What smart money is saying about Shell PLC
SHEL
No fund has written a full thesis on Shell PLC in our archive, but 8 fund letters report a position in it — most recently Guinness Global Energy Fund in August 2026.
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8
Reported positions
0
Bought
1
Sold
8
Letters
Position history
Between Q2 2026 and Q3 2026, 8 fund letters reported a position in Shell PLC — 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 7 | 0 | 1 | 0 |
Fund activity · 8 positions · 1 move
- August 2026
Listed in Guinness Global Energy Fund’s reported holdings.
Shell PLC - June 2026
“Shell was the largest detractor from quarterly performance, reducing returns by 59 bps. The stock fell 15.9% during Q2 as the ceasefire between the US and Iran pared back geopolitical risks and the Strait of Hormuz gradually reopened. This followed a strong first quarter, when Shell’s shares rose 28% thanks to sharp oil and gas price rises. Following that move, Shell had become our largest position in the portfolio. We therefore sold approximately half our holding: the sharp appreciation had compressed the margin of safety and left the position larger than we were comfortable with.”
Shell PLC - June 2026
“Top detractors from relative performance: Health Care underperformed the index, and the portfolio’s overweight position added to the relative shortfall. Chugai Pharmaceutical declined on the back of weak prescription data for its oral obesity drug even while the company’s reported quarterly results were better than expected. Shell was the biggest detractor as falling oil prices, resulting from a pause in the conflict in the Middle East, created drag in investor sentiment toward the Energy sector.”
Shell PLC - June 2026
“Portfolio Attribution by Sector Our Health Care holdings, as well as our overweight exposure to the sector, detracted from our relative performance. Even with a number of strong IT holdings, stock selection in the sector also detracted, while beneficial underweight allocations helped in Energy, Utilities, and Materials. Performance and Attribution The International Equity composite rose 13.2% gross of fees in the second quarter, compared with a 14.7% gain in the MSCI ACWI ex US Index. Year to date, the composite increased 14.7% gross of fees, versus 14.0% for the index. “OTHER”: Includes companies classified in countries outside the index. Source: Harding Loevner International Equity composite, FactSet, MSCI Inc. Data as of June 30, 2026. The total effect shown here may differ from the variance of the composite performance and benchmark performance shown on the first page of this report due to the way in which FactSet calculates performance attribution. This information is supplemental to the composite GIPS Presentation. Top contributors to relative performance: Information Technology stocks were among the largest contributors even though the sector caused a drag on performance, as portfolio was hurt by the extremely strong relative performance of stocks we did not own, especially SK hynix. Samsung was the biggest contributor, as an 80 to 90% quarter-over-quarter increase in DRAM and NAND prices caused by AI-related demand led to a 43% increase in revenues and nearly tripled quarterly operating profit. Infineon, a leading provider of power management chips used throughout data centers, upgraded its guidance for its financial year. Underweight exposure in Materials and Utilities, which failed to keep pace with the index’s returns, helped relative performance. Stock selection in Consumer Staples boosted performance. FEMSA rallied after better-than-expected results, which showed continuing improvement in its flagship OXXO stores. -3.0 -2.0 -1.0 0.0 1.0 2.0 Selection Effect Allocation Effect Total Effect -1.4Total Effect: -0.3Selection Effect: -1.1Allocation Effect: -3.0 -2.0 -1.0 0.0 1.0 2.0 Effect (%) Selection Effect Allocation Effect Total Effect -1.4Total Effect: -2.6Selection Effect: 1.2Allocation Effect: RegionSector Second Quarter 2026 Performance Attribution International Equity Composite vs. MSCI ACWI ex US Index Selection Effect Allocation Effect Total Effect Top detractors from relative performance: Health Care underperformed the index, and the portfolio’s overweight position added to the relative shortfall. Chugai Pharmaceutical declined on the back of weak prescription data for its oral obesity drug even while the company’s reported quarterly results were better than expected. Shell was the biggest detractor as falling oil prices, resulting from a pause in the conflict in the Middle East, created drag in investor sentiment toward the Energy sector.”
Shell PLC - June 2026
“The holdings in late Life Cycle energy positions, Shell and EQT Corp, gave back some gains from the previous quarter, after agreement appeared to have been struck to end the US conflict with Iran and the ‘war premium’ in commodity prices faded.”
Shell PLC - June 2026
“Our three worst contributors during the quarter were Shell, Marsh and Heidelberg Materials.”
Shell PLC - June 2026
“Our three worst contributors during the quarter were Shell, Marsh and Heidelberg Materials.”
Shell PLC - June 2026
“Energy was the most notable detractor from fund results during the period. The market discounted a potential end to the Iran conflict and lower risk to global crude supply which pushed oil prices lower. This pressured Exxon Mobil, APA, and Shell, which detracted from the fund’s absolute and relative performance during the quarter.”
Shell PLC
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