FEARNLEY ASSET MANAGEMENT AS Concentrated Active

CIK: 0002056821 · Show all filings

Period: Q4 2025

Filing Date: Mar 3, 2026

Total Value ($000): $217,890 (100.0% shares, 0.0% debt)

Holdings (21)

AR ANTERO RESOURCES CORP 11.2%

Value ($000) $24,511 Shares 711,300 Est. Cost $33.87 Unrealized 0.0%

ECO OKEANIS ECO TANKERS COR 8.6%

Value ($000) $18,696 Shares 555,247 Est. Cost $33.92 Unrealized 0.0%

RRC RANGE RES CORP 8.2%

Value ($000) $17,927 Shares 508,430 Est. Cost $37.25 Unrealized 0.0%

TNK TEEKAY TANKERS LTD 8.2%

Value ($000) $17,890 Shares 334,894 Est. Cost $56.15 Unrealized 0.0%

PBR PETROLEO BRASILEIRO SA PETRO 8.1%

Value ($000) $17,590 Shares 1,484,400 Est. Cost $11.85 Unrealized —

VTOL BRISTOW GROUP INC 7.8%

Value ($000) $16,942 Shares 462,634 Est. Cost $37.65 Unrealized 0.0%

SM SM ENERGY CO 7.5%

Value ($000) $16,379 Shares 875,900 Est. Cost $20.02 Unrealized 0.0%

EXE EXPAND ENERGY CORPORATION 5.6%

Value ($000) $12,136 Shares 109,970 Est. Cost $110.64 Unrealized 0.0%

SBLK STAR BULK CARRIERS CORP. 5.1%

Value ($000) $11,096 Shares 577,316 Est. Cost $18.67 Unrealized 0.0%

CMBT CMB.TECH NV 4.7%

Value ($000) $10,284 Shares 1,065,737 Est. Cost $9.72 Unrealized 0.0%

SLB SLB LIMITED 3.9%

Value ($000) $8,574 Shares 223,400 Est. Cost $36.06 Unrealized 0.0%

PR PERMIAN RESOURCES CORP 3.3%

Value ($000) $7,175 Shares 511,400 Est. Cost $13.43 Unrealized 0.0%

FRO FRONTLINE PLC 3.2%

Value ($000) $6,997 Shares 317,291 Est. Cost $23.37 Unrealized 0.0%

INSW INTERNATIONAL SEAWAYS INC 2.9%

Value ($000) $6,258 Shares 128,900 Est. Cost $48.84 Unrealized 0.0%

BWLP BW LPG LTD 2.5%

Value ($000) $5,388 Shares 411,660 Est. Cost $12.78 Unrealized 0.0%

SB SAFE BULKERS INC 2.3%

Value ($000) $5,112 Shares 1,060,598 Est. Cost $4.74 Unrealized 0.0%

TRMD TORM PLC 1.9%

Value ($000) $4,048 Shares 202,849 Est. Cost $20.80 Unrealized 0.0%

PAAS PAN AMERN SILVER CORP 1.5%

Value ($000) $3,259 Shares 62,900 Est. Cost $41.86 Unrealized 0.0%

HAFN HAFNIA LTD 1.5%

Value ($000) $3,185 Shares 590,368 Est. Cost $5.96 Unrealized 0.0%

SFL SFL CORPORATION LTD 1.2%

Value ($000) $2,596 Shares 332,400 Est. Cost $7.68 Unrealized 0.0%

TS TENARIS S A 0.8%

Value ($000) $1,846 Shares 48,000 Est. Cost $38.45 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AR	ANTERO RESOURCES CORP	711,300	$24,511	11.2%	$33.87	0.0%	COM	03674X106
ECO	OKEANIS ECO TANKERS COR	555,247	$18,696	8.6%	$33.92	0.0%	SHS	Y64177101
RRC	RANGE RES CORP	508,430	$17,927	8.2%	$37.25	0.0%	COM	75281A109
TNK	TEEKAY TANKERS LTD	334,894	$17,890	8.2%	$56.15	0.0%	CL A	G8726X106
PBR	PETROLEO BRASILEIRO SA PETRO	1,484,400	$17,590	8.1%	$11.85	—	SPONSORED ADR	71654V408
VTOL	BRISTOW GROUP INC	462,634	$16,942	7.8%	$37.65	0.0%	COM	11040G103
SM	SM ENERGY CO	875,900	$16,379	7.5%	$20.02	0.0%	COM	78454L100
EXE	EXPAND ENERGY CORPORATION	109,970	$12,136	5.6%	$110.64	0.0%	COM	165167735
SBLK	STAR BULK CARRIERS CORP.	577,316	$11,096	5.1%	$18.67	0.0%	SHS PAR	Y8162K204
CMBT	CMB.TECH NV	1,065,737	$10,284	4.7%	$9.72	0.0%	SHS	B38564108
SLB	SLB LIMITED	223,400	$8,574	3.9%	$36.06	0.0%	COM STK	806857108
PR	PERMIAN RESOURCES CORP	511,400	$7,175	3.3%	$13.43	0.0%	CLASS A COM	71424F105
FRO	FRONTLINE PLC	317,291	$6,997	3.2%	$23.37	0.0%	COM	M46528101
INSW	INTERNATIONAL SEAWAYS INC	128,900	$6,258	2.9%	$48.84	0.0%	COM	Y41053102
BWLP	BW LPG LTD	411,660	$5,388	2.5%	$12.78	0.0%	COM	Y10230103
SB	SAFE BULKERS INC	1,060,598	$5,112	2.3%	$4.74	0.0%	COM	Y7388L103
TRMD	TORM PLC	202,849	$4,048	1.9%	$20.80	0.0%	SHS CL A	G89479102
PAAS	PAN AMERN SILVER CORP	62,900	$3,259	1.5%	$41.86	0.0%	COM	697900108
HAFN	HAFNIA LTD	590,368	$3,185	1.5%	$5.96	0.0%	SHS	Y2990R101
SFL	SFL CORPORATION LTD	332,400	$2,596	1.2%	$7.68	0.0%	SHS	G7738W106
TS	TENARIS S A	48,000	$1,846	0.8%	$38.45	—	SPONSORED ADS	88031M109