Alpine Woods Capital Investors, LLC

Alpine Woods Capital Investors, LLC primarily manages three pooled private funds offered under Section 3(c)(1) and provides discretionary portfolio management to unaffiliated institutional separate accounts that are managed alongside those private fund strategies; as of December 31, 2025 the firm reported approximately $180.6 million in discretionary assets. The firm describes itself as an active equity manager and does not manage non-discretionary client assets.

AWCI uses a combined top‑down and bottom‑up investment process—economic, demographic and industry analysis paired with company financial and management evaluation—and emphasizes original research and a global perspective to pursue capital appreciation and tax‑sensitive outcomes. The brochure discloses that its investment program can employ margin and borrowing, leverage, options, short selling and other derivatives both for investment and hedging purposes, and that these techniques may be applied across its private funds and institutional separate accounts.

Noteworthy aspects relative to peers include the firm’s explicit disclosure that borrowing and derivatives may be used in separately managed accounts (an uncommon practice among similar managers) and the firm’s attention to tax‑exempt investors, including potential unrelated business taxable income considerations relevant to charitable or other tax‑exempt clients. AWCI is also affiliated with the private fund general partners (resulting in deemed custody under Rule 206(4)‑2), describes trading‑advisor type activities and derivative use in its disclosures, and notes an internal policy to disgorge any execution price differences by affiliated accounts to charity.