# Incentive AS

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 1665221. Source: https://holderbook.com/funds/1665221-incentive-as/

- Reported value: $71.3M
- Positions: 1
- Weight of the ten largest: 100.0%
- Filed: 2026-02-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $71.3M | 1,843,624 | 100.0% | 6 |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $71.3M | 1 |
| Q3 2025 | $86.1M | 1 |
| Q2 2025 | $100.2M | 1 |
| Q1 2025 | $163.0M | 2 |
| Q4 2024 | $201.6M | 2 |
| Q3 2024 | $163.9M | 2 |
| Q2 2024 | $93.8M | 1 |
| Q1 2024 | $108.7M | 1 |
| Q4 2023 | $108.0M | 1 |