Alpine Select has published the monthly update September 2025.
Klick here to download the monthly report.

Alpine Select hat den Monatsbericht September 2025 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.

Market commentary

There’s an old market saying: ‘Sell in May and go away, but remember to come back in September.’ This year proved to be the exception—investors who stayed in the market over the summer were rewarded.

September closed with another strong month for risk assets: the S&P 500 gained 3.5%, the Nasdaq rose 5.6%, and the Euro Stoxx advanced 3.3%. The Swiss market, however, slipped by 0.6%.

In mid-September, the U.S. Federal Reserve cut its benchmark interest rate by 0.25 percentage points, bringing the range down to 4.0%–4.25%. The Fed continues to balance its dual mandate of maximum employment and stable inflation around 2%.

Policy direction may tilt even further toward easing. Stephen Miran—an advocate of looser monetary policy—has joined the Fed’s Board of Governors. On top of that, the ongoing U.S. government shutdown adds pressure for more rate cuts. According to CNBC, markets now fully expect another cut in October, and see an 88% chance of an additional cut by December. 

Portfolio commentary

Following a successful restructuring, Idorsia is now firing on all cylinders. Its lead product, QUVIVIQ, is expected to reach commercial profitability by 2026, with CHF 210 million in sales as it builds market share in Europe and Canada.

In the U.S., the company is pushing to unlock even more potential. Idorsia has filed a Citizen Petition with the Drug Enforcement Administration (DEA), urging that the Dual Orexin Receptor Antagonist (DORA) class of insomnia treatments—including QUVIVIQ—be de-scheduled.

Momentum is building: at the World Sleep 2025 congress in September, new scientific data showed that DORA medications carry a very low risk of abuse—far lower than many existing insomnia treatments. This creates a supportive backdrop for QUVIVIQ’s growth in Europe and Canada and strengthens the case for U.S. regulatory change.

The QUVIVIQ franchise is fully owned by Idorsia. The stock surged +56% in September. The overcollateralized Idorsia SPV notes also advanced, making them the main contributor to our monthly performance.

For further information, please contact Claudia Habermacher (Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein.) or visit our website www.alpine-select.ch.

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.