Incentive AS

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (9 quarters reported)

$202M $71.3M

Q4 23 Q2 24 Q4 24 Q2 25 Q4 25

$108M in Q4 2023 → $71.3M now. Hover for any quarter.

Holdings

As reported for the quarter ended December 31, 2025. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
Smurfit Westrock PLC	100.0%	Trimmed 8.8%	1,843,624	$71.3M

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended December 31, 2025 · filed February 12, 2026

Company	Action	Shares changed	Value of change	% of portfolio
Smurfit Westrock PLC	Trimmed	−178,916	−$6.92M	100.0%

quarter ended September 30, 2025 · filed October 31, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Smurfit Westrock PLC	Trimmed	−300,000	−$12.8M	100.0%

quarter ended June 30, 2025 · filed July 31, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Noble Corp PLC	Exited	−2,480,259	−$58.8M	—
Smurfit Westrock PLC	Added	+10,000	+$432K	100.0%

quarter ended March 31, 2025 · filed May 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Smurfit Westrock PLC	Added	+27,117	+$1.22M	63.9%
Noble Corp PLC	Trimmed	−19,993	−$474K	36.1%

quarter ended December 31, 2024 · filed February 11, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Smurfit Westrock PLC	Added	+797,893	+$43M	61.1%

quarter ended September 30, 2024 · filed November 13, 2024

Company	Action	Shares changed	Value of change	% of portfolio
Smurfit Westrock PLC	New	+1,487,530	+$73.5M	44.9%
Noble Corp PLC	Added	+400,000	+$14.5M	55.1%

quarter ended June 30, 2024 · filed August 07, 2024

Company	Action	Shares changed	Value of change	% of portfolio
Noble Corp PLC	Trimmed	−142,214	−$6.35M	100.0%

quarter ended March 31, 2024 · filed May 10, 2024

No position changes this quarter.

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