
LPGDORIAN LPG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: not reported; 2026Q1: 196,543 shares 196,543$6.72M2.2%newTimeline
TSTENARIS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 48,000 shares; 2026Q1: 112,700 shares 112,700$6.56M2.14%+64,700Timeline
SFLSFL CORPORATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 332,400 shares; 2026Q1: 605,682 shares 605,682$6.54M2.14%+273,282Timeline
BWLPBW LPG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 411,660 shares; 2026Q1: 339,027 shares 339,027$5.99M1.96%-72,633Timeline
PAASPAN AMERN SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 62,900 shares; 2026Q1: 94,500 shares 94,500$5.16M1.69%+31,600Timeline
TNKTEEKAY TANKERS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: not loaded; 2025Q3: not loaded; 2025Q4: 334,894 shares; 2026Q1: 69,094 shares 69,094$5.07M1.66%-265,800Timeline

Sold out in Q1 2026

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
RRCRANGE RES CORP508,430$17.9Mshares
SLBSLB LIMITED223,400$8.57Mshares
PRPERMIAN RESOURCES CORP511,400$7.17Mshares
INSWINTERNATIONAL SEAWAYS INC128,900$6.26Mshares
TRMDTORM PLC202,849$4.05Mshares

How Q1 2026 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001892688-26-000082 base2026-05-15acceptance time not in the bulk data set