DOSSIER · 13F-HR · Q4 2025

Incentive AS

$71M in tracked AUM across 1 positions as of Q4 2025.

IA
CIK 0001665221 · last filed Dec 31, 2025
Total AUM
$71M
as of Q4 2025
Holdings
1
positions
Whale Score
57
57
tracked
Activity
no data
changes this Q
AI Analysis · Q4 2025

Portfolio Overview

Incentive AS presents a highly concentrated investment portfolio as of the reporting period ending September 30, 2025. The firm manages total assets of approximately $86.10 million, distributed across a single holding. This indicates an investment strategy heavily reliant on conviction in a specific security rather than diversification across asset classes or sectors. The portfolio experienced a decrease in value of 14.1% over the quarter, declining from $100.22 million a...

Key Holdings

The portfolio consists entirely of Smurfit Westrock plc (SMURFIT WESTROCK PLC), which accounts for 100% of the total value. Incentive AS holds 2.02 million shares of the company, valued at $86.10 million. As the sole position, this holding represents the manager's primary, and indeed only, expression of their market outlook. The performance of the fund is directly correlated to the price action of Smurfit Westrock, making the portfolio sensitive to the specific risks and opportunities facing this entity, including operational execution, industry demand cycles, and currency fluctuations, given the company's likely European listing background.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q4 2025. Methodology

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight
01
G8267P108
SMURFIT WESTROCK PLC
$71M1.8M100.0%

Filing history

2025Q4Dec 31
$71M 17.2%
1 positionsView →
2025Q3Sep 30
$86M 14.1%
1 positionsView →
2025Q2Jun 30
$100M 38.5%
1 positionsLocked
2025Q1Mar 31
$163M 19.2%
2 positionsLocked
2024Q4Dec 31
$202M 23.0%
2 positionsLocked
2024Q3Sep 30
$164M 74.7%
2 positionsLocked
2024Q2Jun 30
$94M 13.8%
1 positionsLocked
2024Q1Mar 31
$109M 0.7%
1 positionsLocked
2023Q4Dec 31
$108M
1 positionsLocked