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ACR Alpine Capital Research, LLC

190 CARONDELET PLAZA SUITE 1300, ST. LOUIS, MO 63105 • 314-932-1010

Q3 2025 · Filed 2025-10-30
Market Value
$5.5B
+4.1%
Holdings
36
-2
New Purchases
2
Added To
15
Closed
3
Reduced
13
Top 10 Concentration
73.1%
Turnover
13.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
JNJ 7.49% 6.42% +1.07% $414M
GM 7.99% 7.13% +0.85% $441M
MGA 5.21% 4.38% +0.83% $288M
THO 7.71% 7.14% +0.57% $426M
FDX 7.37% 6.83% +0.54% $407M
CVX 6.95% 6.53% +0.42% $384M
LEN 6.57% 6.16% +0.41% $363M
VOD 5.48% 5.20% +0.28% $303M
SGOV 0.17% 0.00% +0.17% $10M
ARW 5.29% 5.18% +0.11% $292M
JPM 6.28% 6.23% +0.06% $347M
DELL 0.27% 0.24% +0.03% $15M
LILAK 0.09% 0.07% +0.02% $5M
FPH 0.12% 0.10% +0.01% $7M
JEF 0.06% 0.05% +0.01% $3M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
C 6.62% 9.14% -2.52% $366M
DG 7.29% 9.01% -1.72% $403M
GBIL 8.65% 9.43% -0.78% $478M
MSFT 6.50% 6.68% -0.18% $359M
BCS 0.17% 0.23% -0.06% $9M
HES 0.00% 0.04% -0.04% $0
RPV 0.00% 0.04% -0.04% $0
CORZ 0.05% 0.07% -0.02% $3M
BRK-B 2.06% 2.07% -0.02% $114M
LEN-B 0.06% 0.07% -0.01% $3M
BRK-A 1.16% 1.17% -0.01% $64M
IAC 0.11% 0.12% -0.01% $6M
EARN 0.00% 0.00% -0.00% $0
APG 0.04% 0.04% -0.00% $2M
MGM 0.11% 0.11% -0.00% $6M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 32.0%
Consumer Cyclical 21.1%
Technology 14.5%
Energy 9.0%
Healthcare 8.4%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 8 $2.1B 37.1%
Large Cap 14 $2.5B 46.0%
Mid Cap 5 $919M 16.6%
Small Cap 6 $16M 0.3%
Micro Cap 3 $275K 0.0%

Portfolio Analytics

Avg Market Cap
$229.7B
Median Market Cap
$20.0B
Avg P/E
22.8
Median P/E
15.4
Avg Dividend Yield
0.02%
Avg Beta
1.14
# Stocks
33
# ETFs / Funds
3

Top Holdings (36 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 GBIL 8.65% 4,768,657 $478M $100.23 -$22M -225,060 -4.5%
2 GM 7.99% 7,236,999 $441M $60.97 $63M -453,244 -5.9%
3 THO 7.71% 4,107,070 $426M $103.69 $47M -157,961 -3.7%
4 JNJ 7.49% 2,232,076 $414M $185.42 $73M +3,134 +0.1%
5 FDX 7.37% 1,726,667 $407M $235.81 $45M +131,946 +8.3%
6 DG 7.29% 3,895,406 $403M $103.35 -$75M -282,436 -6.8%
7 CVX 6.95% 2,471,567 $384M $155.29 $37M +52,417 +2.2%
8 C 6.62% 3,601,290 $366M $101.50 -$119M -2,094,656 -36.8%
9 LEN 6.57% 2,880,031 $363M $126.04 $36M -75,782 -2.6%
10 MSFT 6.50% 693,079 $359M $517.95 $5M -19,239 -2.7%
11 JPM 6.28% 1,100,218 $347M $315.43 $17M -39,148 -3.4%
12 VOD 5.48% 26,095,086 $303M $11.60 $27M +228,325 +0.9%
13 ARW 5.29% 2,416,815 $292M $121.00 $18M +260,442 +12.1%
14 MGA 5.21% 6,076,011 $288M $47.38 $56M +57,405 +0.9%
15 BRK-B 2.06% 226,049 $114M $502.74 $4M -272 -0.1%
16 BRK-A 1.16% 85 $64M $754,200.00 $2M
17 DELL 0.27% 105,217 $15M $141.77 $2M +822 +0.8%
18 SGOV 0.17% 96,000 $10M $100.70 +96,000 NEW
19 BCS 0.17% 454,000 $9M $20.67 -$3M -204,122 -31.0%
20 FPH 0.12% 1,062,657 $7M $6.13 $968K +54,259 +5.4%
21 MGM 0.11% 180,789 $6M $34.66 $241K +5,595 +3.2%
22 IAC 0.11% 181,719 $6M $34.07 -$98K +13,282 +7.9%
23 LILAK 0.09% 587,130 $5M $8.44 $1M -1,828 -0.3%
24 JEF 0.06% 53,352 $3M $65.42 $576K +72 +0.1%
25 LEN-B 0.06% 28,883 $3M $119.99 -$298K -6,878 -19.2%
26 MRK 0.05% 36,139 $3M $83.93 $356K +2,317 +6.8%
27 SMBC 0.05% 53,207 $3M $52.56 $136K +4,642 +9.6%
28 CORZ 0.05% 155,000 $3M $17.94 -$1M -78,000 -33.5%
29 APG 0.04% 60,153 $2M $34.37 $52K +20,681 +52.4%
30 KW 0.03% 185,589 $2M $8.32 $307K +3,721 +2.0%
31 SLDP 0.01% 85,000 $295K $3.47 $109K
32 NFE —% 120,000 $265K $2.21 +120,000 NEW
33 NINEQ —% 15,000 $9K $0.63 -$2K
34 HES —% -$2M -16,367 -100.0% SOLD
35 EARN —% -$69K -11,978 -100.0% SOLD
36 RPV —% -$2M -21,062 -100.0% SOLD

New Positions

SymbolValue% Port
SGOV $10M 0.17%
NFE $265K —%

Sold Out Positions

SymbolValue% Port
EARN —%
RPV —%
HES —%
View SEC EDGAR Filings for ACR Alpine Capital Research, LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms