Incentive AS
Portfolio value QoQ: -17.2% 13F does not disclose cash
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q4 2025: 0.0% Est. buys $0 · sells $6,918,682
Median holding: 2.5 quarters Tracked Q1 2025–Q4 2025 · 50.0% still held
Performance vs S&P 500
Annualized: -8.9% · S&P 500: +36.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Sector breakdown
Full portfolio 1 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| SW | $71,292,940 | 100.00% | 1,843,624 | $-14,806,588 | Down ×2 | ||
| No matches | |||||||
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| SW | Trimmed | -179K | -$14.8M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| NE | June 30, 2025 | 2,480,259 | $58,782,138 | 53.3% |