Incentive AS

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Incentive AS reported 1 stock position worth $71.3 million. Its top holding was Smurfit Westrock (SW) at 100.0% of the portfolio. Compared with Q3 2025, it reduced 1. The biggest sale was Smurfit Westrock (SW, shares −9%).

Most Recent 13F
Q4 2025
Location
OSLO, Q8
CIK
0001665221
Portfolio Value
$71.3M (Q4 2025)
SEC Filing
0000945621-26-000285 ↗ filed Feb 12, 2026

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 Q4 2024 Q1 2025: $163.0M Q1 2025 Q2 2025: $100.2M Q2 2025 Q3 2025: $86.1M Q3 2025 Q4 2025: $71.3M $71.3M Q4 2025

Holdings 1 stocks · $71.3M

SW Smurfit Westrock PLC 100.00% 1,843,624 $71.3M Reduce -8.8%

Portfolio Sells Q3 2025 → Q4 2025

SW Smurfit Westrock PLC Reduce -8.8% 100.00% 0.00

Portfolio Buys Q3 2025 → Q4 2025

None this quarter.

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