ACR Alpine Capital Research, LLC

ST. LOUIS, MO · CIK 1508822 · 13F filing filed 2026-07-29

SEC-registered investment adviser since 2001 · limited liability company

Assets managed$10.8bn
Staff35 · 11 in investment roles
Main clients (by assets)Private funds 25%, Individuals 23%, High net worth individuals 21%
Private funds2 (2 hedge) · $150.1m gross assets
Form ADV · 2026-06-24SEC adviser record

Legal entityACR ALPINE CAPITAL RESEARCH, LLC (US)

$7.0bn reported value +5.2% vs Q1 2026

38positions

70.4%in top 10

5 new 16 added 14 reduced 3 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

ALPINE PRIVATE CAPITAL, LLC – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	GOLDMAN SACHS ETF TR ACCES TREASURY GBIL	GBIL	13,511,909	$1.4bn19.21%	19.21%	Added +2.4m	+2,378,181 21.4%
2	JOHNSON & JOHNSON COM JNJ	JNJ	2,146,488	$545.1m7.74%	7.74%	Reduced -10.9k	-10,896 -0.5%
3	CHEVRON CORP NEW COM CVX	CVX	2,780,991	$461.0m6.54%	6.54%	Added +32.3k	+32,307 1.2%
4	LENNAR CORP CL A LEN	LEN	4,743,250	$429.2m6.09%	6.09%	Added +531.1k	+531,139 12.6%
5	MICROSOFT CORP COM MSFT	MSFT	1,136,273	$423.9m6.02%	6.02%	Added +154.6k	+154,627 15.8%
6	THOR INDS INC COM THO	THO	5,527,556	$415.5m5.90%	5.90%	Added +624.4k	+624,432 12.7%
7	FEDEX CORP COM FDX	FDX	1,112,339	$348.3m4.94%	4.94%	Reduced -11.3k	-11,345 -1.0%
8	GENERAL MTRS CO COM GM	GM	4,447,271	$342.8m4.87%	4.87%	Added +421.6k	+421,603 10.5%
9	JPMORGAN CHASE & CO COM JPM	JPM	977,345	$319.9m4.54%	4.54%	Reduced -1.1k	-1,150 -0.1%
10	VODAFONE GROUP PLC NEW SPONSORED ADR VOD	VOD	24,019,101	$317.7m4.51%	4.51%	Reduced -2.8m	-2,835,851 -10.6%
11	MAGNA INTL INC COM MGA	MGA	4,809,078	$315.8m4.48%	4.48%	Reduced -38.4k	-38,368 -0.8%
12	ARROW ELECTRS INC COM ARW	ARW	1,457,881	$311.1m4.42%	4.42%	Reduced -2.1m	-2,120,432 -59.3%
13	CITIGROUP INC COM NEW C	C	2,075,702	$290.5m4.12%	4.12%	Reduced -1.5m	-1,468,853 -41.4%
14	ELEVANCE HEALTH INC COM ELV	ELV	737,922	$285.4m4.05%	4.05%	New
15	LIBERTY GLOBAL LTD COM CL A LBTYA	LBTYA	23,595,165	$268.3m3.81%	3.81%	Reduced -49.7k	-49,652 -0.2%
16	DOLLAR GEN CORP NEW COM DG	DG	1,727,299	$198.8m2.82%	2.82%	Added +604.7k	+604,734 53.9%
17	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	243,736	$122.0m1.73%	1.73%	Added +19.1k	+19,075 8.5%
18	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	8,841,834	$97.3m1.38%	1.38%	Added +2.0m	+1,957,210 28.4%
19	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	85	$63.7m0.90%	0.90%	Unchanged
20	DELL TECHNOLOGIES INC CL C DELL	DELL	58,798	$25.4m0.36%	0.36%	Reduced -58.1k	-58,088 -49.7%
21	ISHARES TR 0-3 MNTH TREASRY SGOV	SGOV	216,767	$21.8m0.31%	0.31%	Reduced -44.6k	-44,600 -17.1%
22	IAC INC COM NEW PPLI	PPLI	291,826	$13.5m0.19%	0.19%	Reduced -159.0k	-158,962 -35.3%
23	BARCLAYS PLC ADR BCS	BCS	454,000	$12.2m0.17%	0.17%	Unchanged
24	COMSTOCK RES INC COM CRK	CRK	546,413	$8.2m0.12%	0.12%	New
25	SOUTHERN MO BANCORP INC COM SMBC	SMBC	91,020	$6.9m0.10%	0.10%	Reduced -3.7k	-3,687 -3.9%
26	FIVE POINT HOLDINGS LLC COM CL A FPH	FPH	1,288,800	$6.8m0.10%	0.10%	Added +59.5k	+59,545 4.8%
27	ECHOSTAR CORP CL A ECHO	ECHO	66,050	$6.7m0.10%	0.10%	Added +53.5k	+53,550 428.4%
28	JEFFERIES FINL GROUP INC COM JEF	JEF	129,527	$6.5m0.09%	0.09%	Added +4.8k	+4,757 3.8%
29	MERCK & CO INC COM MRK	MRK	41,146	$5.3m0.08%	0.08%	Added +1.7k	+1,697 4.3%
30	ZIFF DAVIS INC COM ZD	ZD	86,526	$4.5m0.06%	0.06%	Added +13.8k	+13,846 19.1%
31	MGM RESORTS INTERNATIONAL COM MGM	MGM	92,792	$4.4m0.06%	0.06%	Added +2.4k	+2,356 2.6%
32	LENNAR CORP CL B LEN.B	LEN.B	40,626	$3.6m0.05%	0.05%	Added +6.7k	+6,671 19.6%
33	API GROUP CORP COM STK APG	APG	66,358	$2.8m0.04%	0.04%	Reduced -96	-96 -0.1%
34	LIBERTY LATIN AMERICA LTD COM CL C LILAK	LILAK	354,642	$2.8m0.04%	0.04%	Reduced -61.6k	-61,575 -14.8%
35	TALEN ENERGY CORP COM TLN	TLN	6,500	$2.5m0.04%	0.04%	New
36	INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL RPV	RPV	4,173	$475.0k0.01%	0.01%	New
37	FEDEX FGHT HLDG CO INC COMMON STOCK FDXF	FDXF	1,533	$231.5k0.00%	0.00%	New
38	NEW FORTRESS ENERGY INC COM CL A COM CL A		120,000	$43.6k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
DIAMOND HILL INVT GROUP INC DHIL	DHIL	23,754	$4.1m23.8k shares
KENNEDY-WILSON HOLDINGS INC KW	KW	354,611	$3.8m354.6k shares
NINE ENERGY SERVICE INC NINE	NINE	46,500	$279.0k46.5k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
LIBERTY GLOBAL LTD LBTYA · 13G · filed 2026-10-19	LBTYA	12.4%≈ $249.9m	-1.1 pts	13G	2026-10-19
THOR INDS INC THO · 13G · filed 2026-10-19	THO	11.2%≈ $434.6m	+1.2 pts	13G	2026-10-19