ACR Alpine Capital Research, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 2025), ACR Alpine Capital Research, LLC reported 35 stock positions worth $5.9 billion. Its top holding was Goldman Sachs Access Treasur (GBIL) at 8.2% of the portfolio, followed by General Motors (GM, 7.5%) and Thor Industries (THO, 7.3%). Compared with Q2 2025, it opened 2 new positions, sold out of 3, added to 16 and reduced 14. The biggest buy was Johnson & Johnson (JNJ, shares +0%) and the biggest sale Citigroup (C, shares −37%).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001508822
- Portfolio Value
- $5.9B (Q3 2025)
- SEC Filing
- 0001508822-25-000007 ↗ filed Oct 30, 2025
Holdings Value
Holdings 35 stocks · $5.9B
| GBIL Goldman Sachs Access Treasur | 8.17% | 4,768,657 | $478.0M | Reduce -4.5% |
| GM General Motors Co. | 7.54% | 7,236,999 | $441.2M | Reduce -5.9% |
| THO Thor Industries Inc. | 7.28% | 4,107,070 | $425.9M | Reduce -3.7% |
| JNJ Johnson & Johnson | 7.07% | 2,232,076 | $413.9M | Add +0.1% |
| FDX FedEx Corp. | 6.96% | 1,726,667 | $407.2M | Add +8.3% |
| DG Dollar General Corp. | 6.88% | 3,895,406 | $402.6M | Reduce -6.8% |
| CVX Chevron Corp. | 6.56% | 2,471,567 | $383.8M | Add +2.2% |
| C Citigroup Inc. | 6.25% | 3,601,290 | $365.5M | Reduce -36.8% |
| LEN Lennar Corp. Class A | 6.20% | 2,880,031 | $363.0M | Reduce -2.6% |
| MSFT Microsoft Corp. | 6.13% | 693,079 | $359.0M | Reduce -2.7% |
| JPM JPMorgan Chase & Co. | 5.93% | 1,100,218 | $347.0M | Reduce -3.4% |
| VOD Vodafone Group PLC-SP ADR | 5.17% | 26,095,086 | $302.7M | Add +0.9% |
| ARW Arrow Electronics Inc. | 5.00% | 2,416,815 | $292.4M | Add +12.1% |
| MGA Magna International Inc. | 4.92% | 6,076,011 | $287.9M | Add +0.9% |
| LBTYA Liberty Global Ltd. Class A | 4.16% | 21,237,740 | $243.4M | Add +3.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.94% | 226,049 | $113.6M | Reduce -0.1% |
| LBTYK Liberty Global Ltd. Class C | 1.43% | 7,125,306 | $83.7M | Reduce -0.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.10% | 85 | $64.1M | No change |
| DELL Dell Technologies -C | 0.25% | 105,217 | $14.9M | Add +0.8% |
| SGOV iShares 0-3 Month Treasury B | 0.17% | 96,000 | $9.7M | New |
| BCS Barclays PLC-Spons ADR | 0.16% | 454,000 | $9.4M | Reduce -31.0% |
| FPH Five Point Holdings LLC Class A | 0.11% | 1,062,657 | $6.5M | Add +5.4% |
| MGM MGM Resorts International | 0.11% | 180,789 | $6.3M | Add +3.2% |
| PPLI People Inc. filed as IAC INC | 0.11% | 181,719 | $6.2M | Add +7.9% |
| LILAK Liberty Latin Americ Class C | 0.08% | 587,130 | $5.0M | Reduce -0.3% |
| JEF Jefferies Financial Group Inc. | 0.06% | 53,352 | $3.5M | Add +0.1% |
| LEN.B Lennar Corp. Class B | 0.06% | 28,883 | $3.5M | Reduce -19.2% |
| MRK Merck & Co. Inc. | 0.05% | 36,139 | $3.0M | Add +6.8% |
| SMBC Southern Missouri Bancorp | 0.05% | 53,207 | $2.8M | Add +9.6% |
| CORZ Core Scientific Inc. | 0.05% | 155,000 | $2.8M | Reduce -33.5% |
| APG Api Group Corp. | 0.04% | 60,153 | $2.1M | Add +1.6% |
| KW Kennedy-Wilson Holdings Inc. | 0.03% | 185,589 | $1.5M | Add +2.0% |
| SLDP Solid Power Inc. | 0.01% | 85,000 | $295K | No change |
| NFE New Fortress Energy Inc. | 0.00% | 120,000 | $265K | New |
| NINEQ Nine Energy Service Inc. | 0.00% | 15,000 | $9K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| C Citigroup Inc. | Reduce -36.8% | 6.25% | −2.43 |
| DG Dollar General Corp. | Reduce -6.8% | 6.88% | −1.68 |
| GBIL Goldman Sachs Access Treasur | Reduce -4.5% | 8.17% | −0.79 |
| MSFT Microsoft Corp. | Reduce -2.7% | 6.13% | −0.21 |
| BCS Barclays PLC-Spons ADR | Reduce -31.0% | 0.16% | −0.06 |
| HES Hess Corp. | Sold out | 0.00% | −0.04 |
| RPV Invesco S&P 500 Pure Value E | Sold out | 0.00% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 1.94% | −0.03 |
| CORZ Core Scientific Inc. | Reduce -33.5% | 0.05% | −0.02 |
| LEN.B Lennar Corp. Class B | Reduce -19.2% | 0.06% | −0.01 |
| EARN Ellington Credit Co. | Sold out | 0.00% | −0.00 |
| JPM JPMorgan Chase & Co. | Reduce -3.4% | 5.93% | +0.02 |
| LILAK Liberty Latin Americ Class C | Reduce -0.3% | 0.08% | +0.02 |
| LBTYK Liberty Global Ltd. Class C | Reduce -0.9% | 1.43% | +0.10 |
| LEN Lennar Corp. Class A | Reduce -2.6% | 6.20% | +0.35 |
| THO Thor Industries Inc. | Reduce -3.7% | 7.28% | +0.50 |
| GM General Motors Co. | Reduce -5.9% | 7.54% | +0.76 |
Portfolio Buys Q2 2025 → Q3 2025
| JNJ Johnson & Johnson | Add +0.1% | 7.07% | +0.98 |
| MGA Magna International Inc. | Add +0.9% | 4.92% | +0.76 |
| LBTYA Liberty Global Ltd. Class A | Add +3.5% | 4.16% | +0.48 |
| FDX FedEx Corp. | Add +8.3% | 6.96% | +0.47 |
| CVX Chevron Corp. | Add +2.2% | 6.56% | +0.36 |
| VOD Vodafone Group PLC-SP ADR | Add +0.9% | 5.17% | +0.24 |
| SGOV iShares 0-3 Month Treasury B | New | 0.17% | +0.17 |
| ARW Arrow Electronics Inc. | Add +12.1% | 5.00% | +0.08 |
| DELL Dell Technologies -C | Add +0.8% | 0.25% | +0.03 |
| FPH Five Point Holdings LLC Class A | Add +5.4% | 0.11% | +0.01 |
| JEF Jefferies Financial Group Inc. | Add +0.1% | 0.06% | +0.01 |
| NFE New Fortress Energy Inc. | New | 0.00% | +0.00 |
| KW Kennedy-Wilson Holdings Inc. | Add +2.0% | 0.03% | +0.00 |
| MRK Merck & Co. Inc. | Add +6.8% | 0.05% | +0.00 |
| SMBC Southern Missouri Bancorp | Add +9.6% | 0.05% | +0.00 |
| APG Api Group Corp. | Add +1.6% | 0.04% | −0.00 |
| MGM MGM Resorts International | Add +3.2% | 0.11% | −0.00 |
| PPLI People Inc. | Add +7.9% | 0.11% | −0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 38 | $7.0B | GBIL, JNJ, CVX, LEN, MSFT |
| Q1 2026 | 36 | $6.7B | GBIL, CVX, JNJ, ARW, VOD |
| Q4 2025 | 34 | $6.4B | GBIL, FDX, JNJ, THO, C |
| Q3 2025 | 35 | $5.9B | GBIL, GM, THO, JNJ, FDX |
| Q2 2025 | 36 | $5.6B | GBIL, C, DG, THO, GM |
| Q1 2025 | 41 | $4.8B | GBIL, FDX, JNJ, DG, C |
| Q4 2024 | 38 | $4.6B | GBIL, C, GM, CVX, JPM |
| Q3 2024 | 37 | $3.4B | GBIL, C, GM, MGA, VOD |
| Q2 2024 | 35 | $3.2B | GBIL, C, GM, BRK.B, MGA |
| Q1 2024 | 39 | $3.3B | GBIL, C, GM, BRK.B, MGA |