Returns–Not enough quarters yet
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| SMSm Energy Company | $39.1M | 14.0% | +7.7% |
| ARAntero Resources Corp | $34.4M | 12.4% | +123.6% |
| VTOLBristow Group Inc | $28.8M | 10.3% | +8.5% |
| PBRPetroleo Brasileiro S A | $27.1M | 9.7% | −2.8% |
| MTDRMatador Res Co | $25.7M | 9.2% | |
| Star Bulk Carriers Corp.CUSIP Y8162K204 | $25.1M | 9.0% | +5.6% |
| Teekay Tankers LtdCUSIP G8726X106 | $20.3M | 7.3% | +351.8% |
| Hafnia LtdCUSIP Y2990R101 | $14.6M | 5.2% | −29.4% |
| Safe Bulkers IncCUSIP Y7388L103 | $14.6M | 5.2% | +23.1% |
| Cmb.tech NvCUSIP B38564108 | $12.1M | 4.3% | +23.0% |
| EXEExpand Energy Corporation | $8.7M | 3.1% | +21.3% |
| Dorian Lpg LtdCUSIP Y2106R110 | $7.8M | 2.8% | +14.7% |
| PAASPan Amern Silver Corp | $6.9M | 2.5% | +63.8% |
| Okeanis Eco Tankers CorCUSIP Y64177101 | $5.5M | 2.0% | −52.7% |
| PRPermian Resources Corp | $4.6M | 1.7% | New |
| Ardmore Shipping CorpCUSIP Y0207T100 | $2.9M | 1.0% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| Okeanis Eco Tankers CorCUSIP Y64177101 | December 31, 2025 | +48.1% | $5.5M |
| Cmb.tech NvCUSIP B38564108 | December 31, 2025 | +45.0% | $12.1M |
| SMSm Energy Company | December 31, 2025 | +39.6% | $39.1M |
| PBRPetroleo Brasileiro S A | December 31, 2025 | +36.4% | $27.1M |
| Safe Bulkers IncCUSIP Y7388L103 | December 31, 2025 | +30.9% | $14.6M |
| Star Bulk Carriers Corp.CUSIP Y8162K204 | December 31, 2025 | +29.9% | $25.1M |
| Hafnia LtdCUSIP Y2990R101 | December 31, 2025 | +24.6% | $14.6M |
| Teekay Tankers LtdCUSIP G8726X106 | December 31, 2025 | +21.4% | $20.3M |
| VTOLBristow Group Inc | December 31, 2025 | +12.8% | $28.8M |
| ARAntero Resources Corp | December 31, 2025 | +2.0% | $34.4M |
Sold off last quarter
- Scorpio Tankers IncCUSIP Y7542C130 was $12.1M
- Frontline PLCCUSIP M46528101 was $9.7M
- TSTenaris S A was $6.6M
- Sfl Corporation LtdCUSIP G7738W106 was $6.5M
- Bw Lpg LtdCUSIP Y10230103 was $6.0M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −10.9% | +14.8% |
| March 31, 2026 | +38.2% | −4.6% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Fearnley Asset Management As Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2056821&type=13F-HR&dateb=&owner=include&count=40CIK 2056821
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/2056821/000189268826000122/Filed August 14, 2026 · accession 0001892688-26-000122