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Incentive AS Portfolio holdings

AUM $71.3M
1-Year Est. Return 30.74%
This Fund
S&P 500
This Quarter Est. Return
-4.24%
1 Year Est. Return
-30.74%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$100M
AUM Growth
-$62.8M
Cap. Flow
-$58.4M
Cap. Flow %
-58.23%
Top 10 Hldgs %
100%
Holding
2
New
–
Increased
1
Reduced
–
Closed
1

Top Buys

Rank Stock Value
1
SW
Smurfit Westrock
SW
+$428K

Top Sells

Rank Stock Value
1
NE icon
Noble Corp
NE
+$58.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 100%
2 Energy 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SW
1
Smurfit Westrock
SW
$25.3B
$100M 100%
2,322,540
+10,000
+0.4% +$428K
NE icon
2
Noble Corp
NE
$7.31B
– –
-2,480,259
Closed -$58.8M

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Incentive AS's Q2 2025 Portfolio in Review

As of Q2 2025, Incentive AS held 2 positions worth $100M, down 39% from $163M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Incentive AS withdrew a net $58.4M in Q2 2025, closing 1 position. Its most notable exit was Noble Corp, an estimated $58.8M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 100% of assets, up from 64% a quarter earlier, followed by Energy.

Against the trend, Incentive AS added an estimated $428K to Smurfit Westrock.

  • Incentive AS added most to Smurfit Westrock in Q2 2025, an estimated $428K increase.
  • Incentive AS fully exited Noble Corp in Q2 2025, selling an estimated $58.8M.
  • Incentive AS's ten largest holdings make up 100% of its $100M portfolio in Q2 2025.
  • Incentive AS opened 0 new positions and closed 1 in Q2 2025.
  • Incentive AS's portfolio value fell 39% quarter-over-quarter to $100M.

Based on Incentive AS's 13F filing for Q2 2025, filed 31 Jul 2025.