ACR Alpine Capital Research, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), ACR Alpine Capital Research, LLC reported 34 stock positions worth $6.4 billion. Its top holding was Goldman Sachs Access Treasur (GBIL) at 12.6% of the portfolio, followed by FedEx (FDX, 7.8%) and Johnson & Johnson (JNJ, 7.2%). Compared with Q3 2025, it opened 2 new positions, sold out of 3, added to 19 and reduced 10. The biggest buy was Goldman Sachs Access Treasur (GBIL, shares +70%) and the biggest sale General Motors (GM, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001508822
- Portfolio Value
- $6.4B (Q4 2025)
- SEC Filing
- 0001508822-26-000002 ↗ filed Feb 5, 2026
Holdings Value
Holdings 34 stocks · $6.4B
| GBIL Goldman Sachs Access Treasur | 12.65% | 8,115,451 | $811.1M | Add +70.2% |
| FDX FedEx Corp. | 7.84% | 1,740,634 | $502.8M | Add +0.8% |
| JNJ Johnson & Johnson | 7.22% | 2,237,048 | $463.0M | Add +0.2% |
| THO Thor Industries Inc. | 6.62% | 4,133,782 | $424.4M | Add +0.7% |
| C Citigroup Inc. | 6.53% | 3,589,696 | $418.9M | Reduce -0.3% |
| CVX Chevron Corp. | 6.44% | 2,710,197 | $413.1M | Add +9.7% |
| GM General Motors Co. | 5.94% | 4,685,024 | $381.0M | Reduce -35.3% |
| ARW Arrow Electronics Inc. | 5.92% | 3,445,593 | $379.6M | Add +42.6% |
| DG Dollar General Corp. | 5.44% | 2,625,611 | $348.6M | Reduce -32.6% |
| VOD Vodafone Group PLC-SP ADR | 5.37% | 26,070,647 | $344.4M | Reduce -0.1% |
| MSFT Microsoft Corp. | 5.24% | 695,379 | $336.3M | Add +0.3% |
| LEN Lennar Corp. Class A | 5.15% | 3,215,072 | $330.5M | Add +11.6% |
| MGA Magna International Inc. | 4.99% | 6,006,268 | $320.1M | Reduce -1.1% |
| JPM JPMorgan Chase & Co. | 4.91% | 977,188 | $314.9M | Reduce -11.2% |
| LBTYA Liberty Global Ltd. Class A | 3.74% | 21,546,970 | $240.0M | Add +1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.76% | 224,988 | $113.1M | Reduce -0.5% |
| LBTYK Liberty Global Ltd. Class C | 1.10% | 6,416,755 | $70.8M | Reduce -9.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.00% | 85 | $64.2M | No change |
| RPV Invesco S&P 500 Pure Value E | 0.57% | 352,994 | $36.5M | New |
| PPLI People Inc. filed as IAC INC | 0.26% | 430,987 | $16.9M | Add +137.2% |
| SGOV iShares 0-3 Month Treasury B | 0.25% | 162,305 | $16.3M | Add +69.1% |
| DELL Dell Technologies -C | 0.21% | 106,822 | $13.4M | Add +1.5% |
| BCS Barclays PLC-Spons ADR | 0.18% | 454,000 | $11.6M | No change |
| FPH Five Point Holdings LLC Class A | 0.10% | 1,114,757 | $6.2M | Add +4.9% |
| JEF Jefferies Financial Group Inc. | 0.09% | 95,758 | $5.9M | Add +79.5% |
| SMBC Southern Missouri Bancorp | 0.08% | 91,032 | $5.4M | Add +71.1% |
| VGSH Vanguard Short-Term Treasury | 0.08% | 86,500 | $5.1M | New |
| KW Kennedy-Wilson Holdings Inc. | 0.07% | 468,476 | $4.5M | Add +152.4% |
| MRK Merck & Co. Inc. | 0.06% | 36,896 | $3.9M | Add +2.1% |
| LILAK Liberty Latin Americ Class C | 0.05% | 417,972 | $3.1M | Reduce -28.8% |
| LEN.B Lennar Corp. Class B | 0.04% | 30,188 | $2.9M | Add +4.5% |
| MGM MGM Resorts International | 0.04% | 65,506 | $2.4M | Reduce -63.8% |
| APG Api Group Corp. | 0.04% | 61,560 | $2.4M | Add +2.3% |
| NFE New Fortress Energy Inc. | 0.00% | 120,000 | $137K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| GM General Motors Co. | Reduce -35.3% | 5.94% | −1.60 |
| DG Dollar General Corp. | Reduce -32.6% | 5.44% | −1.44 |
| JPM JPMorgan Chase & Co. | Reduce -11.2% | 4.91% | −1.02 |
| LBTYK Liberty Global Ltd. Class C | Reduce -9.9% | 1.10% | −0.33 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 1.76% | −0.18 |
| MGM MGM Resorts International | Reduce -63.8% | 0.04% | −0.07 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −0.05 |
| LILAK Liberty Latin Americ Class C | Reduce -28.8% | 0.05% | −0.04 |
| SLDP Solid Power Inc. | Sold out | 0.00% | −0.01 |
| NINEQ Nine Energy Service Inc. | Sold out | 0.00% | −0.00 |
| MGA Magna International Inc. | Reduce -1.1% | 4.99% | +0.07 |
| VOD Vodafone Group PLC-SP ADR | Reduce -0.1% | 5.37% | +0.20 |
| C Citigroup Inc. | Reduce -0.3% | 6.53% | +0.29 |
Portfolio Buys Q3 2025 → Q4 2025
| GBIL Goldman Sachs Access Treasur | Add +70.2% | 12.65% | +4.48 |
| ARW Arrow Electronics Inc. | Add +42.6% | 5.92% | +0.92 |
| FDX FedEx Corp. | Add +0.8% | 7.84% | +0.88 |
| RPV Invesco S&P 500 Pure Value E | New | 0.57% | +0.57 |
| PPLI People Inc. | Add +137.2% | 0.26% | +0.16 |
| JNJ Johnson & Johnson | Add +0.2% | 7.22% | +0.15 |
| SGOV iShares 0-3 Month Treasury B | Add +69.1% | 0.25% | +0.09 |
| VGSH Vanguard Short-Term Treasury | New | 0.08% | +0.08 |
| KW Kennedy-Wilson Holdings Inc. | Add +152.4% | 0.07% | +0.04 |
| SMBC Southern Missouri Bancorp | Add +71.1% | 0.08% | +0.04 |
| JEF Jefferies Financial Group Inc. | Add +79.5% | 0.09% | +0.03 |
| MRK Merck & Co. Inc. | Add +2.1% | 0.06% | +0.01 |
| APG Api Group Corp. | Add +2.3% | 0.04% | +0.00 |
| FPH Five Point Holdings LLC Class A | Add +4.9% | 0.10% | −0.01 |
| LEN.B Lennar Corp. Class B | Add +4.5% | 0.04% | −0.01 |
| DELL Dell Technologies -C | Add +1.5% | 0.21% | −0.05 |
| CVX Chevron Corp. | Add +9.7% | 6.44% | −0.12 |
| LBTYA Liberty Global Ltd. Class A | Add +1.5% | 3.74% | −0.42 |
| THO Thor Industries Inc. | Add +0.7% | 6.62% | −0.66 |
| MSFT Microsoft Corp. | Add +0.3% | 5.24% | −0.89 |
| LEN Lennar Corp. Class A | Add +11.6% | 5.15% | −1.05 |
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 |