1y return−20.0%S&P 500 +20.9%
3y return+16.8%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2022: $129 against $195 in the S&P 500.2
Alpine Investment Management LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| YMMFull Truck Alliance Co Ltd | $139.7M | 34.0% | +55.8% |
| PDDPdd Holdings Inc | $126.7M | 30.8% | +1661.4% |
| LITELumentum Hldgs Inc | $41.8M | 10.2% | +5031.1% |
| NVDANvidia Corporation | $21.9M | 5.3% | +434.6% |
| TMETencent Music Entmt Group | $20.2M | 4.9% | New |
| Pdd Holdings IncCUSIP 722304902 | $19.1M | 4.6% | New |
| LULufax Holding Ltd | $18.4M | 4.5% | +12.4% |
| MOMOHello Group Inc | $14.3M | 3.5% | +957.6% |
| QFINQfin Holdings Inc | $9.0M | 2.2% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| LITELumentum Hldgs Inc | March 31, 2026 | +22.1% | $41.8M |
| NVDANvidia Corporation | December 31, 2025 | +7.3% | $21.9M |
| MOMOHello Group Inc | March 31, 2026 | +0.7% | $14.3M |
| YMMFull Truck Alliance Co Ltd | June 30, 2025 | −31.2% | $139.7M |
| PDDPdd Holdings Inc | December 31, 2025 | −32.7% | $126.7M |
| LULufax Holding Ltd | September 30, 2025 | −67.5% | $18.4M |
Sold off last quarter
- BABAAlibaba Group Hldg Ltd was $65.6M
- JOYYJoyy Inc was $3.8M
- METAMeta Platforms Inc was $3.7M
- MUMicron Technology Inc was $2.6M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −12.6% | +14.8% |
| March 31, 2026 | −16.1% | −4.6% |
| December 31, 2025 | −7.7% | +2.4% |
| September 30, 2025 | +18.1% | +7.8% |
| June 30, 2025 | +28.3% | +10.5% |
| March 31, 2025 | +2.2% | −4.6% |
| December 31, 2024 | −3.0% | +2.1% |
| September 30, 2024 | +8.2% | +5.4% |
| June 30, 2024 | +7.2% | +4.0% |
| March 31, 2024 | +1.9% | +10.0% |
| December 31, 2023 | −6.8% | +11.2% |
| September 30, 2023 | +4.2% | −3.6% |
| June 30, 2023 | −6.1% | +8.3% |
| March 31, 2023 | +17.9% | +7.0% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Alpine Investment Management Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1964631&type=13F-HR&dateb=&owner=include&count=40CIK 1964631
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1964631/000196463126000004/Filed August 14, 2026 · accession 0001964631-26-000004