EQNR

EQNR

EQNR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 23, 2025	Massif Capital	6.2%	16.5%	6368.T, AFM.L, AMPX, CHG.L, ENVX, EQNR, GKP.L, GLO.TO, HBR.L, MP, TSM, VAR.OL	Battery Technology, Critical Minerals, defense, energy, Europe, Mining, Natural Gas, semiconductors	Portfolio heavily invested in tin and tungsten mining companies due to supply constraints and growing demand. Alphamin dominates tin production with strong margins while tungsten faces extreme geographic concentration with China controlling 80% of global production. Both metals are essential for defense, aerospace, and electronics applications with limited alternative suppliers.	ENVX ENVX 6368 JP CHG LN	View
2025 Q2	Jul 10, 2025	Guinness Global Energy	-	5.3%	BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP.MC, SHEL, SU, TTE, XOM	dividends, energy, Geopolitical, Natural Gas, oil, Opec, valuation	Oil prices rose sharply intra-month due to Israel-Iran conflict, with Brent reaching $80/bl before falling back to $68/bl. OPEC+ continues increasing production quotas while US shale production growth slows due to lower rig counts and capital discipline.		View
2023 Q2	Jun 30, 2023	Latitude Global Fund	-	-	AAPL, AMZN, AZO, BP, EQNR, GOOGL, MSFT, SHEL	AI, Capital Cycle, energy, oil, technology, value	Manager acknowledges AI revolution driving tech stock performance but maintains limited exposure due to belief that profits will take years to materialize. Views early stages of disruption as risky, preferring to wait for market clarity similar to mobile phone and eCommerce revolutions.	SHEL EQNR	View
2025 Q1	May 1, 2025	Massif Capital	-2.1%	-2.1%	AFM.TO, EQNR, HBR.L, IE, VAR.L	China, Copper, Europe, geopolitics, Metals, Natural Gas, tariffs, Trade Policy	The escalating trade war between major economic powers has triggered seismic shifts in global industrial metals markets, with US-China tensions disrupting traditional trade pathways and forcing industries to reconfigure sourcing strategies. The Trump administration's use of tariffs and trade as tools of government statecraft represents a rapid unwinding of complex interdependency systems. These policies risk replaying disastrous economic policies similar to Latin America's import substitution experiments that led to protected economies, rampant inflation, and poverty.		View
2025 Q1	Apr 30, 2025	Guinness Global Energy	9.4%	9.4%	BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP, SHEL, SU, TTE, XOM	dividends, energy, Geopolitical, global, Natural Gas, oil, value	Oil prices remained robust with Brent averaging $75/bl in Q1 2025, supported by lower supply expectations and geopolitical tensions. The managers believe oil remains good value at around 2.7% of global GDP, well below historical averages. They see potential for higher prices driven by OPEC+ production management and geopolitical supply disruptions.		View
2024 Q1	Apr 30, 2024	Guinness Global Energy	-	10.2%	BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, PXD, REP.MC, SHEL, SU, TTE, XOM	dividends, energy, free cash flow, Gas, oil, Opec, valuation	Oil prices strengthened in March driven by tighter supply/demand fundamentals, Middle Eastern tensions, and good OPEC+ compliance. Brent rose 16% year-to-date while 5-year forward prices increased 5%. The fund sees oil remaining affordable at current levels, representing only 2.8% of global GDP versus 30-year average of 3%.		View
2026 Q1	Apr 22, 2026	Pzena International Value ADR Strategy	1.1%	1.1%	005930 KS, 6326.T, 7733.T, ACN, BAS.DE, EQNR, MC.PA, NOK, P911.DE, PUB.PA, RKT.L, SHEL, UU.L	AI, China, energy, Europe, international, Recovery, value		P911.DE UU.L MC.PA	View
2026 Q1	Apr 18, 2026	ACATIS Investment	-	-	1810 HK, AIXA.DE, BNTX, CCJ, COP, EQNR, HAL, IFX.DE, KHC, KWS.DE, LYB, NEM, PBR, ROST, SHEL, SU.PA, VIST, WPM, YAR.OL	AI, China, commodities, Fertilizers, geopolitics, Iran War, nuclear, oil, Precious Metals, Value Investing			View
2026 Q1	Apr 13, 2026	Mawer International Equity Fund	0.2%	0.2%	0700.HK, AD.PA, AON, APH, BAM, BHP.AX, BNZL.L, BWXT, CACI, DB1.DE, EQNR, HDB, MSFT, NOC, SHOP.TO, SII.TO, SKE.TO	AI, defense, diversification, energy, Geopolitical, inflation, Quality			View
2023 Q1	Mar 31, 2023	Platinum Global Fund (Long Only)	9.7%	9.7%	005930.KS, 0700.HK, 2057.HK, 2338.HK, 6588.HK, 6954.T, AIR.PA, ALLFG.L, BKNG, BMW.DE, EBS.VI, EQNR, IFX.DE, INF.L, ISP.MI, MCHP, MU, NXPI, SLB, STJ.L, TCOM, TRU, UPM.HE, WIZZ.L	Banking, China, Europe, Recovery, semiconductors, Travel	European ultra-low-cost airline Wizz Air was the largest contributor with 56% gains as air travel demand and pricing continued rising post-COVID. Gains also seen in Booking Holdings, Trip.com and Airbus as the travel sector recovery continued.		View
2023 Q4	Dec 31, 2023	Latitude Global Fund	-	-	AAP, AI.PA, AZO, BAC, DEO, DG.PA, EIFFAGE.PA, EQNR, GOOGL, GS, JPM, MCK, SHEL, SONY, TSCO.L, V, WEC	Buybacks, Consumer Staples, dividends, earnings, energy, global, Utilities, value	Manager holds significant allocation to consumer staples companies including Tesco, Unilever, Diageo, Imperial Brands, Heineken, and Coca-Cola. Sector trades at lowest valuation relative to market in 30 years aside from dot-com bubble. Expects earnings growth of 5-10% with potential for 20-50% valuation improvement as margins expand following input cost pressures.		View
2025 Q3	Nov 3, 2025	Massif Capital	36.1%	41.5%	AFM.L, CHG.L, ENVX, EQNR, EQX.TO, GLO.TO, GMIN.TO, HBR.L, LITM, LUN.TO, MMA.V, NGEX.TO, NICU.V, VAR.L	Alpha Generation, Copper, Critical Minerals, European Energy, gold, Mining, Natural Gas, real assets	Gold is overbought but not over owned, with government debt levels supporting continued allocation to gold miners. The fund reduced exposure after strong performance, exiting GMIN while maintaining EQX position. High dispersion in gold miner results creates attractive opportunities for active management.		View
2024 Q3	Oct 30, 2024	Guinness Global Energy	-	7.8%	0857.HK, BP, CNQ.TO, COP, CVE.TO, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO.TO, OMV.VI, PXD, REP.MC, SHEL, SU.TO, TTE, XOM	CashFlow, dividends, energy, Gas, oil, Opec, valuation	Brent and WTI oil prices strengthened in September on OPEC+ supply cuts and declining inventories. Saudi Arabia and Russia extended voluntary production cuts through year-end, keeping markets undersupplied at 1.5m b/day. Global oil inventories declined 300m barrels over six months to late 2022 lows.		View
2023 Q3	Oct 17, 2023	Mawer International Equity Fund	6.9%	16.0%	ASML, CCA.TO, CME, CNQ.TO, DG, EQNR, KSPI.L, MC.PA, NVO, SHEL, SU.TO, T.TO, TSM, TXN, VZ	energy, global, healthcare, inflation, rates, semiconductors	Energy companies positioned to benefit from higher oil prices performed strongly during the quarter. Canadian Natural Resources, Suncor Energy, Equinor, and Shell were among the stronger performing holdings as oil prices moved higher.		View
2025 Q3	Oct 14, 2025	Guinness Global Energy	-	14.2%	BKR, BP, COP, CVE, CVX, E, EOG, EQNR, FANG, GALP.LS, HAL, OMV.VI, REP.MC, SHEL, SLB, SU, TTE, VLO, WMB, XOM	energy, global, Natural Gas, oil, Opec, Russia, Ukraine	Oil prices remained mixed in September with WTI falling slightly while Brent stayed flat. Ukrainian attacks on Russian oil infrastructure and OPEC production decisions continue to drive price volatility. The fund expects oil prices to move higher over the next twenty years due to population growth, developing world industrialization, and diminishing fossil fuel supplies.	EOG REP SM HAL VAL	View
2025 Q4	Jan 16, 2026	Massif Capital	9.6%	50.0%	1211.HK, BHP, ENVX, EQNR, EQX.TO, GLEN.L, GLO.TO, GMIN.V, Gold, HBR.L, KGHM, LITM, LRV.AX, LUN.TO, LYB, MGN.V, MMA.V, RIO, VALE, VAR.OL	commodities, Copper, energy, geopolitics, gold, inflation, Mining, real assets	Portfolio exposure narrowed from 16% to 10% in single position (Equinox Gold). Manager believes gold serves as monetary hedge amid central bank independence concerns and persistent inverse relationship with dollar. Central bank accumulation from emerging markets expected to continue. Largest theme at 29% allocation across core positions. Structurally tight physical market with mine supply disruptions exceeding 6% of global output. Treatment charges collapsed to negative levels signaling constrained concentrate availability. Policy-driven stockpiling creates upside convexity. 16% portfolio allocation expecting price volatility as base case. Market characterized by visible surplus yet episodic geopolitical premiums. Focus on companies with proven economics at mid-cycle prices and flexible capital programs rather than directional oil price bets. Manager challenges assumptions about demand destruction and rapid substitution in energy. Views transition as energy addition rather than replacement, raising near-term energy intensity. Supply governed by decline rates rather than responsiveness. Policy creating regional cost asymmetries and oligopolies in heavy industry. Geopolitics now shapes supply chains, governs capital access, and determines project feasibility. Political alignment increasingly influences risk premia and monetization. Persistent inflation driven by labor constraints, energy dynamics, and geopolitical fragmentation challenges embedded assumptions from post-2009 regime. Higher real-rate environment appears durable rather than transitory, altering risk-return arithmetic.	GLO CN LAR LUN CN MMA CN EQNR NO HBR LN VAR NO GMIN CN EQX CN	View
2024 Q2	Jul 31, 2024	Guinness Global Energy	0.0%	10.3%	BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, REP.MC, SHEL, SNP, SU, TTE, XOM	dividends, energy, Free Cash, global, Natural Gas, oil, Opec, valuation	Oil prices strengthened in June with WTI closing at $81.5/bl and Brent at $87/bl. OPEC+ maintained production quotas while aspiring to add spare capacity back in 2025. The managers see oil demand growth of 1.0-1.3m b/day in 2024, with aviation being a key driver as global flights are now 13% above 2019 levels.		View
2023 Q2	Jul 14, 2023	Massif Capital	2.4%	12.0%	ADT.AX, AES, AFM.TO, CTM.AX, EC, ENR.DE, EQNR, EQX, FLNC, IXR.AX, LAC, PICK, VALE	commodities, energy, materials, Mining, natural resources, real assets, Utilities	Manager views energy transition as requiring massive investment in renewable assets while maintaining hydrocarbon infrastructure. Believes oil and gas remain critical for supporting economic growth needed to fund transition to low-carbon economy. Sees environmental and economic sustainability as interconnected.	ENR.DE CTM.AX AES	View
2023 Q4	Jan 16, 2024	Mawer International Equity Fund	6.9%	16.0%	AJG, AMZN, AON, BMO, BN, CIGI, CNQ, DLG.MI, EQNR, JPM, MMC, MSFT, RY, SHBA.ST, SU, TSM	banks, energy, Equity, global, rates, real estate, technology	Technology companies including Amazon.com, Microsoft, and semiconductor company TSMC moved higher on the prospect of falling discount rates and continued fundamental execution. These growth-oriented technology focused stocks were among the greatest beneficiaries of lower discount rates during the quarter.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Latitude Global Fund	Equinor ASA	Energy	Oil, Gas & Consumable Fuels	Neutral	Oslo Stock Exchange	Energy crisis, European Gas, Free Cash Flow, geopolitical risk, Johan Sverdrup, LNG Terminals, Norwegian Continental Shelf	View Pitch
Apr 16, 2026	Seeking Alpha	Seeking Alpha	Equinor ASA	Energy	Oil & Gas	Bear	New York Stock Exchange	Brazil investment, dividend yield, earnings expectations, Energy Sector, Equinor ASA, geopolitical tensions, international expansion, oil prices, renewable energy, stock valuation	View Pitch

BSD Shareholders of EQNR

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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