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AAM

Alpine Associates Management Portfolio holdings

AUM $1.6B
1-Year Est. Return 93.19%
This Fund
S&P 500
This Quarter Est. Return
+18.13%
1 Year Est. Return
+93.19%
3 Year Est. Return
+366.27%
5 Year Est. Return
+1,301.74%
10 Year Est. Return
+22,525.34%
AUM
$1.5B
AUM Growth
-$153M
Cap. Flow
-$217M
Cap. Flow %
-14.44%
Top 10 Hldgs %
53.13%
Holding
107
New
40
Increased
12
Reduced
14
Closed
40

Top Buys

Rank Stock Value
1
NGD
New Gold Inc
NGD
+$70.5M
2
AL
Air Lease Corp
AL
+$68.4M
3
EXAS
Exact Sciences
EXAS
+$64.7M
4
BA icon
Boeing
BA
+$60.6M
5
RNAM
Avidity Biosciences
RNAM
+$56M

Top Sells

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$123M
2
K
Kellanova
K
+$108M
3
SPR
Spirit AeroSystems
SPR
+$102M
4
COOP
Mr. Cooper
COOP
+$86.6M
5
MRUS
Merus
MRUS
+$78.7M

Sector Composition

Rank Sector Weight
1 Industrials 25.91%
2 Healthcare 18.41%
3 Technology 16.19%
4 Communication Services 14.01%
5 Financials 7.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HBI
76
DELISTED
Hanesbrands
HBI
– –
-408,340
Closed -$2.69M
HNI icon
77
HNI Corp
HNI
$3.59B
– –
-39,100
Closed -$1.83M
IAS
78
DELISTED
Integral Ad Science
IAS
– –
-641,140
Closed -$6.52M
INFA
79
DELISTED
Informatica
INFA
– –
-1,683,653
Closed -$41.8M
IPG
80
DELISTED
Interpublic Group of Companies
IPG
– –
-1,913,244
Closed -$53.4M
K
81
DELISTED
Kellanova
K
– –
-1,312,677
Closed -$108M
MRC
82
DELISTED
MRC Global
MRC
– –
-509,400
Closed -$7.35M
MRUS
83
DELISTED
Merus
MRUS
– –
-835,600
Closed -$78.7M
PAAS icon
84
Pan American Silver
PAAS
$21.6B
– –
-120,616
Closed -$4.67M
PBPB
85
DELISTED
Potbelly
PBPB
– –
-524,296
Closed -$8.93M
PGRE
86
DELISTED
Paramount Group
PGRE
– –
-307,363
Closed -$2.01M
PINC
87
DELISTED
Premier
PINC
– –
-124,357
Closed -$3.46M
PRO
88
DELISTED
PROS Holdings
PRO
– –
-371,408
Closed -$8.51M
SAND
89
DELISTED
Sandstorm Gold
SAND
– –
-3,767,815
Closed -$47.2M
SCPH
90
DELISTED
scPharmaceuticals
SCPH
– –
-961,065
Closed -$5.45M
SCS
91
DELISTED
Steelcase
SCS
– –
-719,300
Closed -$12.4M
SPNS
92
DELISTED
Sapiens International
SPNS
– –
-121,339
Closed -$5.22M
SPR
93
DELISTED
Spirit AeroSystems
SPR
– –
-2,634,904
Closed -$102M
SUN icon
94
Sunoco
SUN
$13.3B
– –
-4,457
Closed -$223K
TASK icon
95
TaskUs
TASK
$669M
– –
-242,222
Closed -$4.32M
TIXT
96
DELISTED
TELUS International
TIXT
– –
-2,500,000
Closed -$11.2M
TRML
97
DELISTED
Tourmaline Bio
TRML
– –
-196,177
Closed -$9.38M
VBTX
98
DELISTED
Veritex Holdings
VBTX
– –
-102,600
Closed -$3.44M
VMEO
99
DELISTED
Vimeo
VMEO
– –
-921,885
Closed -$7.14M
VRNA
100
DELISTED
Verona Pharma
VRNA
– –
-1,157,050
Closed -$123M
1 2 3
4
5

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Alpine Associates Management's Q4 2025 Portfolio in Review

As of Q4 2025, Alpine Associates Management held 107 positions worth $1.5B, down 9.3% from $1.66B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Alpine Associates Management withdrew a net $217M in Q4 2025, closing 40 positions and reducing 14 holdings. Its most notable exit was Verona Pharma, an estimated $123M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 26% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.

Against the trend, Alpine Associates Management opened a new position in New Gold Inc worth $81.6M.

  • Alpine Associates Management's largest Q4 2025 buy was New Gold Inc: 9,363,161 shares worth $81.6M.
  • Alpine Associates Management added most to Air Lease Corp in Q4 2025, an estimated $68.4M increase.
  • Alpine Associates Management's biggest Q4 2025 reduction was Chart Industries, cutting an estimated $15.8M.
  • Alpine Associates Management fully exited Verona Pharma in Q4 2025, selling an estimated $123M.
  • Alpine Associates Management's ten largest holdings make up 53% of its $1.5B portfolio in Q4 2025.
  • Alpine Associates Management opened 40 new positions and closed 40 in Q4 2025.
  • Alpine Associates Management's portfolio value fell 9.3% quarter-over-quarter to $1.5B.

Based on Alpine Associates Management's 13F filing for Q4 2025, filed 5 Feb 2026.