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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
+18.13%
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
$1.5B
AUM Growth
-$153M
(-9.3%)
Cap. Flow
-$217M
Cap. Flow
% of AUM
-14.44%
Top 10 Holdings %
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 |
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 | |
|---|---|---|---|---|---|---|
1
Norfolk Southern
NSC
$78.2B
| $135M | 8.99% |
468,155
-34,455
| -7% | -$9.96M |
|
|
GTLS
2
DELISTED
Chart Industries
GTLS
| $88.9M | 5.91% |
430,936
-78,174
| -15% | -$15.8M |
|
|
CYBR
3
DELISTED
CyberArk
CYBR
| $84.9M | 5.65% |
190,355
-13,795
| -7% | -$6.64M |
|
|
EXAS
4
DELISTED
Exact Sciences
EXAS
| $81.8M | 5.44% |
+805,500
| New | +$64.7M |
|
|
NGD
5
DELISTED
New Gold Inc
NGD
| $81.6M | 5.42% |
+9,363,161
| New | +$70.5M |
|
|
FYBR
6
DELISTED
Frontier Communications
FYBR
| $72.8M | 4.84% |
1,911,556
-151,591
| -7% | -$5.73M |
|
|
AL
7
DELISTED
Air Lease Corp
AL
| $71.9M | 4.78% |
1,118,656
+1,070,853
| +2,240% | +$68.4M |
|
|
8
Boeing
BA
$164B
| $64M | 4.26% |
+294,701
| New | +$60.6M |
|
|
RNAM
9
DELISTED
Avidity Biosciences
RNAM
| $62.6M | 4.16% |
+867,530
| New | +$56M |
|
10
Electronic Arts
EA
$52.4B
| $55.5M | 3.69% |
271,400
+165,400
| +156% | +$33.4M |
|
|
CDTX
11
DELISTED
Cidara Therapeutics
CDTX
| $46.1M | 3.06% |
+208,560
| New | +$33.7M |
|
12
Kenvue
KVUE
$36.2B
| $37.2M | 2.48% |
+2,158,626
| New | +$35.3M |
|
13
Qorvo
QRVO
$7.67B
| $35.1M | 2.33% |
+415,059
| New | +$36.6M |
|
|
HOLX
14
DELISTED
Hologic
HOLX
| $32.4M | 2.16% |
+435,350
| New | +$31.8M |
|
|
TXNM
15
TXNM Energy Inc
TXNM
$6.45B
| $29.8M | 1.98% |
506,807
+143,299
| +39% | +$8.27M |
|
16
Brighthouse Financial
BHF
$3.59B
| $24.1M | 1.61% |
+372,683
| New | +$21.9M |
|
|
DAY
17
DELISTED
Dayforce
DAY
| $23.1M | 1.54% |
334,426
+180,464
| +117% | +$12.4M |
|
18
Liberty Broadband Class C
LBRDK
$4.24B
| $23.1M | 1.53% |
474,349
-34,351
| -7% | -$1.79M |
|
19
Shutterstock
SSTK
$201M
| $22.1M | 1.47% |
1,154,955
+252,494
| +28% | +$5.4M |
|
|
CMA
20
DELISTED
Comerica
CMA
| $20.9M | 1.39% |
+240,376
| New | +$19.3M |
|
|
CTLP
21
DELISTED
Cantaloupe
CTLP
| $20.3M | 1.35% |
1,910,357
-23,849
| -1% | -$253K |
|
|
PRA
22
DELISTED
ProAssurance
PRA
| $20.2M | 1.34% |
835,890
-116,657
| -12% | -$2.8M |
|
|
HOUS
23
DELISTED
Anywhere Real Estate
HOUS
| $19.8M | 1.32% |
1,397,243
+729,923
| +109% | +$8.94M |
|
|
TGNA
24
DELISTED
TEGNA Inc
TGNA
| $18.6M | 1.23% |
956,367
+187,997
| +24% | +$3.71M |
|
|
CFLT
25
DELISTED
Confluent
CFLT
| $18.5M | 1.23% |
+610,500
| New | +$15M |
|
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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.