Alpine Global Management, LLC

Alpine Global Management, LLC is a New York-based investment management firm with deep roots in real estate, infrastructure, and real asset investing. The firm was founded by Samuel Lieber, who serves as Chief Executive Officer and has been a prominent figure in the real estate investment space for decades. Lieber's investment career is closely associated with the Alpine Funds family — a series of mutual funds and investment vehicles that gained recognition for their specialization in global real estate securities, infrastructure, and income-producing real asset strategies. The Alpine franchise has long been regarded as a specialist platform within the real assets investment universe, bringing focused sector expertise to a domain where generalist managers often lack the depth of knowledge required for effective capital allocation. Portfolio Manager Joshua Duitz contributes to the firm's investment process, bringing analytical capabilities and sector expertise to the research and portfolio construction functions. Together, the leadership team combines decades of experience navigating the complex intersection of real estate capital markets, infrastructure development, utility regulation, and global real asset valuation. Alpine Global Management files quarterly 13F disclosures with the SEC under CIK #0001581655, with a filing history extending back to approximately 2013. This decade-plus disclosure record provides an exceptionally rich longitudinal data set for evaluating how a specialist real assets manager has navigated multiple interest rate regimes, real estate cycles, and macroeconomic environments. The filing history encompasses the post-Global Financial Crisis recovery in real estate markets, the extended low-rate environment that supported real asset valuations through much of the 2010s, the brief but severe COVID-19 disruption that uniquely affected real estate sectors, and the dramatic 2022–2024 interest rate normalization cycle that fundamentally repriced rate-sensitive asset classes. For researchers and allocators interested in the behavior of dedicated real asset strategies across these diverse environments, Alpine Global Management's extended 13F history is accessible through institutional analytics platforms and backtesting services.

Alpine Global Management employs a thematic, sector-specialist investment approach centered on global real estate securities, infrastructure assets, utilities, and related real asset categories. Unlike generalist equity managers who treat real estate and infrastructure as marginal portfolio allocations, Alpine positions these sectors as core investment domains, deploying dedicated research infrastructure and specialized analytical frameworks tailored to the unique valuation dynamics, regulatory environments, and capital structure considerations that govern real asset markets. The firm's 13F Portfolio Composition reveals a highly specialized equity portfolio dominated by real estate investment trusts (REITs), infrastructure companies, utility operators, and related businesses with tangible asset bases and income-generating characteristics. This concentration in real assets is a deliberate expression of the firm's investment thesis — that dedicated sector expertise, applied consistently to a well-defined investment universe, can generate alpha that generalist managers cannot replicate through casual sector allocation. Within the real assets universe, the portfolio demonstrates meaningful selectivity. Holdings span diverse real estate subsectors — including commercial office, residential, industrial and logistics, healthcare properties, data centers, cell towers, and specialty REITs — reflecting a granular understanding of the heterogeneous drivers within the broader real estate sector. Infrastructure positions may encompass toll roads, airports, energy transmission, water utilities, and renewable energy assets, each governed by distinct regulatory, demand, and valuation dynamics. This subsector diversification within the real assets theme is an important risk management feature, preventing excessive concentration in any single property type or infrastructure category. The Sector Allocation History across the firm's extended filing record reveals both thematic consistency and tactical adaptability. While the portfolio remains firmly anchored in the real assets universe throughout its filing history — maintaining the sector specialization that defines the firm's franchise — subsector allocations shift over time in response to evolving relative valuations, changing interest rate expectations, and emerging structural themes within real estate and infrastructure markets. The rise of data center and cell tower REITs, the transformation of industrial logistics driven by e-commerce, and the infrastructure investment cycle catalyzed by government spending programs represent secular themes that a specialist manager like Alpine is positioned to identify and capitalize on earlier than generalist competitors. The income dimension of the strategy is notable. Real estate securities and infrastructure assets are inherently income-generating, with REITs required to distribute the majority of taxable income as dividends and infrastructure assets typically producing stable cash flows from long-duration contracts or regulated tariff structures. This embedded income characteristic provides a tangible return component independent of price appreciation, offering partial downside protection during periods of capital depreciation and contributing to the portfolio's total return profile through dividend compounding. Turnover falls in the moderate range, reflecting an active investment process that continuously evaluates relative attractiveness within the real assets universe while maintaining sufficient holding period discipline to capture the full value of identified opportunities. Position changes are driven by subsector rotation, valuation signals, and catalyst identification rather than broad market timing or momentum-based trading. INVESTMENT RISK PROFILE The risk architecture of Alpine Global Management's portfolio is fundamentally shaped by its sector-specialist orientation, creating a distinctive risk profile that differs meaningfully from diversified equity strategies. Several category-specific risk dimensions require careful analysis. Interest rate sensitivity is the single most important risk factor for a dedicated real assets portfolio. REITs, utilities, and infrastructure assets function as long-duration income securities whose valuations are inversely correlated with interest rate movements. Rising rate environments — such as the 2022–2023 Federal Reserve tightening cycle — compress real asset valuations through two mechanisms: higher discount rates reduce the present value of future cash flows, and rising risk-free yields make the income advantage of real assets less compelling relative to bonds. The Max Drawdown Depth experienced during the 2022 rate-hiking cycle was likely severe for a concentrated real assets portfolio, as the REIT and infrastructure sectors experienced some of the most pronounced drawdowns in the broader equity market. Conversely, rate-cutting cycles and accommodative monetary environments historically represent favorable conditions for real asset strategies, as declining discount rates expand valuations and the relative income advantage of real estate and infrastructure securities increases. This rate sensitivity creates a cyclical return pattern that researchers must account for when evaluating the firm's historical compounding behavior — periods of strong outperformance during accommodative regimes may be followed by significant underperformance during tightening cycles. The Volatility Profile of the disclosed portfolio reflects the amplified sensitivity to macroeconomic variables — particularly interest rates, inflation expectations, and credit spreads — that characterize concentrated real asset strategies. While individual REIT and infrastructure names may exhibit lower standalone volatility than high-growth technology equities, the correlated nature of the portfolio's holdings creates portfolio-level volatility that can spike during macro-driven selloffs affecting the entire real asset complex simultaneously. This intra-portfolio correlation is the structural cost of sector specialization, as diversification benefits are concentrated at the subsector level rather than across uncorrelated economic drivers. The COVID-19 pandemic introduced a category of risk uniquely relevant to real estate-focused strategies. The March 2020 disruption triggered unprecedented uncertainty about the fundamental demand for commercial real estate — particularly office and retail properties — as remote work and e-commerce accelerated structural shifts in how physical space is utilized. A specialist real estate manager's navigation of this period — including subsector rotation away from disrupted property types and toward beneficiaries of new demand patterns — provides critical insight into the firm's fundamental research capabilities and portfolio adaptability during regime-breaking events. The Downside Capture Ratio relative to broad equity benchmarks serves as a key diagnostic metric, but must be interpreted carefully for a sector-specialist strategy. During periods of broad equity decline driven by factors unrelated to real estate fundamentals — such as technology-specific selloffs or geopolitical events — a real assets portfolio may actually outperform due to its uncorrelated sector positioning. Conversely, during rate-driven corrections, the portfolio's downside capture relative to broad benchmarks may significantly exceed 100%, reflecting the outsized sensitivity of real asset valuations to the specific macro variable driving the selloff. This asymmetric and regime-dependent capture profile is a defining characteristic of sector-specialist strategies. INVESTMENT ANALYTICS SUMMARY Alpine Global Management presents the distinctive profile of a dedicated real asset specialist whose decade-plus 13F disclosure record documents a consistently thematic investment approach centered on real estate securities, infrastructure assets, and related income-generating real asset categories. The New York-based firm, led by veteran real estate investor Samuel Lieber and Portfolio Manager Joshua Duitz, occupies a clearly defined niche within the institutional investment landscape — bringing sector-specialized expertise to an asset class where deep domain knowledge translates directly into investment edge. Several analytical dimensions are particularly instructive for evaluating the firm's approach. The Annualized Return (CAGR) derivable from historical replication of the disclosed 13F positions across the firm's extended filing history provides a comprehensive measurement of compounding behavior achieved through dedicated real asset investing. This metric must be evaluated within the context of the interest rate environments that prevailed during the measurement period — returns generated during the extended low-rate regime of 2013–2021 may not be representative of expected outcomes in structurally higher-rate environments, a critical consideration for forward-looking allocation decisions. The Sharpe Ratio achievable through the replicated portfolio offers an efficiency measurement that captures whether Alpine's specialist real asset expertise generates risk-adjusted outcomes superior to both broad equity benchmarks and passive REIT index exposure. For a sector specialist, the critical alpha question is whether active subsector selection, security-level research, and tactical allocation within the real assets universe add measurable value above what a low-cost REIT ETF would deliver — justifying the specialist mandate through demonstrable selection skill. The Simulated Growth Chart constructed from the firm's 13F holdings history provides a powerful visual representation of the portfolio's capital trajectory through dramatically different rate environments, rescaled to a chosen starting capital for comparative analysis. The visual contrast between the portfolio's behavior during accommodative and restrictive monetary regimes would illustrate the profound interest rate sensitivity that defines real asset investing. The central diagnostic question for Alpine Global Management addresses the fundamental tension in sector-specialist mandates: across the full spectrum of interest rate regimes, real estate market cycles, and macroeconomic conditions captured in its extended filing history, does the firm's deep specialization in real asset securities generate sufficient alpha through subsector selection and security-level research to compensate for the concentrated interest rate exposure and sector-specific drawdowns that are the structural costs of thematic concentration — and as the market transitions from a decade of accommodative monetary policy into a potentially sustained higher-rate regime, can the firm's specialist expertise identify resilient subsectors and structural growth themes within real assets that transcend the headwinds of elevated discount rates?