What smart money is saying about SLB Limited
2 funds in our archive have pitched SLB Limited, most recently Hardman Johnston Global Equity in March 2026.
SLB N.V. operates as a global technology provider for the energy sector. The company's operations are organized into four key divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. SLB delivers a wide array of services, including the development of oil and gas fields, hydrocarbon production optimization, carbon management solutions, and the integration of interconnected energy infrastructures. It also specializes in reservoir interpretation and processing of exploration data, alongside offering solutions for well construction and enhancing production efficiency. Their expertise extends to evaluating subsurface geology and fluid dynamics. The firm provides stimulation services, such as hydraulic fracturing, matrix stimulation, and water treatment, designed to restore or boost well productivity for oil and gas operators. Additionally, they offer essential intervention services. Within drilling operations, SLB furnishes mud logging, directional drilling, measurement-while-drilling (MWD), and logging-while-drilling (LWD) services, complemented by comprehensive engineering support. They supply advanced drilling fluid systems and are involved in the design, manufacturing, and marketing of both roller cone and fixed cutter drill bits. Their portfolio further includes bottom-hole assembly and borehole enlargement technologies. The company provides end-to-end well planning and drilling services, encompassing engineering, supervision, logistics, procurement, and third-party contracting, along with drilling rig management solutions. This covers a range of drilling equipment and services, including land drilling rigs. For production, SLB offers artificial lift solutions, an assortment of packers, safety valves, sand control technologies, and various intelligent monitoring systems. Their offerings extend to midstream production systems, specialized valves, chokes, actuators, and surface trees. A significant part of their business is OneSubsea, which delivers integrated solutions, products, and services for subsea applications, such as wellheads, subsea trees, manifolds, flowline connectors, control systems, and other connection technologies. Historically known as Schlumberger Limited, the company is slated to formally adopt its new name, SLB N.V., in October 2025. Established in 1926, SLB N.V. maintains its corporate headquarters in Houston, Texas.
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Fund signal · last 12 months
29 lettersMore funds are selling than buying
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q3 2026, 31 fund letters reported a position in SLB Limited, with 2 buys (opened or added) and 5 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 10 | 0 | 1 | 0 |
| Q2 2026 | 9 | 0 | 1 | 0 |
| Q1 2026 | 9 | 1 | 3 | 1 |
| Q4 2025 | 1 | 0 | 0 | 0 |
| Q3 2025 | 1 | 1 | 0 | 0 |
| Q2 2025 | 1 | 0 | 0 | 0 |
| Q1 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 31 positions · 7 moves
- ExitedAcatisSeptember 2026
“SLB/Schlumberger SLB - still better known under the name Schlumberger - is the world’s largest oilfield service provider, generating USD 35.71 billion in sales revenues in 2025. Its legal domicile is in Curacao. Group management is divided into three main administrative centers in Houston (Texas), Paris and Den Haag, whereby Houston is the larger center in terms of oper- ations. We sold the stock after concluding that it had reached its fair value and any further price potential was therefore limited.”
SLB Limited - September 2026
“Negatives: SLB (-17%) gave back its August gains.”
SLB Limited - September 2026
“EOG Resources, Inc. United States 2.6 Oil, Gas & Consumable Fuels SLB Ltd. United States 2.7 Energy Equipment & Services”
SLB Limited - September 2026
Listed in Antipodes Global Fund (Institutional Clients)’s reported holdings.
SLB Limited - September 2026
“Finally with Energy, both SLB Limited (SLB) and Weatherford International plc (WFRD) lagged the sector returns as rising oil prices and a tightening diesel market drove exploration and production companies and refiners higher.”
SLB Limited - September 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
SLB Limited - August 2026
Listed in Guinness Global Energy Fund’s reported holdings.
SLB Limited - August 2026
Listed in Harding Loevner Global Equity’s reported holdings.
SLB Limited - August 2026
“Shares of Energy holding SLB, rose sharply after the company announced the acquisition of thermal management company Kelvion, which will strengthen SLB’s growing data center business.”
SLB Limited - July 2026
“Within the Guinness Global Energy portfolio over the period, stronger performers included: • European mid-cap integrateds: Repsol, GALP, Eni and OMV were among the strongest contributors during the first phase of the Iran conflict, helped by higher Brent-linked earnings and elevated refining margins. • Oil services: Baker Hughes, Schlumberger and Halliburton performed well, supported at different points by expectations of higher service activity outside the Middle East, a rebuilding of damaged Gulf-based oil and gas facilities, and growth in LNG demand.”
SLB Limited - ExitedFindlay Park American FundJune 2026
“The largest net sales included Texas Instruments, SLB, Intuit and Keysight. SLB was reduced – and exited - as the outlook in the Middle East remained uncertain and the Fund found a higher-quality energy exposure in Canadian royalty company - PrairieSky.”
SLB Limited - HoldsGuinnessJune 2026
“PERFORMANCE The main index of oil and gas equities, the MSCI World Energy Index (net return), fell by 5.8% in May, while the broader equity market, as measured by the MSCI World Index (net return), rose by 4.6% in USD. Within the Fund, the strongest performers were OMV, Enbridge, Repsol, Valero and Schlumberger while the weakest performers were BP, Devon, Helix, Imperial Oil and Petrochina.”
SLB Limited - June 2026
“Detractors include Albemarle Corp., SLB Ltd., and EOG Resources, Inc.”
SLB Limited - June 2026
“The main index of oil and gas equities, the MSCI World Energy Index (net return), fell by 5.8% in May, while the broader equity market, as measured by the MSCI World Index (net return), rose by 4.6% in USD. Within the Fund, the strongest performers were OMV, Enbridge, Repsol, Valero and Schlumberger while the weakest performers were BP, Devon, Helix, Imperial Oil and Petrochina.”
SLB Limited - June 2026
Listed in Harding Loevner Global Equity’s reported holdings.
SLB Limited - June 2026
“QUARTER-TO-DATE BOTTOM FIVE CONTRIBUTORS TO RETURN SYMBOL NAME DESCRIPTION AERAGE WEIGHT (%) RETURN (%) CONTRIBUTION TO RETURN (GROSS, %) INTU Intuit Inc. Provides software products for businesses 1.25 -39.44 -0.64 ADSK Autodesk, Inc. Designs and develops multimedia software products 1.05 -18.79 -0.21 SLB SLB Limited Designs and constructs wells and manufactures surface & midstream production systems”
SLB Limited “From a sector perspective, Energy was the primary detractor to relative performance. The portfolio's holdings in the sector, including SLB Ltd. and Cameco Corp., detracted from returns as both companies underperformed amid weakness in energy services.”
SLB Limited- HoldsHamlin Capital Management Equity and High Yield Municipal Bond StrategiesJune 2026
“CME, ConocoPhillips, and SLB were the largest detractors during the quarter, declining 17.85% on average.”
SLB Limited - May 2026
“Selection of 5 Holdings Stock Country Canon JP Schlumberger USA Corning USA Cummins USA Ebara JP Portfolio Profile Equities 98.20% Cash 1.80% Overview The TAMIM Global High Conviction strategy is a portfolio of global equities from major developed global exchanges. The portfolio holds approximately 60 of the best ideas from around the globe.”
SLB Limited - March 2026
“While our Energy holdings performed well (up 30%) they were not able to keep pace with the 38% return of the Russell 1000® Value Energy Index as the more price sensitive exploration & production companies tend to be the initial beneficiaries of an immediate rise in commodity prices vs services companies such as SLB Limited (SLB) and Weatherford International (WFRD).”
SLB Limited - HoldsBuffalo Growth FundMarch 2026
“TOP CONTRIBUTORS SLB Limited (SLB) was the top contributor to the fund’s performance, posting a return of nearly 35% for the quarter.”
SLB Limited - March 2026
“We exited SailPoint, Inc. (SAIL) as it held up in relatively better than the broader software complex which created more attractive relative risk/reward opportunities. Additionally, from a longer-term perspective, we believe there is a wider range of outcomes around whether it will be a potential AI beneficiary than the market was pricing in. We exited SLB Limited (SLB) after the company completed its acquisition of our holding ChampionX.”
SLB Limited - March 2026
“While our Energy holdings performed well (up 30%) they were not able to keep pace with the 38% return of the Russell 1000® Value Energy Index as the more price sensitive exploration & production companies tend to be the initial beneficiaries of an immediate rise in commodity prices vs services companies such as SLB Limited (SLB) and Weatherford International (WFRD).”
SLB Limited - New positionHardman Johnston Global EquityMarch 2026
“During the quarter, we initiated five new positions - Albemarle Corporation, Broadcom Inc., SLB Limited, TechnipFMC plc., and UCB S.A. We established a new position in ALB, a global leader in lithium with Tier 1, low-cost assets, in particular in the Chilean salar and Western Australia. We’ve known the company for some time and continue to believe that lithium remains one of the most structurally attractive commodities, given secular demand for battery technology. The Iran conflict will continue the secular theme of electrification and the diversification of energy sources away from Middle East oil. The beneficiaries include battery technology, both for EVs and utility-scale energy storage systems (ESS). Historically, supply has been slow to respond, and ongoing mining issues in China only add to supply constraints, reinforcing our expectation of a tighter market as demand increases. We initiated a position in Broadcom as one of the clearest beneficiaries of accelerating hyperscaler AI capex and custom compute deployment. FY1Q reinforced exceptional visibility, with AI revenue already at $8.4bn across custom ASICs and AI networking. Google TPU remains the core driver today, but momentum is broadening across Meta, Anthropic, OpenAI, and additional customers. Broadcom’s AI opportunity is not just compute; its market-leading networking business is a key growth driver as bandwidth becomes a critical AI data center bottleneck, with faster interconnect driving XPU utilization and overall system efficiency. At the current valuation, we see an attractive setup for positive revisions and multiple expansion as visibility across its key custom silicon programs improves. We initiated a position in SLB, the largest global oil services provider, a name with which we are familiar.”
SLB Limited - March 2026
“SLB Limited (SLB) returned 33%, driven by higher energy prices and the need to rebuild key oil infrastructure after the Middle East conflict disrupted roughly 20% of global oil supply through the Strait of Hormuz closure. We realized partial gains in the position, believing the supply shock in the energy market is transitory.”
SLB Limited - HoldsAriel Focused ValueMarch 2026
“SLB Limited (SLB) advanced during the quarter as investors grew more confident in the company’s resilient international growth profile, increasing exposure to secular growth areas such as Digital and Production Systems and consistent free cash flow generation.”
SLB Limited - TrimmedThe Davenport FundsMarch 2026
“With the Middle East in turmoil and the Strait of Hormuz effectively closed, oil surged 51% in March and 77% for the quarter. Energy was the only S&P sector that rose in March. Exxon Mobile Corp (XOM), Chevron Corp (CVX), and SLB NV (SLB) participated nicely in the run-up, and were the Fund’s top three performers for the quarter. We chipped SLB and Chevron to acknowledge a “war premium” increasingly priced into the commodity complex.”
SLB Limited - HoldsAriel Mid Cap ValueMarch 2026
“SLB Limited (SLB) also advanced during the quarter as investors grew more confident in the company’s resilient international growth profile, increasing exposure to secular growth areas such as Digital and Production Systems and consistent free cash flow generation.”
SLB Limited - December 2025
Listed in TAMIM Global High Conviction’s reported holdings.
SLB Limited - New positionBrown Advisory US Small Cap Blend FundSeptember 2025
“ We received shares of Schlumberger Limited (SLB) following its acquisition of ChampionX.”
SLB Limited - June 2025
“Several stocks in the portfolio delivered solid returns in the quarter. Leading global financial franchise Northern Trust Corporation (NTRS) advanced following strong quarterly earnings results and rumors of a potential merger with Bank of New York Mellon. In our view, NTRS remains a trusted name offering diversified products in a favorable industry with high barriers to entry. We believe Northern’s 135-year track record highlights its stability and strength in navigating macroeconomic volatility with a conservative, operating approach. Live entertainment, media and technology company, Sphere Entertainment Co. (SPHR) traded higher following a quarterly earnings beat driven by resilient consumer demand and lower than anticipated operating costs. We expect financial results will continue to ramp as Sphere debuts its next fully immersive experience, The Wizard of Oz, later this summer; scales its concert residencies; and reaches higher venue utilization across show types. Advertising, sponsorship and suite revenue should provide further upside. Meanwhile, expansion with additional spheres beyond Abu Dhabi remains a priority. Additionally, MSG Networks and its lenders worked out an agreement in the quarter, reducing the debt burden for the regional sports networks business going forward and removing an overhang on shares. In our view, the experiential immersive venue in Las Vegas and its franchise opportunities present a meaningfully underappreciated long- term opportunity. Shares of global leader in electrical protection and connection solutions, nVent Electric plc (NVT) also increased during the period on solid earnings results. Notably, management raised its 2025 organic sales outlook on increasing orders and rising backlog, particularly in the infrastructure vertical. The company is also working to offset its tariff exposure with pricing, productivity and supply chain strategies. We expect NVT will continue to benefit from secular trends towards increased electrification and data center development, as well as from internal operational improvements. Alternatively, oil services company, Core Laboratories, Inc. (CLB) declined in the quarter on mixed earnings results. Although increased demand for diagnostic services in U.S. onshore and offshore markets aided the Production Enhancement segment, this growth was neutralized by weaker-than-expected Reservoir Description performance due to seasonality, geopolitical tensions, tariff concerns and commodity price volatility. Importantly, management noted tariffs should not have a significant impact on the business given its service-related revenue. CLB’s product sales are also primarily manufactured and consumed domestically. Looking ahead, the company continues to project international growth from projects in the Middle East, Asia Pacific and West Africa and remains laser focused on generating positive free cash flow, reducing debt and improving its return on invested capital. Shares of Schlumberger Limited (SLB), the largest oilfield services company in the world by revenue, also underperformed amidst falling oil prices and trade tensions.”
SLB Limited
Fund coverage · 2 theses
- Hardman Johnston Global EquityMarch 2026
SLB Limited is the leading global oil services provider, supported by offshore duopoly economics, geopolitical tailwinds, and a growing digital segment.
Read the full thesis - Ariel Mid Cap ValueMarch 2025
Schlumberger NV is a leading oilfield services company that, despite short-term challenges, is poised for medium-term growth due to increasing demand from national oil companies and its expertise in enhancing energy production.
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