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AAM
Alpine Associates Management Portfolio holdings
AUM
$1.7B
1-Year Est. Return
97.55%
This Fund
S&P 500
This Quarter
Est. Return
+21.54%
1 Year Est. Return
+97.55%
3 Year Est. Return
+368.61%
5 Year Est. Return
+1,313.28%
10 Year Est. Return
+23,749.22%
AUM
$1.66B
AUM Growth
-$218M
(-12%)
Cap. Flow
-$372M
Cap. Flow
% of AUM
-22.46%
Top 10 Holdings %
Top 10 Hldgs %
59.15%
Holding
98
New
48
Increased
11
Reduced
6
Closed
31
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Norfolk Southern
NSC
|
+$140M |
| 2 |
VRNA
Verona Pharma
VRNA
|
+$121M |
| 3 |
CYBR
CyberArk
CYBR
|
+$87.6M |
| 4 |
GTLS
Chart Industries
GTLS
|
+$82.7M |
| 5 |
MRUS
Merus
MRUS
|
+$54.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HES
Hess
HES
|
+$212M |
| 2 |
ANSS
Ansys
ANSS
|
+$157M |
| 3 |
BPMC
Blueprint Medicines
BPMC
|
+$136M |
| 4 |
AMED
Amedisys
AMED
|
+$108M |
| 5 |
SWTX
SpringWorks Therapeutics
SWTX
|
+$54M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 21.58% |
| 2 | Technology | 18.47% |
| 3 | Healthcare | 18.39% |
| 4 | Communication Services | 13.91% |
| 5 | Financials | 7.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Norfolk Southern
NSC
$74.3B
| $151M | 9.11% |
+502,610
| New | +$140M |
|
|
VRNA
2
DELISTED
Verona Pharma
VRNA
| $123M | 7.45% |
+1,157,050
| New | +$121M |
|
|
K
3
DELISTED
Kellanova
K
| $108M | 6.5% |
1,312,677
-116,698
| -8% | -$9.28M |
|
|
GTLS
4
DELISTED
Chart Industries
GTLS
| $102M | 6.15% |
509,110
+435,359
| +590% | +$82.7M |
|
|
SPR
5
DELISTED
Spirit AeroSystems
SPR
| $102M | 6.14% |
2,634,904
-205,300
| -7% | -$8.21M |
|
|
CYBR
6
DELISTED
CyberArk
CYBR
| $98.6M | 5.95% |
+204,150
| New | +$87.6M |
|
|
COOP
7
DELISTED
Mr. Cooper
COOP
| $86.6M | 5.23% |
406,140
+58,800
| +17% | +$10.8M |
|
|
MRUS
8
DELISTED
Merus
MRUS
| $78.7M | 4.75% |
+835,600
| New | +$54.4M |
|
|
FYBR
9
DELISTED
Frontier Communications
FYBR
| $77.1M | 4.65% |
2,063,147
+199,917
| +11% | +$7.39M |
|
|
IPG
10
DELISTED
Interpublic Group of Companies
IPG
| $53.4M | 3.22% |
1,913,244
-105,700
| -5% | -$2.73M |
|
|
SAND
11
DELISTED
Sandstorm Gold
SAND
| $47.2M | 2.85% |
+3,767,815
| New | +$40.1M |
|
|
INFA
12
DELISTED
Informatica
INFA
| $41.8M | 2.52% |
1,683,653
+290,203
| +21% | +$7.16M |
|
|
ALE
13
DELISTED
Allete
ALE
| $34.5M | 2.08% |
520,018
+76,971
| +17% | +$5M |
|
14
Liberty Broadband Class C
LBRDK
$4.36B
| $32.3M | 1.95% |
+508,700
| New | +$35.6M |
|
|
WNS
15
DELISTED
WNS Holdings
WNS
| $27.3M | 1.65% |
+358,050
| New | +$26.8M |
|
16
STAAR Surgical
STAA
$1.23B
| $24.5M | 1.48% |
+913,087
| New | +$21.8M |
|
17
Silicon Motion
SIMO
$9.55B
| $23.5M | 1.42% |
247,450
-84,555
| -25% | -$6.72M |
|
|
PRA
18
DELISTED
ProAssurance
PRA
| $22.9M | 1.38% |
952,547
+403,807
| +74% | +$9.61M |
|
|
AVDX
19
DELISTED
AvidXchange
AVDX
| $22.4M | 1.35% |
2,255,100
| – | – |
|
20
Electronic Arts
EA
$52.4B
| $21.4M | 1.29% |
+106,000
| New | +$17.5M |
|
|
TXNM
21
TXNM Energy Inc
TXNM
$6.45B
| $20.6M | 1.24% |
363,508
+168,708
| +87% | +$9.57M |
|
|
CTLP
22
DELISTED
Cantaloupe
CTLP
| $20.4M | 1.23% |
1,934,206
+837,506
| +76% | +$9.14M |
|
23
Shutterstock
SSTK
$271M
| $18.8M | 1.14% |
902,461
+171,375
| +23% | +$3.49M |
|
|
TGNA
24
DELISTED
TEGNA Inc
TGNA
| $15.6M | 0.94% |
+768,370
| New | +$14.6M |
|
25
CALL
Teck Resources
TECK
$28B
| $14.9M | 0.9% |
+338,700
| New | +$12.3M |
|
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Alpine Associates Management's Q3 2025 Portfolio in Review
As of Q3 2025, Alpine Associates Management held 98 positions worth $1.66B, down 12% from $1.87B the previous quarter. Its ten largest holdings account for 59% of the portfolio.
Alpine Associates Management withdrew a net $372M in Q3 2025, closing 31 positions and reducing 6 holdings. Its most notable exit was Hess, an estimated $212M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 22% of assets, up from 13% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Alpine Associates Management opened a new position in Norfolk Southern worth $151M.
- Alpine Associates Management's largest Q3 2025 buy was Norfolk Southern: 502,610 shares worth $151M.
- Alpine Associates Management added most to Chart Industries in Q3 2025, an estimated $82.7M increase.
- Alpine Associates Management's biggest Q3 2025 reduction was Kellanova, cutting an estimated $9.28M.
- Alpine Associates Management fully exited Hess in Q3 2025, selling an estimated $212M.
- Alpine Associates Management's ten largest holdings make up 59% of its $1.66B portfolio in Q3 2025.
- Alpine Associates Management opened 48 new positions and closed 31 in Q3 2025.
- Alpine Associates Management's portfolio value fell 12% quarter-over-quarter to $1.66B.
Based on Alpine Associates Management's 13F filing for Q3 2025, filed 6 Nov 2025.