Alpine Select has published the monthly update March 2026.
Klick here to download the monthly report.

Alpine Select hat den Monatsbericht März 2026 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.

Market commentary

The economic outlook has shifted during the month. Global markets are pricing for a stagflationary crisis driven by the Iran-US-Israel war now entering its fifth week, with Brent crude up 60% in March alone — the steepest monthly rise on record — as the Strait of Hormuz remains effectively closed.

Traditional safe-haven assets have failed since Gold was down 16% in March on US Dollar strength coupled with profit-taking. Treasury yields were surging 45-50 bps and equities were down sharply globally, leaving investors with nowhere to hide.

S&P 500 -5.1% NASDAQ -4.8%, SMI -8.8%, Euro Stoxx 50 -9.3% and NIKKEI -13%.

Over the next weeks, the single most important variable is Strait of Hormuz reopening timeline since the situation is binary on war duration.

Portfolio commentary

Idorsia experienced another eventful month. On the product side, the company’s fully owned compound daridorexant delivered outstanding results in a Phase 2 study involving children with insomnia disorder. This is particularly significant, as insomnia in children remains an area of high unmet medical need with only limited approved pharmacological treatment options. In addition, emerging data suggest that daridorexant may extend beyond a traditional insomnia indication. A potential development pathway in neurodevelopmental disorders is becoming increasingly apparent, which could unlock an entirely new pillar of value for the asset.

The management change is not ideal; however, the current interim CEO reassured us in a personal meeting that the product’s potential and the partnerships for aprocitentan expected in the near term should provide compelling validation for our investment case.

We met IP Group management in London. The Metsera Royalties becoming the company’s main asset is a potential game changer for IP Group. Furthermore, we got reassured in their capital allocation policy to further reduce the share overhang and bring supply and demand into balance. SABA Capital, an US activist is buying aggressively at steep discounted levels and owns now 12% of the company.

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.