Marshall Wace Asset Management's declared holdings in fossil fuel companies increased to $2.8 billion in the first quarter of 2026, up from approximately $933 million at the end of December 2025. During this period, the firm's shareholding in Chevron rose from $196 million to $864 million. Marshall Wace also acquired new stakes in ConocoPhillips, Shell, and Devon Energy, totaling $163 million, $72 million, and $35 million respectively, having held no stakes in these companies at the end of 2025.

The firm's investment in renewable energy and battery companies decreased by 30% to $415 million in the first quarter of 2026. Marshall Wace acquired new stakes ranging between $135 million and $260 million each in four fossil fuel companies, including SLB and Haliburton. The shareholding in Haliburton increased 500-fold during this quarter, and the total number of shares held in fossil fuel companies increased by at least 50%.

A Marshall Wace spokesperson described the analysis of the fund's holdings as "partial and inaccurate." The spokesperson stated that Marshall Wace is a large equity long-short fund with approximately $90 billion of assets under management and thousands of global exposures, which change daily. They added that Paul Marshall is one of more than 40 partners at Marshall Wace and is one of multiple investors in GB News in a personal capacity, noting he is not involved in GB News editorial policy or choices, nor is the wider firm.

Paul Marshall previously stated last year that the UK had been infected by "climate derangement syndrome." On June 23, he said net zero was "an ideology of fear and destruction, giving a new excuse for state interference and to deconstruct meritocracy." He also stated that whether global heating was being caused by human actions remained "still subject to debate." Church leaders, including former archbishop of Canterbury Rowan Williams, criticized Marshall in March for his statements on climate, requesting that he declare his financial interests in fossil fuels. Marshall did not respond to this request.

Prof Sir Brian Hoskins, a climate scientist, said, "Net zero is not an arbitrary slogan, rather it is dictated by the laws of physics." Hoskins also stated that, "To halt warming, net greenhouse gas emissions must stop." Mothin Ali, co-deputy leader of the Green party, said, "By boosting investments in fossil fuels, Paul Marshall is cashing in on climate chaos." Richard Wilson, director of Stop Funding Heat, said, "Now we learn Marshall has been increasing his [hedge fund's] fossil fuel investments throughout." Wilson also stated, "This isn't journalism. It's a channel working in its owner's financial interests."