Alpine Associates Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Alpine Associates Management Inc. reported 65 stock positions worth $1.6 billion. Its top holding was Norfolk Southern (NSC) at 9.2% of the portfolio, followed by Verona Pharma (VRNA, 7.5%) and Kellanova (K, 6.6%). Compared with Q2 2025, it opened 47 new positions, sold out of 29, added to 11 and reduced 6. The biggest buy was a new position in Norfolk Southern (NSC) and the biggest sale an exit from Hess (HES).
- Most Recent 13F
- Q2 2026
- Location
- PALM BEACH, FL
- CIK
- 0001396835
- Portfolio Value
- $1.6B (Q3 2025)
- SEC Filing
- 0001396835-25-000014 ↗ filed Nov 6, 2025
Holdings Value
Holdings 65 stocks · $1.6B
| NSC Norfolk Southern Corp. | 9.21% | 502,610 | $151.0M | New |
| VRNA Verona Pharma Ltd. | 7.53% | 1,157,050 | $123.5M | New |
| K Kellanova | 6.57% | 1,312,677 | $107.7M | Reduce -8.2% |
| GTLS Chart Industries Inc. | 6.22% | 509,110 | $101.9M | Add +590.3% |
| SPR Spirit Aerosystems Hold Class A | 6.20% | 2,634,904 | $101.7M | Reduce -7.2% |
| CYBR Cyberark Software Ltd./Israel | 6.02% | 204,150 | $98.6M | New |
| COOP Mr Cooper Group Inc. | 5.28% | 406,140 | $86.6M | Add +16.9% |
| MRUS Merus NV | 4.80% | 835,600 | $78.7M | New |
| FYBR Frontier Communications Pare | 4.70% | 2,063,147 | $77.1M | Add +10.7% |
| IPG Interpublic Group of Cos Inc. | 3.26% | 1,913,244 | $53.4M | Reduce -5.2% |
| SAND Sandstorm Gold Ltd. | 2.88% | 3,767,815 | $47.2M | New |
| INFA Informatica Inc. Class A | 2.55% | 1,683,653 | $41.8M | Add +20.8% |
| ALE Allete Inc. | 2.11% | 520,018 | $34.5M | Add +17.4% |
| LBRDK Liberty Broadband-C | 1.97% | 508,700 | $32.3M | New |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 1.66% | 358,050 | $27.3M | New |
| STAA Staar Surgical Co. | 1.50% | 913,087 | $24.5M | New |
| SIMO Silicon Motion Technol-ADR | 1.43% | 247,450 | $23.5M | Reduce -25.5% |
| PRA Proassurance Corp. | 1.39% | 952,547 | $22.9M | Add +73.6% |
| AVDX Avidxchange Holdings Inc. | 1.37% | 2,255,100 | $22.4M | No change |
| EA Electronic Arts Inc. | 1.30% | 106,000 | $21.4M | New |
| TXNM TXNM Energy Inc. | 1.25% | 363,508 | $20.6M | Add +86.6% |
| CTLP Cantaloupe Inc. | 1.25% | 1,934,206 | $20.4M | Add +76.4% |
| SSTK Shutterstock Inc. | 1.15% | 902,461 | $18.8M | Add +23.4% |
| TGNA Tegna Inc. | 0.95% | 768,370 | $15.6M | New |
| AMWD American Woodmark Corp. | 0.85% | 209,424 | $14.0M | New |
| CVAC Curevac NV | 0.75% | 2,295,422 | $12.4M | Add +16.4% |
| SCS Steelcase Inc. Class A | 0.75% | 719,300 | $12.4M | New |
| ARIS WATER SOLUTIONS INC-A | 0.71% | 474,609 | $11.7M | New |
| TIXT Telus International Cda Inc. | 0.68% | 2,500,000 | $11.2M | New |
| CCRN Cross Country Healthcare Inc. | 0.67% | 770,029 | $10.9M | Reduce -21.9% |
| DAY Dayforce Inc. | 0.65% | 153,962 | $10.6M | New |
| MTSR Metsera Inc. | 0.62% | 195,200 | $10.2M | New |
| SNV Synovus Financial Corp. | 0.61% | 204,100 | $10.0M | New |
| CORZ Core Scientific Inc. | 0.60% | 547,600 | $9.8M | New |
| SHCO Soho House & Co. Inc. | 0.59% | 1,096,199 | $9.7M | New |
| TRML Tourmaline Bio Inc. | 0.57% | 196,177 | $9.4M | New |
| VRNT Verint Systems Inc. | 0.56% | 455,100 | $9.2M | New |
| PBPB Potbelly Corp. | 0.55% | 524,296 | $8.9M | New |
| PRO Pros Holdings Inc. | 0.52% | 371,408 | $8.5M | New |
| ZIMV Zimvie Inc. | 0.49% | 423,000 | $8.0M | New |
| AHL Aspen Insurance Holdings Class A | 0.48% | 216,401 | $7.9M | New |
| ETNB 89BIO Inc. | 0.48% | 529,800 | $7.8M | New |
| PHLT Performant Healthcare Inc. | 0.46% | 969,869 | $7.5M | New |
| MRC MRC Global Inc. | 0.45% | 509,400 | $7.3M | Add +210.0% |
| VMEO Vimeo Inc. | 0.44% | 921,885 | $7.1M | New |
| HOUS Anywhere Real Estate Inc. | 0.43% | 667,320 | $7.1M | New |
| VTLE Vital Energy Inc. | 0.40% | 392,555 | $6.6M | New |
| IAS Integral Ad Science Holding | 0.40% | 641,140 | $6.5M | New |
| IMXI International Money Express | 0.36% | 418,592 | $5.8M | New |
| GES Guess? Inc. | 0.35% | 345,397 | $5.8M | New |
| SCPH Scpharmaceuticals Inc. | 0.33% | 961,065 | $5.4M | New |
| WOW Wideopenwest Inc. | 0.32% | 1,025,400 | $5.3M | New |
| SPNS Sapiens International Corp. | 0.32% | 121,339 | $5.2M | New |
| PAAS Pan American Silver Corp. | 0.28% | 120,616 | $4.7M | New |
| PLYM Plymouth Industrial REIT Inc. | 0.27% | 194,699 | $4.3M | New |
| TASK Taskus Inc. Class A | 0.26% | 242,222 | $4.3M | Reduce -7.1% |
| PREMIER INC-CLASS A | 0.21% | 124,357 | $3.5M | New |
| VBTX Veritex Holdings Inc. | 0.21% | 102,600 | $3.4M | New |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 0.19% | 47,803 | $3.0M | New |
| SMLR Semler Scientific Inc. | 0.17% | 95,600 | $2.9M | New |
| HBI Hanesbrands Inc. | 0.16% | 408,340 | $2.7M | New |
| PGRE Paramount Group Inc. | 0.12% | 307,363 | $2.0M | New |
| HNI Hni Corp. | 0.11% | 39,100 | $1.8M | New |
| STRIVE INC | 0.04% | 286,615 | $717K | New |
| SUN Sunoco LP | 0.01% | 4,457 | $223K | New |
Options reported separately and not counted above: TECK calls ($14.9M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 379,348 | $2.6M | No change |
Total filed on the 13F, all lines: $1.6B.
Portfolio Sells Q2 2025 → Q3 2025
| HES Hess Corp. | Sold out | 0.00% | −11.38 |
| ANSS Ansys Inc. | Sold out | 0.00% | −8.44 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −7.29 |
| AMED Amedisys Inc. | Sold out | 0.00% | −5.79 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −2.90 |
| MAG Mag Silver Corp. | Sold out | 0.00% | −2.88 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −2.48 |
| RDUS Radius Recycling Inc. Class A | Sold out | 0.00% | −2.38 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −2.27 |
| CHX Championx Corp. | Sold out | 0.00% | −2.20 |
| VERV Verve Therapeutics Inc. | Sold out | 0.00% | −1.65 |
| NVEE NV5 Global Inc. | Sold out | 0.00% | −1.64 |
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −1.59 |
| EVRI Everi Holdings Inc. | Sold out | 0.00% | −1.58 |
| FARO Faro Technologies Inc. | Sold out | 0.00% | −1.42 |
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −1.32 |
| GMS GMS Inc. | Sold out | 0.00% | −1.28 |
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −1.25 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −1.21 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −1.07 |
| AGS Playags Inc. | Sold out | 0.00% | −1.03 |
| FL Foot Locker Inc. | Sold out | 0.00% | −0.99 |
| TGI Triumph Group Inc. | Sold out | 0.00% | −0.94 |
| ETWO E2OPEN Parent Holdings Inc. | Sold out | 0.00% | −0.76 |
| SGRY Surgery Partners Inc. | Sold out | 0.00% | −0.64 |
| SAGE Sage Therapeutics Inc. | Sold out | 0.00% | −0.62 |
| INZY Inozyme Pharma Inc. | Sold out | 0.00% | −0.47 |
| VIGL Vigil Neuroscience Inc. | Sold out | 0.00% | −0.47 |
| BHF Brighthouse Financial Inc. | Sold out | 0.00% | −0.28 |
| CCRN Cross Country Healthcare Inc. | Reduce -21.9% | 0.67% | −0.02 |
| TASK Taskus Inc. Class A | Reduce -7.1% | 0.26% | +0.03 |
| SIMO Silicon Motion Technol-ADR | Reduce -25.5% | 1.43% | +0.09 |
| SPR Spirit Aerosystems Hold Class A | Reduce -7.2% | 6.20% | +0.39 |
| K Kellanova | Reduce -8.2% | 6.57% | +0.47 |
| IPG Interpublic Group of Cos Inc. | Reduce -5.2% | 3.26% | +0.61 |
Portfolio Buys Q2 2025 → Q3 2025
| NSC Norfolk Southern Corp. | New | 9.21% | +9.21 |
| VRNA Verona Pharma Ltd. | New | 7.53% | +7.53 |
| CYBR Cyberark Software Ltd./Israel | New | 6.02% | +6.02 |
| GTLS Chart Industries Inc. | Add +590.3% | 6.22% | +5.56 |
| MRUS Merus NV | New | 4.80% | +4.80 |
| SAND Sandstorm Gold Ltd. | New | 2.88% | +2.88 |
| COOP Mr Cooper Group Inc. | Add +16.9% | 5.28% | +2.50 |
| LBRDK Liberty Broadband-C | New | 1.97% | +1.97 |
| WNS WNS Holdings Ltd. | New | 1.66% | +1.66 |
| STAA Staar Surgical Co. | New | 1.50% | +1.50 |
| EA Electronic Arts Inc. | New | 1.30% | +1.30 |
| FYBR Frontier Communications Pare | Add +10.7% | 4.70% | +1.06 |
| TGNA Tegna Inc. | New | 0.95% | +0.95 |
| AMWD American Woodmark Corp. | New | 0.85% | +0.85 |
| SCS Steelcase Inc. Class A | New | 0.75% | +0.75 |
| INFA Informatica Inc. Class A | Add +20.8% | 2.55% | +0.73 |
| PRA Proassurance Corp. | Add +73.6% | 1.39% | +0.72 |
| ARIS WATER SOLUTIONS INC-A | New | 0.71% | +0.71 |
| TIXT Telus International Cda Inc. | New | 0.68% | +0.68 |
| TXNM TXNM Energy Inc. | Add +86.6% | 1.25% | +0.67 |
| DAY Dayforce Inc. | New | 0.65% | +0.65 |
| MTSR Metsera Inc. | New | 0.62% | +0.62 |
| SNV Synovus Financial Corp. | New | 0.61% | +0.61 |
| CTLP Cantaloupe Inc. | Add +76.4% | 1.25% | +0.60 |
| CORZ Core Scientific Inc. | New | 0.60% | +0.60 |
| SHCO Soho House & Co. Inc. | New | 0.59% | +0.59 |
| ALE Allete Inc. | Add +17.4% | 2.11% | +0.58 |
| TRML Tourmaline Bio Inc. | New | 0.57% | +0.57 |
| VRNT Verint Systems Inc. | New | 0.56% | +0.56 |
| PBPB Potbelly Corp. | New | 0.55% | +0.55 |
| PRO Pros Holdings Inc. | New | 0.52% | +0.52 |
| ZIMV Zimvie Inc. | New | 0.49% | +0.49 |
| AHL Aspen Insurance Holdings Class A | New | 0.48% | +0.48 |
| ETNB 89BIO Inc. | New | 0.48% | +0.48 |
| PHLT Performant Healthcare Inc. | New | 0.46% | +0.46 |
| VMEO Vimeo Inc. | New | 0.44% | +0.44 |
| HOUS Anywhere Real Estate Inc. | New | 0.43% | +0.43 |
| VTLE Vital Energy Inc. | New | 0.40% | +0.40 |
| SSTK Shutterstock Inc. | Add +23.4% | 1.15% | +0.40 |
| IAS Integral Ad Science Holding | New | 0.40% | +0.40 |
| IMXI International Money Express | New | 0.36% | +0.36 |
| GES Guess? Inc. | New | 0.35% | +0.35 |
| SCPH Scpharmaceuticals Inc. | New | 0.33% | +0.33 |
| MRC MRC Global Inc. | Add +210.0% | 0.45% | +0.33 |
| WOW Wideopenwest Inc. | New | 0.32% | +0.32 |
| SPNS Sapiens International Corp. | New | 0.32% | +0.32 |
| PAAS Pan American Silver Corp. | New | 0.28% | +0.28 |
| PLYM Plymouth Industrial REIT Inc. | New | 0.27% | +0.27 |
| PREMIER INC-CLASS A | New | 0.21% | +0.21 |
| VBTX Veritex Holdings Inc. | New | 0.21% | +0.21 |
Options Activity Q2 2025 → Q3 2025
| TECK Teck Resources Ltd.-CLS B | call | New | 338,700 | $14.9M |
| DCH Dauch Corporation | call | Sold out | 1,516,900 | $6.2Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | Sold out | 127,258 | $1.1Mbefore exit |
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 |