Incentive AS: 13F holdings, Q4 2025
Hedge fund · SEC EDGAR filings (CIK 1665221) · Explore on the interactive board
Incentive AS disclosed 1 US equity positions worth $71.3m in its Q4 2025 13F filing (holdings as of December 31, 2025, filed February 12, 2026). Its largest position is SW at 100.0% of the reported book. The top ten holdings are 100.0% of the book, and the portfolio behaves like about 1 equal-weight positions. Versus the prior filing it opened 0 new positions, added to 0, reduced 1 and exited 0. Note: this manager's most recent filing is 2 quarters behind the newest quarter on file, so these figures are history rather than current positioning.
What does Incentive AS own? Top holdings as of December 31, 2025
Change is measured in shares against the previous filing (Q3 2025), so price moves do not read as decisions. This quarter: 0 new, 0 added, 1 reduced, 0 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | SW SMURFIT WESTROCK PLC | Consumer Cyclical | 100.0% | $71.3m | 1,843,624 | -9% | reduced |
Sector mix
| Sector | Weight |
|---|---|
| Consumer Cyclical | 100.0% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
How concentrated is Incentive AS's portfolio?
Across every quarter Incentive AS has filed, its median largest position is 82.0% of the book and its median top-ten weight is 100.0%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 1.0 completed holding spells, the median lasted 3.0 quarters; 1.0 positions are still open and their final length is unknown.