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 | |
|---|---|---|---|---|---|---|---|
76
DELISTED
Coterra Energy
CTRA
| – | – |
-94,500
| Closed | -$3.32M | – |
|
77
DELISTED
Clearwater Analytics
CWAN
| – | – |
-1,265,435
| Closed | -$29.9M | – |
|
78
DELISTED
Day One Biopharmaceuticals
DAWN
| – | – |
-925,000
| Closed | -$19.8M | – |
|
79
DELISTED
Enhabit
EHAB
| – | – |
-450,000
| Closed | -$6.34M | – |
|
80
DELISTED
European Wax Center
EWCZ
| – | – |
-777,103
| Closed | -$4.49M | – |
|
81
DELISTED
Amicus Therapeutics
FOLD
| – | – |
-1,596,190
| Closed | -$23.1M | – |
|
82
DELISTED
Hologic
HOLX
| – | – |
-432,210
| Closed | -$32.7M | – |
|
83
DELISTED
Kennedy-Wilson Holdings
KW
| – | – |
-189,000
| Closed | -$2.04M | – |
|
|
84
DELISTED
Masimo
MASI
| – | – |
-189,000
| Closed | -$33.6M | – |
|
85
DELISTED
ON24
ONTF
| – | – |
-146,623
| Closed | -$1.19M | – |
|
|
PKST
86
DELISTED
Peakstone Realty Trust
PKST
| – | – |
-94,500
| Closed | -$1.97M | – |
|
87
DELISTED
ProAssurance
PRA
| – | – |
-945,590
| Closed | -$23.4M | – |
|
88
DELISTED
Sealed Air
SEE
| – | – |
-624,900
| Closed | -$26.3M | – |
|
89
DELISTED
Semrush
SEMR
| – | – |
-1,584,094
| Closed | -$18.9M | – |
|
90
Silicon Motion
SIMO
$6.09B
| – | – |
-116,878
| Closed | -$13.1M | – |
|
91
DELISTED
Sun Country Airlines
SNCY
| – | – |
-1,132,850
| Closed | -$18.7M | – |
|
|
STKL
92
DELISTED
SunOpta
STKL
| – | – |
-2,969,800
| Closed | -$19.2M | – |
|
93
DELISTED
Terns Pharmaceuticals
TERN
| – | – |
-142,250
| Closed | -$7.5M | – |
|
94
Terex
TEX
$6.47B
| – | – |
-107,432
| Closed | -$6.35M | – |
|
95
DELISTED
Thermon Group Holdings
THR
| – | – |
-485,882
| Closed | -$24.5M | – |
|
96
DELISTED
Tri Pointe Homes
TPH
| – | – |
-141,750
| Closed | -$6.62M | – |
|
97
DELISTED
Udemy
UDMY
| – | – |
-1,187,402
| Closed | -$5.49M | – |
|
|
VRE
98
DELISTED
Veris Residential
VRE
| – | – |
-748,452
| Closed | -$14.1M | – |
|
|
OS
99
DELISTED
OneStream Inc
OS
| – | – |
-920,692
| Closed | -$22.1M | – |
|
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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.