ACR Alpine Capital Research, LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 17 quarters, returned +2.8% per quarter — versus +4.2% per quarter from simply owning every 13F stock. It beat that baseline in only 41.2% of quarters (excess t = -0.34, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 36 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| GBIL | $1.1B | | ADD |
| CVX | $569M | | HOLD |
| JNJ | $527M | | TRIM |
| ARW | $513M | | ADD |
| VOD | $403M | | ADD |
| C | $402M | | HOLD |
| FDX | $400M | | TRIM |
| THO | $392M | | ADD |
| LEN | $366M | | ADD |
| MSFT | $363M | | ADD |
| GM | $300M | | TRIM |
| JPM | $288M | | HOLD |
| LBTYA | $286M | | ADD |
| MGA | $271M | | TRIM |
| DG | $133M | | TRIM |
| BRK/B | $108M | | HOLD |
| LBTYA | $81M | | ADD |
| BRK/A | $61M | | HOLD |
| SGOV | $26M | | ADD |
| DELL | $19M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.