Alpine Associates Management Inc. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Alpine Associates Management Inc. reported 47 stock positions worth $1.9 billion . Its top holding was Hess (HES) at 11.4% of the portfolio, followed by Ansys (ANSS, 8.4% ) and Blueprint Medicines (BPMC, 7.3% ). Compared with Q1 2025, it opened 22 new positions, sold out of 19, added to 15 and reduced 10. The biggest buy was a new position in Blueprint Medicines (BPMC) and the biggest sale an exit from Discover Financial Services (DFS).
Location PALM BEACH, FL
CIK 0001396835
Portfolio Value $1.9B (Q2 2025) Holdings 47 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 Q1 2025 HES Hess Corp. 1,531,496 $212.2M Reduce -2.1% ANSS Ansys Inc. 447,883 $157.3M Reduce -0.9% BPMC Blueprint Medicines Corp. 1,060,307 $135.9M New K Kellanova 1,429,375 $113.7M Add +23.4% SPR Spirit Aerosystems Hold Class A 2,840,204 $108.4M Reduce -4.4% AMED Amedisys Inc. 1,096,920 $107.9M Add +10.6% FYBR Frontier Communications Pare 1,863,230 $67.8M Add +16.1% SWTX Springworks Therapeutics Inc. 1,149,000 $54.0M Add +475.9% MAG Mag Silver Corp. 2,545,149 $53.8M New COOP Mr Cooper Group Inc. 347,340 $51.8M Add +287.7% IPG Interpublic Group of Cos Inc. 2,018,944 $49.4M Add +30.2% AZEK The Azek Co. Inc. 849,220 $46.2M Add +24.2% RDUS Radius Recycling Inc. Class A 1,496,319 $44.4M Add +58.8% JNPR Juniper Networks Inc. 1,059,464 $42.3M Add +59.7% CHX Championx Corp. 1,652,114 $41.0M Add +10.7% INFA Informatica Inc. Class A 1,393,450 $33.9M New VERV Verve Therapeutics Inc. 2,738,212 $30.8M New NVEE NV5 Global Inc. 1,322,232 $30.5M New ESGR Enstar Group Ltd. 88,132 $29.6M Reduce -0.6% EVRI Everi Holdings Inc. 2,067,362 $29.4M Reduce -0.8% ALE Allete Inc. 443,047 $28.4M Add +6.3% FARO Faro Technologies Inc. 602,000 $26.4M New SIMO Silicon Motion Technol-ADR 332,005 $25.0M Reduce -0.7% STR Sitio Royalties Corp. Class A 1,342,500 $24.7M New GMS GMS Inc. 220,000 $23.9M New DNB Dun & Bradstreet Holdings Inc. 2,568,947 $23.4M Add +154.2% SKX Skechers USA Inc. Class A 358,900 $22.6M New AVDX Avidxchange Holdings Inc. 2,255,100 $22.1M New WBA Walgreens Boots Alliance Inc. 1,740,581 $20.0M Add +316.1% AGS Playags Inc. 1,544,344 $19.3M Reduce -0.7% FL Foot Locker Inc. 755,450 $18.5M New TGI Triumph Group Inc. 680,271 $17.5M Reduce -0.3% ETWO E2OPEN Parent Holdings Inc. 4,374,650 $14.1M New SSTK Shutterstock Inc. 731,086 $13.9M Add +21.9% CCRN Cross Country Healthcare Inc. 985,683 $12.9M Reduce -21.3% PRA Proassurance Corp. 548,740 $12.5M Add +148.0% GTLS Chart Industries Inc. 73,751 $12.1M New CTLP Cantaloupe Inc. 1,096,700 $12.1M New SGRY Surgery Partners Inc. 540,025 $12.0M Reduce -5.3% SAGE Sage Therapeutics Inc. 1,273,348 $11.6M New TXNM TXNM Energy Inc. 194,800 $11.0M New CVAC Curevac NV 1,971,175 $10.7M New INZY Inozyme Pharma Inc. 2,188,100 $8.8M New VIGL Vigil Neuroscience Inc. 1,094,900 $8.7M New BHF Brighthouse Financial Inc. 97,175 $5.2M New TASK Taskus Inc. Class A 260,757 $4.4M New MRC MRC Global Inc. 164,300 $2.3M New
Options reported separately and not counted above: DCH calls ($6.2M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $4.2M (not counted above) Security Class Shares / Principal Value Change GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 379,348 $3.1M New CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 127,258 $1.1M No change
Total filed on the 13F, all lines: $1.9B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ DFS Discover Financial Services Sold out 0.00% −8.84 ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −4.98 VRN Veren Inc. Sold out 0.00% −2.80 PYCR Paycor HCM Inc. Sold out 0.00% −2.61 BERY Berry Global Group Inc. Sold out 0.00% −2.61 HEES H&E Equipment Services Inc. Sold out 0.00% −2.51 PLYA Playa Hotels & Resorts NV Sold out 0.00% −2.14 X United States Steel Corp. Sold out 0.00% −1.91 HES Hess Corp. Reduce -2.1% 11.38% −1.72 ML Moneylion Inc. Sold out 0.00% −1.62 ATSG Air Transport Services Group Sold out 0.00% −1.59 BECN Beacon Roofing Supply Inc. Sold out 0.00% −1.45 ENFN Enfusion Inc. Class A Sold out 0.00% −1.42 DESP Despegar.com Corp. Sold out 0.00% −1.42 PDCO Patterson Cos Inc. Sold out 0.00% −1.37 CMRX Chimerix Inc. Sold out 0.00% −1.24 ACCD Accolade Inc. Sold out 0.00% −0.64 RDFN Redfin Corp. Sold out 0.00% −0.64 EQX Equinox Gold Corp. Sold out 0.00% −0.46 HHH Howard Hughes Holdings Inc. Sold out 0.00% −0.43 CCRN Cross Country Healthcare Inc. Reduce -21.3% 0.69% −0.29 SGRY Surgery Partners Inc. Reduce -5.3% 0.64% −0.07 TGI Triumph Group Inc. Reduce -0.3% 0.94% +0.03 ESGR Enstar Group Ltd. Reduce -0.6% 1.59% +0.04 AGS Playags Inc. Reduce -0.7% 1.03% +0.05 EVRI Everi Holdings Inc. Reduce -0.8% 1.58% +0.09 SPR Spirit Aerosystems Hold Class A Reduce -4.4% 5.81% +0.44 SIMO Silicon Motion Technol-ADR Reduce -0.7% 1.34% +0.45 ANSS Ansys Inc. Reduce -0.9% 8.44% +0.94
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ BPMC Blueprint Medicines Corp. New 7.29% +7.29 MAG Mag Silver Corp. New 2.88% +2.88 SWTX Springworks Therapeutics Inc. Add +475.9% 2.90% +2.43 COOP Mr Cooper Group Inc. Add +287.7% 2.78% +2.22 INFA Informatica Inc. Class A New 1.82% +1.82 VERV Verve Therapeutics Inc. New 1.65% +1.65 NVEE NV5 Global Inc. New 1.64% +1.64 FARO Faro Technologies Inc. New 1.42% +1.42 STR Sitio Royalties Corp. Class A New 1.32% +1.32 GMS GMS Inc. New 1.28% +1.28 SKX Skechers USA Inc. Class A New 1.21% +1.21 AVDX Avidxchange Holdings Inc. New 1.18% +1.18 K Kellanova Add +23.4% 6.10% +1.09 JNPR Juniper Networks Inc. Add +59.7% 2.27% +1.01 FL Foot Locker Inc. New 0.99% +0.99 AMED Amedisys Inc. Add +10.6% 5.79% +0.97 RDUS Radius Recycling Inc. Class A Add +58.8% 2.38% +0.96 WBA Walgreens Boots Alliance Inc. Add +316.1% 1.07% +0.83 DNB Dun & Bradstreet Holdings Inc. Add +154.2% 1.25% +0.78 ETWO E2OPEN Parent Holdings Inc. New 0.76% +0.76 AZEK The Azek Co. Inc. Add +24.2% 2.48% +0.72 GTLS Chart Industries Inc. New 0.65% +0.65 CTLP Cantaloupe Inc. New 0.65% +0.65 SAGE Sage Therapeutics Inc. New 0.62% +0.62 FYBR Frontier Communications Pare Add +16.1% 3.64% +0.62 TXNM TXNM Energy Inc. New 0.59% +0.59 CVAC Curevac NV New 0.57% +0.57 INZY Inozyme Pharma Inc. New 0.47% +0.47 VIGL Vigil Neuroscience Inc. New 0.47% +0.47 IPG Interpublic Group of Cos Inc. Add +30.2% 2.65% +0.44 PRA Proassurance Corp. Add +148.0% 0.67% +0.40 BHF Brighthouse Financial Inc. New 0.28% +0.28 TASK Taskus Inc. Class A New 0.23% +0.23 SSTK Shutterstock Inc. Add +21.9% 0.74% +0.16 MRC MRC Global Inc. New 0.12% +0.12 ALE Allete Inc. Add +6.3% 1.52% +0.09 CHX Championx Corp. Add +10.7% 2.20% −0.13
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ DCH Dauch Corporation call New 1,516,900 $6.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 New 379,348 $3.1M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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