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ACR Alpine Capital Research, LLC

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

Q4 2025 · Filed 2026-02-05
Market Value
$6.1B
+10.4%
Holdings
35
-1
New Purchases
2
Added To
18
Closed
3
Reduced
9
Top 10 Concentration
73.5%
Turnover
14.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GBIL 13.29% 8.65% +4.64% $811M
ARW 6.22% 5.29% +0.93% $380M
FDX 8.24% 7.37% +0.87% $503M
RPV 0.60% 0.00% +0.60% $36M
C 6.86% 6.62% +0.25% $419M
VOD 5.64% 5.48% +0.17% $344M
IAC 0.28% 0.11% +0.16% $17M
JNJ 7.59% 7.49% +0.10% $463M
SGOV 0.27% 0.17% +0.09% $16M
VGSH 0.08% 0.00% +0.08% $5M
KW 0.07% 0.03% +0.05% $5M
SMBC 0.09% 0.05% +0.04% $5M
MGA 5.25% 5.21% +0.04% $320M
JEF 0.10% 0.06% +0.03% $6M
BCS 0.19% 0.17% +0.02% $12M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GM 6.24% 7.99% -1.74% $381M
DG 5.71% 7.29% -1.57% $349M
LEN 5.42% 6.57% -1.15% $331M
JPM 5.16% 6.28% -1.12% $315M
MSFT 5.51% 6.50% -0.99% $336M
THO 6.95% 7.71% -0.75% $424M
BRK-B 1.85% 2.06% -0.20% $113M
CVX 6.77% 6.95% -0.18% $413M
BRK-A 1.05% 1.16% -0.11% $64M
MGM 0.04% 0.11% -0.07% $2M
CORZ 0.00% 0.05% -0.05% $0
DELL 0.22% 0.27% -0.05% $13M
LILAK 0.05% 0.09% -0.04% $3M
FPH 0.10% 0.12% -0.02% $6M
LEN-B 0.05% 0.06% -0.02% $3M

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 34.9%
Large Cap 14 $2.7B 43.7%
Mid Cap 5 $1.3B 20.6%
Small Cap 6 $56M 0.9%
Micro Cap 2 $137K 0.0%

Portfolio Analytics

Avg Market Cap
$235.9B
Median Market Cap
$22.0B
Avg P/E
21.8
Median P/E
15.4
Avg Dividend Yield
0.01%
Avg Beta
1.12
# Stocks
31
# ETFs / Funds
4

Top Holdings (35 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 GBIL 13.29% 8,115,451 $811M $99.94 $333M +3,346,794 +70.2%
2 FDX 8.24% 1,740,634 $503M $288.86 $96M +13,967 +0.8%
3 JNJ 7.59% 2,237,048 $463M $206.95 $49M +4,972 +0.2%
4 THO 6.95% 4,133,782 $424M $102.67 -$1M +26,712 +0.7%
5 C 6.86% 3,589,696 $419M $116.69 $53M -11,594 -0.3%
6 CVX 6.77% 2,710,197 $413M $152.41 $29M +238,630 +9.7%
7 GM 6.24% 4,685,024 $381M $81.32 -$60M -2,551,975 -35.3%
8 ARW 6.22% 3,445,593 $380M $110.18 $87M +1,028,778 +42.6%
9 DG 5.71% 2,625,611 $349M $132.77 -$54M -1,269,795 -32.6%
10 VOD 5.64% 26,070,647 $344M $13.21 $42M -24,439 -0.1%
11 MSFT 5.51% 695,379 $336M $483.62 -$23M +2,300 +0.3%
12 LEN 5.42% 3,215,072 $331M $102.80 -$32M +335,041 +11.6%
13 MGA 5.25% 6,006,268 $320M $53.30 $32M -69,743 -1.1%
14 JPM 5.16% 977,188 $315M $322.22 -$32M -123,030 -11.2%
15 BRK-B 1.85% 224,988 $113M $502.65 -$553K -1,061 -0.5%
16 BRK-A 1.05% 85 $64M $754,800.00 $51K
17 RPV 0.60% 352,994 $36M $103.36 +352,994 NEW
18 IAC 0.28% 430,987 $17M $39.10 $11M +249,268 +137.2%
19 SGOV 0.27% 162,305 $16M $100.56 $7M +66,305 +69.1%
20 DELL 0.22% 106,822 $13M $125.88 -$1M +1,605 +1.5%
21 BCS 0.19% 454,000 $12M $25.45 $2M
22 FPH 0.10% 1,114,757 $6M $5.59 -$283K +52,100 +4.9%
23 JEF 0.10% 95,758 $6M $61.97 $2M +42,406 +79.5%
24 SMBC 0.09% 91,032 $5M $59.12 $3M +37,825 +71.1%
25 VGSH 0.08% 86,500 $5M $58.73 +86,500 NEW
26 KW 0.07% 468,476 $5M $9.67 $3M +282,887 +152.4%
27 MRK 0.06% 36,896 $4M $105.26 $851K +757 +2.1%
28 LILAK 0.05% 417,972 $3M $7.46 -$2M -169,158 -28.8%
29 LEN-B 0.05% 30,188 $3M $95.12 -$594K +1,305 +4.5%
30 MGM 0.04% 65,506 $2M $36.49 -$4M -115,283 -63.8%
31 APG 0.04% 61,560 $2M $38.26 $288K +1,407 +2.3%
32 NFE —% 120,000 $137K $1.14 -$128K
33 CORZ —% -$3M -155,000 -100.0% SOLD
34 SLDP —% -$295K -85,000 -100.0% SOLD
35 NINEQ —% -$9K -15,000 -100.0% SOLD

New Positions

SymbolValue% Port
RPV $36M 0.60%
VGSH $5M 0.08%

Sold Out Positions

SymbolValue% Port
CORZ —%
SLDP —%
NINEQ —%
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