FEARNLEY ASSET MANAGEMENT AS

CIK 0002056821 · Q1 2026

13F Equity AUM

$306.0M

+40.5% QoQ

Positions

-2 QoQ

AUM Rank

#5,805

Top 47%

Skill Alpha (FF)

—

No alpha data

Quarters Tracked

~0 years

Portfolio Concentration

Top 5: 54.3%Top 10: 79.3%Top 20: 100.0%

SM14.2%

PBR11.7%

MTDR10.6%

VTOL9.8%

HAFN8.0%

SBLK7.1%

AR6.1%

OKEANIS ECO TANKERS COR4.0%

STNG4.0%

SB-PC3.9%

Others (9)20.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Energy71.2%

Industrials23.1%

Unclassified4.0%

Other1.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 19Median: 3.89%Avg: 5.26%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

8(17.5%)

3–5%

4(15.0%)

5%+

7(67.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 19Unique: 0vs 20 funds

0.3%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.4%

BANK OF AMERICA CORP /DE/

0.4%

JPMORGAN CHASE & CO

0.4%

BlackRock, Inc.

0.4%

FMR LLC

0.5%

VANGUARD CAPITAL MANAGEMENT LLC

0.4%

STATE STREET CORP

0.4%

GEODE CAPITAL MANAGEMENT, LLC

0.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New3Increased9Decreased7Exited5

New Positions

MTDR10.6%

+515K

STNG4.0%

+162K

LPG2.2%

+197K

Increased

HAFN8.0%

+2.6M(+436%)

SB-PC3.9%

+819K(+77%)

SM14.2%

+514K(+59%)

SBLK7.1%

+374K(+65%)

SFL2.1%

+273K(+82%)

PBR11.7%

+242K(+16%)

VTOL9.8%

+179K(+39%)

TS2.1%

+65K(+135%)

PAAS1.7%

+32K(+50%)

Decreased

EURN2.9%

-365,000(-34%)

OKEANIS ECO TANKERS …4.0%

-318,853(-57%)

AR6.1%

-273,973(-39%)

TNK1.7%

-265,800(-79%)

BWLP2.0%

-72,633(-18%)

FRO3.2%

-39,212(-12%)

EXE2.8%

-30,970(-28%)

Exited

RRC

-508,430

SLB

-223,400

-511,400

INSW

-128,900

TRMD

-202,849

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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