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Asset manager

ACR Alpine Capital Research, LLC

13F for the quarter to June 30, 2026, filed July 29, 2026 · SEC CIK 1508822

Reported value
$7.0bn
74% in companies we cover
Positions we cover
29
Largest JNJ 7.7%
Copy, a year
+17.8%
S&P 500 +14.1%
Copy Sharpe ratio
0.86
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $86.9k$57.0k
CopyS&P 500 $10,000 copying ACR Alpine Capital Research, LLC's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −36.2% (S&P 500 −31.8%); beta 0.98; alpha +3.9% a year (t = 1.40); last 12 months +29.9% against +12.1%.

Reported value by quarter

ACR Alpine Capital Research, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1T $2T $3T Reported value, 2013-06-30: $439.8M Reported value, 2013-09-30: $429.8M Reported value, 2013-12-31: $991.1M Reported value, 2014-03-31: $600.5M Reported value, 2014-06-30: $653.6M Reported value, 2014-09-30: $670M Reported value, 2014-12-31: $761M Reported value, 2015-03-31: $823M Reported value, 2015-06-30: $800.9M Reported value, 2015-09-30: $912.6M Reported value, 2015-12-31: $999.2M Reported value, 2016-03-31: $1.3B Reported value, 2016-06-30: $1.3B Reported value, 2016-09-30: $1.4B Reported value, 2016-12-31: $1.2B Reported value, 2017-03-31: $1.2B Reported value, 2017-06-30: $1.2B Reported value, 2017-09-30: $1.8B Reported value, 2017-12-31: $1.9B Reported value, 2018-03-31: $1.8B Reported value, 2018-06-30: $1.9B Reported value, 2018-09-30: $1.9B Reported value, 2018-12-31: $2B Reported value, 2019-03-31: $1.9B Reported value, 2019-06-30: $1.9B Reported value, 2019-09-30: $2B Reported value, 2019-12-31: $1.9B Reported value, 2020-03-31: $1.5B Reported value, 2020-06-30: $1.5B Reported value, 2020-09-30: $1.4B Reported value, 2020-12-31: $1.7B Reported value, 2021-03-31: $1.9B Reported value, 2021-06-30: $1.8B Reported value, 2021-09-30: $1.8B Reported value, 2021-12-31: $1.9B Reported value, 2022-03-31: $2B Reported value, 2022-06-30: $2.2B Reported value, 2022-09-30: $2B Reported value, 2022-12-31: $2.2T Reported value, 2023-03-31: $2.5B Reported value, 2023-06-30: $2.7B Reported value, 2023-09-30: $3.1B Reported value, 2023-12-31: $3B Reported value, 2024-03-31: $3.3B Reported value, 2024-06-30: $3.2B Reported value, 2024-09-30: $3.4B Reported value, 2024-12-31: $4.6B Reported value, 2025-03-31: $4.8B Reported value, 2025-06-30: $5.6B Reported value, 2025-09-30: $5.9B Reported value, 2025-12-31: $6.4B Reported value, 2026-03-31: $6.7B Reported value, 2026-06-30: $7B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $7B
View chart data
Period Reported value
2013-06-30 $439.8M
2013-09-30 $429.8M
2013-12-31 $991.1M
2014-03-31 $600.5M
2014-06-30 $653.6M
2014-09-30 $670M
2014-12-31 $761M
2015-03-31 $823M
2015-06-30 $800.9M
2015-09-30 $912.6M
2015-12-31 $999.2M
2016-03-31 $1.3B
2016-06-30 $1.3B
2016-09-30 $1.4B
2016-12-31 $1.2B
2017-03-31 $1.2B
2017-06-30 $1.2B
2017-09-30 $1.8B
2017-12-31 $1.9B
2018-03-31 $1.8B
2018-06-30 $1.9B
2018-09-30 $1.9B
2018-12-31 $2B
2019-03-31 $1.9B
2019-06-30 $1.9B
2019-09-30 $2B
2019-12-31 $1.9B
2020-03-31 $1.5B
2020-06-30 $1.5B
2020-09-30 $1.4B
2020-12-31 $1.7B
2021-03-31 $1.9B
2021-06-30 $1.8B
2021-09-30 $1.8B
2021-12-31 $1.9B
2022-03-31 $2B
2022-06-30 $2.2B
2022-09-30 $2B
2022-12-31 $2.2T
2023-03-31 $2.5B
2023-06-30 $2.7B
2023-09-30 $3.1B
2023-12-31 $3B
2024-03-31 $3.3B
2024-06-30 $3.2B
2024-09-30 $3.4B
2024-12-31 $4.6B
2025-03-31 $4.8B
2025-06-30 $5.6B
2025-09-30 $5.9B
2025-12-31 $6.4B
2026-03-31 $6.7B
2026-06-30 $7B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
JNJJohnson & Johnson7.74%$545.1m2.15M−0.5% Reduced
CVXChevron Corporation6.54%$461.0m2.78M+1.2% Added
LENLennar6.09%$429.2m4.74M+12.6% Added
MSFTMicrosoft Corporation6.02%$423.9m1.14M+15.8% Added
THOThor Industries Inc5.90%$415.5m5.53M+12.7% Added
FDXFedEx4.95%$348.3m1.11M−1.0% Reduced
GMGeneral Motors4.87%$342.8m4.45M+10.5% Added
JPMJPMorgan Chase4.54%$319.9m977.3K−0.1%
VODVodafone Group Public LTD Co4.51%$317.7m24.02M−10.6% Reduced
MGAMagna International Inc4.48%$315.8m4.81M−0.8% Reduced
ARWArrow Electronics, Inc.4.42%$311.1m1.46M−59.3% Reduced
CCitigroup4.12%$290.5m2.08M−41.4% Reduced
ELVElevance Health4.05%$285.4m737.9KNew
DGDollar General2.82%$198.8m1.73M+53.9% Added
LBTYKLiberty Global Ltd.1.38%$97.3m8.84M+28.4% Added
DELLDell Technologies0.36%$25.4m58.8K−49.7% Reduced
PPLIPeople Inc0.19%$13.5m291.8K−35.3% Reduced
CRKComstock Resources Inc0.12%$8.2m546.4KNew
SMBCSouthern Missouri Bancorp, Inc.0.10%$6.9m91.0K−3.9% Reduced
FPHFive Point Holdings, LLC0.10%$6.8m1.29M+4.8% Added
ECHOEchoStar0.10%$6.7m66.0K+428.4% Added
JEFJefferies Financial Group Inc.0.09%$6.5m129.5K+3.8% Added
MRKMerck & Co.0.07%$5.3m41.1K+4.3% Added
ZDZiff Davis, Inc.0.06%$4.5m86.5K+19.1% Added
MGMMGM Resorts0.06%$4.4m92.8K+2.6% Added
APGApi Group Corp0.04%$2.8m66.4K−0.1%
TLNTalen Energy Corp0.04%$2.5m6.5KNew
FDXFFedEx Freight0.00%$231,4831.5KNew
NFENew Fortress Energy Inc.0.00%$43,572120.0K0.0%
CompanyBought (value)Shares
ELVElevance Health$285.4m737.9K
DGDollar General$69.6m604.7K
MSFTMicrosoft Corporation$57.7m154.6K
LENLennar$48.1m531.1K
THOThor Industries Inc$46.9m624.4K
GMGeneral Motors$32.5m421.6K
LBTYKLiberty Global Ltd.$21.5m1.96M
CRKComstock Resources Inc$8.2m546.4K
ECHOEchoStar$5.4m53.5K
CVXChevron Corporation$5.4m32.3K
TLNTalen Energy Corp$2.5m6.5K
ZDZiff Davis, Inc.$725,11513.8K
FPHFive Point Holdings, LLC$313,80259.5K
JEFJefferies Financial Group Inc.$237,7554.8K
FDXFFedEx Freight$231,4831.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
ARWArrow Electronics, Inc.−$452.5m−2.12M
CCitigroup−$205.6m−1.47M
VODVodafone Group Public LTD Co−$37.5m−2.84M
DELLDell Technologies−$25.1m−58.1K
PPLIPeople Inc−$7.3m−159.0K
FDXFedEx−$3.6m−11.3K
JNJJohnson & Johnson−$2.8m−10.9K
MGAMagna International Inc−$2.5m−38.4K
JPMJPMorgan Chase−$376,430−1.1K
SMBCSouthern Missouri Bancorp, Inc.−$280,986−3.7K
NINENine Energy Service, Inc.−$279,000−46.5K
APGApi Group Corp−$4,066−96

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
NINENine Energy Service, Inc.$279,00046.5K
  • Consumer Discretionary29.0%
  • Health Care16.1%
  • Technology14.6%
  • Financials12.0%
  • Energy9.0%
  • Communication Services8.5%
  • Industrials6.8%
  • Consumer Staples3.8%
  • Real Estate0.1%
  • Utilities0.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+17.8%+14.1%0.860.78−36.2%0.98
2018 onwardsJanuary 5, 2018 to November 2, 2026+15.7%+13.9%0.660.66−36.2%0.98
Last three yearsNovember 3, 2023 to November 2, 2026+26.4%+21.8%1.331.16−16.0%0.71
Last yearNovember 7, 2025 to November 2, 2026+30.5%+14.2%1.700.84−10.3%0.50

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.