Alpine Associates Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Alpine Associates Management Inc. reported 65 stock positions worth $1.5 billion. Its top holding was Norfolk Southern (NSC) at 9.1% of the portfolio, followed by Chart Industries (GTLS, 6.0%) and Cyberark Software Ltd./Israel (CYBR, 5.7%). Compared with Q3 2025, it opened 40 new positions, sold out of 40, added to 11 and reduced 13. The biggest buy was a new position in Exact Sciences (EXAS) and the biggest sale an exit from Verona Pharma (VRNA).
- Most Recent 13F
- Q2 2026
- Location
- PALM BEACH, FL
- CIK
- 0001396835
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001396835-26-000002 ↗ filed Feb 5, 2026
Holdings Value
Holdings 65 stocks · $1.5B
| NSC Norfolk Southern Corp. | 9.11% | 468,155 | $135.2M | Reduce -6.9% |
| GTLS Chart Industries Inc. | 5.99% | 430,936 | $88.9M | Reduce -15.4% |
| CYBR Cyberark Software Ltd./Israel | 5.72% | 190,355 | $84.9M | Reduce -6.8% |
| EXAS Exact Sciences Corp. | 5.51% | 805,500 | $81.8M | New |
| NGD New Gold Inc. | 5.50% | 9,363,161 | $81.6M | New |
| FYBR Frontier Communications Pare | 4.90% | 1,911,556 | $72.8M | Reduce -7.3% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 4.84% | 1,118,656 | $71.9M | Add +2240.1% |
| BA The Boeing Co. | 4.31% | 294,701 | $64.0M | New |
| RNAM Avidity Biosciences Inc. | 4.22% | 867,530 | $62.6M | New |
| EA Electronic Arts Inc. | 3.74% | 271,400 | $55.5M | Add +156.0% |
| CDTX Cidara Therapeutics Inc. | 3.10% | 208,560 | $46.1M | New |
| KVUE Kenvue Inc. | 2.51% | 2,158,626 | $37.2M | New |
| QRVO Qorvo Inc. | 2.36% | 415,059 | $35.1M | New |
| HOLX Hologic Inc. | 2.19% | 435,350 | $32.4M | New |
| TXNM TXNM Energy Inc. | 2.01% | 506,807 | $29.8M | Add +39.4% |
| BHF Brighthouse Financial Inc. | 1.63% | 372,683 | $24.1M | New |
| DAY Dayforce Inc. | 1.56% | 334,426 | $23.1M | Add +117.2% |
| LBRDK Liberty Broadband-C | 1.55% | 474,349 | $23.1M | Reduce -6.8% |
| SSTK Shutterstock Inc. | 1.49% | 1,154,955 | $22.1M | Add +28.0% |
| CMA Comerica Inc. | 1.41% | 240,376 | $20.9M | New |
| CTLP Cantaloupe Inc. | 1.37% | 1,910,357 | $20.3M | Reduce -1.2% |
| PRA Proassurance Corp. | 1.36% | 835,890 | $20.2M | Reduce -12.3% |
| HOUS Anywhere Real Estate Inc. | 1.33% | 1,397,243 | $19.8M | Add +109.4% |
| TGNA Tegna Inc. | 1.25% | 956,367 | $18.6M | Add +24.5% |
| CFLT Confluent Inc. Class A | 1.24% | 610,500 | $18.5M | New |
| SEE Sealed Air Corp. | 1.19% | 427,100 | $17.7M | New |
| HI Hillenbrand Inc. | 1.17% | 548,200 | $17.4M | New |
| WBD Warner Bros Discovery Inc. | 1.11% | 570,000 | $16.4M | New |
| FOLD Amicus Therapeutics Inc. | 0.91% | 949,200 | $13.5M | New |
| JHG Janus Henderson Group PLC | 0.83% | 260,042 | $12.4M | New |
| REVG Rev Group Inc. | 0.83% | 202,491 | $12.3M | New |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 0.82% | 940,798 | $12.2M | New |
| AMWD American Woodmark Corp. | 0.82% | 226,833 | $12.2M | Add +8.3% |
| AVDL Avadel Pharmaceuticals Ltd. | 0.76% | 525,550 | $11.3M | New |
| RKT Rocket Cos Inc. Class A | 0.75% | 574,254 | $11.1M | New |
| STAA Staar Surgical Co. | 0.73% | 466,607 | $10.8M | Reduce -48.9% |
| SEMR Semrush Holdings Inc. Class A | 0.71% | 879,994 | $10.5M | New |
| SHCO Soho House & Co. Inc. | 0.70% | 1,160,256 | $10.4M | Add +5.8% |
| VECO Veeco Instruments Inc. | 0.68% | 353,400 | $10.1M | New |
| ATXS Astria Therapeutics Inc. | 0.64% | 728,922 | $9.5M | New |
| SNV Synovus Financial Corp. | 0.64% | 190,312 | $9.5M | Reduce -6.8% |
| AHL Aspen Insurance Holdings Class A | 0.63% | 252,487 | $9.4M | Add +16.7% |
| CWAN Clearwater Analytics HDS-A | 0.63% | 385,000 | $9.3M | New |
| SIMO Silicon Motion Technol-ADR | 0.50% | 79,976 | $7.4M | Reduce -67.7% |
| DVAX Dynavax Technologies Corp. | 0.49% | 475,000 | $7.3M | New |
| IMXI International Money Express | 0.40% | 390,333 | $6.0M | Reduce -6.8% |
| DBRG Digitalbridge Group Inc. | 0.39% | 380,000 | $5.8M | New |
| GES Guess? Inc. | 0.36% | 322,209 | $5.4M | Reduce -6.7% |
| TWO Two Harbors Investment Corp. filed as TWO HBRS INVT CORP | 0.34% | 474,600 | $5.0M | New |
| ALEX Alexander & Baldwin Inc. | 0.32% | 228,294 | $4.7M | New |
| FRGE Forge Global Holdings Inc. | 0.29% | 98,107 | $4.4M | New |
| PLYM Plymouth Industrial REIT Inc. | 0.27% | 181,555 | $4.0M | Reduce -6.8% |
| PCH Potlatchdeltic Corp. | 0.26% | 95,600 | $3.8M | New |
| CSGS CSG Systems Intl Inc. | 0.25% | 47,500 | $3.6M | New |
| UDMY Udemy Inc. | 0.22% | 569,800 | $3.3M | New |
| SUNC Sunococorp LLC | 0.19% | 57,376 | $2.8M | New |
| CIVI Civitas Resources Inc. | 0.17% | 94,700 | $2.6M | New |
| QCOM Qualcomm Inc. | 0.17% | 14,403 | $2.5M | New |
| THS Treehouse Foods Inc. | 0.15% | 94,750 | $2.2M | New |
| EB Eventbrite Inc. Class A | 0.15% | 500,000 | $2.2M | New |
| AXTA Axalta Coating Systems Ltd. | 0.10% | 47,400 | $1.5M | New |
| SMLR Semler Scientific Inc. | 0.10% | 95,600 | $1.5M | No change |
| IAG Iamgold Corp. | 0.08% | 69,482 | $1.1M | New |
| STRIVE INC | 0.02% | 459,475 | $339K | Add +60.3% |
| GETY Getty Images Holdings Inc. | 0.01% | 94,500 | $127K | New |
Options reported separately and not counted above: TECK calls ($18.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 329,465 | $1.5M | Reduce -13.2% |
Total filed on the 13F, all lines: $1.5B.
Portfolio Sells Q3 2025 → Q4 2025
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −7.53 |
| K Kellanova | Sold out | 0.00% | −6.57 |
| SPR Spirit Aerosystems Hold Class A | Sold out | 0.00% | −6.20 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −5.28 |
| MRUS Merus NV | Sold out | 0.00% | −4.80 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −3.26 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −2.88 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −2.55 |
| ALE Allete Inc. | Sold out | 0.00% | −2.11 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −1.66 |
| AVDX Avidxchange Holdings Inc. | Sold out | 0.00% | −1.37 |
| SIMO Silicon Motion Technol-ADR | Reduce -67.7% | 0.50% | −0.93 |
| STAA Staar Surgical Co. | Reduce -48.9% | 0.73% | −0.77 |
| SCS Steelcase Inc. Class A | Sold out | 0.00% | −0.75 |
| CVAC Curevac NV | Sold out | 0.00% | −0.75 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.71 |
| TIXT Telus International Cda Inc. | Sold out | 0.00% | −0.68 |
| CCRN Cross Country Healthcare Inc. | Sold out | 0.00% | −0.67 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.62 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −0.60 |
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −0.57 |
| VRNT Verint Systems Inc. | Sold out | 0.00% | −0.56 |
| PBPB Potbelly Corp. | Sold out | 0.00% | −0.55 |
| PRO Pros Holdings Inc. | Sold out | 0.00% | −0.52 |
| ZIMV Zimvie Inc. | Sold out | 0.00% | −0.49 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −0.48 |
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −0.46 |
| MRC MRC Global Inc. | Sold out | 0.00% | −0.45 |
| VMEO Vimeo Inc. | Sold out | 0.00% | −0.44 |
| LBRDK Liberty Broadband-C | Reduce -6.8% | 1.55% | −0.42 |
| VTLE Vital Energy Inc. | Sold out | 0.00% | −0.40 |
| IAS Integral Ad Science Holding | Sold out | 0.00% | −0.40 |
| SCPH Scpharmaceuticals Inc. | Sold out | 0.00% | −0.33 |
| WOW Wideopenwest Inc. | Sold out | 0.00% | −0.32 |
| SPNS Sapiens International Corp. | Sold out | 0.00% | −0.32 |
| CYBR Cyberark Software Ltd./Israel | Reduce -6.8% | 5.72% | −0.29 |
| PAAS Pan American Silver Corp. | Sold out | 0.00% | −0.28 |
| TASK Taskus Inc. Class A | Sold out | 0.00% | −0.26 |
| GTLS Chart Industries Inc. | Reduce -15.4% | 5.99% | −0.23 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −0.21 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −0.21 |
| HBI Hanesbrands Inc. | Sold out | 0.00% | −0.16 |
| PGRE Paramount Group Inc. | Sold out | 0.00% | −0.12 |
| HNI Hni Corp. | Sold out | 0.00% | −0.11 |
| NSC Norfolk Southern Corp. | Reduce -6.9% | 9.11% | −0.10 |
| PRA Proassurance Corp. | Reduce -12.3% | 1.36% | −0.03 |
| SUN Sunoco LP | Sold out | 0.00% | −0.01 |
| PLYM Plymouth Industrial REIT Inc. | Reduce -6.8% | 0.27% | +0.00 |
| GES Guess? Inc. | Reduce -6.7% | 0.36% | +0.01 |
| SNV Synovus Financial Corp. | Reduce -6.8% | 0.64% | +0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| EXAS Exact Sciences Corp. | New | 5.51% | +5.51 |
| NGD New Gold Inc. | New | 5.50% | +5.50 |
| AL Sumisho Air Lease Corp. | Add +2240.1% | 4.84% | +4.66 |
| BA The Boeing Co. | New | 4.31% | +4.31 |
| RNAM Avidity Biosciences Inc. | New | 4.22% | +4.22 |
| CDTX Cidara Therapeutics Inc. | New | 3.10% | +3.10 |
| KVUE Kenvue Inc. | New | 2.51% | +2.51 |
| EA Electronic Arts Inc. | Add +156.0% | 3.74% | +2.43 |
| QRVO Qorvo Inc. | New | 2.36% | +2.36 |
| HOLX Hologic Inc. | New | 2.19% | +2.19 |
| BHF Brighthouse Financial Inc. | New | 1.63% | +1.63 |
| CMA Comerica Inc. | New | 1.41% | +1.41 |
| CFLT Confluent Inc. Class A | New | 1.24% | +1.24 |
| SEE Sealed Air Corp. | New | 1.19% | +1.19 |
| HI Hillenbrand Inc. | New | 1.17% | +1.17 |
| WBD Warner Bros Discovery Inc. | New | 1.11% | +1.11 |
| DAY Dayforce Inc. | Add +117.2% | 1.56% | +0.91 |
| FOLD Amicus Therapeutics Inc. | New | 0.91% | +0.91 |
| HOUS Anywhere Real Estate Inc. | Add +109.4% | 1.33% | +0.90 |
| JHG Janus Henderson Group PLC | New | 0.83% | +0.83 |
| REVG Rev Group Inc. | New | 0.83% | +0.83 |
| JAMF Jamf Holding Corp. | New | 0.82% | +0.82 |
| AVDL Avadel Pharmaceuticals Ltd. | New | 0.76% | +0.76 |
| TXNM TXNM Energy Inc. | Add +39.4% | 2.01% | +0.76 |
| RKT Rocket Cos Inc. Class A | New | 0.75% | +0.75 |
| SEMR Semrush Holdings Inc. Class A | New | 0.71% | +0.71 |
| VECO Veeco Instruments Inc. | New | 0.68% | +0.68 |
| ATXS Astria Therapeutics Inc. | New | 0.64% | +0.64 |
| CWAN Clearwater Analytics HDS-A | New | 0.63% | +0.63 |
| DVAX Dynavax Technologies Corp. | New | 0.49% | +0.49 |
| DBRG Digitalbridge Group Inc. | New | 0.39% | +0.39 |
| SSTK Shutterstock Inc. | Add +28.0% | 1.49% | +0.34 |
| TWO Two Harbors Investment Corp. | New | 0.34% | +0.34 |
| ALEX Alexander & Baldwin Inc. | New | 0.32% | +0.32 |
| TGNA Tegna Inc. | Add +24.5% | 1.25% | +0.30 |
| FRGE Forge Global Holdings Inc. | New | 0.29% | +0.29 |
| PCH Potlatchdeltic Corp. | New | 0.26% | +0.26 |
| CSGS CSG Systems Intl Inc. | New | 0.25% | +0.25 |
| UDMY Udemy Inc. | New | 0.22% | +0.22 |
| SUNC Sunococorp LLC | New | 0.19% | +0.19 |
| CIVI Civitas Resources Inc. | New | 0.17% | +0.17 |
| QCOM Qualcomm Inc. | New | 0.17% | +0.17 |
| THS Treehouse Foods Inc. | New | 0.15% | +0.15 |
| EB Eventbrite Inc. Class A | New | 0.15% | +0.15 |
| AHL Aspen Insurance Holdings Class A | Add +16.7% | 0.63% | +0.15 |
| SHCO Soho House & Co. Inc. | Add +5.8% | 0.70% | +0.11 |
| AXTA Axalta Coating Systems Ltd. | New | 0.10% | +0.10 |
| IAG Iamgold Corp. | New | 0.08% | +0.08 |
| GETY Getty Images Holdings Inc. | New | 0.01% | +0.01 |
| STRIVE INC | Add +60.3% | 0.02% | −0.02 |
Options Activity Q3 2025 → Q4 2025
| TECK Teck Resources Ltd.-CLS B | call | Add +12.4% | 380,800 | $18.2M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | Reduce -13.2% | 329,465 | $1.5M |
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 |