Incentive AS — AI-Powered 13F Analysis

CIK: 0001665221

Concentrated strategyLong-term holder

Total reported value

$71.3M

Reporting period: 2025-12-31 · Number of holdings: 1

Incentive AS disclosed 1 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $71.3M and a quarterly turnover rate of 18.8%.

Browse other institutions with under $100M AUM Browse other institutions starting with "I"

Personality snowflake

Concentration: 100
Portfolio Stability: 18.81
Momentum/Contrarian: 50
Sector conviction: 0
Diversification: 2
Sizing Uniformity: —

Recent moves

Unchanged SW
-8.8%　-$14.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change	4Q Trend
1	SW	Smurfit Westrock Plc	Stock-Consumer Disc	100.00%	—	-8.85%

Portfolio Performance

Performance for Q3 2026

—

Performance Last 4 Quarters

—

Based on 0% of reported portfolio value with available pricing

Stdev: +37%
Beta: +1.84
Alpha: -68%
Max Drawdown: -44.5%
Annualized Perf: -35%
Batting Avg vs S&P: +16.7%
Sortino: -1.14
Stutzer: -0.29
Treynor: -0.19
Sterling: -0.64
Calmar: -0.79
Information Ratio: -1.63
Tracking Error: +32.7%
Stdev Down: +31.4%
Winning Months %: +41.7%
Losing Months %: +58.3%
Best 12 Months: -35%
Worst 12 Months: -35%
Efficiency Ratio: +0.34
Sharpe: -0.97
Stdev Sectors: 0%
Skewness: +0.03
Kurtosis: -0.56
Upside Potential: +1.09

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2025-12-31	1	$71.3M	19	1SW Top holdings2025-12-31 1.SW
2025-09-30	1	$86.1M	83	1SW Top holdings2025-09-30 1.SW
2025-06-30	1	$100.2M	0	1SW Top holdings2025-06-30 1.SW
2025-03-31	2	$163.0M	0	1SW 2NE Top holdings2025-03-31 1.SW 2.NE
2024-12-31	2	$201.6M	0	1SW 2NE Top holdings2024-12-31 1.SW 2.NE
2024-09-30	2	$163.9M	0	1NE 2SW Top holdings2024-09-30 1.NE 2.SW
2024-06-30	1	$93.8M	0	1NE Top holdings2024-06-30 1.NE
2024-03-31	1	$108.7M	0	1NE Top holdings2024-03-31 1.NE
2023-12-31	1	$108.0M	0	1NE Top holdings2023-12-31 1.NE

Holding changes this quarter

Incentive AS's most significant position changes for 2025-12-31: Trim: Smurfit Westrock Plc (SW) — shares -8.85%.

Position changes disclosed by Incentive AS for the quarter ending 2025-12-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SW	Smurfit Westrock Plc	—	-8.85%	Trim

Filing History

Period	Filed	Type	EDGAR
2025-12-31	2026-02-12	13F-HR	View on EDGAR
2025-09-30	2025-10-31	13F-HR	View on EDGAR
2025-06-30	2025-07-31	13F-HR	View on EDGAR
2025-03-31	2025-05-14	13F-HR	View on EDGAR
2024-12-31	2025-02-11	13F-HR	View on EDGAR
2024-09-30	2024-11-13	13F-HR	View on EDGAR
2024-06-30	2024-08-07	13F-HR	View on EDGAR
2024-03-31	2024-05-10	13F-HR	View on EDGAR
2023-12-31	2024-01-30	13F-HR	View on EDGAR

FAQ

What is Incentive AS and what type of investor is it?

Incentive AS is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-12-31), the firm manages a tracked equity portfolio valued at approximately $71.3M, spread across 1 disclosed positions.

What are Incentive AS's largest equity positions?

Based on the latest 13F filing, Incentive AS's top holdings by market value are: 1. Smurfit Westrock Plc (SW) — $71.3M (100.0%)

What changes did Incentive AS make in its most recent portfolio filing?

In the latest quarter, Incentive AS took a more defensive posture — trimming 1 positions and completely exiting 0 holdings. The largest of these moves: Trim: Smurfit Westrock Plc (SW) — shares -8.85%

What sectors does Incentive AS focus on?

Incentive AS is concentrated in the following sectors based on its current disclosed equity portfolio: • Consumer Discretionary: 100.0%

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Sunnymeath Asset Management, Inc.

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Similar Holdings Style

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Causeway Capital Management LLC

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Polaris Capital Management, LLC

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View detail

Incentive AS — AI-Powered 13F Analysis

CIK: 0001665221

Concentrated strategyLong-term holder

Total reported value

$71.3M

Reporting period: 2025-12-31 · Number of holdings: 1

Incentive AS disclosed 1 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $71.3M and a quarterly turnover rate of 18.8%.

Browse other institutions with under $100M AUM Browse other institutions starting with "I"

Personality snowflake

Concentration: 100
Portfolio Stability: 18.81
Momentum/Contrarian: 50
Sector conviction: 0
Diversification: 2
Sizing Uniformity: —

Recent moves

Unchanged SW
-8.8%　-$14.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change	4Q Trend
1	SW	Smurfit Westrock Plc	Stock-Consumer Disc	100.00%	—	-8.85%

Portfolio Performance

Performance for Q3 2026

—

Performance Last 4 Quarters

—

Based on 0% of reported portfolio value with available pricing

Stdev: +37%
Beta: +1.84
Alpha: -68%
Max Drawdown: -44.5%
Annualized Perf: -35%
Batting Avg vs S&P: +16.7%
Sortino: -1.14
Stutzer: -0.29
Treynor: -0.19
Sterling: -0.64
Calmar: -0.79
Information Ratio: -1.63
Tracking Error: +32.7%
Stdev Down: +31.4%
Winning Months %: +41.7%
Losing Months %: +58.3%
Best 12 Months: -35%
Worst 12 Months: -35%
Efficiency Ratio: +0.34
Sharpe: -0.97
Stdev Sectors: 0%
Skewness: +0.03
Kurtosis: -0.56
Upside Potential: +1.09

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2025-12-31	1	$71.3M	19	1SW Top holdings2025-12-31 1.SW
2025-09-30	1	$86.1M	83	1SW Top holdings2025-09-30 1.SW
2025-06-30	1	$100.2M	0	1SW Top holdings2025-06-30 1.SW
2025-03-31	2	$163.0M	0	1SW 2NE Top holdings2025-03-31 1.SW 2.NE
2024-12-31	2	$201.6M	0	1SW 2NE Top holdings2024-12-31 1.SW 2.NE
2024-09-30	2	$163.9M	0	1NE 2SW Top holdings2024-09-30 1.NE 2.SW
2024-06-30	1	$93.8M	0	1NE Top holdings2024-06-30 1.NE
2024-03-31	1	$108.7M	0	1NE Top holdings2024-03-31 1.NE
2023-12-31	1	$108.0M	0	1NE Top holdings2023-12-31 1.NE

Holding changes this quarter

Incentive AS's most significant position changes for 2025-12-31: Trim: Smurfit Westrock Plc (SW) — shares -8.85%.

Position changes disclosed by Incentive AS for the quarter ending 2025-12-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SW	Smurfit Westrock Plc	—	-8.85%	Trim

Filing History

Period	Filed	Type	EDGAR
2025-12-31	2026-02-12	13F-HR	View on EDGAR
2025-09-30	2025-10-31	13F-HR	View on EDGAR
2025-06-30	2025-07-31	13F-HR	View on EDGAR
2025-03-31	2025-05-14	13F-HR	View on EDGAR
2024-12-31	2025-02-11	13F-HR	View on EDGAR
2024-09-30	2024-11-13	13F-HR	View on EDGAR
2024-06-30	2024-08-07	13F-HR	View on EDGAR
2024-03-31	2024-05-10	13F-HR	View on EDGAR
2023-12-31	2024-01-30	13F-HR	View on EDGAR