Incentive AS

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Incentive AS reported 2 stock positions worth $201.6 million. Its top holding was Smurfit Westrock (SW) at 61.1% of the portfolio, followed by Noble (NE, 38.9%). Compared with Q3 2024, it added to 1. The biggest buy was Smurfit Westrock (SW, shares +54%).

Most Recent 13F
Q4 2025
Location
OSLO, Q8
CIK
0001665221
Portfolio Value
$201.6M (Q4 2024)
SEC Filing
0000945621-25-000155 ↗ filed Feb 11, 2025

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 Q3 2024 Q4 2024: $201.6M $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 · $201.6M

SW Smurfit Westrock PLC 61.06% 2,285,423 $123.1M Add +53.6%
NE Noble Corp. PLC 38.94% 2,500,252 $78.5M No change

Portfolio Sells Q3 2024 → Q4 2024

None this quarter.

Portfolio Buys Q3 2024 → Q4 2024

SW Smurfit Westrock PLC Add +53.6% 61.06% +16.20

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