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 | |
|---|---|---|---|---|---|---|---|
51
Payoneer
PAYO
$2.44B
| $7.12M | 0.45% |
+1,000,000
| New | +$5.47M |
2026 Q2
0 quarters
|
|
52
Synaptics
SYNA
$4.69B
| $6.01M | 0.38% |
+48,400
| New | +$5.46M |
2026 Q2
0 quarters
|
|
53
DELISTED
Arcosa
ACA
| $5.61M | 0.35% |
+38,600
| New | +$4.79M |
2026 Q2
0 quarters
|
|
54
Ceco Environmental
CECO
$3.18B
| $5.35M | 0.33% |
+58,934
| New | +$4.66M |
2026 Q2
0 quarters
|
|
55
Abivax
ABVX
$7.67B
| $5.13M | 0.32% |
+38,500
| New | +$4.36M |
2026 Q2
0 quarters
|
|
56
Axalta
AXTA
$7.83B
| $4.91M | 0.31% |
143,556
+96,330
| +204% | +$2.9M |
2025 Q4
2 quarters
|
|
57
DELISTED
Esperion Therapeutics
ESPR
| $4.74M | 0.3% |
+1,500,000
| New | +$4.2M |
2026 Q2
0 quarters
|
|
58
Patrick Industries
PATK
$2.59B
| $4.34M | 0.27% |
+48,300
| New | +$4.61M |
2026 Q2
0 quarters
|
|
59
DELISTED
Clear Channel Outdoor Holdings
CCO
| $3.61M | 0.23% |
1,492,401
-7,599
| -0.5% | -$18.2K |
2026 Q1
1 quarter
|
|
60
MasterBrand
MBC
$1.3B
| $3.06M | 0.19% |
+297,262
| New | +$2.54M |
2026 Q2
0 quarters
|
|
61
ON Semiconductor
ON
$27.7B
| $1.83M | 0.11% |
+19,400
| New | +$1.99M |
2026 Q2
0 quarters
|
|
62
Goldgroup Mining
GORO
$544M
| $1.74M | 0.11% |
344,969
-138,439
| -29% | -$756K |
2026 Q1
1 quarter
|
|
|
MDV
63
DELISTED
Modiv Industrial
MDV
| $870K | 0.05% |
+50,000
| New | +$858K |
2026 Q2
0 quarters
|
|
64
Gen Digital Inc Contingent Value Rights
GENVR
| $425K | 0.03% |
329,465
| – | – |
2025 Q2
4 quarters
|
|
65
Brink's
BCO
$4.81B
| $362K | 0.02% |
3,829
| – | – |
2026 Q1
1 quarter
|
|
66
DELISTED
GETTY IMAGES HLDGS INC A
GETY
| $80.7K | 0.01% |
93,808
-343
| -0.4% | -$297 |
2025 Q4
2 quarters
|
|
|
67
DELISTED
Arcellx
ACLX
| – | – |
-378,000
| Closed | -$43.4M | – |
|
|
68
DELISTED
Air Lease Corp
AL
| – | – |
-1,382,306
| Closed | -$89.8M | – |
|
69
Allegiant Air
ALGT
$2.52B
| – | – |
-4,800
| Closed | -$389K | – |
|
70
DELISTED
American Woodmark
AMWD
| – | – |
-225,795
| Closed | -$8.99M | – |
|
|
71
DELISTED
Apellis Pharmaceuticals
APLS
| – | – |
-864,000
| Closed | -$34.8M | – |
|
72
Coeur Mining
CDE
$14.3B
| – | – |
-407,542
| Closed | -$7.65M | – |
|
|
CNTA
73
DELISTED
Centessa Pharmaceuticals
CNTA
| – | – |
-865,500
| Closed | -$34.4M | – |
|
74
DELISTED
CSG Systems International
CSGS
| – | – |
-402,515
| Closed | -$32.2M | – |
|
75
DELISTED
Cantaloupe
CTLP
| – | – |
-2,078,079
| Closed | -$22.5M | – |
|
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.