Alpine Associates Management Inc. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Alpine Associates Management Inc. reported 44 stock positions worth $1.9 billion . Its top holding was Hess (HES) at 13.1% of the portfolio, followed by Discover Financial Services (DFS, 8.8% ) and Ansys (ANSS, 7.5% ). Compared with Q4 2024, it opened 23 new positions, sold out of 20, added to 14 and reduced 7. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Hashicorp Class A (HCP).
Location PALM BEACH, FL
CIK 0001396835
Portfolio Value $1.9B (Q1 2025) Holdings 44 stocks · $1.9B 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 Q4 2024 HES Hess Corp. 1,564,896 $250.0M Reduce -5.7% DFS Discover Financial Services 987,635 $168.6M Add +14.3% ANSS Ansys Inc. 451,983 $143.1M Add +1.9% SPR Spirit Aerosystems Hold Class A 2,972,104 $102.4M Reduce -3.9% K Kellanova 1,158,150 $95.5M Add +89.0% ITCI Intra-Cellular Therapies Inc. 719,500 $94.9M New AMED Amedisys Inc. 992,120 $91.9M Add +11.7% FYBR Frontier Communications Pare 1,604,844 $57.5M Add +53.9% VRN Veren Inc. 8,083,800 $53.5M New PYCR Paycor HCM Inc. 2,221,527 $49.9M New BERY Berry Global Group Inc. 713,711 $49.8M Add +20.4% HEES H&E Equipment Services Inc. 504,603 $47.8M New CHX Championx Corp. 1,492,314 $44.5M Add +26.2% IPG Interpublic Group of Cos Inc. 1,551,100 $42.1M Add +340.9% PLYA Playa Hotels & Resorts NV 3,069,443 $40.9M New X United States Steel Corp. 863,514 $36.5M Reduce -41.3% AZEK The Azek Co. Inc. 683,600 $33.4M New ML Moneylion Inc. 356,659 $30.9M New ATSG Air Transport Services Group 1,348,340 $30.3M Reduce -5.5% ESGR Enstar Group Ltd. 88,692 $29.5M Reduce -5.1% EVRI Everi Holdings Inc. 2,083,062 $28.5M Add +14.4% BECN Beacon Roofing Supply Inc. 223,497 $27.6M New ALE Allete Inc. 416,847 $27.4M Add +8.6% RDUS Radius Recycling Inc. Class A 942,100 $27.2M New ENFN Enfusion Inc. Class A 2,435,720 $27.2M New DESP Despegar.com Corp. 1,437,667 $27.0M Add +368.3% PDCO Patterson Cos Inc. 835,289 $26.1M Add +143.6% JNPR Juniper Networks Inc. 663,264 $24.0M Reduce -70.3% CMRX Chimerix Inc. 2,782,100 $23.7M New AGS Playags Inc. 1,554,594 $18.8M Reduce -5.3% CCRN Cross Country Healthcare Inc. 1,252,524 $18.7M Add +115.6% TGI Triumph Group Inc. 682,000 $17.3M New SIMO Silicon Motion Technol-ADR 334,305 $16.9M Add +1.1% SGRY Surgery Partners Inc. 570,075 $13.5M New ACCD Accolade Inc. 1,746,070 $12.2M New RDFN Redfin Corp. 1,319,215 $12.1M New SSTK Shutterstock Inc. 599,955 $11.2M New COOP Mr Cooper Group Inc. 89,600 $10.7M New DNB Dun & Bradstreet Holdings Inc. 1,010,600 $9.0M New EQX Equinox Gold Corp. 1,284,600 $8.8M New SWTX Springworks Therapeutics Inc. 199,500 $8.8M New HHH Howard Hughes Holdings Inc. 111,044 $8.2M New PRA Proassurance Corp. 221,300 $5.2M New WBA Walgreens Boots Alliance Inc. 418,331 $4.7M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.2M (not counted above) Security Class Shares / Principal Value Change CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 127,258 $1.2M No change
Total filed on the 13F, all lines: $1.9B.
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ HCP Hashicorp Inc. Class A Sold out 0.00% −4.98 JNPR Juniper Networks Inc. Reduce -70.3% 1.26% −3.83 SMAR Smartsheet Inc. Class A Sold out 0.00% −2.02 GATO Gatos Silver Inc. Sold out 0.00% −1.94 ACI Albertsons Cos Inc. Class A Sold out 0.00% −1.90 SILV Silvercrest Metals Inc. Sold out 0.00% −1.88 ALTM Arcadium Lithium PLC Sold out 0.00% −1.85 BALY Bally's Corp. Sold out 0.00% −1.62 CDMO Avid Bioservices Inc. Sold out 0.00% −1.46 SUM Summit Materials Inc. Class A Sold out 0.00% −1.44 ROIC Retail Opportunity Investmen Sold out 0.00% −1.43 BARNES GROUP INC Sold out 0.00% −1.19 PSTX Poseida Therapeutics Inc. Sold out 0.00% −1.18 X United States Steel Corp. Reduce -41.3% 1.91% −1.13 SPR Spirit Aerosystems Hold Class A Reduce -3.9% 5.37% −1.04 ARCH Arch Resources Inc. Sold out 0.00% −0.97 AZPN Aspen Technology Inc. Sold out 0.00% −0.91 PTVE Pactiv Evergreen Inc. Sold out 0.00% −0.87 INFN Infinera Corp. Sold out 0.00% −0.85 MTTR Matterport Inc. Sold out 0.00% −0.65 RVNC Revance Therapeutics Inc. Sold out 0.00% −0.43 HES Hess Corp. Reduce -5.7% 13.10% −0.33 ATSG Air Transport Services Group Reduce -5.5% 1.59% −0.32 SCWX Secureworks Corp. Class A Sold out 0.00% −0.32 PARAA Paramount Global Class B Sold out 0.00% −0.30 ESGR Enstar Group Ltd. Reduce -5.1% 1.55% −0.29 AGS Playags Inc. Reduce -5.3% 0.99% −0.16
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ ITCI Intra-Cellular Therapies Inc. New 4.98% +4.98 VRN Veren Inc. New 2.80% +2.80 PYCR Paycor HCM Inc. New 2.61% +2.61 HEES H&E Equipment Services Inc. New 2.51% +2.51 PLYA Playa Hotels & Resorts NV New 2.14% +2.14 K Kellanova Add +89.0% 5.01% +1.99 AZEK The Azek Co. Inc. New 1.75% +1.75 ML Moneylion Inc. New 1.62% +1.62 IPG Interpublic Group of Cos Inc. Add +340.9% 2.21% +1.61 BECN Beacon Roofing Supply Inc. New 1.45% +1.45 RDUS Radius Recycling Inc. Class A New 1.43% +1.43 ENFN Enfusion Inc. Class A New 1.42% +1.42 CMRX Chimerix Inc. New 1.24% +1.24 DESP Despegar.com Corp. Add +368.3% 1.42% +1.06 TGI Triumph Group Inc. New 0.91% +0.91 FYBR Frontier Communications Pare Add +53.9% 3.02% +0.82 PDCO Patterson Cos Inc. Add +143.6% 1.37% +0.72 SGRY Surgery Partners Inc. New 0.71% +0.71 ACCD Accolade Inc. New 0.64% +0.64 RDFN Redfin Corp. New 0.64% +0.64 SSTK Shutterstock Inc. New 0.59% +0.59 COOP Mr Cooper Group Inc. New 0.56% +0.56 DNB Dun & Bradstreet Holdings Inc. New 0.47% +0.47 EQX Equinox Gold Corp. New 0.46% +0.46 SWTX Springworks Therapeutics Inc. New 0.46% +0.46 HHH Howard Hughes Holdings Inc. New 0.43% +0.43 CHX Championx Corp. Add +26.2% 2.33% +0.38 CCRN Cross Country Healthcare Inc. Add +115.6% 0.98% +0.34 BERY Berry Global Group Inc. Add +20.4% 2.61% +0.28 PRA Proassurance Corp. New 0.27% +0.27 WBA Walgreens Boots Alliance Inc. New 0.24% +0.24 EVRI Everi Holdings Inc. Add +14.4% 1.49% −0.00 ALE Allete Inc. Add +8.6% 1.44% −0.08 AMED Amedisys Inc. Add +11.7% 4.82% −0.09 SIMO Silicon Motion Technol-ADR Add +1.1% 0.89% −0.20 DFS Discover Financial Services Add +14.3% 8.84% −0.27 ANSS Ansys Inc. Add +1.9% 7.50% −1.60
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ ALTM Arcadium Lithium PLC put Sold out 527,800 $2.7Mbefore 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