03.09.2026 Alpine Select Ltd.: Monthly Update August 2026
Alpine Select has published the monthly update August 2026.
Klick here to download the monthly report.
Alpine Select hat den Monatsbericht August 2026 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.
Market commentary
In August US Treasury Secretary Scott Bessent tried to fix the bond market and rallied precious metals and digital assets instead. The aim was cheaper borrowing. But the bid to tame US borrowing costs knocked down long-term yields for barely a day.
Markets heard a different signal: if Washington wants cheaper money this badly, the dollar is the thing to doubt. The ‘debasement trade’ roared back and Bitcoin surged roughly 25%, its best month in more than three years. Gold also jumped and the US dollar fell. A squeeze liquidated over $4 billion in bearish bets and sent bitcoin past $77,000.
A comment on the equity markets: Despite concerns over the sustainability of AI infrastructure spending, Nvidia once again beat high expectations and delivered a highly optimistic outlook, guiding for ~70% revenue growth over the coming year. One might conclude that the AI investment cycle therefore remains firmly intact.
The SMI remained largely unchanged (-0.5%) yet underperformed U.S. equities; the S&P 500 was +2.6% and the NASDAQ rallied +4%.
Portfolio commentary
Our two idiosyncratic positions, IP Group and Idorsia moved in opposite directions. IP Group (+16%) showed a strong month after Railpen walked away from a potential bid. We also acknowledge the IP Group management team and Chairman buying shares in the market.
Idorsia was -19% for the month, without any adverse news. Quite to the opposite, the US Drug Enforcement Agency (DEA) stated in August that Idorsia’s lead asset QUVIVIQ a dual orexin receptor antagonist does not produce physical or psychological dependence and hence proposes to re-schedule the drug in order to enhance patient access in the US. We see this as a positive catalyst for Idorsia to negotiate a distribution/co-promotion US partnership.
The irony from US Bond market intervention was that the treasury department reached for the bond market's plumbing and lit a fire under Bitcoin and the entire crypto assets took it as a rocket.
Via our diversified holdings, we are exposed in a directional manner to privately held investments but also publicly listed assets. Main liquid exposures are $SOL, $ETH, $HYPE and $PUMP.
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.