FEARNLEY ASSET MANAGEMENT AS

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, FEARNLEY ASSET MANAGEMENT AS maintained a portfolio of 21 distinct positions. The most significant new addition to the portfolio was ANTERO RESOURCES COR, which now represents 11.25% of the total fund value.
PCA Score Concentration Risk
Risk ENB
Total Positions
21
Quarter
2025 Q4
Top Holding
AR (11.2%)
Top 10 Concentration
75.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-21 of 21
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
AR
ANTERO RESOURCE...
Energy 11.25% #1
Prev: #—
6.5 196,548 no change
NEW
196,548 $24,511,398 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ECO
OKEANIS ECO TAN...
Industrials 8.58% #2
Prev: #—
5.4 50,200 no change
NEW
50,200 $18,695,630 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
RRC
RANGE RES CORP
Energy 8.23% #3
Prev: #—
5.3 144,142 no change
NEW
144,142 $17,927,242 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
TNK
TEEKAY TANKERS ...
Energy 8.21% #4
Prev: #—
5.3 25,203 no change
NEW
25,203 $17,890,037 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
PBR
PETROLEO BRASIL...
Energy 8.07% #5
Prev: #—
5.2 399,595 no change
NEW
399,595 $17,590,140 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
VTOL
BRISTOW GROUP I...
Energy 7.78% #6
Prev: #—
5.1 63,911 no change
NEW
63,911 $16,941,657 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SM
SM ENERGY CO
Energy 7.52% #7
Prev: #—
5.0 177,694 no change
NEW
177,694 $16,379,330 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
EXE
EXPAND ENERGY C...
Energy 5.57% #8
Prev: #—
4.2 15,185 no change
NEW
15,185 $12,136,289 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SBLK
STAR BULK CARRI...
Industrials 5.09% #9
Prev: #—
4.0 181,152 no change
NEW
181,152 $11,096,014 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CMBT
CMB.TECH NV
Energy 4.72% #10
Prev: #—
3.9 238,618 no change
NEW
238,618 $10,284,362 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SLB
SLB LIMITED
Energy 3.94% #11
Prev: #—
3.6 30,182 no change
NEW
30,182 $8,574,092 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
PR
PERMIAN RESOURC...
Energy 3.29% #12
Prev: #—
3.3 49,772 no change
NEW
49,772 $7,174,942 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
FRO
FRONTLINE PLC
Energy 3.21% #13
Prev: #—
3.3 71,746 no change
NEW
71,746 $6,997,146 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
INSW
INTERNATIONAL S...
Energy 2.87% #14
Prev: #—
3.1 39,200 no change
NEW
39,200 $6,258,095 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
BWLP
BW LPG LTD
Industrials 2.47% #15
Prev: #—
3.0 93,429 no change
NEW
93,429 $5,388,166 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SB
SAFE BULKERS IN...
Industrials 2.35% #16
Prev: #—
2.9 239,902 no change
NEW
239,902 $5,112,082 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
TRMD
TORM PLC
Energy 1.86% #17
Prev: #—
2.7 52,718 no change
NEW
52,718 $4,047,921 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
PAAS
PAN AMERN SILVE...
Basic Materials 1.50% #18
Prev: #—
2.6 5,718 no change
NEW
5,718 $3,258,849 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
HAFN
HAFNIA LTD
Industrials 1.46% #19
Prev: #—
2.6 136,022 no change
NEW
136,022 $3,184,565 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SFL
SFL CORPORATION...
Industrials 1.19% #20
Prev: #—
2.5 79,200 no change
NEW
79,200 $2,596,044 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
TS
TENARIS S A
Energy 0.85% #21
Prev: #—
2.3 48,000 no change
NEW
48,000 $1,845,600 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-21 of 21 holdings

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