Incentive AS

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Incentive AS reported 2 stock positions worth $163.9 million. Its top holding was Noble (NE) at 55.1% of the portfolio, followed by Smurfit Westrock (SW, 44.9%). Compared with Q2 2024, it opened 1 new position and added to 1. The biggest buy was a new position in Smurfit Westrock (SW).

Most Recent 13F
Q4 2025
Location
OSLO, Q8
CIK
0001665221
Portfolio Value
$163.9M (Q3 2024)
SEC Filing
0000945621-24-000928 ↗ filed Nov 13, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $108.7M Q1 2024 Q2 2024: $93.8M Q2 2024 Q3 2024: $163.9M $163.9M Q3 2024 Q4 2024: $201.6M Q4 2024 Q1 2025: $163.0M Q1 2025 Q2 2025: $100.2M Q2 2025 Q3 2025: $86.1M Q3 2025 Q4 2025: $71.3M Q4 2025

Holdings 2 stocks · $163.9M
NE Noble Corp. PLC 55.14% 2,500,252 $90.4M Add +19.1%
SW Smurfit Westrock PLC 44.86% 1,487,530 $73.5M New

Portfolio Sells Q2 2024 → Q3 2024
None this quarter.

Portfolio Buys Q2 2024 → Q3 2024
SW Smurfit Westrock PLC New 44.86% +44.86
NE Noble Corp. PLC Add +19.1% 55.14% −44.86

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 1$71.3MSW
Q3 2025 1$86.1MSW
Q2 2025 1$100.2MSW
Q1 2025 2$163.0MSW, NE
Q4 2024 2$201.6MSW, NE
Q3 2024 2$163.9MNE, SW
Q2 2024 1$93.8MNE
Q1 2024 1$108.7MNE