Alpine Associates Management Inc. In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 8, 2024), Alpine Associates Management Inc. reported 48 stock positions worth $2.2 billion . Its top holding was Hess (HES) at 10.7% of the portfolio, followed by Axonics (7.0% ) and Ansys (ANSS, 6.0% ). Compared with Q2 2024, it opened 20 new positions, sold out of 13, added to 23 and reduced 5. The biggest buy was a new position in Spirit Aerosystems Hold Class A (SPR) and the biggest sale an exit from Cerevel Therapeutics (CERE).
Location PALM BEACH, FL
CIK 0001396835
Portfolio Value $2.2B (Q3 2024) Holdings 48 stocks · $2.2B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 HES Hess Corp. 1,720,196 $233.6M Add +3.4% AXONICS INC 2,178,157 $151.6M Add +3.3% ANSS Ansys Inc. 409,983 $130.6M Add +3.4% CTLT Catalent Inc. 2,131,126 $129.1M Add +3.4% DFS Discover Financial Services 878,164 $123.2M Add +2.2% SRCL Stericycle Inc. 1,965,997 $119.9M Add +83.5% JNPR Juniper Networks Inc. 2,676,064 $104.3M Add +12.7% X United States Steel Corp. 2,527,534 $89.3M Reduce -5.3% ACI Albertsons Cos Inc. Class A 4,551,117 $84.1M Reduce -2.5% AMED Amedisys Inc. 860,717 $83.1M Reduce -32.8% SPR Spirit Aerosystems Hold Class A 2,377,600 $77.3M New HCP Hashicorp Inc. Class A 2,142,154 $72.5M Add +48.7% STER Sterling Check Corp. 2,577,869 $43.1M Add +4.0% CPRI Capri Holdings Ltd. 992,169 $42.1M Reduce -21.4% VZIO Vizio Holding Corp. Class A 3,398,063 $38.0M Add +10.3% AY Atlantica Sustainable Infras 1,662,509 $36.5M Add +54.0% PRFT Perficient Inc. 445,598 $33.6M Add +2.4% HAYN Haynes International Inc. 501,858 $29.9M Add +3.4% SWN Southwestern Energy Co. 4,198,809 $29.9M Add +26.7% SMAR Smartsheet Inc. Class A 506,300 $28.0M New NVEI Nuvei Corp.-Subordinate VTG 823,433 $27.5M Add +15.1% BALY Bally's Corp. 1,545,783 $26.7M New RCM R1 RCM Inc. 1,812,300 $25.7M New K Kellanova 316,700 $25.6M New ALE Allete Inc. 398,047 $25.6M Add +12.9% ENV Envestnet Inc. 402,500 $25.2M New INST Instructure Holdings Inc. 1,057,145 $24.9M New EVRI Everi Holdings Inc. 1,888,500 $24.8M New SQSP Squarespace Inc. Class A 528,896 $24.6M Add +59.9% ESGR Enstar Group Ltd. 76,076 $24.5M New CHX Championx Corp. 723,516 $21.8M Add +103.9% RVNC Revance Therapeutics Inc. 4,162,861 $21.6M New PWSC Powerschool Holdings Inc. Class A 947,150 $21.6M Add +33.5% SIMO Silicon Motion Technol-ADR 340,797 $20.7M Reduce -14.7% PETQ Petiq Inc. 655,067 $20.2M New GATO Gatos Silver Inc. 1,327,472 $20.0M New AGS Playags Inc. 1,702,117 $19.4M Add +11.2% MRO Marathon Oil Corp. 546,572 $14.6M Add +3.4% INFN Infinera Corp. 2,038,700 $13.8M New AAN The Aaron's Co. Inc. filed as THE AARONS COMPANY INC 1,339,307 $13.3M Add +59.5% FYBR Frontier Communications Pare 277,380 $9.9M New BA The Boeing Co. 60,900 $9.3M New MTTR Matterport Inc. 2,045,682 $9.2M Add +57.2% TWKS Thoughtworks Holding Inc. 1,945,265 $8.6M New ARCH Arch Resources Inc. 60,830 $8.4M New PARAA Paramount Global Class B 488,300 $5.2M New TELL Tellurian Inc. 5,199,132 $5.0M New VGR Vector Group Ltd. 244,100 $3.6M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.5M (not counted above) Security Class Shares / Principal Value Change CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 127,258 $1.5M No change
Total filed on the 13F, all lines: $2.2B.
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ CERE Cerevel Therapeutics Holding Sold out 0.00% −4.63 MGRC McGrath Rentcorp Sold out 0.00% −3.64 OLK Olink Holding AB - ADR Sold out 0.00% −3.19 ETRN Equitrans Midstream Corp. Sold out 0.00% −2.35 WIRE Encore Wire Corp. Sold out 0.00% −1.87 AMED Amedisys Inc. Reduce -32.8% 3.81% −1.85 HIBB Hibbett Inc. Sold out 0.00% −1.49 EDR Endeavor Group Hold Class A Sold out 0.00% −1.22 HA Hawaiian Holdings Inc. Sold out 0.00% −1.05 HOLI Hollysys Automation Technolo Sold out 0.00% −0.99 X United States Steel Corp. Reduce -5.3% 4.09% −0.76 SIMO Silicon Motion Technol-ADR Reduce -14.7% 0.95% −0.61 ACI Albertsons Cos Inc. Class A Reduce -2.5% 3.86% −0.58 PFS Provident Financial Services Sold out 0.00% −0.28 NWLI National Western Life Grou-A Sold out 0.00% −0.27 INBX Inhibrx Biosciences Inc. Sold out 0.00% −0.21 DO Diamond Offshore Drilling Inc. Sold out 0.00% −0.09 CPRI Capri Holdings Ltd. Reduce -21.4% 1.93% −0.08
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ SPR Spirit Aerosystems Hold Class A New 3.54% +3.54 SRCL Stericycle Inc. Add +83.5% 5.50% +2.50 SMAR Smartsheet Inc. Class A New 1.29% +1.29 BALY Bally's Corp. New 1.22% +1.22 RCM R1 RCM Inc. New 1.18% +1.18 K Kellanova New 1.17% +1.17 ENV Envestnet Inc. New 1.16% +1.16 INST Instructure Holdings Inc. New 1.14% +1.14 EVRI Everi Holdings Inc. New 1.14% +1.14 ESGR Enstar Group Ltd. New 1.12% +1.12 HCP Hashicorp Inc. Class A Add +48.7% 3.33% +0.99 RVNC Revance Therapeutics Inc. New 0.99% +0.99 PETQ Petiq Inc. New 0.92% +0.92 GATO Gatos Silver Inc. New 0.92% +0.92 INFN Infinera Corp. New 0.63% +0.63 JNPR Juniper Networks Inc. Add +12.7% 4.78% +0.62 AY Atlantica Sustainable Infras Add +54.0% 1.68% +0.54 FYBR Frontier Communications Pare New 0.45% +0.45 CHX Championx Corp. Add +103.9% 1.00% +0.43 SQSP Squarespace Inc. Class A Add +59.9% 1.13% +0.43 BA The Boeing Co. New 0.42% +0.42 TWKS Thoughtworks Holding Inc. New 0.39% +0.39 ARCH Arch Resources Inc. New 0.39% +0.39 CTLT Catalent Inc. Add +3.4% 5.92% +0.34 SWN Southwestern Energy Co. Add +26.7% 1.37% +0.30 DFS Discover Financial Services Add +2.2% 5.65% +0.24 PARAA Paramount Global Class B New 0.24% +0.24 TELL Tellurian Inc. New 0.23% +0.23 PWSC Powerschool Holdings Inc. Class A Add +33.5% 0.99% +0.23 STER Sterling Check Corp. Add +4.0% 1.98% +0.21 AAN The Aaron's Co. Inc. Add +59.5% 0.61% +0.21 VGR Vector Group Ltd. New 0.17% +0.17 NVEI Nuvei Corp.-Subordinate VTG Add +15.1% 1.26% +0.15 MTTR Matterport Inc. Add +57.2% 0.42% +0.14 VZIO Vizio Holding Corp. Class A Add +10.3% 1.74% +0.14 AXONICS INC Add +3.3% 6.95% +0.13 ALE Allete Inc. Add +12.9% 1.17% +0.11 AGS Playags Inc. Add +11.2% 0.89% +0.04 HAYN Haynes International Inc. Add +3.4% 1.37% −0.00 PRFT Perficient Inc. Add +2.4% 1.54% −0.02 MRO Marathon Oil Corp. Add +3.4% 0.67% −0.06 ANSS Ansys Inc. Add +3.4% 5.99% −0.14 HES Hess Corp. Add +3.4% 10.71% −1.09
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ IP International Paper Co. call Sold out 226,400 $9.8Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 65 $1.6B NSC, GTLS, QRVO, SLAB, UNF Q1 2026 69 $1.7B NSC, AL, GTLS, EA, QRVO Q4 2025 65 $1.5B NSC, GTLS, CYBR, EXAS, NGD Q3 2025 65 $1.6B NSC, VRNA, K, GTLS, SPR Q2 2025 47 $1.9B HES, ANSS, BPMC, K, SPR Q1 2025 44 $1.9B HES, DFS, ANSS, SPR, K Q4 2024 41 $1.6B HES, DFS, ANSS, SPR, JNPR Q3 2024 48 $2.2B HES, AXONICS INC, ANSS, CTLT, DFS Q2 2024 41 $2.1B HES, AXONICS INC, ANSS, AMED, CTLT Q1 2024 39 $2.6B HES, PXD, ANSS, DFS, AXONICS INC