Incentive AS’s Smurfit Westrock SW Stock Holding History

Incentive AS’s Portfolio SW Stock Details SW Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	$71.3M	Sell	1,843,624 -178,916	-9%	-$6.82M	100%	1
2025 Q3	$86.1M	Sell	2,022,540 -300,000	-13%	-$13.6M	100%	1
2025 Q2	$100M	Buy	2,322,540 +10,000	+0.4%	+$428K	100%	1
2025 Q1	$104M	Buy	2,312,540 +27,117	+1%	+$1.37M	63.93%	1
2024 Q4	$123M	Buy	2,285,423 +797,893	+54%	+$40.6M	61.06%	1
2024 Q3	$73.5M	Buy	+1,487,530	New	+$67.6M	44.86%	2

Other funds holding SW

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return

Capital Research Global Investors Los Angeles, California $717B AUM 35.42% 1-Year Est. Return

State Street Boston, Massachusetts $3.37T AUM 44.26% 1-Year Est. Return

Nuveen Charlotte, North Carolina $419B AUM 43.02% 1-Year Est. Return

CCM

Causeway Capital Management Los Angeles, California $9.24B AUM 21.27% 1-Year Est. Return

OAG

Orbis Allan Gray Hamilton, Bermuda $29.1B AUM 60.8% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.88T AUM 44.46% 1-Year Est. Return

Norges Bank Oslo, Norway $1T AUM

Fidelity Investments Boston, Massachusetts $2.3T AUM 54.33% 1-Year Est. Return

Incentive AS's SW Position: Q4 2025 in Review

Incentive AS reduced its Smurfit Westrock (SW) stake by 8.8% in Q4 2025, selling an estimated $6.82M and leaving 1,843,624 shares worth $71.3M. The position accounts for 100% of the portfolio, ranked #1.

Incentive AS first reported a position in SW in Q3 2024 and has held it in 6 quarters since. The position peaked at $123M in Q4 2024. 595 funds tracked by Wall St. Rank hold SW as of Q4 2025.

Incentive AS held 1,843,624 shares of Smurfit Westrock worth $71.3M as of Q4 2025.
Incentive AS sold 178,916 Smurfit Westrock shares in Q4 2025, an estimated $6.82M.
Smurfit Westrock made up 100% of Incentive AS's portfolio in Q4 2025, its #1 holding.
Incentive AS first reported a position in Smurfit Westrock in Q3 2024 and has held it in 6 quarters since.
Incentive AS's Smurfit Westrock position peaked at $123M in Q4 2024.
595 funds tracked by Wall St. Rank held Smurfit Westrock as of Q4 2025.

Based on Incentive AS's 13F filing for Q4 2025, filed 12 Feb 2026.