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ACR Alpine Capital Research, LLC

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

Q1 2026 · Filed 2026-04-30
Market Value
$6.3B
+3.8%
Holdings
36
+1
New Purchases
4
Added To
18
Closed
2
Reduced
9
Top 10 Concentration
79.8%
Turnover
16.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GBIL 17.62% 13.29% +4.33% $1.1B
CVX 8.98% 6.77% +2.21% $569M
ARW 8.10% 6.22% +1.88% $513M
JNJ 8.33% 7.59% +0.74% $527M
VOD 6.37% 5.64% +0.73% $403M
LEN 5.78% 5.42% +0.36% $366M
MSFT 5.74% 5.51% +0.23% $363M
SGOV 0.42% 0.27% +0.15% $26M
DELL 0.30% 0.22% +0.08% $19M
DHIL 0.06% 0.00% +0.06% $4M
JCOM 0.05% 0.00% +0.05% $3M
SATS 0.02% 0.00% +0.02% $1M
MGM 0.05% 0.04% +0.01% $3M
MRK 0.07% 0.06% +0.01% $5M
IAC 0.28% 0.28% +0.01% $18M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
DG 2.10% 5.71% -3.61% $133M
FDX 6.32% 8.24% -1.92% $400M
GM 4.74% 6.24% -1.51% $300M
MGA 4.27% 5.25% -0.97% $271M
THO 6.19% 6.95% -0.77% $392M
JPM 4.55% 5.16% -0.61% $288M
RPV 0.00% 0.60% -0.60% $0
C 6.35% 6.86% -0.52% $402M
BRK-B 1.70% 1.85% -0.15% $108M
BRK-A 0.96% 1.05% -0.09% $61M
VGSH 0.00% 0.08% -0.08% $0
BCS 0.15% 0.19% -0.04% $10M
JEF 0.08% 0.10% -0.02% $5M
KW 0.06% 0.07% -0.01% $4M
FPH 0.09% 0.10% -0.01% $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 $2.3B 36.7%
Large Cap 15 $2.5B 38.7%
Mid Cap 5 $1.5B 24.2%
Small Cap 7 $24M 0.4%
Micro Cap 1 $71K 0.0%

Portfolio Analytics

Avg Market Cap
$230.3B
Median Market Cap
$22.2B
Avg P/E
21.9
Median P/E
15.4
Avg Dividend Yield
0.01%
Avg Beta
0.97
# Stocks
32
# ETFs / Funds
4

Top Holdings (36 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 GBIL 17.62% 11,133,728 $1.1B $100.19 $304M +3,018,277 +37.2%
2 CVX 8.98% 2,748,684 $569M $206.90 $156M +38,487 +1.4%
3 JNJ 8.33% 2,157,384 $527M $244.44 $64M -79,664 -3.6%
4 ARW 8.10% 3,578,313 $513M $143.41 $134M +132,720 +3.9%
5 VOD 6.37% 26,854,952 $403M $15.02 $59M +784,305 +3.0%
6 C 6.35% 3,544,555 $402M $113.41 -$17M -45,141 -1.3%
7 FDX 6.32% 1,123,684 $400M $356.18 -$103M -616,950 -35.4%
8 THO 6.19% 4,903,124 $392M $79.89 -$33M +769,342 +18.6%
9 LEN 5.78% 4,212,111 $366M $86.84 $35M +997,039 +31.0%
10 MSFT 5.74% 981,646 $363M $370.17 $27M +286,267 +41.2%
11 GM 4.74% 4,025,668 $300M $74.50 -$81M -659,356 -14.1%
12 JPM 4.55% 978,495 $288M $294.16 -$27M +1,307 +0.1%
13 MGA 4.27% 4,847,446 $271M $55.81 -$50M -1,158,822 -19.3%
14 DG 2.10% 1,122,565 $133M $118.73 -$215M -1,503,046 -57.2%
15 BRK-B 1.70% 224,661 $108M $479.20 -$5M -327 -0.1%
16 BRK-A 0.96% 85 $61M $718,140.00 -$3M
17 SGOV 0.42% 261,367 $26M $100.66 $10M +99,062 +61.0%
18 DELL 0.30% 116,886 $19M $164.13 $6M +10,064 +9.4%
19 IAC 0.28% 450,788 $18M $40.03 $1M +19,801 +4.6%
20 BCS 0.15% 454,000 $10M $21.16 -$2M
21 SMBC 0.10% 94,707 $6M $63.94 $674K +3,675 +4.0%
22 FPH 0.09% 1,229,255 $6M $4.84 -$282K +114,498 +10.3%
23 JEF 0.08% 124,770 $5M $41.27 -$785K +29,012 +30.3%
24 MRK 0.07% 39,449 $5M $120.29 $862K +2,553 +6.9%
25 DHIL 0.06% 23,754 $4M $172.10 +23,754 NEW
26 KW 0.06% 354,611 $4M $10.82 -$693K -113,865 -24.3%
27 LILAK 0.06% 416,217 $4M $8.82 $553K -1,755 -0.4%
28 MGM 0.05% 90,436 $3M $37.01 $957K +24,930 +38.1%
29 JCOM 0.05% 72,680 $3M $41.96 +72,680 NEW
30 LEN-B 0.05% 33,955 $3M $84.12 -$15K +3,767 +12.5%
31 APG 0.04% 66,454 $3M $40.52 $337K +4,894 +8.0%
32 SATS 0.02% 12,500 $1M $117.07 +12,500 NEW
33 NINE —% 46,500 $279K $6.00 +46,500 NEW
34 NFE —% 120,000 $71K $0.59 -$66K
35 RPV —% -$36M -352,994 -100.0% SOLD
36 VGSH —% -$5M -86,500 -100.0% SOLD

New Positions

SymbolValue% Port
DHIL $4M 0.06%
JCOM $3M 0.05%
SATS $1M 0.02%
NINE $279K —%

Sold Out Positions

SymbolValue% Port
VGSH —%
RPV —%
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