Alpine Associates Management Portfolio holdings
Alpine Associates Management runs the Alpine funds, which were founded in 1976 and trade mainly in merger arbitrage. Robert Zoellner and his wife, Victoria, founded the firm; she remains chairman and sole shareholder, and Robert Zoellner Jr., who joined in 1983, is chief executive and chief investment officer. Its portfolios center on announced takeovers that have definitive agreements, though they also take in hostile bids and contests between rival bidders, alongside a closely related equity trading strategy and convertible arbitrage.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Roku
ROKU
|
+$40M |
| 2 |
TopBuild
BLD
|
+$37.6M |
| 3 |
Globalstar
GSAT
|
+$37.6M |
| 4 |
Bio-Techne
TECH
|
+$27.1M |
| 5 |
Dominion Energy
D
|
+$25.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Air Lease Corp
AL
|
+$89.8M |
| 2 |
Arcellx
ACLX
|
+$43.4M |
| 3 |
Apellis Pharmaceuticals
APLS
|
+$34.8M |
| 4 |
CNTA
Centessa Pharmaceuticals
CNTA
|
+$34.4M |
| 5 |
Masimo
MASI
|
+$33.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 24.11% |
| 2 | Technology | 18.67% |
| 3 | Communication Services | 14.6% |
| 4 | Healthcare | 12.58% |
| 5 | Financials | 10.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
ZIM Integrated Shipping Services
ZIM
$3.31B
| $24.3M | 1.52% |
935,949
-245,351
| -21% | -$6.33M |
2026 Q1
1 quarter
|
|
27
DELISTED
Select Medical
SEM
| $21.5M | 1.35% |
1,304,404
+127,704
| +11% | +$2.1M |
2026 Q1
1 quarter
|
|
28
DELISTED
National Storage Affiliates Trust
NSA
| $21.1M | 1.32% |
473,739
-2,161
| -0.5% | -$92.6K |
2026 Q1
1 quarter
|
|
29
Organon & Co
OGN
$3.62B
| $18.2M | 1.14% |
+1,345,233
| New | +$16.1M |
2026 Q2
0 quarters
|
|
30
Caesars Entertainment
CZR
$5.95B
| $17M | 1.07% |
+564,599
| New | +$15.9M |
2026 Q2
0 quarters
|
|
31
DELISTED
Nuvalent
NUVL
| $16M | 1% |
+129,300
| New | +$13.9M |
2026 Q2
0 quarters
|
|
32
Iridium Communications
IRDM
$4.45B
| $15.9M | 0.99% |
+289,700
| New | +$12.4M |
2026 Q2
0 quarters
|
|
33
Shutterstock
SSTK
$113M
| $15.8M | 0.99% |
1,135,555
-4,400
| -0.4% | -$69.3K |
2025 Q1
5 quarters
|
|
34
DELISTED
Liberty Broadband Class C
LBRDK
| $15.6M | 0.98% |
469,762
-2,400
| -0.5% | -$93.6K |
2025 Q3
3 quarters
|
|
35
International Money Express
IMXI
$221M
| $14.3M | 0.89% |
987,150
+386,152
| +64% | +$5.92M |
2025 Q3
3 quarters
|
|
|
WSR
36
DELISTED
Whitestone REIT
WSR
| $12.1M | 0.76% |
+639,008
| New | +$12M |
2026 Q2
0 quarters
|
|
37
DELISTED
Talkspace
TALK
| $11.6M | 0.73% |
2,232,576
+377,576
| +20% | +$1.96M |
2026 Q1
1 quarter
|
|
38
DELISTED
Leggett & Platt
LEG
| $11.2M | 0.7% |
+960,100
| New | +$10.1M |
2026 Q2
0 quarters
|
|
39
DELISTED
Stellar Bancorp
STEL
| $11.2M | 0.7% |
283,750
+95,100
| +50% | +$3.58M |
2026 Q1
1 quarter
|
|
|
SILA
40
DELISTED
Sila Realty Trust
SILA
| $11.1M | 0.69% |
+365,529
| New | +$10.7M |
2026 Q2
0 quarters
|
|
41
DELISTED
Avanos Medical
AVNS
| $10.8M | 0.67% |
+432,621
| New | +$10.1M |
2026 Q2
0 quarters
|
|
42
LCI Industries
LCII
$2.49B
| $10.2M | 0.64% |
+96,600
| New | +$10.6M |
2026 Q2
0 quarters
|
|
43
DELISTED
Xoma
XOMA
| $10.2M | 0.64% |
+239,318
| New | +$9.7M |
2026 Q2
0 quarters
|
|
44
Corebridge Financial
CRBG
$15.3B
| $9.9M | 0.62% |
345,580
+58,317
| +20% | +$1.58M |
2026 Q1
1 quarter
|
|
45
Allied Gold Corp
AAUC
$3.04B
| $9.31M | 0.58% |
392,168
-445,132
| -53% | -$12.6M |
2026 Q1
1 quarter
|
|
46
SunocoCorp LLC
SUNC
$3.25B
| $8.63M | 0.54% |
127,523
-59,153
| -32% | -$3.87M |
2025 Q4
2 quarters
|
|
47
DELISTED
American Express Global Business Travel
GBTG
| $8.58M | 0.54% |
+914,066
| New | +$7.41M |
2026 Q2
0 quarters
|
|
48
Compass
COMP
$7.08B
| $8.26M | 0.52% |
670,296
-291,913
| -30% | -$2.43M |
2026 Q1
1 quarter
|
|
|
TWO
49
DELISTED
Two Harbors Investment
TWO
| $8.21M | 0.51% |
661,234
-3,017
| -0.5% | -$36.1K |
2025 Q4
2 quarters
|
|
50
DELISTED
Apogee Therapeutics
APGE
| $7.69M | 0.48% |
+57,900
| New | +$5.22M |
2026 Q2
0 quarters
|
|
Similar funds
Alpine Associates Management's Q2 2026 Portfolio in Review
As of Q2 2026, Alpine Associates Management held 99 positions worth $1.6B, down 5.8% from $1.7B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Alpine Associates Management withdrew a net $178M in Q2 2026, closing 33 positions and reducing 17 holdings. Its most notable exit was Air Lease Corp, an estimated $89.8M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 24% of assets, down from 26% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Alpine Associates Management opened a new position in Roku worth $45.3M.
- Alpine Associates Management's largest Q2 2026 buy was Roku: 328,250 shares worth $45.3M.
- Alpine Associates Management added most to Webster Financial in Q2 2026, an estimated $24.8M increase.
- Alpine Associates Management's biggest Q2 2026 reduction was Allied Gold Corp, cutting an estimated $12.6M.
- Alpine Associates Management fully exited Air Lease Corp in Q2 2026, selling an estimated $89.8M.
- Alpine Associates Management's ten largest holdings make up 45% of its $1.6B portfolio in Q2 2026.
- Alpine Associates Management opened 29 new positions and closed 33 in Q2 2026.
- Alpine Associates Management's portfolio value fell 5.8% quarter-over-quarter to $1.6B.
Based on Alpine Associates Management's 13F filing for Q2 2026, filed 6 Aug 2026.