SM Energy Co

• AV Aegis Value Fund Portfolio Manager’s Letter ↗ Aegis Value Fund kept a large energy allocation, arguing depleted inventories, constrained supply and underinvestment support oil producers, while retaining precious-metals miners despite a correction. It held Cenovus, reduced Equinox, sold Amerigo on valuation and feedstock risk, and bought Radian, hotel REITs, Jet2 and Harley-Davidson at discounted valuations. 1st Half Ended June 30, 2026 ARG $948MATHOF $3.9BCLDT $803M +13
• BT Blue Tower Asset Management Q2 2026: Oil's Exhausted Buffers and the Case for Energy ↗ Blue Tower retained Enova International despite expected merger-related volatility, arguing that its combination with Grasshopper Bank will broaden markets and lower funding costs. The portfolio added Petrobras and SM Energy as an oil-price hedge, citing dwindling global inventories, constrained Hormuz traffic, Chinese stockpile drawdowns and producer capital discipline. Q2 2026 ENVA $4.2BPBR $115BSM $7.3B
• BT Blue Tower Asset Management Q1 2026: 2026 Iran Conflict ↗ Blue Tower sold Air Canada, Core Molding Technology and TFI International over their exposure to higher inputs and weaker demand, while reducing Japanese equities and Georgia Capital. The portfolio added Petrobras and SM Energy to balance crisis-related risks, arguing that markets underestimate the duration of Persian Gulf commodity disruptions. first quarter 2026 0KHP SM $7.3B

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