ALPINE ASSOCIATES MANAGEMENT INC.
"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 31 quarters, returned +3.9% per quarter — versus +2.5% per quarter from simply owning every 13F stock. It beat that baseline in only 64.5% of quarters (excess t = 0.58, 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 70 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| NSC | $133M | | HOLD |
| AIRT | $90M | | ADD |
| GTLS | $89M | | HOLD |
| EA | $65M | | ADD |
| QRVO | $62M | | ADD |
| UNF | $55M | | NEW |
| KVUE | $51M | | ADD |
| VAL | $46M | | NEW |
| SLAB | $46M | | NEW |
| ACLX | $43M | | NEW |
| PEN | $43M | | NEW |
| WBD | $43M | | ADD |
| APLS | $35M | | NEW |
| CNTA | $34M | | NEW |
| SKYT | $34M | | NEW |
| MASI | $34M | | NEW |
| HOL | $33M | | HOLD |
| CSGS | $32M | | ADD |
| ZIM | $31M | | NEW |
| JHG | $30M | | 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.