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

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

Market commentary

In the first half of April, the conflicting parties in the Middle East agreed to a ceasefire that remains in place to this day. This de-escalation prompted a broad sense of relief across financial markets.

The magnitude of the move in U.S. equities is particularly striking: the S&P 500 declined by approximately 10% during the Iran-related tensions in March and early April, only to fully recover within just 11 trading sessions. This rare sequence marked the fastest ‘V-shaped recovery’ on record. The index subsequently reached a new all-time high of 7,209 points, representing a gain of 5.6% year to date and an increase of +10.4% over the past month alone.

Month to date performance across major indices paints a more differentiated picture: the NASDAQ is up 15%, the Nikkei 225 has gained 16%, while the Euro Stoxx 50 remains broadly unchanged and the Swiss Market Index (SMI) is down 1%. While U.S. markets have fully rebounded from the shock, European markets have yet to return to their pre-conflict levels, at least for now.

Portfolio commentary

Idorsia reported solid Q1 2026 results, with QUVIVIQ sales reaching CHF 44 million, representing robust year-on-year growth of 74%. 

The founder and current interim CEO is firmly in the driving seat, working alongside the team to secure an initial aprocitentan partnership and to put in place a sustainable refinancing of the new money facility. Meaningful progress is still required to dispel lingering market doubts about the company’s long-term economic potential. Meanwhile, Rubric Capital Management, a U.S.-based value investor, has acquired 22m shares, corresponding to an 8.8% ownership stake!

For digital assets, we believe the tide is turning and crypto markets are set up for further upside from here. After several months of outflows from Bitcoin ETFs during the recent drawdown, flows are now starting to reverse. At the same time, inflation expectations are edging higher again, as reflected in U.S. breakeven rates. Importantly, context and valuation matter: downside risks are materially lower today than they were just a few weeks ago. Combined with the potential passage of the U.S. CLARITY Act moving closer to finalisation, the setup appears increasingly constructive. Our valuations remain based on year-end 2025 assumptions..

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.