Alpine Associates Management Inc. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), Alpine Associates Management Inc. reported 41 stock positions worth $1.6 billion . Its top holding was Hess (HES) at 13.4% of the portfolio, followed by Discover Financial Services (DFS, 9.1% ) and Ansys (ANSS, 9.1% ). Compared with Q3 2024, it opened 16 new positions, sold out of 23, added to 12 and reduced 13. The biggest buy was Ansys (ANSS, shares +8% ) and the biggest sale an exit from Axonics .
Location PALM BEACH, FL
CIK 0001396835
Portfolio Value $1.6B (Q4 2024) Holdings 41 stocks · $1.6B 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 Q3 2024 HES Hess Corp. 1,659,696 $220.8M Reduce -3.5% DFS Discover Financial Services 864,164 $149.7M Reduce -1.6% ANSS Ansys Inc. 443,583 $149.6M Add +8.2% SPR Spirit Aerosystems Hold Class A 3,092,584 $105.4M Add +30.1% JNPR Juniper Networks Inc. 2,234,564 $83.7M Reduce -16.5% HCP Hashicorp Inc. Class A 2,394,854 $81.9M Add +11.8% AMED Amedisys Inc. 888,120 $80.6M Add +3.2% X United States Steel Corp. 1,471,454 $50.0M Reduce -41.8% K Kellanova 612,850 $49.6M Add +93.5% BERY Berry Global Group Inc. 592,600 $38.3M New FYBR Frontier Communications Pare 1,042,630 $36.2M Add +275.9% SMAR Smartsheet Inc. Class A 591,400 $33.1M Add +16.8% CHX Championx Corp. 1,182,716 $32.2M Add +63.5% GATO Gatos Silver Inc. 2,279,155 $31.9M Add +71.7% ATSG Air Transport Services Group 1,427,510 $31.4M New ACI Albertsons Cos Inc. Class A 1,593,175 $31.3M Reduce -65.0% SILV Silvercrest Metals Inc. 3,393,753 $30.9M New ALTM Arcadium Lithium PLC 5,942,930 $30.5M New ESGR Enstar Group Ltd. 93,476 $30.1M Add +22.9% BALY Bally's Corp. 1,490,683 $26.7M Reduce -3.6% ALE Allete Inc. 383,847 $24.9M Reduce -3.6% EVRI Everi Holdings Inc. 1,821,300 $24.6M Reduce -3.6% CDMO Avid Bioservices Inc. 1,946,082 $24.0M New SUM Summit Materials Inc. Class A 468,500 $23.7M New ROIC Retail Opportunity Investmen 1,350,000 $23.4M New BARNES GROUP INC 412,414 $19.5M New PSTX Poseida Therapeutics Inc. 2,016,700 $19.4M New AGS Playags Inc. 1,641,317 $18.9M Reduce -3.6% SIMO Silicon Motion Technol-ADR 330,705 $17.9M Reduce -3.0% ARCH Arch Resources Inc. 112,569 $15.9M Add +85.1% AZPN Aspen Technology Inc. 59,700 $14.9M New PTVE Pactiv Evergreen Inc. 820,000 $14.3M New INFN Infinera Corp. 1,984,500 $14.0M Reduce -2.7% MTTR Matterport Inc. 2,239,182 $10.6M Add +9.5% PDCO Patterson Cos Inc. 342,874 $10.6M New CCRN Cross Country Healthcare Inc. 581,032 $10.6M New IPG Interpublic Group of Cos Inc. 351,800 $9.9M New RVNC Revance Therapeutics Inc. 2,349,966 $7.1M Reduce -43.5% DESP Despegar.com Corp. 307,000 $5.9M New SCWX Secureworks Corp. Class A 623,254 $5.3M New PARAA Paramount Global Class B 471,000 $4.9M Reduce -3.5%
Options reported separately and not counted above: ALTM puts ($2.7M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.3M (not counted above) Security Class Shares / Principal Value Change CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 127,258 $1.3M No change
Total filed on the 13F, all lines: $1.6B.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ AXONICS INC Sold out 0.00% −6.95 CTLT Catalent Inc. Sold out 0.00% −5.92 SRCL Stericycle Inc. Sold out 0.00% −5.50 STER Sterling Check Corp. Sold out 0.00% −1.98 ACI Albertsons Cos Inc. Class A Reduce -65.0% 1.90% −1.95 CPRI Capri Holdings Ltd. Sold out 0.00% −1.93 VZIO Vizio Holding Corp. Class A Sold out 0.00% −1.74 AY Atlantica Sustainable Infras Sold out 0.00% −1.68 PRFT Perficient Inc. Sold out 0.00% −1.54 HAYN Haynes International Inc. Sold out 0.00% −1.37 SWN Southwestern Energy Co. Sold out 0.00% −1.37 NVEI Nuvei Corp.-Subordinate VTG Sold out 0.00% −1.26 RCM R1 RCM Inc. Sold out 0.00% −1.18 ENV Envestnet Inc. Sold out 0.00% −1.16 INST Instructure Holdings Inc. Sold out 0.00% −1.14 SQSP Squarespace Inc. Class A Sold out 0.00% −1.13 X United States Steel Corp. Reduce -41.8% 3.04% −1.05 PWSC Powerschool Holdings Inc. Class A Sold out 0.00% −0.99 PETQ Petiq Inc. Sold out 0.00% −0.92 MRO Marathon Oil Corp. Sold out 0.00% −0.67 AAN The Aaron's Co. Inc. Sold out 0.00% −0.61 RVNC Revance Therapeutics Inc. Reduce -43.5% 0.43% −0.56 BA The Boeing Co. Sold out 0.00% −0.42 TWKS Thoughtworks Holding Inc. Sold out 0.00% −0.39 TELL Tellurian Inc. Sold out 0.00% −0.23 VGR Vector Group Ltd. Sold out 0.00% −0.17 PARAA Paramount Global Class B Reduce -3.5% 0.30% +0.06 SIMO Silicon Motion Technol-ADR Reduce -3.0% 1.09% +0.14 INFN Infinera Corp. Reduce -2.7% 0.85% +0.22 AGS Playags Inc. Reduce -3.6% 1.15% +0.26 JNPR Juniper Networks Inc. Reduce -16.5% 5.09% +0.31 ALE Allete Inc. Reduce -3.6% 1.51% +0.34 EVRI Everi Holdings Inc. Reduce -3.6% 1.50% +0.36 BALY Bally's Corp. Reduce -3.6% 1.62% +0.40 HES Hess Corp. Reduce -3.5% 13.43% +2.72 DFS Discover Financial Services Reduce -1.6% 9.11% +3.46
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ ANSS Ansys Inc. Add +8.2% 9.10% +3.11 SPR Spirit Aerosystems Hold Class A Add +30.1% 6.41% +2.87 BERY Berry Global Group Inc. New 2.33% +2.33 ATSG Air Transport Services Group New 1.91% +1.91 SILV Silvercrest Metals Inc. New 1.88% +1.88 ALTM Arcadium Lithium PLC New 1.85% +1.85 K Kellanova Add +93.5% 3.02% +1.85 FYBR Frontier Communications Pare Add +275.9% 2.20% +1.75 HCP Hashicorp Inc. Class A Add +11.8% 4.98% +1.66 CDMO Avid Bioservices Inc. New 1.46% +1.46 SUM Summit Materials Inc. Class A New 1.44% +1.44 ROIC Retail Opportunity Investmen New 1.43% +1.43 BARNES GROUP INC New 1.19% +1.19 PSTX Poseida Therapeutics Inc. New 1.18% +1.18 AMED Amedisys Inc. Add +3.2% 4.90% +1.10 GATO Gatos Silver Inc. Add +71.7% 1.94% +1.02 CHX Championx Corp. Add +63.5% 1.96% +0.96 AZPN Aspen Technology Inc. New 0.91% +0.91 PTVE Pactiv Evergreen Inc. New 0.87% +0.87 SMAR Smartsheet Inc. Class A Add +16.8% 2.02% +0.73 ESGR Enstar Group Ltd. Add +22.9% 1.83% +0.71 PDCO Patterson Cos Inc. New 0.64% +0.64 CCRN Cross Country Healthcare Inc. New 0.64% +0.64 IPG Interpublic Group of Cos Inc. New 0.60% +0.60 ARCH Arch Resources Inc. Add +85.1% 0.97% +0.58 DESP Despegar.com Corp. New 0.36% +0.36 SCWX Secureworks Corp. Class A New 0.32% +0.32 MTTR Matterport Inc. Add +9.5% 0.65% +0.22
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ ALTM Arcadium Lithium PLC put New 527,800 $2.7M
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