ACR Alpine Capital Research, LLC

CIK 0001508822 · Q1 2026

13F Equity AUM

$6.7B

+4.5% QoQ

Positions

+2 QoQ

AUM Rank

#837

Top 7%

Skill Alpha (FF)

+5.5%/yr^ns

No Clear Edge

Rank #580 · Top 7%

vs S&P -2.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 46.7%Top 10: 75.4%Top 20: 98.9%

GBIL16.6%

CHV8.5%

JNJ7.9%

ARW7.7%

VOD6.0%

TRVC6.0%

FDX6.0%

THO5.8%

LEN5.5%

MSFT5.4%

Others (26)24.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services23.3%

Consumer Cyclical19.9%

Technology13.7%

Communication Services11.6%

Energy8.5%

Healthcare7.9%

Industrials6.1%

Unclassified6.0%

Other3.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 36Median: 0.65%Avg: 2.78%

0–0.5%

18(1.8%)

0.5–1%

1(0.9%)

1–3%

3(4.8%)

3–5%

4(17.1%)

5%+

10(75.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 35Unique: 1vs 20 funds

0.5%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BANK OF AMERICA CORP /DE/

0.7%

BlackRock, Inc.

0.8%

MORGAN STANLEY

0.6%

JPMORGAN CHASE & CO

0.7%

VANGUARD CAPITAL MANAGEMENT LLC

0.9%

STATE STREET CORP

0.9%

GEODE CAPITAL MANAGEMENT, LLC

0.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

FMR LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New4Increased20Decreased9Exited2

New Positions

DHIL0.1%

+24K

JXC10.1%

+73K

SATS0.0%

+13K

NINE ENERGY SERVICE …0.0%

+47K

Increased

GBIL16.6%

+3.0M(+37%)

LBTYK4.3%

+2.1M(+10%)

LEN5.5%

+997K(+31%)

VOD6.0%

+784K(+3%)

THO5.8%

+769K(+19%)

LBTYK1.2%

+468K(+7%)

MSFT5.4%

+286K(+41%)

ARW7.7%

+133K(+4%)

FPH0.1%

+114K(+10%)

SGOV0.4%

+99K(+61%)

Decreased

DG2.0%

-1,503,046(-57%)

MGA4.0%

-1,158,822(-19%)

GM4.5%

-659,356(-14%)

FDX6.0%

-616,950(-35%)

KW0.1%

-113,865(-24%)

JNJ7.9%

-79,664(-4%)

TRVC6.0%

-45,141(-1%)

LILAB0.1%

-1,755(-0%)

BRK/B1.6%

-327(-0%)

Exited

RPV

-352,994

VGSH

-86,500

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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