3.09.2025 Alpine Select Ltd.: Monthly Update August 2025
Alpine Select has published the monthly update August 2025.
Klick here to download the monthly report.
Alpine Select hat den Monatsbericht August 2025 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.
Market commentary
The latest U.S. inflation data gave hope that price increases tied to tariffs would not be as bad as feared. All eyes then turned to Fed Chair Jerome Powell when he gave a closely watched speech in late August at Jackson Hole. Despite strong pressure from President Trump, Powell focused more on the risks of a cooling job market than on inflation.
Markets took this as a clear sign that the Fed is likely to cut interest rates in September, which sparked a positive reaction.
Noteworthy performance in August from the Swiss SMI market which held up well +3%. Investors seemed to believe the incomprehensible US tariffs of 39% would not really hurt the listed company profits — or that the tariff rates will be lowered to a rational level, in due course.
It has been another solid month for US risk assets: S&P 500 +2%, Nasdaq +1.6%.
Portfolio commentary
Our idiosyncratic core position in Idorsia is delivering another meaningful monthly contribution. We encourage readers to take 20min and watch Idorsia’s comprehensive Investor’s Webcast on aprocitentan.
After posting positive H1-25 results in July, Idorsia upheld a constant and significant positive news flow in August.
The debt restructuring of the company was successfully completed by month end. Alpine Select tendered all its convertible bonds during the repurchase offer and received Idorsia SPV Notes which are asset backed by the economic rights of the potential blockbuster products aprocitentan, selatogrel and cenerimod. We added CHF 1m nominal of A1 notes, which we had no prior exposure to. In nominal values Alpine Select currently holds SPV notes CHF >19m.
Furthermore, Idorsia announced that TRYVIO (aprocitentan) was nominated for the Prix Galien USA as “Best Pharmaceutical Product”. Also in August, the American College of Cardiology and the American Heart Association published clinical practice guidelines for the management of systemic hypertension, including Idorsia’s TRYVIO.
All these elements form ideal prerequisites for aprocitentan to deliver meaningful and long-term results, for all stakeholders involved.
For further information, please contact Claudia Habermacher (
About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers shareholders the key benefit of investing into a global diversified and CHF hedged alternative investment portfolio. The portfolio exposure is actively being risk adjusted to current market sentiment and outlook. The investment style is value oriented and the investments are selected based on the company’s target return of 6-8% p.a. above CHF risk free rate. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.