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Press Release 2024

04.12.2024 Alpine Select Ltd.: Monthly Update November 2024
 

Alpine Select has published the monthly update November 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht November 2024 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The U.S. economy continues to grow robustly and there are still no immediate signs of an impending recession.

However, inflation remains elevated for the time being. The Consumer Price Index released on 13 November 2024 climbed +2.6% from a year earlier, higher than September’s +2.4%. And after food and fuel prices were stripped out, ‘core inflation’ held steady at +3.3%.

The latest CPI report serves as a reminder that the Federal Reserve still has work to do until victory over inflation can be declared.

The next President of the US is Donald Trump. Anticipated tax cuts and reduced regulatory burden are expected to happen which helped risk asset to advance in November.

Once again, the US indices were leading the world: S&P 500 +5.7%; Nasdaq +5.3%; SMI -0.3% and Euro Stoxx 50 -0.5%.

 

Portfolio commentary

Digital assets are back. With the incoming US cabinet, we’re optimistic that the US will be a better place for blockchain technology and that companies won’t have to be so focused on merely surviving a hostile regulatory environment. Instead, they can keep working toward the exciting progress blockchain enabled business models can make when allowed to thrive with bipartisan support.

Riding high on the momentum of the pro-crypto cabinet nominations, Bitcoin has shattered through the $90’000 mark, briefly peaking at $99’654. While Bitcoin is no stranger to explosive rallies, they are often followed by significant corrections.

It's important to note that, due to our exposure in this asset class given the nature of venture capital investing, the valuations of our funds used in our NAV calculations do lag current market values.

Idorsia pharmaceuticals announced that it has entered exclusive negotiations with an undisclosed party for the global rights to aprocitentan. The potential agreement under discussion could include an upfront payment, additional milestone payments, and tiered royalties on sales. We remain optimistic about the commercial potential of aprocitentan.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

04.11.2024 Alpine Select Ltd.: Monthly Update October 2024
 

Alpine Select has published the monthly update October 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Oktober 2024 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The Q3-2024 earnings season is in full swing in the stock market and the U.S. economy appears to continue growing robustly, while consumer sentiment in the Eurozone is rather modest.

So far, around three-quarters of S&P 500 companies having exceeded analyst expectations. Nevertheless, investor expectations for the future, which were factored into prices, were in some cases even higher.

A good example is Microsoft which managed to surpass earnings estimates, but the stock still lost 6% following the release of the results due to a weaker-than-expected outlook. Meta and Apple also disappointed investors with a cautious outlook or continued high investments in AI. Given the lofty valuations, investors are sceptical about whether the massive spending on AI will ever reap adequate return.

Risk assets declined in the last week of October given some glimpse outlook but in general the US indices closed just slightly negative for the month: S&P 500 -1% and the NASDAQ -0.5%.

As Europe is likely to see only modest growth medium-term, the divergence in risk asset pricing was observed this month again: EUROStoxx Index losing -3.5% and the SMI detracted -3%.

 

Portfolio commentary

In the overshadowing event of US presidential elections, Bitcoin almost marked a new all-time high during October, gaining +11% MTD.

Idorsia pharmaceuticals announced their financial result for the first nine months of 2024. Although the revenue numbers were tiny compared to the total debt outstanding, CEO André Muller stated that: “The one thing everyone wants to hear about – both internally and externally – is the status of a deal with Aprocitentan. I’m pleased to share that our efforts on this front are advancing well.” Such a statement is comforting that a deal is to be communicated within the next weeks to secure going concern and turn the Idorsia story towards stability and growth.

IP Group continues buying back shares in the market for additional £10m as announced. We see further cash realization events in the next 12 months which give ample room to continue shareholder friendly actions given the current steep discount to NAV.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

03.10.2024 Alpine Select Ltd.: Monthly Update September 2024
 

Alpine Select has published the monthly update September 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht September 2024 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Considering the positive inflation news and risk of further labour market softening in the US the Fed delivered a significant 50bp cut. With this initial 0.5% cut and the projections further cuts during 2025 this marked a first in a longer series. Notably, Fed chair Mr. Powell did not sound alarmed about the labour market, and he pointed that two 25bp cuts in November & December are probable, given the current data set.

Fiscal stimulus and/or interest rate cuts were introduced in China, the EU and in Switzerland. Global risk assets reacted friendly on these confident messages as the S&P 500 advanced +2%, the NASDAQ rose +3%, the Chinese CSI 300 index gained a whopping +20%. Only exception was the SMI which decreased -2%.

 

Portfolio commentary

On 26th September, IP Group released news that in a significant deal VISA is to buy portfolio company Featurespace for an undisclosed total amount. IP Group will receive a total of £134m of cash. This represents 12% of current NAV (27% of capitalization) at the end of the month.

Before that significant news, earlier in September IP Group reported encouraging H1-24 results with strong balance sheet and strong exit pipeline. IP Group’s portfolio contains several companies including Oxford Nanopore, Istesso, Featurespace, Oxa, Hysata, First Light Fusion and Hinge Health, with the potential for billion-dollar exit valuations – some of which apparently have started / advanced in trade sale discussions. IP Group’s updated NAV stands currently at £110p yet their shares trade around £50p at a discount of 56%. The upsized share buyback over £10m will start later this quarter.

Istesso’s Phase 2b readout remains a pivotal catalyst for the group and management still awaits the results following study completion.

The Basilea position gained during the months as strong Cresemba sales performance in Europe triggered a USD 25 million milestone payment from license partner Pfizer. Additionally, Basilea entered into agreement with BARDA to develop novel antifungals and antibacterials allowing for potential funding of up to approximately USD 268 million. As initial payments were already received, the companies FY net profit guidance got increased for the second time this year.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

19.09.2024 Alpine Select Ltd: Publication of the Semi-Annual Report 2024


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select has published the semi-annual report 2024. The semi-annual report can be downloaded from the website www.alpine-select.ch/en/investors#downloads.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


16.09.2024 Alpine Select Ltd: Half-year results and information on the course of business in the first half of 2024


Ad hoc announcement pursuant to Art. 53 LR

 

  • Alpine Select AG ("Alpine Select", the "Company") closed the reporting period (1 January to 30 June 2024) with a profit of CHF 3.6 million. In the comparable period (30 June 2023), a profit of CHF 265,000 was reported.
  • The net asset value (“NAV”) recorded a positive performance of +5.2% (from CHF 7.72 to CHF 8.12 per share)

 

Market Commentary

In the first half of 2024, risk assets performed well, particularly in the US. This was driven by a robust economy, marked by a healthy labor market with consistent job growth and rising wages. While overall inflation showed signs of easing, core inflation remained above the 2% target. Despite the improved consumer sentiment and ongoing economic momentum, the Federal Reserve refrained from lowering interest rates as quickly as anticipated, signaling its commitment to curbing inflation. In contrast to the EU or Switzerland where central banks have already lowered interest rates, the Federal Reserve has kept interest rates unchanged at 5.5% since the last hike in July 2023. First cuts are expected in the US before late 2024.

Equity markets posted solid gains in the first six months of the year. Enthusiasm for artificial intelligence (AI) and obesity medications (GLP-1) fueled strong performance, particularly among the largest firms, with the tech-heavy Nasdaq outperforming global markets.

Geopolitical tensions in the Middle East and Ukraine were somewhat overlooked as the global economy showed resilience. However, China’s domestic consumption remained stagnant, with uncertainty surrounding its property market. Despite this, China's exporting sector proved to be surprisingly resilient, which has sparked protectionist sentiment in the US and Europe, leading to tariff announcements and renewed concerns about global trade policies.

 

Portfolio Development and Investment Activities

Special Situations / Discounted Assets

  • Alpine Select believes that Idorsia's convertible bonds are currently undervalued. This has led to the bonds trading at distressed levels. However, Idorsia has made notable strides in the first half of 2024 in addressing its operational challenges. Key achievements include securing a global research and development collaboration with Viatris and successfully restructuring their convertible bond, originally maturing on 17 July 2024, to extend their cash runway.
  • In addition, the full approval of Idorsia's blockbuster drug candidate, Aprocitentan, by both the US FDA and the European Commission represents a significant milestone. With regulatory risks now mitigated, Idorsia is well-positioned to negotiate the best possible deal within the next months. Therefore, we anticipate an eventful and potentially transformative H2-24 ahead as the company transitions further. 
  • IP Group, known for investing in breakthrough science and innovation companies, continues to deliver strong results from its portfolio. Notably, Hysata, the manufacturer of the world’s most efficient electrolysers, successfully completed another funding round, resulting in a higher valuation. Additionally, Oxford Nanopore Technologies showcased impressive advancements in sequencing performance at their annual London Calling conference and announced new strategic partnerships.
  • Despite comforting portfolio news there remains a significant disconnect between the underlying business performance and the share price, which was down 28%. IP Group is actively generating cash realizations from its portfolio at NAV and is committed to using capital from exits to address the steep 65% discount to NAV (i.e. share buybacks).
  • The Swiss investment firm HBM Healthcare Investments (“HBM”) stands out as a leader managing a well-balanced and globally diversified portfolio of private and public healthcare companies. Recognizing their strong track record, Alpine Select held a position in HBM, capitalizing on a 20% discount to its NAV. Alpine Select is confident that the HBM team has curated a portfolio of biotech companies poised to significantly appreciate, particularly as the interest rate environment becomes more favorable for the biotech industry in 2024. The Stock was up +12% during the reporting period.

Diversified investments

  • One of Alpine Select’s core positions, Cheyne Total Return Credit Fund which invests in global investment grade and crossover credit positions via Credit Default Swaps, was up +4.6%. The strategy has a fixed maturity of December 2024. Alpine Select intends to keep this position as ‘invested cash’ – given the geopolitical uncertainties.
  • Alpine Select received further distributions from its legacy position, Cheyne New Europe Fund. The real estate projects are being finalized in phases and respectively, the cash proceeds will be distributed to fund holders accordingly. It is expected the majority of the value be realized by the end of 2026.
  • Other notable fund performances include Nishkama, up +7.8%, and Three Court, up +7.5%.

Digital Assets

The first half of 2024 has been positive for digital assets, continuing the steady recovery from the oversold conditions of the 2022 bear market. The listing of multiple Bitcoin and Ethereum ETFs has attracted significant new assets under management (AUM) to the space, with Bitcoin reaching new all-time highs this year.

A highlight for Alpine Select was its limited partnership in RockawayX Venture Fund I, which contributed an additional CHF 2.4 million to the NAV. Similarly, the Company’s stake in a16z funds, a leading venture capital firm, added CHF 0.9 million to the NAV.

Alpine Select’s digital assets exposure is managed by specialists through carefully selected venture capital funds. These experts are adept at navigating the complexities of this very volatile and emerging asset class. It's important to note that, due to the nature of venture capital investing, the valuations of target funds used in the NAV calculations may lag current market values.

 

Outlook

Looking forward, Alpine Select remains cautious about the outlook for the global economy amid the geopolitical tensions in the Middle East and positions its portfolio accordingly to deal with the uncertainty ahead. Global market valuations are somewhat heightened, and experience recalls moments from the past to stay invested selectively with a cautious approach during these times.

Alpine Select is convinced of the intrinsic value and development potential of its current portfolio. Alpine Select is currently well positioned to deliver positive returns irrespective of the development of the broader market.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


04.09.2024 Alpine Select Ltd.: Monthly Update August 2024
 

Alpine Select has published the monthly update August 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht August 2024 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Inflation rates are steadily declining in both the US and Europe. The Fed's statements following the Jackson Hole meeting were reassuring for equity markets, with Mr. Powell signalling that the first rate cut by the Fed is likely to occur in September.

August saw a strong Q2 reporting season, which helped equity indices remain resilient despite the sharp market correction and high volatility at the start of the month.

S&P 500 posted a +2% gain, the NASDAQ rose by +1%, and the SMI also increased by +1%. Meanwhile, the US Dollar weakened, falling ‑3% against the CHF and -2% against the EUR. The US 10-year Treasury yield dropped from 4% to 3.85%, setting the stage for an interest rate cut.

Another highly anticipated event was Nvidia's Q2 earnings report. While Nvidia exceeded expectations on both revenue and profit, it wasn't the blowout quarter many investors had hoped for, leading to a drop in its stock during after-hours trading and the following days, which also affected other AI-related companies.

A notable concern in August was the US national debt reaching a new milestone of $35 trillion. To put this in perspective, the current US debt equals the combined GDP of China, Japan, Germany, India, and the UK. Back in 2000, after Clinton's presidency, US debt stood at $5.7 trillion. The Biden administration has added $7.2 trillion, second only to the Trump administration's $7.8 trillion increase.

Looking ahead, the fiscal policies of either presidential candidate do not bode well for US Dollar rates or the currency's future strength.

 

Portfolio activity

Shares of ams Osram were added to the portfolio. The company is currently executing its strategic efficiency program, "Re-establish the Base," focusing on strengthening its profitable core to drive sustainable growth. First divestments were already executed. We believe there is more positive news ahead ultimately benefiting shareholders as the full impact of these efforts becomes apparent (i.e. sale of LED manufacturing facility in Malaysia).

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

26.08.2024 Alpine Select Ltd: Changes to the company structure

 

Alpine Select continually reviews its organization and internal operating processes and looks for opportunities to make its organization and internal processes more efficient. As part of this ongoing evaluation, the members of the board of directors and management have decided that Alpine Select should fully integrate its wholly owned subsidiary Absolute Invest by way of an absorption merger. Based on a merger agreement, Absolute Invest has transferred all assets and liabilities to Alpine Select by universal succession effective 29 February 2024 in accordance with an interim or merger balance sheet. This simplification of the corporate structure means that all investments/shareholdings are held directly by Alpine Select. In addition, Alpine Select ­ due to measures taken ­ has deconsolidated the Alpine Select Alternative Fund as of 29 June 2024 and instead manages the investment as a security at fair value. As a result of these two changes, Alpine Select will issue future financial reports without consolidated financial statements.

 

Alpine Select will continue to voluntarily publish its net asset value (NAV) per share on a weekly basis. This ensures that shareholders and other interested parties are promptly informed about the development of the company's portfolio and thus also about its business performance.

 

The merger of Absolute Invest into Alpine Select was completed on 23 August 2024 with the entry of the merger in the commercial register of the Canton of Zug.

 

Alpine Select plans to publish the definitive half-year results on 16 September 2024 and the semi-annual report as of 30 June 2024 on 19 September 2024.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


5.08.2024 Alpine Select Ltd.: Monthly Update July 2024
 

Alpine Select has published the monthly update July 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Juli 2024 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

In July, the stock markets experienced a sector rotation and demand shifted from US tech stocks to cyclical companies. Noteworthy is the Russel 2000 index outperformance of more than 10% vs. the Nasdaq as cooling inflation and hopes for interest rate cuts by the FED broadened the market rally.

Alongside the turbulent earnings season, which has seen significant swings in individual stocks many large companies continue to perform well in terms of revenue. However, high expenditures on forward-looking technologies like AI are weighing on profits. Investors are concerned about the scale of these expenditures and the uncertainty regarding when or whether at all these investments will pay off.

July was also a significant month in politics. In the UK, the electorate voted the Labour Party into leadership. In France, the expected rightward shift was less significant than predicted. Meanwhile, in the US, the presidential candidates have been finalized, setting the stage for a contest between Kamala Harris and Donald Trump.

Global stock markets began the second half of the year on a mixed note: the S&P 500 rose by +1.1%, the Nasdaq slightly declined by ‑0.8%, while the SMI gained +2.7%. Japan’s Nikkei index lost -1%.

 

Then August arrived, bringing turmoil to the markets. As of this update, the Nikkei Index dropped -12% on Monday, 5 August 2024, and is down 20% MTD. European and US markets have also fallen between 5% and 8% for the month, while the VIX index has surged to 65.

 

Portfolio commentary

Our digital assets exposure grew during the reporting period as the RockawayX Blockchain Fund I updated its NAV to 30.03.2024. Due to the nature of investing in private equity structures, valuations tend to lag. Q1 2024 was a formidable period for digital assets, with many leading cryptocurrencies reaching new YTD highs.

In July, Idorsia Pharmaceuticals released their H1 2024 results, highlighting progress in their company-wide restructuring efforts aimed at securing an optimal deal for their compound ‘Aprocitentan.’ Additionally, a partner is needed for Quviviq, their treatment for insomnia, and we anticipate further announcements later this year.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

5.07.2024 Alpine Select Ltd: Preliminary information on the semi-annual results as per 30 June 2024


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select Ltd. («Alpine Select») hereby informs its investors and other interested parties that it expects a profit of approximately CHF 600,000 in its financial reporting as per 30 June 2024. In the comparative period (as per 30 June 2023) a profit of CHF 265,000 was reported.

 

Alpine Select plans to publish the definitive half-year results on 16 September 2024, and the semi-annual report as of 30 June 2024 on 19 September 2024.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


3.07.2024 Alpine Select Ltd.: Monthly Update June 2024
 

Alpine Select has published the monthly update June 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Juni 2024 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

As expected, the European Central Bank (ECB) implemented its first rate cut since 2019, while the U.S. Federal Reserve (Fed) kept its target range for the key interest rate unchanged.

Due to a weakened EUR/CHF and moderate inflation data, the Swiss National Bank (SNB) unexpectedly reduced interest rates for the second time in 2024 by 25 basis points, bringing them to 1.25%.

US Tech stocks reached new highs amid the AI rally – and NVIDIA became (for a couple of days) the most valuable company.

Despite a broader market decline, the tech-heavy Nasdaq posted gains, with the US outperforming the rest of the world. The Federal Reserve's indication that only one more rate cut is expected this year did not dampen market sentiment in the US.

Amid European political turmoil in June, US markets significantly outperformed: the S&P 500 rose by 3.5%, the Nasdaq by 5.9%, while European indices lagged, with the DAX down 1.5%, the CAC 40 down 6.5%, and the SMI remaining unchanged.

On French election results: The National Rally won the 1st round of snap parliamentary elections, taking 33.2% of the French vote. For equity markets this means the results are a touch better than feared as the scary left tail of a left-wing government is highly unlikely after such a first round.

 

Portfolio activities

New allocations have been made during the month:

With our esteemed partners at investment boutique Vicenda Group an investment over CHF 3m in a loan-backed note for an acquisition financing transaction has been made, offering an annual yield of 6%.

An investment of USD 2 million has been made to RockawayX’s Private Credit fund. This Liechtenstein fund offers credit lines to companies within the digital asset industry, providing an alternative to conventional bank loans. Anticipated returns range between 12% to 15% p.a., reflecting the limited availability of balance sheet lending within the emerging blockchain industry.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

27.05.2024 Alpine Select Ltd: The ordinary shareholders’ meeting approves all agenda items and proposals proposed by the board of directors

 

In detail, the shareholders’ meeting 2024 of Alpine Select Ltd. passed the following resolutions:

  1. The annual report 2023 (statutory financial statements as well as the consolidated financial statements in accordance with Swiss GAAP FER) was approved and the compensation report 2023 was approved in a consultative vote.
  2. Additionally, the proposal to carry forward the entire balance sheet profit to new account was approved.
  3. Discharge was granted to the members of the board of directors and the management for the 2023 financial year.
  4. The members of the board of directors Raymond J. Baer, Thomas Amstutz, Dieter Dubs and Michel Vukotic were re-elected individually and each for a term of office of one year until conclusion of the next ordinary shareholders’ meeting. Rémy A. Bersier was elected as a new member of the board of directors for a term of office of one year until conclusion of the next ordinary shareholders’ meeting. In addition, Raymond J. Baer was re-elected as president of the board of directors for term of office of one year. Raymond J. Baer and Dieter Dubs were re-elected as members of the compensation committee for a term of office of one year.
    BDO Ltd., Zurich, was re-elected as the Company’s auditors for the business year 2024. HütteLAW AG, Cham, was re-elected as independent proxy for a one-year term of office until the end of the next ordinary shareholders’ meeting.
  5. The shareholders also approved the proposed maximum total amount of compensation for the board of directors for the coming term of office (AGM 2024 to AGM 2025) and the maximum total amount of compensation for the management (for the coming financial year 2025).

 

At today’s ordinary shareholders’ meeting, 54.74% of all shares were represented.

 

The detailed voting results and the summary minutes will be available on the website www.alpine-select.ch/en/investors#downloads no later than 31 May 2024.

  

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


3.05.2024 Alpine Select Ltd.: Monthly Update April 2024
 

Alpine Select has published the monthly update April 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht April 2024 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Most major indices have sold off into late April as resilience of real US Economy became apparent. This was followed by concerns about persistent inflation and its impact on the Federal Reserve's interest rate policy.

We highlight that net impact of higher rates for the private sector companies with strong balance sheets will be less than anticipated, indicating higher income on financial assets such as Cash, T-Bills, etc. The governments might be much more impacted by ‘higher for longer’.

Equity markets were down across the board: S&P 500 -4.2%; Nasdaq -4.4%. and the SMI -4%.

While tit-for-tat responses between the two sides may escalate, early signs are that the symbolic nature of the action could open the door to de-escalation, at least in the short term. There was too much in the price for geopolitics, the last 10 days of April, markets clearly appear to have found reprieve and drawn a line on geopolitical tensions.

 

Portfolio comments 

Idorsia undertook steps to address short-term liquidity needs proposing to amend the prospectus of the CB due 07/2024 at the upcoming bondholder meeting on May 6. Furthermore, on another positive note, the European committee for medicinal products for Human use has recommended Aprocitentan for approval in Europe.

 

Portfolio activities

A position in ams-OSRAM has been opened. After a cornerstone client has stepped away from their microLED manufacturing agreement in late February, the shares sold off for almost 2 straight months.

Ams-OSRAM runs a sound business and has a leading global position in LED, traditional auto bulps and also Light sensors. We see upside from here as their ongoing corporate restructuring (incl. potential sale of the Malaysia located microLED manufacturing sight) will improve their balance sheet and hence remove the unjustified undervaluation.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

1.05.2024 Alpine Select Ltd: Invitation to the ordinary shareholders’ meeting 2023

 

The ordinary shareholders’ meeting will take place on:

Date: Monday, 27 May 2024
Time: 11 a.m. (doors open at 10.30 a.m.)
Venue: Parkhotel Zug, Industriestrasse 14, Zug.

 

Agenda

  1. Annual report 2023
  2. Appropriation of available earnings
  3. Discharge of the members of the board of directors and the management 
  4. Elections
  5. Compensation of the members of the board of directors and of the management

 

The detailed agenda with the proposals of the board of directors on all agenda items will be sent to shareholders' on 1 May 2024, and can be viewed and downloaded from the Alpine Select website at www.alpine-select.ch/en/investors#downloads

  

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


9.04.2024 Alpine Select Ltd: Publication of the Annual Report 2023


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select Ltd. has published the annual report 2023.

 

The report can be viewed and downloaded online at www.alpine-select.ch/en/investors#downloads.

 

 

 For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


4.04.2024 Alpine Select Ltd: Annual results, portfolio development and investment activities, corporate actions 2023 | Outlook 2024 | Proposal for a new member of the board of directors


Ad hoc announcement pursuant to Art. 53 LR

 

Looking back at the year 2023

Looking back, 2023 is likely to be remembered as the year when the first applications of artificial intelligence became mainstream. Noteworthy is also the resilience shown by the “magnificent seven” (Apple, Nvidia, Alphabet, Meta, Amazon, Tesla and Microsoft) stocks, which experienced substantial gains throughout the year.

Overall, 2023 surpassed many expectations, with most asset classes ending the year in positive territory. The significant rise in yields, reaching levels not seen since the global financial crisis, initially impacted both stocks and bonds. The bond markets particularly required strong nerves. However, due to a sharper-than-expected decrease in inflation during 2023 and market anticipation of the beginning of an interest rate cutting cycle in 2024, yields declined again, allowing bonds to end the year positively as well. There is an optimistic consensus that 2024 will mark the beginning of interest rate cuts by central banks, heralding a new economic cycle. 

The Alpine Select portfolio remained fully invested, yet defensively positioned from a risk-adjusted standpoint. The Net Asset Value (NAV) development for the year was +0.13% (an increase from CHF 7.71 to CHF 7.72 per share). This includes an ordinary dividend of CHF 1.00 per share distributed in May 2023, as well as an extraordinary dividend of CHF 3.00 per share distributed in September 2023. Throughout the reporting period, the shares traded near the NAV.

In the FER financial reporting, Alpine Select (the “Company”) reports an annual loss of CHF 433,000 as of 31 December 2023. In the comparative period (year 2022) a loss of CHF 29.98 million was reported.

 

Portfolio Development and Investment Activities

Exit of regional Far East exposure

In the first half of 2023, engagements with a focus on the regional Chinese market were divested. Heightened tensions and mutual hostility observed between the US and China amplified uncertainties and operational risks, prompting a re-evaluation of regional allocations.

Having maintained exposure to the Chinese market for nearly six years, Alpine Select has opted to exit this regional investment theme. As a result, the Alpine Select overall portfolio now holds reduced regional exposure, primarily through one Japanese manager, Bengal Asset Management. 

The resurgence of interest rates in Western markets has led to the conclusion that the risk/reward balance in the Western world is now more favorable. Given the economic backdrop in China, in hindsight, this has been the right macro decision.

 

Special Situations / Discounted Assets

  • IP Group holds a central position in our portfolio, albeit facing structural challenges within the broader UK invest-ment landscape. In December 2023, the announcement of another share buyback program led to a rally in the stock, resulting in a +4% performance for the year. The decision to repurchase their own undervalued shares demonstrates the IP Group board’s commitment to addressing the current unjustified discount to NAV, which currently stands above 50%. Regular cash returns to shareholders through realizations will continue, primarily in the form of share buybacks, as long as the discount to NAV remains above 20%.
    Alpine Select supports IP Group's proactive undertaking in rectifying their discounted situation until a more 'acceptable' level is attained. Furthermore, Alpine Select maintains optimism that the IP Group's portfolio is well-positioned to benefit from the maturation of its assets rooted in scientific research. Anticipating various catalysts in 2024 and 2025, the Company remains confident in the value creation of IP Group.
  • Alpine Select believes that Idorsia convertible bonds have experienced an unwarranted sell-off, primarily driven by negative sentiment surrounding the company, resulting in trading at distressed levels. Despite operational challenges, such as cost reduction measures and the sale of their Asian business, which have already been addressed, Alpine Select stands by its assessment and assumes that the convertible bonds will be redeemed at par value.
    Following the business year 2023, Idorsia made a significant announcement on 28 February 2024: The company entered into a substantial global research and development collaboration with Viatris, a prominent U.S.-based global healthcare company. This collaboration entails the joint effort in the global development and commercialization of two Phase 3 assets, ‘selatogrel’ and ‘cenerimod’. As part of this collaboration, Idorsia will receive an upfront payment of USD 350 million, in addition to potential milestone payments and royalties.
    Idorsia Pharmaceuticals reported on 20 March 2024 that the US Food and Drug Administration (FDA) approved the company's once-daily TRYVIO (‘aprocitentan’) for the treatment of hypertension in combination with other antihypertensive drugs, to lower blood pressure in adult patients who are not adequately controlled on other drugs. This achievement marks another significant milestone in the company's trajectory, as it secures its second potential blockbuster drug approved by the FDA.
  • Cheyne Total Return Fund, which invests in global investment grade and crossover credit positions via credit default swaps, forms the core position within the Alpine Select overall portfolio. The fund had a stellar year posting+20%. The strategy has a fixed maturity of December 2024. Alpine Select intends to keep the position as ‘invested cash’ – given the yield to maturity is expected to be around 8 to 9%.


Digital Assets

Digital assets witnessed a remarkable year in 2023. Recovering from a bear market, blockchain-based assets experienced a resurgence, especially with the approval and launch of spot Bitcoin exchange-traded funds in the U.S. This move not only opened the asset class to new investors, but also fueled excitement that propelled the market into a new bull phase that continues to this day. 

Despite this optimism, it's important to acknowledge that the industry is still maturing. Volatility is expected to persist, given the various challenges that blockchain-based applications still need to overcome.

Alpine Select’s exposure to digital assets is managed by specialists through venture capital funds. These experts navigate the landscape of this emerging asset class with expertise.

Alpine Selects reiterates that due to the nature of venture capital investing, the target fund valuations considered for the NAV always lag behind the current market values.

 

Annual Shareholders' Meeting 2023

During the ordinary shareholders’ meeting held on 17 May 2023, all agenda items and proposals presented by the Board of Directors of Alpine Select Ltd. were passed by the shareholders, after which a dividend of CHF 1.00 gross per registered share was distributed to shareholders on 23 May 2023.

At the extraordinary shareholders’ meeting convened on 21 September 2023, shareholders endorsed the sole agenda item proposed by the Board of Directors of Alpine Select Ltd. Consequently, an extraordinary dividend of CHF 3.00 gross per registered share was distributed on 27 September 2023.

 

Outlook 2024

Looking ahead, Alpine Select is firmly convinced of the value and growth prospects of the overall portfolio. Alpine Select remains well-positioned to deliver favorable returns, independent of broader market movements.

Alpine Select remains vigilant in identifying discounted and mispriced assets offering an attractive risk/reward profile. Aligned with Alpine Select’s mandate, the Company is committed to actively pursue and exploit opportunities for the benefit of its shareholders.

Furthermore, Alpine Select is closely monitoring geopolitical tensions and their potential economic and financial rami-fications. Recognizing the possibility of market volatility stemming from the possible return of a former American US president, the Company adjusts its cash position and the corresponding forecasts. The Company’s overall asset allocation strategy is continually reassessed considering evolving macroeconomic factors.



Ordinary shareholders' meeting on 27 May 2024

  • The Board of Directors proposes Mr. Rémy A. Bersier for election as a new, additional member of the Board of Directors
    At today's meeting of the board of directors, the members of the board decided to propose the election of Mr. Rémy A. Bersier as a new member of the board of directors at the annual shareholders’ meeting to be held on 27 May 2024. In Mr. Rémy A. Bersier, the board of directors is proposing a person for election who, thanks to his many years of experience in the financial industry and his understanding of the market, is an ideal candidate and will make a valuable contribution to the Alpine Select Board of Directors.
  • Agenda and proposals of the Board of Directors
    At its meeting today, the board of directors also approved the other agenda items and proposals to be submitted to the ordinary shareholders’ meeting 27 May 2024 as follows:
    1. Annual report 2023: Approval of the annual report 2023 as well as the consultative voting on the compensation report 2023
    2. Appropriation of available earnings: Carry forward the amount available for distribution to new account (no dividend distribution is proposed)
    3. Discharge of the members of the board of directors and the management
    4. Elections: All members of the board of directors, as well as the auditors and the independent proxy, stand for re-election for a further term of one year
    5. Maximum compensation of the members of the board of directors and the management


Corporate calendar

  • 4 April 2024: publication of the annual results 2023
  • 9 April 2024: publication of the annual report as per 31 December 2023
  • 1 May 2024: publication and distribution of the invitation to the ordinary shareholders' meeting with agenda items and proposals of the board of directors as well as further information regarding the ordinary shareholders' meeting to the shareholders
  • 27 May 2024: ordinary shareholders' meeting of Alpine Select Ltd. 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


2.04.2024 Alpine Select Ltd.: Monthly Update March 2024
 

Alpine Select has published the monthly update March 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht März 2024 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

In March, despite unexpected rises in US inflation and capital market interest rates, investors stayed calm, leading to advancements in risk assets.  

Based on Fed Chairman Jerome Powell's repeated indications of interest rate cuts, a rally grounded in the principle of 'Never fight the Fed' displays potential for ongoing momentum. Particularly noteworthy given that 2024 marks a US presidential election year.

In a rare move, The SNB's unexpectedly lowered its key interest rate by -0.25% to 1.50% which resulted in a weakening of the Swiss franc.

Equity markets were up globally: S&P 500 +3.1%; Nasdaq + 1.8%. and the SMI added +2.6%.

 

Portfolio comments 

Knowledgeable readers know we hold convertible bonds of Idorsia. After February held good news already; as the company announced a significant global research and development collaboration with Viatris which includes an upfront payment of $350 million, March got better.

On 20 March 2024, Idorsia reported that the US Food and Drug Administration (FDA) approved the company’s once-daily TRYVIO (‘aprocitentan’) for the treatment of hypertension in adult patients who are not adequately controlled on other drugs. This achievement marks another significant milestone in the company's trajectory, as it secures its second potential blockbuster drug approved by the FDA. We believe the company will leverage its own assets to raise more cash and ensure its ongoing operations.

Digital assets had another strong month: Bitcoin +17% setting new alltime highs above $70k, and Solana rose a significant +54%. We expect our VC funds to participate proportionately and are highlighting that the valuations are by nature lagging for these VC investments.

 

Portfolio activities

We opened a new position in Basilea Pharmaceutica as we expect the US New Drug Application (NDA) decision on Zevtera to be positive and the US launch of Zevtera to be the next company’s catalyst.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

5.03.2024 Alpine Select Ltd.: Monthly Update February 2024
 

Alpine Select has published the monthly update February 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Februar 2024 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

In February, risk assets continue to perform. The US economy continues to experience robust economic activity (strong labour market with significant job gains and solid wage increases). While overall inflation shows signs of cooling, core inflation remains persistent well above 2%. Given the resilient US economy, the improved consumer sentiment and ongoing positive momentum we expect the Fed is unlikely to lower interest rates as quickly as expected. 

While stocks in the fields of artificial intelligence and medications to address obesity (GLP-1) are experiencing a veritable hype, a large remainder of the market is lagging. Equity markets were up globally: S&P 500 +5.1%; Nasdaq +6.1%. China’s CSI 300 rebounded +9.4% and Japan’s Nikkei increased by +7.9% The ordinary SMI added +1%.

 

Portfolio comments 

On 28 February Idorsia announced that it has entered into agreements for a significant global research and development collaboration with Viatris Inc., a global healthcare company, for the global development and commercialization of their two Phase 3 assets – Selatogrel and Cenerimod. The deal includes an upfront payment of USD 350 million, potential development and milestone payments, and royalties.

It is another transformative step from Idorsia toward going concern, as the cash situation still looks dire. The upcoming PDUFA date for Idorsia’s blockbuster candidate Aprocitentan is due 19 March 2024. Idorsia retains global rights to this asset and therefore the decision by the US FDA will be decisive.

Digital assets, per definition risk assets, had an incredibly strong month: Bitcoin +41%, Ethereum +52% and Solana +25%. We expect our VC funds to participate proportionately, however valuations are lagging.

 

Portfolio activities

We added HBM shares as we remain optimistic on the biotech sector.

We bought Temenos Bonds after the adverse impact of the Hindenburg allegation. We expect the repayment on 5 April 2024 to be secured, irrespective of B/S and P&L valuations which were questioned.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

2.02.2024 Alpine Select Ltd.: Monthly Update January 2024
 

Alpine Select has published the monthly update January 2024.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Januar 2024 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

2024 kicked of friendly and the western financial markets continued the positive trend from the previous year. There was solid US economic growth reported for Q4-2023 of 3.3% which is significantly higher than the economists' expected medium term growth rate of 2%.

The rather optimistic market sentiment is also supported by the upcoming interest rate cuts later during 2024. The Fed after its January meeting however, left the benchmark interest rate unchanged for the moment in the current target range of 5.25% to 5.5%. The US rates remain higher vs. the EU rate of 4.5% and quite considerably higher vs. the SNB rate of 1.75%.

US Equities were up also thanks to the ‘magnificent 7’ : S&P 500 +1.6%; Nasdaq +1%. The SMI was positive +1.8%. China continued lagging given their own challenges, i.e. unsolved real estate crisis; CSI was down -6.3% for the month of January.

We reiterate that economic data throughout 2024 will tell whether the unprecedented aggressive monetary tightening and increase in interest rates over the last couple of months will leave no serious collateral damage to the global economy. In sum, the markets strongly rely on the next monetary policy easing. The investor community currently overlooks the risks of a recession.

However, in the meantime, fiscal spending / high expenditure of the states substitutes central bank stimulus.

Notably we find that the attacks on fuel tankers in the Red Sea and on US troops in the Middle East seems to have little impact on equities thus far. We acknowledge however, that the US is in danger of slipping deeper into the conflict, as Iran killed three American soldiers.

 

Portfolio comments

Given the strong rally into 2024 we sold Temenos position and added to the existing HBM Healthcare position. We remain confident that the HBM team has composed a portfolio of biotech companies which will disproportionately increase in value in a more favourable environment 2024 for the interest rate sensitive biotech industry.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

8.01.2024 Alpine Select Ltd: Preliminary information on the annual results for 2023 (Swiss GAAP FER)


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select AG («Alpine Select» / the «Company») hereby informs its shareholders and other interested market participants that it expects a loss of approximately CHF 140,000 in its Swiss GAAP FER financial reporting for the 2023 financial year. In the comparative period (financial year 2022) a loss of CHF 29.975 million was reported.

 

These figures are the preliminary results based on the current status of the closing activities and the documents available to the Company to date for the valuation of its investments. Alpine Select will publish the final 2023 annual results and the audited annual report 2023 with detailed information at the end of March / beginning of April 2024.

 

Alpine Select publishes its consolidated net asset value (NAV) on a weekly basis. This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the Company’s portfolio.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


5.01.2024 Alpine Select Ltd.: Monthly Update December 2023
 

Alpine Select has published the monthly update December 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Dezember 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The market sentiment stayed strong, also in December. The FED send an optimistic message to the markets that interest rates may have seen the top and lower rates can be expected during 2024 and beyond. Core inflation (+0.1%) and further robust economic data indicate that the worst, in inflation terms, might be in the books.

Consequently, equities traded up and 2023 closed off with a decent year-end rally: S&P 500 +3.6%; Nasdaq +5.5% and SMI +2.6%. 

Economic data throughout 2024 will tell whether the unprecedented aggressive monetary tightening and increase in interest rates over the last couple of months will leave no serious collateral damage to the global economy.

 

Portfolio activities

Given the harsh Tech / Biotech environment in 2023 – the broader market corrected significantly. The Swiss investment company HBM Healthcare Investments (HBM) is a true leader building a winning and well-balanced globally diversified portfolio of investments in private and public healthcare companies. Given their successful track record we opened a new position in HBM at a discount of 20% to its NAV.

 

Portfolio comments

Our core position IP Group had another solid month. After an initial recovery in November +15%, IP Group rallied another +15% on the announcement of a share buyback programme initiation in December. The announcement underpinned the Board’s commitment to fight the current unjustified discount to NAV of roughly 58%. The statement is bold and regular cash returns to shareholders from realisations will be made, in the form of share buybacks as long as discount to NAV exceeds 20%. We embrace IP Group’s decision to act rigorously until a more ‘acceptable’ discount level is achieved.

The broader Digital Asset industry finished the year with a rally. Our largest single digital currency exposure is with Solana ($SOL) which is held as a core portfolio investment in the Rockaway Blockchain Fund. This is notable, as Solana was up +65% in November and +74% in December. We remain constructive that the blockchain applications will create durable value. We invest via specialized VC Managers.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

Press Release 2023

4.12.2023 Alpine Select Ltd.: Monthly Update November
 

Alpine Select has published the monthly update November 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht November 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Economic conditions are better than most experts anticipated after a period of aggressive monetary tightening. The macro datapoints are suggesting inflation is indeed falling, real growth is running above trend and the labour market has started to normalize without a material rise in unemployment. 

The EU inflation data was coming in lower-than-expected and US GDP data was strong. The markets are already pricing in first cuts by the Fed meeting in March 2024. “Goldilocks might meet the Santa Rally”. 

The market sentiment was strong in November. Bonds rallied on falling yields and equities posted strong returns: S&P 500 +8.9%, Nasdaq +10.7% and the SMI gained 4.5%.

However, strong real growth and cooling inflation have been enabled in part by a much-larger-than-expected fiscal deficit, which is unlikely to persist in 2024.

Another interesting fact caught our eyes; Oil has corrected USD 15 from the recent top given the tense geopolitical situation.

 

Portfolio comments

Our core position IP Group had a solid recovery in November +15%. The CS Interswiss fund, which is still trading at a discount of -18% to NAV advanced +8.8% given the improved macro trends.

The broader Digital Asset industry posted a stellar month again. Our largest single digital currency exposure is with Solana ($SOL) which is held as a core portfolio investment in the Rockaway Blockchain Fund. This is notable, as Solana was up +65% in November given positive news on application level and a growing ecosystem of partners using the Solana Blockchain (e.g. Coinbase). Other leading Blockchains like BTC +9.5% and ETH +13.1% also trended up.

This move is notable because Changpeng Zhao, the boss of Binance, resigned after pleading guilty to criminal money-laundering charges. He becomes the third founder of a major centralized crypto exchange (after Bitmex and FTX) to be convicted of crimes paying a $50 million fine personally as part of a $4.3B total settlement! This marks the latest blow to the centralized crypto world since the implosion of FTX.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

2.11.2023 Alpine Select Ltd.: Monthly Update October
 

Alpine Select has published the monthly update October 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Oktober 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The global risk-off sentiment with deteriorating equity markets continued in October. Geopolitical escalations in the Middle East on top of fragile bond markets had an additional effect on market participants.

After having their worst month of 2023 in September equities posted another negative month: S&P 500 -2.2%, Nasdaq -2.8% and the SMI detracted 5.2%.

In the US, equities sold off driven by weakness in Megacap tech (except for Amazon) as investors digested disappointing earnings prints. Additionally, the outlook for the last quarter 2023 but also the outlook into 2024 stays rather gloomy.

US inflation stayed elevated mainly driven by heightened consumer prices, the core inflation however is slightly declining. The current core inflation at 3.7% is still far away from the target of 2%.

Meanwhile, Germany’s economy contracted -0.1% in Q3, the Bundesbank said, blaming declining industrial production, a shrinking construction sector and deteriorating non-discretionary consumption. This marks the 4th straight quarter of negative or flat growth for the largest European economy.

On geopolitics, Western leaders are sending mixed messages to Israel: While they feel its pain over Hamas’s October 7 massacre, they advise it’s best to hold off on an extensive ground invasion while negotiations continue to free the more than 200 hostages.

 

Portfolio comments

On Blockchain and Digital Assets we witnessed an institutional rally in October which has sent the main digital assets (BTC, ETH and Solana) soaring in anticipation of further and broader adoption. Liquidity in the market somewhat improved, but we’re cautious to write the bear market off.

Although the blockchain industry is dealing with overall supressed levels and general underestimation by the broader audience, further institutional partnerships and technological advancements could positively surprise as to what crypto can actually do.

BTC is +27% for the month; ETH +8% and Solana +70%.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

25.10.2023 Alpine Select Ltd: Share buyback via second trading line


Ad hoc announcement pursuant to Art. 53 LR

 

At the Ordinary Shareholders’ Meeting of Alpine Select Ltd. («Alpine Select», the «Company») on 17 May 2023, the shareholders authorized the board of directors to repurchase up to a maximum of 10% of the share capital of Alpine Select until the ordinary shareholders’ meeting in 2025 for the purpose of subsequent definitive cancellation of the shares by way of capital reduction.

 

The Board of Directors of Alpine Select has decided based on the above-mentioned authorization to launch a new share buyback program of a maximum of 9% via a second trading line. Based on the current outstanding number of registered shares of Alpine Select, the maximum buyback volume is 783,891 registered shares. The maximum buyback volume per day amounts to 14,380 registered shares (calculated pursuant to Art. 123 para. 1 lit. c FinMIO). The actual number of shares bought back will be determined on the one hand by the freely available liquidity of the Company and on the other hand by the supply on the second trading line. Alpine Select reserves the right to terminate the buyback program prematurely and is not obliged to repurchase its own shares at any time.

 

The share buyback notice will be published on 25 October 2023. Trading on the second trading line will commence on 27 October 2023 and shall continue until 30 May 2025 at the latest. After completion of the share buyback program, the board of directors will propose to the shareholders’ meeting a capital reduction by cancellation of all registered shares repurchased under this share buyback program. The transaction will be executed by Helvetische Bank AG, Zurich.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


3.10.2023 Alpine Select Ltd.: Monthly Update September
 

Alpine Select has published the monthly update September 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht September 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

In September, equities had their worst monthly performance of the year so far: S&P 500 -4.5%, Nasdaq -5.7% and the SMI detracted 1.5%.

Looking through on a year-to-date basis, equity markets are still pricing in an optimistic soft-landing (S&P +11.5% / Nasdaq +24%) while bond markets are pricing in a recession. Yields on long-term bonds are rising more than yields on short-term bonds (bear steepening) which underpins the mantra ‘Higher yields for Longer’. Notably, the U.S. 10-year treasury yield (4.63%) reached a level unseen since 2007. 

After almost two years of monetary tightening, at least a pause of interest rate hikes by the US and European Central Banks is on the horizon. Jerome Powell in his rather hawkish comments reassured there is currently no reason to ease soon.

Meanwhile, commodity prices have risen substantially and particularly Oil prices are up almost +30% since the July lows. Not much easing is seen on the horizon as OPEC+ have cut production and the geopolitical tensions have left some strategic reserves to be filled-up again.

China’s current economic situation is fragile. The economic data over the past few months has largely painted a gloomy picture. Chinese households are spending less than expected and saving more instead. And while the overall jobs situation has been stable, unemployment among the country’s youth has jump ed so much that Beijing decided to stop releasing the data. What’s not reported – does not exist. What is unquestioned however, that China’s property crisis deepens as Evergrande’s future looks dire.

 

Portfolio comments

With Cheyne Total Return Credit Fund, an actively managed, long-biased corporate credit strategy with a defined maturity of December 2024, we are participating in short-dated investment grade credit. The strategy is delivering well with a YTD performance of +14.7%.

On Blockchain and Digital Assets there is pressure from various ETF issuers to debut a spot Bitcoin ETF in the US Market. The US Securities and Exchange Commission (SEC) is further delaying its comments on the numerous ETF applications. We expect approval soon which will bring institutional characteristic to the still young Digital Assets Market.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

21.09.2023 Alpine Select Ltd: The extraordinary shareholders' meeting approves the distribution of an extraordinary dividend


In view of a major shareholder's intention to sell, the board of directors had proposed to the shareholders' meeting the distribution of an extraordinary dividend in cash in the amount of CHF 3.00 per registered share with a par value of CHF 0.02 each. The shareholders today approved this proposal by 5,869,963 votes (with 3,283 votes against and no abstentions).

The dividend will be paid out to the shareholders after deduction of 35% VAT with value date 27 September 2023. The share will be traded ex-dividend as of 25 September 2023.

In his address to the shareholders present, the president of the board of directors explained that the financing of the extraordinary dividend is ensured by liquid funds and therefore no existing investments will have to be sold. With the distribution of the cash quota to the shareholders, the investment ratio of the portfolio would increase to 100%. Furthermore, the president reiterated that the board of directors is convinced of the intrinsic value and development potential of Company's current undervalued portfolio.

At today's extraordinary shareholders' meeting, 67.44% of all shares were represented.

The summary minutes can be viewed and downloaded from the Alpine Select website at www.alpine-select.ch/en/in-vestors#downloads as of 27 September 2023.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


19.09.2023 Alpine Select Ltd: Publication of the Semi-Annual Report 2023


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select AG has published the semi-annual report 2023.

The semi-annual report can be downloaded from the website www.alpine-select.ch/en/investors#downloads.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


15.09.2023 Alpine Select Ltd: Half-year results and information on the course of business in the first half of 2023


Ad hoc announcement pursuant to Art. 53 LR

 

  • Alpine Select Ltd. ("Alpine Select", the "Company") ended the financial reporting period (1 January to 30 June 2023) with a profit of TCHF 265. In the comparative period (as per 30 June 2022) a loss of CHF 25.9 million was reported.
  • The share recorded a negative performance of -0.81% over the first six months of 2023, after paying a dividend of CHF 1.00 per registered share in May 2023. The Net Asset Value ("NAV") closed unchanged for the first 6 months (CHF 10.79). Throughout the reporting period, the shares traded at or near the NAV, thereby delivering on an important commitment of the Company.

 

Market activities in first half-year of 2023

For the first half of 2023, central banks convinced market participants that they are serious about curbing inflation to lower targets. Rates were on the rise and no cuts are expected prior to late 2024. For now, borrowers are weathering the storm of tightening monetary policy, yet equity markets posted a rather friendly first six months into the year. Led by the "magnificent seven" (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla), a proper tech boom was observed in the first half of 2023. There is enormous enthusiasm for artificial intelligence and the biggest firms were the best place to capitalize on it.

In broader markets, through July, risk assets continued to be buoyed. Labor markets and global consumer showed continued resilience. Neither an inverted yield curve nor a banking crisis (Silicon Valley Bank, Credit Suisse) did spell the doom of an immediate recession to arrive. However, there is cautious consensus that rates will remain elevated for a prolonged period and the cost of credit will continue to go up.

 

Portfolio Delevopment and Investment Activities 

Exit of China Exposure

Funds and engagements with a regional China exposure have been exited in the first half of the year. Observations of considerable mutual hostility between the US and China actions increased uncertainty and operational tail risks to justify a regional allocation. After being exposed to China for almost 6 years Alpine Select exited this regional investment theme, leaving the portfolio with smaller exposure to just two Japanese Managers, Yuki and Bengal Asset Management. Return of interest rates in the West led to the conclusion that risk/reward in the Western world is more favorable.

 

Special Situations / Discounted Assets

The following positions have been added/built during the first six months of 2023:

  • Alpine Select believes that the Idorsia Convertible Bonds are disproportionately sold off due to the company’s negative sentiment leaving them trading in distressed territory. Idorsia has operational issues which are taken care of (i.e., cost reduction, sale of Asian business) – Alpine Select maintains its going concern strategy given the convertible bonds being repaid at par. After the reporting period, in a potentially significant announcement, Idorsia reacquired the world-wide rights to its blockbuster candidate drug Aprocitentan (treating patients with resistant hypertension). As the strategic ownership of the potential anchor stone asset is regained, Alpine Select expects an eventful next 4 to 6 months of transition incl. encouraging news to secure the much-needed cash to give Idorsia the necessary time to realize commercial success.
  • Shares of Temenos, a leading banking software provider, were sought after by activist investors. Alpine Select believes the company is steadily executing on the transformation from pure licensing to subscription-based software as a service model and thus is attracting private equity investors for a take-private.
  • Seagen, a US listed biotech company received an offer by pharma giant Pfizer to buy all shares at USD 229. The boards of directors of both companies have unanimously approved the transactions and Alpine Select expects the M&A arbitrage position to close in late 2023, subject to customary closing conditions including receipt of required regulatory approvals.

Digital Assets

Digital Assets in general recovered well during 2023. Bitcoin (+84%) and Ethereum (+61%) led the market and to a level acceptable after the shortcomings revealed during 2022 (crash of LUNA, Celsius, FTX, etc.).

Volatility has been heightened given the various ruling by the Securities and Exchange Commission ("SEC") targeting different tokens as securities. Furthermore, there are still pending cases against large crypto exchanges, such as Binance.

Behind the scenes, institutional adoption is broadening. For example, EDX, a new crypto exchange backed by financial giants such as Fidelity and Charles Schwab have started trading coins like BTC and ETH. Furthermore BlackRock, the world’s largest asset manager, has filed for a Bitcoin spot ETF in the USA. In addition, the U.S. District of Columbia Court of Appeals ruled that the SEC was wrong to reject an application from crypto asset manager Grayscale Investments to list an exchange-traded fund that tracks the price of bitcoin. This is a landmark decision for the young industry.

Compared to the 2018 "crypto winter", experts argue the digital assets industry is now arguably at the beginning of a new bull cycle as the worst unwind and regulatory uncertainty is over. This might be especially true when taking into account the latest court ruling in the important Ripple Labs Inc. lawsuit, whereby clarity has been ruled that federal law was not violated by selling the XRP token on public exchanges.

 

Annual Shareholders' Meeting

At the ordinary shareholders' meeting on 17 May 2023, the shareholders approved the cancellation of the 548,070 treasury shares acquired under the share buyback program launched in 2020 and completed in the meantime, and the corresponding reduction of the share capital. After completion of the 30-day period since publication of the debt call in the SOGC, the reduction of the share capital was entered in the Commercial Register of the Canton of Zug on 7 July 2023. The share capital of Alpine Select now amounts to CHF 174,198.00 and is divided into 8,709,900 registered shares with a par value of CHF 0.02 each.

 

Material events after reporting date and Outlook 

A long-time major shareholder and former member of the Board of Directors of Alpine Select has notified the Board of Directors of Alpine Select of his intention to sell his shares in the Company as part of his private succession plan.

In view of this intention to sell, the board of directors has called an extraordinary shareholders’ meeting for 21 September 2023, at which it will propose an extraordinary dividend of CHF 3.00 per registered share. The financing of this extraordinary dividend is ensured by already available liquid funds of the Company. Should the shareholders approve the proposed extraordinary dividend, no existing investments would have to be sold. The extraordinary distribution would increase the investment ratio of the Alpine Select portfolio to 100%.

The Board of Directors of Alpine Select is convinced of the intrinsic value and development potential of the Company's current portfolio. Alpine Select is currently well positioned to deliver positive returns irrespective of the development of the broader market. The members of the board are confident that shareholders share their assessment and that some may reinvest any extraordinary dividend that may be paid out.

The board of directors has also decided that Alpine Select’s cost structure should be further reduced. As a first measure, reductions of 25% in the compensation of the board of directors are planned. Further measures are planned and will be communicated in due course.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


4.09.2023 Alpine Select Ltd.: Monthly Update August
 

Alpine Select has published the monthly update August 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht August 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The soft-landing economic path in which the Federal Reserve manages to curb inflation without causing output to contract has gained more consensus in recent weeks, prompting some investors to take on more risk. The tail risk of a hard landing is being priced out, which doesn't equal bullishness on the economy.

An illustrative example of such are the two events which took place on 24 August: Nvidia earnings and the Jackson Hole Meeting. Despite blowout earnings, the Nasdaq composite fell 2% because bond yields started dominating the narrative. Mr. Powell has insisted the Fed's in-flation fight has a long way to go, but markets have been more of the view that the battle is nearly won. Yet in the last week of August, Nasdaq composite climbed 4% to regain and add to the temporary loss. Overall, the markets were down for the month: S&P 500 -1.8%, Nasdaq -2.2% and the SMI detracted 1.6%.

Recession or no recession, we think the probability of higher-for-longer interest rates is far greater than the likelihood of near-term cuts. We maintain a rather defensive allocation.

 

Portfolio comments

IP Group delivered solid progress during H1-23. Despite the mediocre performance of the listed companies, IP Group's private portfolio of Life Sciences, CleanTech and DeepTech holdings have made impressive clinical, technical and/or commercial progress. The private portfolio secured financings at largely up/flat valuation rounds during the first six months with strong participation from strategic investors addressing large markets with respective disruptive technologies.

IP Group’s discount to NAV is incomprehensible. Currently trading at roughly 55% discount to its NAV (132p per share), IP Group's market capitalisation (£600m) roughly equals the value of its current net cash (£120m) plus its top 4 portfolio holdings.

This valuation gap does not imply about £0.7bn worth of IP Group's holdings in about 75 'smaller companies' which is essentially valued at zero, but it also notably undervalues key catalysts for their top holdings which are expected in the coming 12-18 months to materialize.

We remain patient and constructive on this core holding of ours.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

22.08.2023 Alpine Select Ltd: Notice to an Extraordinary shareholders’ meeting


Ad hoc announcement pursuant to Art. 53 LR

 

The extraordinary shareholders' meeting will take place on:

  • Date: Thursday, 21. September 2023
  • Time: 11 a.m. (doors open at 10.30 a.m.)
  • Venue: City Garden Hotel, Metallstrasse 20, Zug

 

Agenda

  1. Distribution of an extraordinary dividend 

 

The notice of meeting with the proposal of the board of directors for the single agenda item will be sent to shareholders on 22 August 2023, and can be viewed and downloaded from the Alpine Select website at www.alpine-select.ch/en/investors#downloads.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


8.08.2023 Alpine Select Ltd: Announcement of an extraordinary shareholders’ meeting


Ad hoc announcement pursuant to Art. 53 LR

 

A long-time major shareholder and former member of the Board of Directors of Alpine Select has notified the Board of Directors of Alpine Select of his intention to sell his ALPN shares as part of his private succession plan.

 

In view of this intention to sell, the board of directors will convene an extraordinary shareholders’ meeting in the near future, at which it will propose an extraordinary dividend of CHF 3.00 per registered share. The financing of this extraordinary dividend is ensured by already available liquid funds of the Company. Should the shareholders approve the proposed extraordinary dividend, no existing investments would have to be sold.

 

The extraordinary distribution would increase the investment ratio of the Alpine Select portfolio to 100%. The board of directors is convinced of the intrinsic value and development potential of its portfolio. It is therefore confident that shareholders share its assessment and that some may reinvest any extraordinary dividend that may be paid out.

 

The board of directors has also decided that Alpine Select’s cost structure should be further reduced. As a first measure, reductions of 25% in the compensation of the board of directors are planned.

 

Further information

The invitation to the extraordinary shareholders’ meeting of Alpine Select will be sent to the shareholders together with the agenda for the single agenda item in the near future and will be available online on the Alpine Select website at www.alpine-select.ch/en/investors#downloads.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


07.08.2023 Alpine Select Ltd.: Monthly Update July
 

Alpine Select has published the monthly update July 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Juli 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Much anticipated, in July, the FED approved a quarter percentage point rate hike bringing the target range to 5.25%-5.5% - the highest level in more than 22 years. The European Central Bank also raised interest rates by another 0.25%.

While policymakers indicated at the June meeting that two rate hikes are coming this year, markets are pricing in a better-than-even chance that there won't be any more moves this year. Financial markets are signalling a 'soft landing'. Although historically rarely accomplished, it remains to be proven whether Jerome Powell will achieve 2023/2024 what Alan Greenspan successfully did in 1994.

This rather bullish comfort can be seen in the monthly performance of the dominating US indices: S+P 500 +3.1% and NASDAQ +3.3%.

 

Portfolio comments

Idorsia is on track to gain regulatory approval for a third drug from their pipeline later this year. However, capitalizing on clinical success is challenging and distribution operations are costly. Therefore, Idorsia is in full restructuring mode, resizing its head-quarter in Allschwil by reducing of up to 500 head counts. The recent successful sale of its Asia business contributes to their runway. We remain optimistic, that with the approval of Aprocitentan (to treat resistant hypertension) the company will have the valuable options to go concern. To be protected from any shareholder dilutions, we hold the company's convertible bonds.

 

Portfolio activities

Because of rising interest rates in general and potentially also concerns surrounding Credit Suisse in particular, a well-known Real Estate Fund managed by CS Asset Management has fallen into a discount to NAV over last 18 months. The Credit Suisse Interswiss Fund currently trades at a 20% discount to its NAV which we consider unjustified. We estimate a 2-5% NAV hit given the environment. We will redeem as per terms of the prospectus to realize this discounted situation.

One smaller position has been built with Altana Credit Fund. The Fund is engaging in deeply discounted Sovereign Bonds of Venezuela – which are expected to be restructured in 2024.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

6.07.2023 Alpine Select Ltd: Preliminary information on the semi-annual results as per 30 June 2023 | Completion of the share buyback program 2020 - 2023


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select Ltd. («Alpine Select») hereby informs its investors and other interested parties that it expects a consolidated profit of approximately CHF 400,000 in its financial reporting as per 30 June 2023. In the comparative period (as per 30 June 2022) a loss of CHF 25.9 million was reported.

 

At the ordinary shareholders’ meeting on 17 May 2023, the shareholders approved the cancellation of the 548,070 treasury shares acquired under the share buyback program launched in 2020 and completed in the meantime, and the corresponding reduction of the share capital. After completion of the 30-day period since publication of the debt call in the SOGC, the reduction of the share capital was notified to the Commercial Register of the Canton of Zug and will be registered in the next few days. Following the registration of the capital reduction, the share capital of Alpine Select amounts to CHF 174,198.00, divided into 8,709,900 registered shares with a par value of CHF 0.02 each.

 

Alpine Select plans to publish the definitive half-year results on 21 September 2023, and the semi-annual report as of 30 June 2023 on 27 September 2023.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


04.07.2023 Alpine Select Ltd.: Monthly Update June
 

Alpine Select has published the monthly update June 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Juni 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

To the surprise of many market participants the rally in tech-based risk assets continues. 2023 was dominated by the megatrend ‘Artificial Intelligence’. The power of this phenomenon becomes apparently clear when comparing the leading US indices: NASDAQ (tech heavy) was up +32% YTD; S+P 500 +16% and Dow Jones Industrial +3.5%. As an additional comparison, the Swiss Market Index was up +5%.

After a few previous false starts, the Japanese market – forgotten by investors for many years – finally appears ready for a new beginning. Japan's economy has undergone significant changes, even though the market is still not completely aware of them. Seen as an Asian exposure alternative to China, Japan equities could profit and Nikkei Index gained +27%.

Meanwhile, the heightened valuations of risk assets led to an alignment of yield across asset classes, which is unusual. In June, the yield on cash (in USD), Investment Grade bonds, and US equities were at 5% - all the same. There should be some considerations why participants are buying risky equities at a 5% earnings yield when there is a risk-free 5% yield in US money market funds.

A strong rebound was seen in leading digital assets Bitcoin (+83%) and Ethereum (+54%).

 

Portfolio comments

Given the lofty valuations we remain disciplined in holding 20.7% cash.

In July we expect Idorsia’s prospective strategic transaction for its Asia Pacific (ex-China) operations to materialize and securing up to CHF 400 million for the company.

 

Portfolio activities

We engaged in a new Merger Arbitrage Position. Pharma giant Pfizer announced in March that it is to acquire oncology specialist Biotech Seagen for $229 per Seagen share (all cash). In June Seagen shares traded below $200 which we believe marked an attractive entry point to engage. We expect the deal to close before year end and target a +12% arbitrage-gain in CHF on the position (incl. FX hedge costs).

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

5.06.2023 Alpine Select Ltd.: Monthly Update May
 

Alpine Select has published the monthly update May 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Mai 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

It was like ‘Groundhog Day’, this time May 2023. The US Congres-sional debt ceiling debates had the markets, the media, and the public concerned about the ability of the US to pay its bills on time. Meanwhile an agreement passed the Senate, one day after it passed the House of Representatives and once signed into law by President Joe Biden, it will allow the federal government to borrow money until after the next presidential election in November 2024.

An often-referred interest rate environment ‘Higher for longer’ is currently being priced in by the market, expecting one final rise by the FED in July (and no significant rate cuts later in 2023). This forecast differs from the significantly lower interest rates towards 2024 which were expected at the beginning of the year.

Yet, US indices did well in May: S&P 500 +0.2%, Nasdaq +5.8% (thanks to magnificent seven). Meanwhile the Euro Stoxx 50 declined -1.9% and due to weakness in Swiss heavyweights Nestlé and Novartis the SMI detracted -3.2%.

Observing the divergence in market breath, the US leading indices are dominated by a small group of large cap companies. These ‘magnificent seven’ (Apple, Microsoft, Amazon, Nvidia, Alphabet, Meta and Tesla) are up double-digits YTD and are carrying the markets on their shoulders. As applaudable as such individual performances are, the breath of the public equity market shrunk, and most individual stocks are in negative territory year to date – which is not a comforting signal.

 

Portfolio comments

We remain disciplined in holding 23.9% net cash.

Our position in Temenos is holding up nicely and first signs of further activist shareholder engagement were shed during the month as Petrus Advisors announced a 3.42% stake in the company.

 

Portfolio activities

The Idorsia convertibles (CB) are priced somewhat inefficiently. We took the opportunity to swap from the short- to the longer-dated CB with maturity 2026 enhancing our expected yield. We remain positive that a solid solution for their cash situation will be found shortly. 

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

17.05.2023 Alpine Select Ltd: The ordinary shareholders’ meeting approves all agenda items and proposals proposed by the board of directors

 

In detail, the shareholders’ meeting 2023 of Alpine Select Ltd. passed the following resolutions: 

  1. The annual report 2022 (statutory financial statements as well as the consolidated financial statements in accordance with Swiss GAAP FER) was approved and the compensation report 2022 was approved in a consultative vote.

  2. The appropriation of available earnings and the distribution of a dividend of CHF 1.00 gross per outstanding registered share were approved. The dividend will be paid out to the shareholders after deduction of 35% VAT with value date 24 May 2023. The share will be traded ex-dividend as of 22 May 2023.

  3. The members of the board of directors and the management were discharged for the 2022 financial year.

  4. The members of the board of directors Raymond J. Baer, Thomas Amstutz, Dieter Dubs and Michel Vukotic were re-elected individually for a one-year term of office until conclusion of the next ordinary shareholders’ meeting. In addition, Raymond J. Baer was re-elected as president of the board of directors for a one-year term. Raymond J. Baer and Dieter Dubs were re-elected as members of the compensation committee for a one-year term. BDO Ltd., Zurich, was re-elected as auditors of the company for another one-year period. HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting in 2024.

  5. In addition, the shareholders approved the proposed maximum total amount of compensation for the board of directors for the coming term of office (AGM 2023 to AGM 2024) as well as the maximum total amount of compensation for the management (for the coming financial year 2024).

  6. The cancellation of 548,070 own shares bought back until 10 May 2023 under the share buyback program launched in 2020 and the reduction of the share capital from CHF 185,159.40 to CHF 174,198.00 was approved.

  7. The proposed general partial revision of the articles of association and thus the adaption of the company’s articles of association to the revised Swiss Stock Corporation Law, which came into force on 1 January 2023 was also approved.

  8. Finally, the shareholders authorized the board of directors, at its own discretion, to launch a new share buyback program of up to 10% of the total share capital (in the period between 17. May 2023 and the ordinary shareholders’ meeting in 2025).

 

At today’s ordinary shareholders’ meeting, 58.98% of all shares were represented.

 

The detailed voting results and the summary minutes will be available on the website www.alpine-select.ch/en/investors#downloads no later than 23 May 2023.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


3.05.2023 Alpine Select Ltd.: Monthly Update April
 

Alpine Select has published the monthly update April 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht April 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

After a decisive intervention by US and Swiss regulators to prevent an immediate banking crisis in March, April has been rather steady. Earnings of large cap companies with pricing power came in above expectations; especially big tech earnings were strong (Microsoft, Alphabet, Meta, but also Novartis, ABB, etc.).

Global indices (S&P 500, Nasdaq and SMI) were flat for the month.

We maintain a cautious position in our overall allocation. The headwind for the global economy has shifted from an energy crisis to a potential banking crisis with tightening credit conditions and a slowing economic activity consequently.

 

Portfolio comments

Encouraging first quarter results from Temenos, a special situation position, got the company valuations boosted towards the end of the month. The transition from a pure licencing model to a subscription-based software as a service is gaining traction. The software works, their product is in demand and the revised execution guidelines underscores our optimism that there are activists looking to engage with Temenos to transform the company.

The funding need of Swiss Biotech company Idorsia once more became apparent in their Q1-23 presentation to investors. We engage in Idorsia’s Convertible Bonds as they offer an attractive risk/reward profile (18% yield to put). The share price is pricing in a dilutive fund raise to bridge temporary liquidity issue of the company (Partnership, licencing, and an equity dilution). Idorsia’s drug pipeline is still promising and there is optimism that Idorsia will be the next Swiss Biotech name on a global stage. 2023 is a decisive year with (i) cash raising and (ii) pipeline highlights in December 2023 where the US FDA will communicate their drug review decision on hypertension drug candidate ‘Aprocitentan’.

 

Portfolio activities

Funds with a regional China exposure (BY Healthcare and Value Multiplier Fund) were exited. Additions to the Temenos position were made given the temporary weakness due to the financial services turmoil in March. We still believe in the case as described in February.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

13.04.2023 Alpine Select Ltd: Invitation to the ordinary shareholders’ meeting 2022

 

The ordinary shareholders’ meeting will take place on:

Date: Wednesday, 17 May 2023
Time: 11 a.m. (doors open at 10.30 a.m.)
Venue: Parkhotel Zug, Industriestrasse 14, Zug.

 

Agenda

  1. Annual report 2022
  2. Appropriation of available earnings
  3. Discharge of the members of the board of directors and the management 
  4. Elections
  5. Compensation of the members of the board of directors and of the management
  6. Capital reduction through cancellation of shares acquired as part of a share buyback program
  7. General partial revision of the articles of association, in particular due to the revised Swiss Stock Law
  8. Approval of a new share buyback program

 

The detailed agenda with the proposals of the board of directors on all agenda items will be sent to shareholders' on 13 April 2023, an can be viewed and downloaded from the Alpine Select website at www.alpine-select.ch/en/investors#downloads

  

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


6.04.2023 Alpine Select Ltd: Publication of the Annual Report 2022


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select AG has published the annual report 2022.

The report can be viewed and downloaded online at www.alpine-select.ch/en/investors#downloads.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


5.04.2023 Alpine Select Ltd.: Monthly Update March
 

Alpine Select has published the monthly update March 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht März 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Structural stress in the banking sector was felt in early March as the US regulator shut down two regional banks (Silicon Valley Bank; Signature Bank of NY) to protect depositors following a cash crunch. A historical event took place in Switzerland, just days later when the Swiss Government together with the Swiss National Bank under emergency law orchestrated a merger of the local heavyweights UBS and Credit Suisse.

In March, also the U.S. 2’s – 10’s curve inverted 107bpts. Whenever the curve inverted more than 100bpts in the past, within 30 days on average, the Fed started cutting rates.

In support of potential peak rates sentiment, American tech firms have announced 118k layoffs this year adding to the 140k jobs cut last year, according to Crunchbase. Investors have cheered tech’s new-found cost-consciousness and the technology-heavy Nasdaq index is up by +17% YTD posting a very solid quarter. Despite the broader rebound, there have been fairly large rotations under the surface, especially out of Banks + Real Estate and into Tech Stocks.

On geopolitics it was noteworthy that the Chinese president was looking to bolster his credibility as a responsible global actor. He successfully helped to deliver a landmark deal to resume diplomatic ties between Iran and Saudi Arabia. He also visited Russia in a call for peace.

US indices were unimpressed by the regional banking crisis and continued climbing in the ‘wall-of-worry’: S&P +3.5%; NASDAQ: +6.7%. SMI was flat for the month.

 

Portfolio comments

Digital asset markets continued their bullish start of 2023 with BTC gaining +23.1% and ETH being up +13.5% during March. This is the first time since March 2021 BTC has completed three consecutive positive months and the first time since April 2021 ETH has completed three consecutive positive months. While it is still early in the year it appears that the banking crisis, ongoing inflation, and other macroeconomic events have proved favourable for the leading digital assets.

We redeemed L1D Multimanager Fund as of NAV 31.03.2022.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

3.04.2023 Alpine Select Ltd: Annual results, portfolio development and investment activities, corporate actions 2022 | Outlook and dividend distribution 2023


Ad hoc announcement pursuant to Art. 53 LR

 

Annual Result 2022

For Bond and Equity Investors alike, there were few places to hide in 2022. The year turned out to be packed with unexpected events dominating the fragile capital markets. Rising interest rates, recession risks, continued geopolitical conflicts, energy crises and corporate earnings downgrades weighed down on investor sentiment and revalued risk assets as well as fixed income securities (bonds).

It was the worst year since the global financial crisis (2008) for equity indices: NASDAQ: -32.2%, S&P 500: -18.5%, CSI 300: -27.3% and the SMI detracted 16.7%. Notably, the Total Bond Index which tracks U.S. Investment Grade (IG) bonds declined 13% in 2022 which is the worst 12-month return since 1980.

The Alpine Select portfolio unfortunately could not escape without scars. The total return to shareholders in the year was ‑15.4% (decrease of the share price from CHF 14.30 to CHF 12.10. This includes a dividend of CHF 1.00 per share which was paid out to shareholders in May 2022). The Net Asset Value («NAV») recorded a decrease for the same period (from CHF 14.88 to CHF 11.77). Throughout the year, the shares traded at or near the NAV.

In the FER financial reporting, Alpine Select reports an annual loss of CHF 29.98 million as of 31 December 2022. In the comparative period (year 2021) a profit of CHF 24.05 million was reported.

 

Portfolio Development and Investment Activities

Special Situations / Discounted Assets

The Alpine Select special situations portfolio, which includes discounted assets and merger arbitrage opportunities, such as Vifor Pharma, Arena Pharma, Castle Alternative Invest, and IP Group, contracted CHF -12.8 million.

During 2022 Alpine Select engaged in three inefficiently priced M&A arbitrage positions; Vifor Pharma, Arena Pharma and Biohaven Pharma (all deals are closed). These investments contributed CHF +1.76 million. Given the attractive market valuations in Q4 2022, the following positions have been redeployed:

  • Cheyne Total Return Credit Fund, a long-biased corporate credit strategy with a defined maturity of Dec‑2024 manages an Investment Grade Credit risk portfolio. Alpine Select feels comfortable taking Investment Grade (IG) risk and given the historic selloff in IG bonds it increased this position with an expected return to maturity of around 40% (as of reporting date).
  • Idorsia Convertible Bond holdings (maturity 2024 and 2028) were built, representing a yield to maturity of 8% and 13% respectively on reporting date. Idorsia, a leading Swiss Biotech company with a robust pipeline of various late-stage clinical assets is facing a liquidity gap which Alpine Select believes they will solve and thus secure the going concern of the company and due repayment of the bonds

The position in Castle Alternative Invest (+20%) will remain in the Alpine Select portfolio until liquidation in the second half 2023. The stock has been delisted and all holdings were liquidated into cash.

The largest dragging position in the overall Alpine Select portfolio over the year was IP Group (-59%) as market rotation out of growth/tech stocks has played its part. Alpine Select continues to believe that the company has a selection of impressive investments and that its shares are fundamentally undervalued. At a significant 55% discount to its NAV, IP Group’s shares trade at the value of its top-five holdings (incl. net cash). Not only does its top-four portfolio companies have significant valuation uplift potential in the near term, but that leaves the remaining more than 90 companies in the portfolio essentially valued at zero.

 

Digital Assets

Venture capital and other growth-oriented assets decreased in the hostile environment of 2022. The digital assets universe could not recover from the collapse of the Terra Luna ecosystem and the centralized player FTX / Alameda Fund. Other prominent funds like Three Arrows Capital went into liquidation and crypto borrowing-lending platforms such as Celsius or Voyager suspended customer withdrawals before filing for bankruptcy. Poor risk management and missing guidelines for centralized entities came at a hefty price for the up to that point rapidly growing industry.

Alpine Select also acknowledge that decentralized finance is not perfect, however DeFi markets have so far demonstrated themselves to be orderly and efficient. No DeFi app (e.g. Uniswap) has had to pause or required emergency financing given the 2022 contagion. Centralized players were mainly responsible for the negative headlines triggering further de-leveraging and the further fall in value of various digital assets.

There have been fair value losses on each investment in this asset class. The Rockaway Blockchain investment was down 50%; Swissrex Crypto Fund position detracted 46% and Zurich based L1 Digital SICAV decreased 57%. After the reporting date, the digital asset market saw positive momentum returning and while the snapshot performance YoY might look drastic, the allocations were made with a long-term vision at valuations leaving the portfolio in the profit zone for this asset class.

Despite the backdrop in valuations, Alpine Select remains an advocate for further blockchain adoption. It went almost unnotified that in November 2022 “the merge on Ethereum” happened. The successful coming together of the ETH mainnet to the new proof-of-stake consensus layer, the Beacon Chain, went seamlessly. With this achievement, Ethereum eliminated the need for energy-intensive mining and instead enabled the network to be secured using staked ETH (switching from Proof of Work to Proof of Stake). This was an encouraging achievement for the Ethereum vision making one big step towards more scalability, security, and sustainability.

Alpine Select maintains a diversified venture-driven exposure of over CHF 5.9 million to the digital assets industry as per 31 December 2022. Given the ongoing and opportunistic profit taking we essentially have zero cost for that longer-term exposure currently locked in. Alpine Select’s Digital Asset Class P&L since inception is at CHF +6 million.

 

East Asia Exposure

After a significant contribution of the CSI 300 Index in 2021 the selected local managers also had a rough 2022 detracting CHF 1.7 million. While the broader Chinese market fell -27.3%, the Equity Long/Short Funds performed as following: FengHe Asia Fund (-4.8%), GH China Century Fund (-14.6%) and Value Multiplier Fund (-16%).

The Northwest Feilong Fund, dedicated to exploiting inefficiencies in China’s convertible bond market, came in at -7.6% for 2022.

 

Annual Shareholders’ Meeting 2022

At the annual shareholders’ meeting held on 18 May 2022, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 25 May 2022.

 

Annual Report 2022 

The annual report 2022 of Alpine Select can be viewed and downloaded online from 6 April 2023 at https://www.alpine-select.ch/en/investors#downloads.


Outlook 2023

Looking ahead Alpine Select believes that the 2023 COVID re-opening rally and supply chain normalization is temporary. Deglobalization and the war in the Ukraine are inflationary events with long legs and as the global economy faces several structural headwinds with deglobalization, higher inflation, and rising interest rates, we might witness a slowdown in economic growth.

Entire business models might be challenged given the new reality and eventually Real Estate prices won’t be as accommodative for investors as they were in the last years.

One first sign of structural stress was seen early March 2023 when the US regulator shut down two regional banks to protect depositors following a cash crunch and the Swiss Government in a coordinated effort with the Swiss National Bank arranged for UBS to merge with Credit Suisse.

A prolonged area of elevated inflation after years of accommodative zero inflation and zero yield environment is taking its toll and in these oversold markets, discounted and mispriced assets with an attractive risk/reward profile can be found. Given Alpine Select’s mandate, the company will actively take positions to execute and realize opportunities for its shareholders. Therefore, Alpine Select maintains a cash position of 15.85% as per 31 December 2022 to act swiftly.

Finally, Alpine Select is closely monitoring the impact of the geopolitical battlegrounds (US, EU, China) and their economic and financial consequences. The Company’s overall asset allocation is rigorously challenged along the evolving macro view.

 

Proposed Dividend Distribution

The board of directors will propose to the ordinary shareholders’ meeting 2023 to distribute a dividend of CHF 1.00 gross per outstanding share. 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


2.03.2023 Alpine Select Ltd.: Monthly Update February
 

Alpine Select has published the monthly update February 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Februar 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The current economic data continue to show a robust state of the economy. In the US a surprisingly resilient job market is rising the question whether the FED has lifted interest rates by enough to calm the economy without crushing growth (soft landing) or perhaps, has not lifted them far enough. As a consequence, ‘higher (IR) for longer’ is the current expectation for most market participants, signalling risk off.

Interest rates in the US are expected to reach 5.5% (up from 5%). Given the elevated inflation data in Europe of ~8.5%, we expect the ECB will be rising rates for a good part throughout 2023.

Risk assets paused after a very strong start into the year as most global indices were down for February: S&P 500 -2.6%; NASDAQ: -1.1%; SMI -1.7% and China -2.1%. Bitcoin was up +0.7% and Ethereum added +2.4% defending the recovery level after the January run.

 

Portfolio comments

Our diversified exposure to Digital Assets has seen some relief after the heavy correction during 2022. The asset class is up roughly +20% for the year.

 

Portfolio activities

In February we have built a position in Temenos shares as the activist shareholders seems to get important steps done to transform the company. In January the immediate resignation of the CEO and the resignation of the Chairman at the next annual general meeting (AGM) has been communicated. Noteworthy, the AGM will now take place on 3 May, couple of weeks earlier than originally planned.

Operationally, the company is steadily gaining back confidence after a terrible H2-2022. The transition from a pure licencing model to a subscription-based software as a service is gaining traction but will still require execution time. Revised guidance has been reported and free cashflow is expected to increase significantly in the future. The company is expanding its Banking-as-a-Service (BaaS) capabilities to meet the technology needs of organizations offering BaaS.

After being down -60% due to market turbulences and corporate uncertainties in 2022 the stock is up+38% YTD 2023.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

13.02.2023 Alpine Select Ltd: Preliminary information on the annual results for 2022 (Swiss GAAP FER)


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select AG («Alpine Select» / the «Company») hereby informs its shareholders and other interested market participants that it expects a loss of approximately CHF 29.1 million in its Swiss GAAP FER financial reporting 2022. In the comparative period (financial year 2021) a profit of CHF 24.0 million was reported.

 

These figures are the preliminary results based on the current status of the closing activities. Alpine Select will publish the final 2022 annual results on 3 April 2023 and the audited 2022 annual report with the detailed information on 6 April 2023.

 

Alpine Select publishes its consolidated net asset value (NAV) on a weekly basis. This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the Company’s portfolio.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


02.02.2023 Alpine Select Ltd.: Monthly Update January
 

Alpine Select has published the monthly update January 2023.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Januar 2023 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

A mix of constructive economic data, a sudden reopening of the Chinese market and investor hopes for declining inflation set of a remarkable mean reversion rally to start the new year.

Although the FED and other major central banks are signalling plans to keep raising rates in 2023, risk assets are shaking off the bearish sentiment of 2022 for now. The economic miracle so far has been disinflation without job losses. If the economy can continue down this path, it will be an environment where rate volumes stay low but absolute yields probably remain high.

Nasdaq was up +10.7% for its best start to the year since 2001. The Chinese index gained +7.4%. S&P increased +6.2% and the Swiss Market Index was positive +5.2%. Bitcoin was up +39% and Ethereum added +33% as digital assets bounced from depressed levels.

While we acknowledge the impressive technical relieve, we still expect interest rates in the Western world to further rise and stay elevated for a prolonged period of time. Therefore, we hold cash for tactical opportunities.

 

Portfolio comments

Shares of IP Group, our core discounted asset, participated in the relief rally and closed the month +9.4%.

The Cheyne Total Return Credit Fund delivered 5% as corporate credit spreads keep narrowing in a friendlier environment. The portfolio of the fund still expects a 25% yield until maturity.

We have built a position in Idorsia convertibles during 2022, which we believe sold off disproportionately due to negative sentiment. The company must act to strengthen its corporate finance profile to retain its clinical assets. Meanwhile, constructive news flow regarding an important New Drug Application in the US and Europe for a treatment of patients with difficult-to-control hypertension brought a monthly relief of +8%. We believe Idorsia will find a practicable option (debt-refinancing, out licensing of clinical assets or equity dilution) to secure its favourable operating position to have their promising drugs successfully approved and delivered to patients.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

4.01.2023 Alpine Select Ltd.: Monthly Update December
 

Alpine Select has published the monthly update December 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Dezember 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

In December, the Federal Reserve (FED) continued its battle against inflation by raising its benchmark interest rate (+0.5%) to the highest level in 15 years. The European Central Bank (ECB) and the Swiss National Bank (SNB) also increased policy rates by +0.5%.

All three central banks along with the increase indicated in their statements that they expect to keep rates higher through 2023, with only few hopes on reductions before 2024.

Capital markets experienced a weak month to close the books for 2022. Mild recessions at best, are to be expected in the US and Europe. Global indices were down for December: S&P -5.9%; NASDAQ: -8.7%; SMI -3.6% and TOPIX -4.7%. China’s CSI was up: +0.9%.

We expect interest rates in the western world to rise further and thus hold 15.6% cash for tactical opportunities.

 

Portfolio comments

Cheyne Total Return Credit Fund, our 3rd largest position, is delivering as expected in months of favourable corporate credit environment. With an expected return to maturity (Dec-24) of approximately 30% we are confident to have secured an attractive yielding asset.

The Cheyne New Europe Fund will operate past its scheduled maturity to realize the remaining real estate developments and facilitate optimal outcome for the fundholders. Further distributions are announced, and we expect 2% yield p.a. on this legacy position until 2025.

Shares of IP Group, our core discounted asset, had a challenging year facing local UK market turmoil and tech-stocks related selloffs in general. Following closely the development of its portfolio companies we saw encouraging news in the second half 2022. Given our own estimates, IP Group shares trade at a steep 55% discount to its NAV. We maintain a constructive view and remain committed to the position.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

Press Release 2022

5.12.2022 Alpine Select Ltd.: Monthly Update November
 

Alpine Select has published the monthly update November 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht November 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Early in November the Fed delivered another 75 basis points interest rate hike and said its fight against inflation would require borrowing costs to rise further. It also signalled it may be nearing an inflection point in what has become the fastest tightening of monetary policy in 40 years.

Following a strong October, capital markets experienced another strong month. Fears that aggressive hikes would lead to a recession were mitigated by strong labour statistics, especially in the US. Risk assets continued their recovery and global indices were up for November: S&P +5.4%; NASDAQ: +4.4%; SMI +2.8% and China recovered strongly with +9.8%.

We expect interest rates in the western world to rise further. We hold 13.3% cash and maintain a cautious positioning on risk assets after the recent relief rally.

 

Portfolio comments

Centralized Financed (CeFi) blew over – again!! The bankrun on unregulated FTX exchange turns out to be another episode highlighting the risks inherent in a system based around trust and exposed to counterparty risk.

The level of risk associated with FTX and Alameda were never public (in contrast to DeFi). Sam Bankman-Fried was previously seen as a saviour of crypto when he raised $420 million at a $32 billion valuation for FTX in January 2022. Some well-known traditional investors like Blackrock, Sequoia and Paradigm were involved in the transaction. Looking back, it is unbelievable how FTX was able to satisfy an ordinary due diligence process. Finally, another glorified individual was humbled by the community. We still believe in the power of DeFi and hope that with SBF gone, there is one less on the block to be against DeFi.

 

Portfolio activity

The long only equity exposure has been further reduced.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

2.11.2022 Alpine Select Ltd.: Monthly Update October
 

Alpine Select has published the monthly update October 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Oktober 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

In the second half of October, western indices witnessed a technical relief rally as hopes for a more dovish stance on rising interest rates by the various central banks became more likely. Risk assets had a run in October and global indices were up: S&P +8%; NASDAQ: +3.9%; SMI +5.5%.

The exception was China with its CSI Index declining -7.8%. This was mainly due to re-election of Xi Jinping who emerged from the CCP’s 20th National Congress stronger than ever, with a third term secured and some of his rivals side-lined – which caused the markets to decline.

We acknowledge the robust market reaction in October but also saw unusual volatility in some megacap names with earnings disappointments. Some examples: META: -55%, INTEL: -52%, NVIDIA: -51%, AT&T: -46%, COMCAST: -44%. The magnitude of the losses is a strong indication of what to expect in the new market cycle as shrinking margins and outlooks could disappoint. No stock, even the most popular, is immune to dramatic falls.

 

Portfolio comments

We have written about the opportunity in the Cheyne Total Return Credit Fund portfolio due to widened spreads in the investment grade credit market of around 40% to maturity. As there has been some degree of relief, the allocation performed +6.5% in October.

Our position in Idorsia Convertibles (CB) has reached the target allocation. We are surprised that CB is currently priced like an ordinary fixed income debt security without the CB specific equity option. The yield is at 8.5% and yield to put is around 11% per annum.

Blockchain and Digital Assets market had another solid month, outperforming the broader tech sector. Noteworthy is the successful system upgrade on Ethereum (The Merge), which eliminated the need for energy-intensive mining (Proof of Work) and instead enabled the network to be secured using staked ETH (Proof of Stake). This is a key step for sustainability and ETH rallied +17% in October, outperforming BTC +5%. We estimate +8-10% contributions from our fund allocation.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

4.10.2022 Alpine Select Ltd.: Monthly Update September
 

Alpine Select has published the monthly update September 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht September 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

In September, the Fed raised its key interest rate by 0.75% (for the 3rd time in a row) to 3.25% as it races to get ahead of the inflation. With the quantitative tightening accelerating, reducing the central bank’s balance sheet, US money supply is falling at its fastest pace since 1949. The Fed is clearly signalling “we are not economies’ best friends”.

In addition, the 2’s – 10’s curve temporarily inverted to -57bpts. This level is its worst since 1981, indicating more pain ahead to US workforce and consumer sentiment. All of this is based on US CPI, which remained elevated at 8.3% in August, little changed from 8.5% in July and 9.1% in June.

As the narrative of the war in Ukraine is in motion and sham referendums will (most likely) result in the annexation of the territories in the east, the groundwork is being laid to cover the respective territories with the Russian nuclear umbrella.

These uncertainties and a probable recession in the US and EU were reason enough for market participants to further risk off.

Global indices were down for the month: S&P -8.7%; NASDAQ: -10.2%; Topix -6.4%; SMI -6.3%.

 

Portfolio comments

During the month, our long only equity portfolio was reduced to 23.3%, which currently consists predominantly of our core discounted and undervalued position IP Group (10.6%) and the Arcus Genseki Fund (Long Only Asian Equity Value).

 

Portfolio activity

We added to our existing position in Idorsia convertible bonds (maturity 2028) at low levels. Selling pressure also remains elevated in the professional markets. The high-potential Swiss-based biopharmaceutical company currently has two already commercially available (approved) lead products that are on the rise. Another indication is awaiting approval.

 

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

19.09.2022 Alpine Select Ltd.: Semi-Annual report


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select has published the semi-annual report 2022.
Klick here to download the report.



 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified and alteralternative investment portfolio. 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.

12.09.2022 Alpine Select Ltd: Half-year results and information on the course of business in the first half of 2022


Ad hoc announcement pursuant to Art. 53 LR

 

  • Alpine Select Ltd. («Alpine Select», the «Company») ended the financial reporting period (1 January to 30  June 2022) with a loss of CHF 25.9 million. In the comparative period (as per 30 June 2021) a profit of CHF 11.6 million was reported.
  • The share recorded a negative performance of -9.09% over the first six months of 2022, after paying a dividend of CHF 1.00 per registered share in May 2022. The Net Asset Value («NAV») declined by -17.94% over the same period.

 

Portfolio Development and Investment Activities

There were few places for investors to hide in the first half of 2022. Geopolitical and energy crises dominated the markets. Asset valuations fell, for bonds and equities alike.

H1-22 has proven to be the worst first half for US equities since 1970. The S&P Index declined by -21%, Nasdaq by ‑30% and the SMI by -17%. Meanwhile, bonds have suffered too, which is a rare dynamic given bonds’ typical role as a portfolio balancer when risk assets decline. The U.S. aggregate bond index declined more than -10% in the first six months.

 

Special Situations / Discounted Assets

Alpine Select’s special situations portfolio, which includes core discounted assets and merger arbitrage opportunities, such as Vifor Pharma, Arena Pharmaceuticals, Castle Alternative Invest («Castle AI»), and IP Group, decreased by CHF 10.9 million in H1 2022.

 The M&A arbitrage positions in Vifor Pharma and Arena Pharmaceuticals contributed CHF +0.9 million and have both been cashed in. Given the current attractive market valuations, Alpine Select was able to redeploy into the following positions:

  • Cheyne Total Return Credit Fund, a long-biased corporate credit strategy with a defined maturity of Dec-2024 manages an Investment Grade Credit risk portfolio. Due to the selloff in bonds, the fund currently holds a portfolio with an expected return to maturity of around 40%.
  • The Company also opened another M&A arbitrage opportunity in Biohaven Pharmaceutical, which it expects to return around 10% on an annualized basis. The deal is expected to close early next year.
  • Idorsia Convertible Bond holdings (maturity 2024 and 2028) were built, representing a yield of 8% and 9% to maturity on trade date.

The position in Castle AI (+12%) will be held until liquidation in early 2023. The stock has been delisted and all holdings were liquidated into cash. The discount to NAV (cash) is at 4.75%.

 

The largest dragging position in the Alpine Select portfolio over the first six months was IP Group (-43%) as market rotation out of growth/tech has played its part. However, Alpine Select continues to believe that IP Group has a selection of impressive investments, and that the IP stock is not getting the attention it deserves. At a significant 50% discount to its NAV, IP Group’s shares trade slightly below the value of its top-five holdings plus its net cash. Not only do the IP Group top-five holdings have significant valuation uplift potential in the near term, but that leaves the remaining more than 90 companies in the portfolio essentially valued at zero. To round up, the largest position, Oxford Nanopore, is listed and liquid.

 

Digital Assets

Venture capital and other ‘growth-oriented’ assets decreased in the hostile liquidity environment of the first half 2022. In particular, the digital assets universe came under pressure as leverage unwound following the collapse in Terra’s UST and Luna Token. Prominent crypto hedge fund Three Arrows Capital went into liquidation and crypto borrowing-lending platforms such as Celsius or Voyager suspended customer withdrawals before filing for bankruptcy. The operational risk management mistakes made at these centralized actors came at a high price.

Decentralized Finance is not perfect, however DeFi markets have so far demonstrated to be orderly and efficient. No DeFi app (e.g. Uniswap) has had to pause withdrawals or required emergency financing given the H1-22 contagion. Centralized players were mainly responsible for the negative headlines triggering further de-leveraging with price impact on the various assets.

Further notable returns from the Alpine Select portfolio: Rockaway Blockchain Fund was down 54%; SwissRex fund lost 51% and the Zurich based L1D Fund was down 60%. After 30 June 2022, the digital asset market saw positive momentum returning. While the snapshot performance might look drastic, Alpine Select has made its investments in the digital asset sector with a long-term vision at valuations that leave the portfolio well in the profit zone for this asset class.

Despite the backdrop in valuations, Alpine Select remains an advocate for further blockchain adoption through its investment partners at Rockaway Capital, the Company could secure an USD 1 million stake in a16z funds, which is one of the most important capital providers in the still maturing digital asset industry. Alpine Select’s Digital Assets Allocation P&L since inception is at CHF +8.6 million.

 

East Asia Exposure

After a significant contribution and relative outperformance of the CSI 300 Index in 2021 Alpine Select’s selected local managers were still able generate alpha in H1-22, albeit at a lower degree.

While the broader Chinese market fell -9.2%, the Equity Long/Short Funds performed as following: Value Multiplier Feeder Fund (+5.2%), Fenghe Asia (USTE) Fund (-6.7%) and GH China Century Offshore Feeder Fund (-9.5%).

The Northwest Feilong Fund, dedicated to exploiting inefficiencies in China’s convertible bond market, came in at ‑3% for the first six months of 2022.

 

Annual Shareholders’ Meeting

At the annual shareholders’ meeting held on 18 May 2022, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 25 May 2022.

 

Outlook

Deglobalization and the war in the Ukraine are inflationary and soaring commodity prices are evidence of a rather prolonged area of elevated inflation after years of accommodative zero inflation and zero yield environment. In these oversold markets the Company starts to see discounted and mispriced assets with an attractive risk/reward profile. Given Alpine Select’s mandate, the Company will actively take positions to execute and realize arbitrage and special situations opportunities for its shareholders.

Looking ahead evidence suggests that the world continues to experience several separate inflation cycles, all largely still dating back to the reopening post-Covid (with the exception of the energy price rally due to the Ukraine conflict). Early economic data supports the notion that commodity inflation, supply chain pressures, and labor demand have all peaked.

The team at Alpine Select continues to closely monitor the impact of the geopolitical battlegrounds and their economic and financial consequences. The Company’s overall asset allocation is rigorously challenged along the way.

 

Alpine Select will publish its semi-annual report 2022 on 19 September 2022.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


5.09.2022 Alpine Select Ltd.: Monthly Update August 2022
 

Alpine Select has published the monthly update August 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht August 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

FED Chairman Powell did not tell investors what they wanted to hear in his short Jackson Hole speech at the end of August. During his re-marks on how to restore price stability and reducing inflation, he high-lighted that it will likely require a sustained period of below-trend growth which also will bring some pain to households and businesses. He closed his short remarks by stating that the FED is taking forceful and rapid steps to moderate demand and that the FED will keep at it until the job is done. Therefore, another unusual rate hike of 50-75 basis points at the September meeting is to be expected. Indices went into risk off mode after that and ended the month as follows: S&P -3.9%; NASDAQ: -4.6%; Topix +1.2%; SMI -2.6%. 

 

Portfolio activity

As the Vifor Pharma M&A Arbitrage deal got paid back in early August we redeployed on three attractive investment opportunities: 

  • Given the wide credit spreads in investment grade credit we added CHF 5m to the Cheyne Total Return Credit Fund, a long-biased corporate credit strategy with a defined maturity of Dec-2024. The fund manages an Investment Grade Credit risk portfolio. Due to the selloff in bonds the fund currently holds a portfolio with an expected return to maturity of around 40%.
  • The migraine compound of Biohaven Pharmaceutical gets acquired by Pfizer. Biohaven common shareholders will receive $148.50 per Biohaven share in cash, plus 0.5 shares of a new publicly traded company that retains Biohaven’s non-migraine pipeline compounds («Newco»). We expect Newco to be worth $5-10 per share. The deal is expected to close in early 2023.
  • Idorsia, a high-potential Swiss-based biopharmaceutical company currently has two outstanding convertible bonds, with maturities of 2024 and 2028. We added to both during the month as we believe they are trading at unjustified low levels and represent attractive risk/return profile. Two lead products from Idorsia are already com-mercially available (approved) and are gaining traction. Another in-dication is awaiting approval. The clinical risk involved in compound discovery and successful phase-testing is largely eliminated.

 

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

12.08.2022 Alpine Select Ltd: Preliminary information on the semi-annual results as per 30 June 2022


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select Ltd. («Alpine Select») hereby informs its investors and other interested parties that it expects a consolidated loss of approximately CHF 22.6 million in its financial reporting as per 30 June 2022. In the comparative period (as per 30 June 2021) a profit of CHF 11.6 million was reported.

 

Alpine Select will publish the definitive half-year results on 12 September 2022, and the semi-annual report as of 30 June 2022 on 19 September 2022.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


3.08.2022 Alpine Select Ltd.: Monthly Update July 2022
 

Alpine Select has published the monthly update July 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Juli 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The Fed raised rates by 75 basis points to 2.5% and stressed that it will continue to fight inflation even if it leads to a period of economic weakness and a slowing job market. Inflation remains stubbornly high, yet market participants interpreted that interest rates may be at the top already. Politicians debate whether or not the US is officially in recession, while the main western indices all print a green month: S&P +9.1%; NASDAQ: +12.4%; DAX +5.5%; SMI +3.7%.

 

China’s index CSI 300 lost 7% in July upon worsening current demand weakness. In addition, the market corrected in mid-July due to concerns around mortgage repayment risks for unfinished property developments.

 

On geopolitics, it’s a difficult juncture for the US-China relations which is threatening to stray away from strategic competition to open animosity. Different standpoints on Russia and Taiwan add difficulty to the bipolar world where US and China are the heavyweights.

 

Portfolio commentary

At the time of writing, the message is out that the Vifor closing will take place on 9 August 2022, hence significantly de-risking our portfolio.

 

Our discounted special situation position IP Group had a solid month recovering from the lows (+22%). Half-year results will be released on 3 August, and we estimate the current discount to NAV to be at 45%.

 

Digital assets rebounded strongly in July. Bitcoin as the leading asset was up +25% and the second most important blockchain, Ethereum, upon which the various smart contract applications run, was up +70%. After years of research, development, and testing, Ethereum will transition from Proof of Work to Proof of Stake (The Merge) in the coming months. We expect our liquid allocation to also increase accordingly.

 

Portfolio activity

Alpine Select advocates further blockchain adoption and we are selectively seeking to further diversify our allocation. Through our trusted investment partners at Rockaway, we could secure an USD 1m stake in a16z funds, which is currently the most important capital provider in the still maturing digital asset industry.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

5.07.2022 Alpine Select Ltd.: Monthly Update June 2022
 

Alpine Select has published the monthly update June 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Juni 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Markets experienced a tumultuous first half year indicating that the global economy is in trouble given the surging inflation and recession fears. To highlight the magnitude of the past months the S&P 500 Index posted its worst first half since 1970, down almost 21% in H1-22.

 

All main indices decreased year-to-date: NASDAQ: -29.5%; CSI 300 -9.2%; Nikkei -8.3%; SMI -16.6% and the DAX -19.5%.

 

Meanwhile, bonds have suffered too which is a rare dynamic given bonds’ typical role as a portfolio balancer when risk assets decline. The U.S. Aggregate bond index declined more than 10% YTD.

 

The US FED raised rates by 75 basis points to 1.75% setting a hawkish tone to fight inflation and potentially also harm labour markets. Surprisingly, the Swiss SNB advanced independently of the ECB and raised rates by +0.5% to current -0.25%.

 

We believe that a serious de-rating of the equity multiple, enormous risk transfer and the declining markets have taken enough heat, for the moment. On an optimistic note, we acknowledge the easing of COVID-19 restrictions in China which lifted global sentiment after Beijing and Shanghai reported being back at zero Covid cases.

 

On Blockchain and Digital Assets, we noted last month that both Terra’s UST stable coin and its seigniorage token LUNA collapsed. That event led to further shockwaves into the digital assets’ ecosystem and the investment world discovered that Three Arrows Capital (3AC), one of the largest crypto VC funds backing LUNA, was insolvent. After the LUNA asset combusted, the fund lacked sufficient liquidity to meet margin calls on some of their leveraged trades. Companies affiliated with 3AC, such as Celsius and Babel Finance (CeFi platforms offering a convenient way into DeFi) were also forced to suspend withdrawals.

 

We acknowledge, DeFi is not perfect, meanwhile DeFi markets have demonstrated to be orderly and efficient. Thus, no DeFi app (e.g. Uniswap) had to pause withdrawals or required emergency financing given the contagion. Centralized players were mostly responsible for the negative headlines triggering further de-leveraging with price impact on the various assets (BTC, ETH, etc.).

 

This gives us confirmation that DeFi works and the use-cases to further automate financial transaction will continue to evo

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

3.06.2022 Alpine Select Ltd.: Monthly Update May 2022
 

Alpine Select has published the monthly update May 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Mai 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

For market participants it has been a tough year so far. During the first three weeks of May, the sell-off (which has been brutal in April ’22 already) continued. Risky assets have been liquidated to a good portion from investors’ portfolios. With a high correlation, the bond market was not any better as the first months of 2022 were the worst in decades.

 

Some optimism has returned in the last week as the inflation data is showing some signs of slowing and China is about to re-open. Interestingly, the USD is flat for the month vs. EUR and CHF. The sharp equity rebound left the main indices MTD as following: S&P 500 (flat); Nasdaq -1.7%; CSI 300 +1.7%, Nikkei +1.5%, SMI -4%.

 

It’s the broader market sentiment that the central banks will not be able to cut-back inflation without causing a recession (soft landing as utopia). Given the first 5 months of the year, the markets had to swallow high inflation prints, the Ukrainian conflict, greater geopolitical and economic instability, supply-chain issues, and a strict Chinese COVID-19 lockdown policy hampering global GDP. After a decade characterised by ultra-low interest rates and what seemed like ‘quantitative easing (QE) forever’, we are seeing a tightening cycle from the US Federal Reserve (Fed). It is the beginning of the end of the ‘free money’ era.

 

Portfolio commentary

 Blockchain and Crypto Assets have correlated with global risk aversion trends, therefore no doubt, Digital Assets have taken a beating. Bitcoin and Ethereum are down more than 35% YTD.

 

Given the stress causing de-peg event of Terra’s USD algorithmic stable coin (UST) and subsequent meltdown of LUNA token in early May we gained reassurance by our managers that most of their LUNA positions have been excited before the crash. This confirms our selection once more, not only outperforming the market during steady times but also preserving investors wealth in crisis mode.

 

At Alpine Select, we firmly believe in the long-term potential of blockchain based businesses. Consequently, we believe it should have a permanent place in every portfolio. Our selected managers actively steer through the market volatility, and we expect them to lock-in opportunities during times of low valuations.

 

Our discount arbitrage situation in Castle Alternative was delisted from the SIX Swiss Exchange on 1 June 2022. Cash will be distributed upon completion of final audit duties later this year.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

31.05.2022 Alpine Select Ltd: Prolongation of the share buyback program 2020 - 2022

 

The Ordinary Shareholders' Meeting of Alpine Select held on 20 May 2020 authorized the board of directors to repurchase up to 10% of the share capital in the period up to the ordinary shareholders' meeting in 2022 for the subsequent definitive cancellation of the shares through a capital reduction. Based on this authorization the board of directors launched the buyback program 2020 – 2022 by publishing the buyback notice on 24 June 2020 (“Buyback program 2020”). Alpine Select can acquire up to a maximum of 925,797 registered shares under the Buyback program 2020. As of 27 May 2022, Alpine Select has acquired a total of 397,202 treasury shares under the Buyback program 2020, equalling 4.29% of the share capital.

 

At the proposal of the board of directors, the Ordinary Shareholders’ Meeting of Alpine Select held on 18 May 2022 authorized the board of directors to extend the Buyback program 2020 until 31 May 2023. With the prolongation of the Buyback program 2020, the maximum number of shares to be repurchased remains at 925,797 treasury shares (corresponding to 10% of the share capital). During the extension of the Buyback program 2020, a further maximum number of 528,595 Alpine Select shares can be bought back.

 

The maximum buyback volume per day is 3,271 shares (calculated according to Article 123 para. 1 lit. c FinraV. The actual number of shares bought back will be determined by the Company’s freely available liquidity on the one hand and by the supply on the second trading line on the other hand. Alpine Select retains the right to terminate the share buyback at any time and shall be under no obligation to repurchase its own shares under this share buyback program.

 

The share buyback notice will be published on 31 May 2022. Trading on the second trading line will continue until 31 May 2023 at the latest. After completion of the share buyback program, the board of directors will propose to the shareholders’ meeting a capital reduction by cancellation of all registered shares repurchased under this share buyback program. The transaction will be executed by Helvetische Bank AG, Zurich.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


18.05.2022 Alpine Select Ltd: The ordinary shareholders’ meeting approves all agenda items and proposals proposed by the board of directors

 

In detail, the shareholders’ meeting 2022 of Alpine Select Ltd. passed the following resolutions: 

 

  1. The annual report 2021 (statutory financial statements as well as financial statements in accordance with Swiss GAAP FER) was approved and the compensation report 2021 was approved in a consultative vote.

  2. The appropriation of available earnings and the distribution of a dividend of CHF 1.00 gross per outstanding registered share was approved. The dividend will be paid to the shareholders after deduction of 35% VAT with value date 25 May 2022. The share will be traded ex-dividend from 23 May 2022.

  3. The members of the board of directors and the management were discharged for the 2021 financial year.

  4. The board members Raymond J. Baer, Thomas Amstutz, Dieter Dubs and Michel Vukotic were re-elected individually and each for a one-year term of office until conclusion of the next ordinary shareholders’ meeting. In addition, Raymond J. Baer was confirmed as president of the board of directors for a one-year term. Raymond J. Baer and Dieter Dubs were re-elected as members of the compensation committee for a one-year term. BDO Ltd., Zurich, was re-elected as the auditor of the company for another one-year period and HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting.

  5. In addition, the shareholders approved the proposed maximum total compensation of the board of directors for the next term of office (AGM 2021 to AGM 2022) and the proposed maximum total compensation for the management (for the coming financial year 2022).

  6. The continuation of the share buyback program from 20 May 2020 for the acquisition of a maximum of 925,797 own shares by one year until 31 May 2023 was also approved.

  7. Finally, the shareholders approved an amendment by the Board of Directors of Alpine Select Ltd. and thereby the creation of authorized capital in the  maximum amount of CHF 90,000.00 by issuing a maximum of 4,500,000 registered shares with a par value of CHF 0.02 each to be fully paid-in, and the corresponding revised article 4a of the articles of association.

 

Based on the Ordinance of the Federal Council on measures to prevent coronavirus, today’s ordinary shareholders meeting of Alpine Select Ltd. was held without the physical presence of the shareholders. The independent proxy represented 6,027,228 shares (or 65.10% of all outstanding shares)

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


4.05.2022 Alpine Select Ltd.: Monthly Update April 2022
 

Alpine Select has published the monthly update April 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht April 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

April has been a negative month for global markets: Nasdaq -13%, S&P 500 -9%, CSI 300 -5%, Nikkei -3.5% and DAX -2%, SMI flat.

 

The significant sell-off in US markets (Nasdaq’s worst month since the 2008 financial crisis) was caused by prolonged and heightened inflationary as well as geopolitical tensions. Rising interest rates and renewed worries about global supply chain issues, caused by strict COVID lockdowns in some Chinese regions added to stress levels of uncertainty and fears of recession. Corporate earnings revealed that the short- to medium-term profitability prospects of heavyweights like Amazon or Apple are no longer so strong, given the multiple constraints impacting their bottom lines.

 

One of the key aspects will be the decisions that the Federal Reserve Bank will take in first week of May to further guide market participants through these uncertain times.

 

The USD has been a strong currency since the begin of 2022. It continued to gain in April, taking the USD YTD vs. non-developing economies to new highs: +11% vs. JPY, +8% vs. EUR, and +6% vs. CHF. As exchange rates are double-edged swords, a stronger USD puts additional inflationary pressures on imports (e.g., commodities) to the EU and Japan, but on the other hand also benefits domestic export sectors. We believe that the JPY devaluation in particularly will provide ideal conditions for Japanese international conglomerates to further improve their corporate earnings. Furthermore, Japan holds large foreign CCY deposits, which have gained in relative value and may provide macro tailwinds. We maintain our long-only exposure to a fundamentally inexpensive Japanese market.

 

Portfolio commentary

 

Blockchain and Crypto Assets have somewhat correlated with global risk aversion trends. Bitcoin lost 15% and Ethereum was down -14%. Our managers actively steer through the market volatility, and we expect this actively managed allocation to provide downside protection.

 

Our merger arbitrage equity position in Vifor Pharma is progressing as expected. By the end of April, CHF 2 had been paid out to shareholders, which was part of this attractive special situation.

 

Given the uncertainty, we have no new significant transactions to report and are patiently awaiting opportunities as they arise.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

14.04.2022 Alpine Select Ltd: Invitation to the ordinary shareholders’ meeting 2021

 

The ordinary shareholders’ meeting will take place on Wednesday, 18 May 2022, starting 11 a.m. at Alte Steinhauserstrasse 1, Cham without the attendance of shareholders.

 

Agenda

  1. Annual report 2021
  2. Appropriation of available earnings
  3. Discharge of the members of the board of directors and the management 
  4. Elections
  5. Compensation of the members of the board of directors and of the management
  6. Authorization to continue the share buyback program of 20 May 2020
  7. Creation of authorized capital

 

Further Information

 

A. Issue of the annual report

The business report 2021 (incl. annual report, annual accounts and financial statements in accordance to Swiss GAAP FER, the compensation report as well as the reports of the auditors) can be viewed and downloaded online at https://www.alpine-select.ch/en/investors#downloads. In addition, the annual report 2021 is available for inspection by shareholders at the company’s registered office at Gotthardstrasse 31, 6300 Zug. Every shareholder may also request by post (Alpine Select Ltd., Gotthardstrasse 31, 6300 Zug) or by emailThis email address is being protected from spambots. You need JavaScript enabled to view it.) to receive a printed copy of the annual report 2021. 

 

B. Entitlement to vote at the ordinary shareholders’ meeting

Only shareholders entered in the share register at 11 May 2022 are entitled to vote at the shareholders’ meeting. No entries with voting rights will be made in the period from 12 May 2022 to the end of the ordinary shareholders’ meeting. Shareholders who are registered with voting rights at 12 May 2022, but who sell their shares prior to the ordinary shareholders’ meeting, will lose their shareholder rights in respect of the shares sold.

Shareholders entitled to vote will receive a reply card together with the invitation to the ordinary shareholders’ meeting, which can be used to issue a proxy (with instructions on how to exercise voting instructions) to the independent proxy, HütteLAW Ltd., Cham. Further, the reply card also contains information on E-Voting together with the individual access code to access the voting website www.gvmanager-live.ch/alpineselect.

Proxies of shareholders whose shareholding changes between 14 April 2022 and 11 May 2022 will automatically be amended.

 

C. Proxy and instructions to the independent proxy

Based on the Ordinance of the Federal Council on measures to prevent coronavirus, it will not be possible for shareholders to physically attend the ordinary shareholders’ meeting. Shareholders are asked to be represented by the independent proxy HütteLAW Ltd., Cham, to exercise all shareholder rights exclusively through the independent proxy.

he reply card must be sent to the Alpine Select Ltd. share register (Alpine Select Ltd., c/o Devigus Shareholder Services, Birkenstrasse 47, CH-6343 Rotkreuz) incoming by 16 May 2022 at the latest. Shareholders may also authorize and instruct the independent proxy electronically using the individual access code at www.gvmanager-live.ch/alpineselect. The electronic authorization is possible until 11.59 p.m. on Monday, 16 May 2022 at the latest.

In case where the independent proxy receives voting instructions electronically and in writing, only the electronic power of attorney is taken into account.

 

D. Instructions for the use of «GVManager-Live»

The personal access code is valid for multiple access. In order to subsequently change instructions entered, a new access code can be requested from the share register (This email address is being protected from spambots. You need JavaScript enabled to view it.). After sending the form of proxy, the instructions given can be printed out using the «Print view».

The terms and conditions that are available in the «GVManager-Live» apply.

 

E. Legal notice

Shareholders who make use of the internet-based options in connection with the performance of the ordinary shareholders’ meeting bear the associated risk in the exercise of their shareholder rights themselves.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


6.04.2022 Alpine Select Ltd.: Annual report


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select has published the annual report 2021.
Klick here to download the report.



 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified and alteralternative investment portfolio. 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.

4.04.2022 Alpine Select Ltd.: Monthly Update March 2022
 

Alpine Select has published the monthly update March 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht März 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Given the war, the inflationary pressures, and the rising yields (especially on the short end in the US) the most popular question seemed to be why the main western equity indices held up so well in March: S&P 500 +3.6%, NASDAQ +3.4%and Nikkei +4.8%.

 

We are confirmed in our view that as long as real interest rates remain negative, an institutional investment portfolio should allocate to real assets and avoid nominal assets (i.e. bonds).

 

Exemplary has been this month’s heightened inflationary fears which led to a stressed fixed income market and even investment grade (IG) debt was marked down 7 - 10% during the month. Such dislocations, driven primarily by outflows rather than by deteriorating credit quality, represent opportunities for an active investment organization like ours. Given the magnitude of the dislocation in the market and our agile set up with short time to market we could secure a special dealing with our trusted IG Credit manager Cheyne Capital. Cheyne’s Total Return Credit fund could lock in an expected 34% return to maturity on a leveraged IG credit portfolio, maturing in December 2024.

 

Portfolio commentary

 

Rockaway Blockchain Fund held its second investor conference in London, whereby we could again gain first hand onsite insights from the fund’s management team. Given the strong performance and well-executed cash realizations, the fund will be distributing appr. 1x called capital to investors later this year and on top committed capital will be released. A second venture fund to further build on the success story is about to launch in late summer 2022.

 

In parallel with equity indices, the broader digital assets market also gained strength by mid-March, advancing around +15% for the month. ETH and BTC, constructed deflationary by nature are benefiting from inflationary pressures in western countries.

 

Portfolio activity 

The first special situation of the year was successfully realized in mid-March when Pfizer paid $100 per Arena Pharmaceutical share. We entered this merger arbitrage situation in January 2022 at around $93.50 and were able to secure a return of +6.9% (around 32% on an annualized basis) for our shareholders.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

30.03.2022 Alpine Select Ltd.: Annual results, portfolio development, investment activities, corporate actions 2021 | Outlook and dividend distribution 2022


Ad hoc announcement pursuant to art. 53 LR

 

Annual Result 2021

Alpine Select Ltd. («Alpine Select», the «Company») had a very solid 2021 financial year. Total return to shareholders was +20.27% (increase of the share price from CHF 12.80 to CHF 15.40). This includes a dividend of CHF 1.00 per share (paid out to shareholders in May 2021). The Net Asset Value («NAV») recorded an increase of 22.86% for the same period (from CHF 13.05 to CHF 16.03).

 

In the FER financial reporting, Alpine Select reports an annual profit of CHF 24.0 million as of 31 December 2021. In the comparative period (year 2020) a profit of CHF 5.8 million was reported.

 

The board members again voluntarily decided to keep their compensation at the reduced level of -10%.

 

Portfolio Development and Investment Activities 

The year 2021 has been another favorable year for equities and risk assets. The slow but steady rise in inflation and the debate on its durability have dominated much of the year’s narrative following the global COVID pandemic response. Interestingly, even initial harsh remarks by the FED could not stop western indices to rally towards the end of the year. Except for the Chinese Market, whose performance was negatively impacted by the Socialist Party’s introducing of an inclusive growth economic policy, all major indices were up for the year: S&P 500 +27%, NASDAQ +21%, TOPIX Japan +10%, CSI 300 -5%.

 

Special Situations / Discounted Assets

The special situations portfolio, which includes core discounted assets and merger arbitrage opportunities, made a strong contribution to our overall result of CHF +9.7 million.

 

The Company’s largest position for a good part of 2021 was Castle Alternative Invest Ltd. (CASN). At their ordinary shareholders’ meeting, the CASN shareholders approved agenda item «dissolution and liquidation of the company» with 99.9% of all submitted votes. The main liquidity event occurred end of November 2021, when approximately 90% of CASN assets (all cash) were distributed to shareholders. Alpine Select will hold on to the position until the final liquidation as the remaining discount is still 10%.

 

In 2021, Alpine Select has written extensively about its excitement for the IP Group PLC (IPO) portfolio, which has become the largest discounted asset. IPO’s share price had a strong run, outperforming with +26% in 2021 and contributing CHF +4.9 million to the 2021 P&L. IPO holds a well-diversified, future-oriented and Intellectual Property backed portfolio of operating companies. Alpine Select remains convinced that the shift towards more inclusive solutions in the fields of technology, cleantech and life science will create corporate winners out of the IPO portfolio. The IPO portfolio gained in NAV terms around +11%. However, the IPO’s share price ended the year discounted by around 20% to its NAV.

 

In December, Alpine Select invested in a new attractive merger arbitrage: Australian biopharmaceutical company CSL Ltd. submitted a public tender offer of USD 179.25 per share to VIFOR Pharma Ltd. The deal will close in the first half of 2022, and Alpine Select estimates to realize an annualized return of around 11% in CHF. For the reporting period, this position contributed CHF +1.7 million to the annual result.

 

Digital Assets

Alpine Select’s conscious investment decision to strategically allocate to digital assets and endure the inherent volatility that such exposure bears, has paid off. 2021 was a year of further advances towards adoption of digital assets and businesses on the blockchain. A growing number of investment professionals have embraced this young asset class as valuations continue to soar. The Company’s digital asset portfolio, which is entirely managed by early identified, specialized fund managers, has delivered an impressive return of CHF +15.5 million.

 

Alpine Select believes that the potential applications of blockchain-based businesses and their financialization offer multiple opportunities. Consequently, the Company decided to take a broader and deeper approach to this asset class and reallocated funds within the digital asset exposure. At the end of 2021, it mainly held funds with Layer 1 Digital, Rockaway Capital, and SwissRex Funds.

 

Greater China

Alpine Select wrote before about its beliefs in a bipolar world in which the US and China are the economic heavyweights. Accordingly, the Company has established a diversified portfolio with experienced investors in Mainland and Greater China.

 

In 2021, after 40 years of allowing the market to play a growing role in promoting prosperity, China’s leading party launched policies to balance social fairness and growth as China enters a next phase of economic growth, with GDP per capita exceeding USD 10,000. Rather than tolerating a disorderly expansion of capital, Chinese leaders intend to ensure that dominant companies comply with mainstream values and not abuse their market position. Since that policy announcement, the Chinese market (CSI 300) is down by around 20%.

 

Although the Chinese market significantly underperformed western indices (e.g., CSI 300 delivering -5% FY-21), Alpine Select’s actively managed allocation to the local market gained +24%, contributing CHF +3.9 million to the overall result. Such a significant outperformance of active vs. passive investment management reassures the Company’s firm believe in the active investment style.

 

Alpine Select’s current Chinese exposure is covered by four local funds: GH China Century Offshore Feeder Fund (+17%), FengHe Asia Fund (+27%), Value Multiplier Feeder Fund (+24%) and Northwest Feilong Fund Ltd. (+25%).

 

In December 2021, Alpine Select also made a new investment in an actively managed Chinese healthcare fund with Bin Yuan Healthcare Fund. The Company believes that as Chinese GDP grows, spending on innovative and local healthcare will also increase.

 

True to Alpine Select’s investment style, the Company continues to offer its shareholders access to the Chinese market with allocations to locally rooted, value oriented, like-minded managers who themselves advocate an active asset wealth management style.

 

Other positions

During the 2021 reporting period, the legacy position Cheyne New Europe Fund Inc. («CNEF») matured significantly. As a reminder, this is an illiquid property development fund holding assets in Eastern Europe, mainly in the Czech Republic («CZ»). Alpine Select holds this position since the merger with Absolute Invest and CNEF is not making any new investments.

 

CNEF’s largest assets are several urban and suburban residential real estate projects in and around Prague. The fund benefited from the due to COVID related increased demand for more suitable housing. The construction and sale process of the projects in CZ is progressing well, and thus CNEF not only recorded a pleasing annual performance of +15.3% in 2021 but was also able to pay out CHF 4.9 million to Alpine Select. Due to the positive cash realization of the projects, Alpine Select expects distributions from CNEF to be the new normal and is therefore optimistic of being able to further reduce this illiquid position.

 

Annual Shareholders' Meeting 2021

At the annual shareholders’ meeting held on 17 May 2021, shareholders passed all agenda items and proposals submitted by the board of directors. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 21 May 2021.

 

Annual report 2021

The annual report 2021 of Alpine Select can be viewed and downloaded online from 7 April 2022 at https://www.alpine-select.ch/en/investors#downloads.


Outlook 2022

Tragically war has returned to Europe. It is impossible to predict a timing of an end of this warfare, the beginning of a diplomatic solution and the consequential impact on the world order.

 

Even before the outbreak of the war in the Ukraine, inflation and growth data were pointing to an end of the low-yield regime. Wars are generally inflationary and soaring prices for soft commodities, energy and metals are evidence of a rather prolonged area of elevated inflation. Alpine Select believes that if all else being equal, inflation should eventually lead to higher yields although real interest rates might remain negative.

 

Alpine Select continues to closely monitor the impact of this geopolitical battleground in the Ukraine and its economic and financial consequences. The overall asset allocation will be rigorously challenged along the way. However, no changes have been made yet.

 

Further information on Alpine Select’s investment activities can be found in the 2021 annual report and on current focus topics in the monthly reports.

 

Proposted dividend distribution

The board of directors will propose to the ordinary shareholders’ meeting 2022 to distribute a dividend of CHF 1.00 gross per outstanding share.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.



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 diversified alternative investment portfolio. 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.


3.03.2022 Alpine Select Ltd.: Monthly Update February 2022
 

Alpine Select has published the monthly update February 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Februar 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market and portfolio commentary

After months of diplomatic efforts, the before unthinkable has happened with Russia launching a full-scale invasion on the sovereignty of Ukraine. Images of Russian tanks and helicopter squadrons blitzing through Ukraine have shocked the world. As horrific as this war on Eastern Europe soil is, global equity markets appear to have bottomed out; for now. Tightening monetary policy and the ongoing geopolitical tension have already contributed to falling markets since last November. In February, the selected indices performed as follows: S&P 500 -3%, NASDAQ -4.5%, CSI 300 +0.4% and TOPIX JPN +1.3%.

 

The broader Digital Assets Market was flat over the month, with strong catch-up performances towards the end of February. Prominent assets like Bitcoin, Ethereum, Terra (LUNA) and Solana ended the month in positive territory. We continue to believe in the broader application of blockchain technology and are willing to endure the volatility of digital assets.

 

Highlighting our current investments in special situations seems appropriate in these uncertain times. We are currently exploiting merger arbitrage opportunities in Vifor Pharma («VIFN») and Arena Pharmaceutical («ARNA»), which make up around 17% of our portfolio. The VIFN deal is expected to close in early Q2 2022. Albeit the arbitrage situation in VIFN shares is managed efficiently by the market participants, the current opportunity still represents a 3% discount. The ARNA deal is expected to close in March 2022. ARNA, a rather overlooked arbitrage situation, is still trading around $95. Pfizer’s all-cash offer is USD 100 per share, representing a current 4. 9% discount.

 

Our special situation discounted asset, IP Group, had a difficult start to 2022. The discount to NAV widened to 40%, although news flow from the portfolio remains robust and encouraging. For example, financing rounds by IP Group’s portfolio companies continue to be executed at prices at which IP Group posts new unrealized profits. This underscores the resilience of forward-thinking business powered by intellectual property.

 

As we continue to monitor the impact of this historic geopolitical depression on the economic and financial outcomes, we are also rigorously challenging our overall asset allocation. However, we have not made any changes yet.

 

We have no exposure to Russian or Ukrainian assets in the portfolio.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

16.02.2022 Alpine Select Ltd.: Preliminary information on the annual results 2021 (Swiss GAAP FER)


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select AG («Alpine Select» / the «Company») hereby informs its shareholders and other interested market participants that it expects a profit of approximately CHF 24.5 million in its Swiss GAAP FER financial reporting 2021. In the comparative period (financial year 2020) a profit of CHF 5.8 million was reported.

 

Alpine Select publishes weekly its consolidated net asset value (NAV). This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the portfolio of the Company.

 

The disclosures made for the financial year 2021 are unaudited. Alpine Select will publish the final results for the year 2021 on 30 March 2022 and the audited annual report with detailed information on 6 April 2022.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 diversified alternative investment portfolio. 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.


3.02.2022 Alpine Select Ltd.: Monthly Update January 2022
 

Alpine Select has published the monthly update January 2022.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Januar 2022 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The Equity markets had a rough start to the new year. Inflationary fears, hawkish statements by the FED on monetary policy as well as geopolitical tensions (Russia-Ukraine) led to a significant decline in the valuation of risk assets worldwide. All major equity indices were down for the month: S&P 500 -5.3%, NASDAQ -9%, CSI 300 -7.6% and TOPIX JPN -5%.

 

It is worth mentioning that once high-flying Tech and Growth stocks have experienced a price correction not seen since the financial crisis, with their market valuation reduced by as much as 50%. The broader Crypto Market also suffered in January, performing -25 to -30%. 

 

We believe that the FED has jumped ahead of the curve with its harsh comments on price stability and that a fact-based policy will allow it to support and surprise the market positively, rather than continue to hurt. The market consensus has already priced in 5 to 6 rate hikes for the remainder of 2022.

 

We reiterate our view that real interest rates are very likely to remain negative; we thus conclude that there is currently no real alternative to an actively managed equity and digital assets portfolio.

 

Portfolio commentary and activity

In October we ad-hoc reported on our investment in Rockaway Blockchain Fund which has been held at cost. In the meantime, an official valuation by the Fund has been received valuing the investment with a performance of +561% as per End of September 2021. This performance development is now reflected in our NAV.

 

After a solid December our core holding IP Group had a difficult start to the year and was unable to withstand the selling pressure in the UK market. Based on public news available our tracking indicates the IP stock is currently trading at an unjustified discount of around 35% to its NAV! We continued to add to the position during the month as our conviction remains unchanged, even during these turbulent markets.

 

In January, we used cash to take advantage of an attractive merger arbitrage: Pfizer will acquire all outstanding shares of Arena Pharmaceuticals («ARNA» – a clinical-stage company in the biotech field of immuno-inflammatory diseases) for $100 per share in an all-cash transaction. ARNA was trading at $92 at the end of January. We are confident that we can add uncorrelated return to our value proposition by exploiting special situations in the markets.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

3.02.2022 Alpine Select Ltd.: Information on the current investment in Rockaway Blockchain Fund


Ad hoc announcement pursuant to art. 53 LR

 

In May 2021 Alpine Select Ltd. (“Alpine Select”) made an investment totaling USD 1,000,000 in the Rockaway Block-chain Fund (“RBF”) and made a commitment for a further USD 1,000,000.

 

The fund manager of RBF has now confirmed that the USD 1 million invested by Alpine Select is worth USD 6.6 million as of 30 September 2021, representing an increase in value of USD 5.6 million. This results in a positive contribution in Alpine Select’s NAV of around +3.6%.

 

Alpine Select will incorporate any future confirmations on the performance of RBF in its NAV calculation without delay.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 diversified alternative investment portfolio. 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.


4.01.2022 Alpine Select Ltd.: Monthly Update December 2021
 

Alpine Select has published the monthly update December 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Dezember 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

A milder perceived Omicron variant brought optimism back onto the market by mid-December. Even harsh remarks by the FED could not stop a rally at the end of 2021, closing the year on a positive note. With the exception of the Chinese Market, major indices were up for the month/year: S&P 500 +4.4%/+27%, NASDAQ +0.7%/+21%, CSI 300 +2.2%/-5% and TOPIX Japan +3.3%/+10%.

 

We reiterate our view that while the sentiment is somewhat cautious in the face of inflationary trends, real interest rates are likely to remain negative, we thus conclude that there is currently no real alternative to an actively managed equity and digital assets portfolio.

 

Portfolio commentary

With a brief review of 2021, we are pleased that our investment decisions have resulted in a satisfying performance. Although we will revisit the investment year in detail in our annual report, we would like to highlight two of our investment topics:

 

  • Although the Chinese market generally underperformed by -5% in 2021, our actively managed allocation to the local market gained around +24%(!) overall, which again confirms our firm belief in active asset management.

  • Our call to allocate to digital assets has paid off, achieved a return of around +350% on this asset class and contributed nicely to our overall result.

 

Portfolio activity

 

We deployed significant cash in December due to an attractive merger arbitrage: Australian biopharmaceutical company CSL Ltd. made a public tender offer of USD 179.25 per share to VIFOR Pharma. In view of this special situation, we hedged the offer to CHF and took this opportunity. Given that the deal will close in H1-22, we estimate an annualized return of around 11% in CHF with this special trade.

 

Confident of the exceptional results we have achieved with our regional allocation to China, we have decided to stay proactive and take a new position dedicated to a large and rapidly growing local market: “Chinese Healthcare”. The demographics of an aging population and a higher disposable income should lead to increasing health expenditure and thus to value creation in which we want to participate. As per our management style conviction, we have chosen to invest with an actively managed and locally based investment team at Bin Yuan Capital.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

Press Release 2021
6.12.2021 Alpine Select Ltd.: Monthly Update November 2021
 

Alpine Select has published the monthly update November 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht November 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

November has started on a bullish sentiment to give up all the intra month gains in the last days of the month: S&P 500 -0.8%, NASDAQ +0.25%, CSI 300 -1.5% and Hang Seng -7.5%.

 

Inflation debates with supportive economic data and central banks staying on message fuelled a bullish sentiment in the market that peaked in mid-November. There was no alternative to risky assets, and the Fed even watered down the transitory language about rising inflation that is now "expected to be" rather than temporary. This complacency led the market to speculate about the end of the bull run. But then suddenly there were concerns about the COVID-Omicron variant, which showed a higher prevalence, and worries about the international spread of the variant.

 

The market ended the month trying to price in both poorer growth and increased inflationary pressures on the Fed.

 

Although the sentiment is somewhat cautious, we reiterate our view that real interest rates are likely to remain negative and conclude that there is currently no real alternative to an actively managed equity and digital assets portfolio.

 

Portfolio commentary and activity

Our core position Castle Alternative Invest AG in Liquidation (CASN) distributed an initial liquidation dividend of CHF 12.89 per registered share, which corresponds to 88% of the company’s net asset value as of 31 October 2021. We have been accumulating CASN since 2019 when the company was in steep discount of around 30%. The diversified Fund of Hedge Fund portfolio has been managed with remarkable stability over the last three years and our shareholders have been benefiting from a narrowing discount to NAV, which now ends in liquidations proceeds at NAV. We viewed CASN as a key portfolio stabilization that met our expectations. The remaining position size is 2.65% of our total portfolio.

 

We have been writing in our monthly updates about our core position IP Group (which is now our largest exposure). Positive news was released on three portfolio companies of the IP Group, adding to the group’s fair value. However, the share price could not fully detach itself from the general market sentiment and deteriorated slightly over the course of the month. We see a discount on the NAV of around 30% and are therefore continuously adding opportunistically to our portfolio.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

2.11.2021 Alpine Select Ltd.: Monthly Update October 2021
 

Alpine Select has published the monthly update October 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Oktober 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

October has been a friendlier month for equities than September: S&P 500 +6.8%, NASDAQ +8%, Hang Seng +3.3%.

 

At the last trading day in October the corporate bond default of the Chinese Real Estate developer Evergrande was averted by a last-minute interest payment duly wired out to bondholders which helped to improve the sentiment for risky assets.

 

Inflation debates continue to rage in the media and there is a new mantra ‘stickier for longer’. We continue to see inflation as temporary and a feared stagflation as improbable. This because the broader application of digitalization and further technological advancements across industries tend to be deflationary by nature.

 

Our outlook for the equity markets remains positive, as we expect that the rise in interest rates won’t exceed the inflation rate.

 

Portfolio commentary and activity

On 12 October we informed the market that our investment in Rockaway Blockchain Fund carries notable yet unrealizable value. We remain constructive on the crypto asset class overall and this news is exemplary to signal the value creation in Alpine Select’s Portfolio.

 

As an example, the rise of Decentralized Finance (DeFi) grounded in cryptocurrency technology has expanded dramatically since the end of 2020. DeFi includes many of the same products and services capacities found in the traditional financial system but leave out centralized intermediaries. We have taken a diversified approach to invest in this new promising technology. The broader Cryptocurrency market has been up roughly +30% for the month and we also expect value gains from our managers.

 

We expect proceeds from our largest position Castle Alternative Invest (“CASN”) in a first larger liquidity tranche distribution to shareholders within the next weeks. We plan to accumulate in this arbitrage position until delisting. CASN discount realization will further contribute positively on our YTD NAV performance.

 

Our second core position, IP Group, took a breather after their highly successful IPO of Oxford Nanopore. However, throughout October there has been promising portfolio news increasing IP Group’s NAV. We see the current discount to NAV as a further buying opportunity and therefore added consequently.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

12.10.2021 Alpine Select Ltd.: Information on the current investment in Rockaway Blockchain Fund


Ad hoc announcement pursuant to art. 53 LR

 

In May 2021 Alpine Select Ltd. (“Alpine Select”) made an investment totaling USD 1,000,000 in the Rockaway Block-chain Fund (“RBF”) and made a commitment for a further USD 1,000,000.

 

The RBF Investor Summit took place in Zurich today. The participants were informed that, according to the manager’s assessment, the RBF had achieved an Internal Rate of Return (IRR) of +656% as of 30 September 2021. Thus, the USD 1,000,000 that Alpine Select has already invested, has a currently unrealizable value of USD 7,560,000, which represents an increase of USD 6,560,000 over the already invested investment and +5.01% of the current net asset value (“NAV).

 

However, since this position cannot be realized at the moment, the RBF-manager’s estimated IRR valuations are not taken into account in Alpine Select’s NAV.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 diversified alternative investment portfolio. 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.


5.10.2021 Alpine Select Ltd.: Monthly Update September 2021
 

Alpine Select has published the monthly update September 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht September 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

September has proven to be a rollercoaster for equity indices leaving many indices in loss territory: S&P 500 -4.9%, NASDAQ -5.8%, Nikkei +3.5%, SPI -5.7%.

 

Governments together with central banks are interested in keeping interest rates low for their indebted nations. With inflation staying above nominal interest rate or even rising due to medium-term supply chain issues, we could see a prolonged period of negative real interest rates.

 

Our outlook for the equity markets remains positive, as the feared Evergrande turmoil or the effects of the China policies will not completely disrupt the rising global economy. Furthermore, the downward trend in severe cases of the delta variant is encouraging, lockdowns ebb and pandemic measures are showing a positive effect. Risky assets remain the most favoured choice for now.

 

Portfolio commentary and activity

Our largest position Castle Alternative Invest (CASN) once again demonstrated its convincing portfolio composition with a YTD performance of +9.8%. In September, the company in liquidation informed market participants that the delisting process was well advanced and planned for the 2nd quarter 2022. Additionally, the notification indicated a first liquidity tranche distribution to shareholders, which is expected by the end of November 2021. CASN shares are currently still trading at a discount of 5% to its NAV. We keep accumulating this arbitrage position given the lucrative annualized return expectations.

 

Our second core position, IP Group, had a long-awaited corporate highlight: Its largest holding Oxford Nanopore Technologies (ONT) had its IPO on the London Stock Exchange, making this event the first major biotech listing in the UK since 2014. IP Group has realized £84m from a partial sale of ONT shares and remains a significant shareholder with a 10.3% stake. Given the growing cash position and consistent with the IP Group’s capital allocation policy, £15m of the IPO realisation has been added to the previously announced £20m share buyback plan, making it a total of £35m that is now reserved for buybacks below the hard NAV.

 

Looking ahead, we see opportunities to actively engage trading shares of our core position, taking into account the NAV and the share price.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

6.09.2021 Alpine Select Ltd.: Semi-Annual report


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select has published the semi-annual report 2021.
Klick here to download the report.



 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a diversified and alteralternative investment portfolio. 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.

2.09.2021 Alpine Select Ltd.: Monthly Update August 2021
 

Alpine Select has published the monthly update Augst 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht August 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

It seems that the mantra of “No matter what – risky assets go up” is very much alive. August was another solid month for equity indices: S&P 500 +3%, NASDAQ +4%, CSI flat.

 

Despite geopolitical stress in Afghanistan, “regulation frenzy” in China, devastating Hurricane IDA, rising COVID infection rates worldwide, new inflation highs in Europe and the USA, the end of FED tapering indication; interest rates remain ultra-low or are even declining.

 

Comparing current interest rates with end of February 2021: 10y US Treasuries are at 1.28% (down from 1.7%), and 10y Bund yields are at -0.37% (after being positive 0.1%). It is therefore no surprise, that the equity and crypto markets continued their spectacular bull ride in August. Or is it that markets are walking the wall of fear with still too many participants missing out?

 

Portfolio commentary

After volatile summer months, the crypto market took on renewed steam in August. We have stated that our portfolio is broadly diversified and that our investment focus goes beyond the current mainstream.

 

One example is Terra (LUNA), a leading platform for the issuance of algorithmic stablecoins that offers seamless financial integration for digital applications. As an example, three larger applications are built on Terra, leveraging the Terra Stablecoin (UST) to date: The Mirror protocol, which itself is a DeFi protocol that enables the creationg of synthetic assets; Anchor Protocol, which is a yield savings protocol; and CHAI, which is a payments product used by ~5% of the population in South Korea. A higher usage of the blockchain indicates further adoption and integration into real use. LUNA was up +200% in August.

 

Another example is the decentralised streaming service Audius, which reached a recording 6 million new monthly active users in August. It builds on the Solana Blockchain (SOL). SOL rose +300% in August.

 

Portfolio activity

Pfizer announced acquiring Trillium Therapeutics’ outstanding shares for $ 18.50 each to strengthen its blood cancer therapy portfolio. With Trillium shares trading at a 7% discount, we opened a merger arbitrage position and expect an annualized return of around 20% to 25%.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

31.08.2021 Alpine Select Ltd.: Half-year results and information on the course of business in the first half of 2021


Ad hoc announcement pursuant to art. 53 LR

 

  • Alpine Select Ltd. («Alpine Select», the «Company») ended the financial reporting period (1 January to 30 June 2021) with a profit of CHF 11.6 million. In the comparative period (as per 30 June 2020) a loss of CHF 9.7 million was reported.
  • The share recorded a positive performance of 10.90% over the first six months of 2021, after paying a dividend of CHF 1.00 per registered share in May 2021. The Net Asset Value («NAV») gained 9.45% over the same period.

 

Portfolio Development

Discounted Assets: The core holdings IP Group and Castle Alternative Invest («Castle AI») contributed a substantial CHF+5.26 million (CHF +3.70 million and CHF +1.56 million, respectively) to the half-year financial result. The development of the latest portfolio trouvaille IP Group, accumulated at considerable discounts, was particularly pleasing (+14.8%). By the end of June, not only had the discount to NAV decreased to around 10%, but the IP Group’s portfolio also gained in value. IP Group is well-managed, and the portfolio continues to mature which leads to a higher net cash position on the balance sheet. The outlook for IP Group for the second half of 2021 is extremely promising.

 

The Castle AI share price rose 7.69% in the first six months of 2021. At the ordinary shareholders’ meeting held in May, the dissolution and liquidation of the company was approved with 99.9% of votes. It is expected that the liquidation at NAV will be carried out later this year. The discount to NAV was around 6% at the end of June 2021.

 

Crypto Exposure: Investments in digital assets developed positively and contributed CHF +5.14 million to the half-year financial result, and all active managers deliver above-benchmark results. The highlight of this reporting period was the Zurich-based Swissrex Crypto Fund, which returned +244% in the reporting period. It seems particularly worth mentioning here that the SwissRex Fund managed the highly volatile months of May and June remarkably well (thanks to the active downside protections), while the broader cryptocurrency market recorded significant losses.

 

East Asia Exposure (China and Japan): The East Asia portfolio added CHF 3.91 million to the semi-annual result. Alpine Select remains committed to finding like-minded managers for an actively managed exposure in East Asia and it is therefore particularly pleasing that all the fund managers in the overall portfolio contributed positively to the half-year result.

 

Investment Activity

Alpine Select significantly expanded its core position IP Group in the first half year and also improved its crypto exposure.

 

The uses of blockchain technology are immeasurably divers; a more diversified investment activity in this area has therefore almost been imposed. Until the end of last year Alpine Select was mainly involved in Bitcoin (BTC) and Ethereum (ETH). In the current reporting period, funds with a systematic trading approach were redeemed and assets were reallocated to the Switzerland-based Layer 1 Digital AG and a new investment was made in the 162 Digital Capital Fund.

 

Annual Shareholders' Meeting / Corporate Actions

At the annual shareholders’ meeting held on 17 May 2021, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 21 May 2021.

 

In total, Alpine Select has paid its shareholders a cumulative CHF 13.62 per share over the past 10 years. The Company sees no need to change its distribution policy.

 

Outlook

With a view to its current portfolio composition along the dominant investment pillars, Alpine Select is extremely positive about the future.

 

On the one hand, Alpine Select is constantly on the outlook for well-managed yet discounted assets where the discount doesn’t seem justified. A prime example is the debt-free portfolio of IP Group, which was purchased in summer 2020 at a discount of around 35% to NAV. The further development of the company’s assets appears positive and significant impulses can be expected in the second half of 2021. A well-executed IPO of Oxford Nanopore Technologies should not only close the discount to current IP Group’s NAV, but also increase IP Group’s NAV.

 

On the other hand, Alpine Select is constantly striving to find like-minded, value-oriented, and active fund managers for strategic allocations in assets or regions in which it has conviction. The Company is confident that within its current exposure topics East Asia (Greater China and Japan), Technology and Crypto Assets it has found trustworthy investment managers who have achieved very solid results in the first six months of 2021.

 

 

Alpine Select will publish the semi-annual report as of 30 June 2021 on 6 September 2021.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 diversified alternative investment portfolio. 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.


10.08.2021 Alpine Select Ltd.: Preliminary information on the semi-annual results as per 30 June 2021


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select Ltd. («Alpine Select») hereby informs its investors and other interested parties that it expects a consolidated profit of approximately CHF 11.5 million in its financial reporting as per 30 June 2021. In the comparative period (as per 30 June 2020) a loss of CHF 9.7 million was reported.

Alpine Select will publish the definitive half-year results on 31 August 2021, and the semi-annual report as of 30 June 2021 on 6 September 2021.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 diversified alternative investment portfolio. 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.


4.08.2021 Alpine Select Ltd.: Monthly Update July 2021
 

Alpine Select has published the monthly update July 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht July 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Global indices posted a negative first half of the month amid growing fears about the rapid spread of COVID delta variant and its potential economic harm. The second half saw numerous solid corporate earnings results in the US but also harsh policy reactions in China, which let the broader market sink: CSI 300 -7.9%; MSCI China -14%.

 

Grace Lu, a trusted leader at GH China Fund puts it nicely: “With inclusive growth at the core of the Chinese ruling principle, the government increasingly prioritizes the domestic economy and self-reliance (on energy, food, and technology) in the new geopolitical and globalization environment. If an investor understands these policy priorities, it will not be difficult to tell which stocks to embrace or avoid in the future.”

 

Portfolio commentary

Given the heightened volatility in Greater China, we would like to comment our 13.3% regional Chinese exposure, which we have built in recent years to actively participate in an early-stage bipolar world (with the US and China being the two heavyweights). True to our investment style, we offer our shareholders access to the Chinese market with allocations to locally rooted, value oriented, like-minded managers who are themselves advocating an active asset management style. Our current Chinese exposure is covered by four local funds.

 

'GH China Century Fund’, ‘FengHe Asia Fund’, and ‘Strategic Vision Fund’ are all Equity Long/Short strategies that use a bottom-up driven stock picking approach based on their own research. The L/S Chinese Equities strategies posted results between -0.4% and +4.6%, which is a remarkable outperformance vs. the broad index.

 

Our fourth position is with 'Northwest Feilong Fund', an experienced investment management team dedicated to capture inefficiencies in the Chinese Convertible Bond market. This strategy provides the portfolio with smart, liquid, and alternative access to the Chinese mainland A-share market. The fund impressed as well and was up 3.7% in July.

 

These excellent results underscore our believe in an active investment management style and provides confidence in the selected managers. We congratulate the fund managers, and thank Lotus Peak Capital, our local advisor for the commitments in the Asian markets!

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

5.07.2021 Alpine Select Ltd.: Monthly Update June 2021
 

Alpine Select has published the monthly update June 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Juni 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Inflation fears did not affect the markets in the month under review: The yield on 10-year US Treasury dropped to 1.44% and the US Dollar strengthened against other major currencies. June 2021 was positive for equities and consequently equity indices closed the first half of 2021 on a positive note.

 

All major indices were up for the month, led by the Tech sector: Nasdaq +5.5%, S&P 500 +2.3%, Nikkei +0.7% and CSI China +0.8%. In comparison, an important commodity proxy like gold was down -6.8% for the month, and -5.4% for the first half of 2021.

 

Portfolio commentary

Overall, our portfolio had a flattish month. We remain very confident about our three largest positions and expect value realizations later this year. Castle Alternative is in liquidation, and we expect NAV proceeds in Q4 2021. For the position IP Group, we look forward to further positive news from the diversified portfolio in the second half of 2021, and specifically on their largest holding Oxford Nanopore Technologies («ONT»), which will go public on the London Stock Exchange later this year (e.g., the full year 2020 results of ONT have yet to be published). For our legacy position Cheyne New Europe, we expect further cash realization, as the projects are advanced, suburban real estate is in demand and cash realizations are progressing.

 

Portfolio activity

When we started investing with SwissRex Crypto Fund in the second half of 2020, we had high expectations, but we could not have imagined that our allocation would grow manyfold within a few months only. In view of a performance of +380% we decided to redeem our initial investment at SwissRex Crypto Fund, and to invest further in a diversified manner within the crypto space. We continue to support the successful team at SwissRex with the net gains.

 

To further diversify in Crypto assets, an allocation was made to the Prague-based Rockaway Blockchain Fund, one of Europe’s largest funds focused on investments into blockchain and digital assets. The fund invests into Web 3.0 start-ups and Venture Capital funds. The thematic focus is on decentralized finance (DeFi).

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

2.06.2021 Alpine Select Ltd.: Monthly Update May 2021
 

Alpine Select has published the monthly update May 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Mai 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

May has been turbulent in hindsight. The Federal Open Market Committee released its April Meeting Minutes on 19 May with incrementally hawkish comments on monetary policy, which gave global markets the worst daily drawdown of the year to date. However, as the US Treasury yield did not further increase and further market data came in below expectations, the month ended in recovery mode – and all major indices were up: Dow Jones +1.9%; TOPIX +1.3%, CSI China +4.9%.

 

A “Goldilocks” scenario with solid economic growth, moderate to low inflation and interest rates below inflation level has real chances. We therefore reiterate that equities might continue to find fertile grounds in such a “risk-on” environment.

 

Portfolio commentary

Castle Alternative Invest, our largest position, held its ordinary shareholders’ meeting in May 2021. Among others, agenda item 4, “dissolution and liquidation of the company” was approved with 99.9% of votes. We are expecting the liquidation proceeds later this year.

 

May has been a particular eventful month for IP Group, our second largest position with news announcing a group strategic collaboration but also released encouraging updates on portfolio companies level with news on fair value gains, exits, milestones and successful financing rounds. The portfolio of IP Group gained in NAV terms, yet month-on-month the share price declined 3.7% given the market environment. We added to our position at these discounted levels. In addition, we are confident that resolution 20 “authorization to buy in the market” will pass at the IP Group’s ordinary shareholders’ meeting on 9 June 2021, thus enable the company’s first share buyback program.

 

Furthermore, May has also been a true test for our crypto managers. Many cryptocurrencies and protocols temporarily halved in value as the entire market saw a larger correction from peak since May 12th. Our managers were also hit but indicate a strong outperformance vs. the broader market. We see the event as a healthy correction and the individual results underpin our strategy to allocate (i) in a diversified manner and (ii) with active investment managers.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

17.05.2021 Alpine Select Ltd.: The ordinary shareholders’ meeting approves all agenda items and proposals proposed by the board of directors


In detail, the shareholders’ meeting 2021 of Alpine Select passed the following resolutions:

  • The annual report 2020 (statutory financial statements as well as financial statements in accordance with Swiss GAAP FER) was approved and the compensation report 2020 was approved in a consultative vote.
  • The appropriation of available earnings and the distribution of a dividend of CHF 1.00 gross per outstanding registered share was approved. The dividend will be paid to the shareholders after deduction of 35% VAT with value date 21 May 2021. The share will be traded ex-dividend from 19 May 2021.
  • The members of the board of directors and the management were discharged for the 2020 financial year.
  • The board members Raymond J. Baer, Thomas Amstutz, Dieter Dubs and Michel Vukotic were reelected for a one-year term of office until conclusion of the next ordinary shareholders’ meeting.
  • Raymond J. Baer was re-elected as president of the board of directors for a one-year term.
  • Raymond J. Baer and Dieter Dubs were re-elected as members of the compensation committee for a one-year term.
  • BDO Ltd., Zurich, was re-elected as the auditor of the company for another one-year period.
  • HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’meeting.
  • The proposed maximum total compensation of the board of directors for the next term of office (AGM 2021 to AGM 2022) was approved.
  • The proposed maximum total compensation for the management (for the coming financial year 2022) was approved.

 

Based on the Ordinance of the Federal Council on measures to prevent coronavirus, today’s ordinary shareholders meeting of Alpine Select Ltd. was held without the physical presence of the shareholders. The independent proxy represented 5,631,206 shares (or 60.83% of all outstanding shares).

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 diversified alternative investment portfolio. 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.


5.05.2021 Alpine Select Ltd.: Monthly Update April 2021
 

Alpine Select has published the monthly update April 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht April 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The first month of the second quarter 2021 brought volatility to normalized levels, after the 10y Treasury yield rose rapidly from 1.45% to 1.75% in March 2021.

 

The large-cap earnings season generally met expectations. In some notable big tech cases (Apple, Google and Facebook) earnings exceeded expectations leading to another strong US index month. However, Europe and Asia lagged.

 

Portfolio commentary

The still early phenomenon of crypto asset valuation and practical use cases of blockchain technology is a much-discussed topic.

 

Institutional asset managers and economists began to publicly share their research conclusions. Some highlight obvious real-world applications, like a USD 370 billion remittance payments market (on which expat workers send money to their families) that could be set up more inclusively (cheaper and faster) on a blockchain.

 

Others argue that the rise of the internet ultimately did not really change the business model of the financial industry, which, given the evidence of blockchain technology, might be due now. Today’s innovations in the financial sector (decentralized finance or «DeFi») show profound infrastructure opportunities in the blockchain. These still fragmented financial protocols have use cases for lending, borrowing, insurance, equity / bond issuance, portfolio management, etc. This infrastructure is being further improved 24/7 and could be of significant value given the remarkable profitability of these early-stage DeFi protocols.

 

In our November 2020 report, we stated that our initial crypto investments totalled 3.4% of the portfolio. In February 2021, we informed that the crypto exposure was mainly assigned to three active crypto fund managers which were selected to be ideally positioned within a broadening of the crypto market. In retrospect this has been a good call seeing crypto market capitalization has risen from under USD 1 trillion to USD 2.3 trillion while Bitcoin’s dominance has decreased from 70% to 45%; partly due to the value creation of decentralized applications described above.

 

Our crypto fund managers were roughly up 20% in April 2021.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

16.04.2021 Alpine Select Ltd.: Invitation to the ordinary shareholders' meeting 2021 / publication of the annual report 2020


The ordinary shareholders’ meeting will take place on Monday, 17 May 2021, starting 11 a.m. at Alte Steinhauserstrasse 1, Cham without the attendance of shareholders.

Agenda

  1. Annual report 2020
  2. Appropriation of available earnings
  3. Discharge of the members of the board of directors and the management
  4. Elections
  5. Compensation of the members of the board of directors and of the management

 

Further information


A. Issue of the annual report

The business report 2020 (incl. the annual report, the annual accounts and the financial statements in accordance to Swiss GAAP FER, the compensation report as well as the reports of the auditors) can be viewed and downloaded online at https://www.alpine-select.ch/investors#downloads. In addition, the annual report 2020 will be available for inspection by shareholders from 16 April 2021 at the company’s registered office at Gotthardstrasse 31, 6300 Zug. Every shareholder may also request by post (Alpine Select Ltd., Gotthardstrasse 31, 6300 Zug) or by email (This email address is being protected from spambots. You need JavaScript enabled to view it.) to receive a printed copy of the annual report 2020.

 

B. Entitlement to vote at the ordinary shareholders' meeting

Only shareholders entered in the share register as at 10 May 2021 are entitled to vote at the shareholders’ meeting. No entries with voting rights will be made in the share register in the period from 11 May 2021 to 17 May 2021.

Shareholders entitled to vote will receive, together with the invitation to the ordinary shareholders’ meeting, a reply card that they can use to issue a proxy to the independent proxy, HütteLAW Ltd., Cham. Further, the reply card also contains information on E-Voting together with the individual one-time code to access the voting website www.gvmanager.ch/alpineselect. Proxies of shareholders whose shareholding changes between 16 April 2021 and 10 May 2021 will automatically be amended.

 

C. Proxy and instructions to the independent proxy

Based on the Ordinance of the Federal Council on measures to prevent coronavirus, it will not be possible for shareholders to physically attend the ordinary shareholders’ meeting. Shareholders are asked to be represented by the independent proxy HütteLAW Ltd., Cham, to exercise all shareholder rights exclusively through the independent proxy.

Please send the reply card to the share register of Alpine Select Ltd. (Alpine Select Ltd., c/o Devigus Shareholder Services, Birkenstrasse 47, CH-6343 Rotkreuz) incoming by 13 May 2021 at the latest. Shareholders may also instruct the independent proxy electronically using the individual one-time code at www.gvmanager.ch/alpineselect. Shareholders may use the online proxy voting up to but not later than 11.59 p.m. on Saturday, 15 May 2021.

In case where the independent proxy receives voting instructions electronically and in writing, only the electronic power of attorney is taken into account.

 

D. Instructions for the use of «GVMANAGER ONLINE»

For security reasons, your personal one-time code is only valid for a one-time access. It expires as soon as you have issued voting instructions and left the portal. You can log on to the portal with the one-time code as long as you have not submitted your voting instructions.

In order to make subsequent changes to instructions you have entered, you can request a new one-time code from the share registrar (This email address is being protected from spambots. You need JavaScript enabled to view it.).

After sending the form of proxy, you can print out the instructions you have issued via the «Print view».

The terms and conditions that are available in the «GVMANAGER ONLINE» apply.

 

E. Legal notice

Shareholders who make use of the internet-based options in connection with the performance of the ordinary shareholders’ meeting bear the associated risk in the exercise of their shareholder rights themselves.





For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 diversified alternative investment portfolio. 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.


16.04.2021 Alpine Select Ltd.: Annual report
 

Alpine Select has published the annual report 2020.
Klick here to download the report.



 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 its shareholders the key benefit of investing into a  diversified alternative investment portfolio. 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.

7.04.2021 Alpine Select Ltd.: Monthly Update March 2021
 

Alpine Select has published the monthly update March 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht March 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The last month of the first quarter brought inflationary fears to the ongoing reflationary market. We witnessed a rapid increase of the 10y Treasury yield from 1.45% to 1.75% within the month. That speed caused some significant day to day volatility, especially in the tech sector, where significant intraday headwinds were experienced.

 

Value continues to outperform Growth with Dow Jones gaining +6.6% in March. S&P 500 Index was up +4.2%; Nasdaq +1.4% and Nikkei+0.7%. The Chinese Index CSI (-5%) was lagging month to month.

 

Portfolio commentary

Our 2nd largest position, IP Group PLC, had another solid month at +6.9% (YTD: +26%). IP Group achieved an exceptionally strong result with record cash realizations (+140%) and a net portfolio performance (+22%) for the year ended 31 December 2020. After another solid year of cash realization, it became apparent that IP Group is transforming from a cash-raising to a cash-giving company.

 

Later in March, Oxford Nanopore Technologies («ONT»), the IP Group’slargest portfolio company, announced it was preparing to go public in London in the second half of 2021. To be honest, ONT could be the main catalyst for IP Group this year – however, we expect further positive NAV events in other portfolio companies (i.e. Hinge Health, Wave Optics and Inivata) which have matured and underpin the robust portfolio of IP Group holdings along the companies early life cycles.

 

Another noteworthy news is that our Crypto Asset managers had another positive month contributing around +15% profit.

 

Portfolio activity

At the beginning of the month, we reopened a position in Vifor Pharma after they posted better than expected full year 2020 results. As reflationary tendencies are in full swing, we expect that Vifor Pharma will benefit significantly from the current environment

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

7.04.2021 Alpine Select Ltd.: investment activity and annual result 2020, corporate actions


Annual Result 2020

Despite the significant global economic downturn caused by the COVID pandemic and the sharp decline in equity markets in Q1 2020, Alpine Select posted another solid result for the financial year 2020: Total return to shareholders was +3.7% (adjusted for dividends increase of the share price from CHF 13.22 to CHF 13.70). The dividend of CHF 1.00 per share was paid out to shareholders in May 2020. The Net Asset Value («NAV») recorded an increase of 4.5% for the same period (from CHF 13.36 to CHF 13.96).

 

In the FER-financial reporting 2020, a profit for the year of CHF 5.8 million was disclosed. In the comparative period (year 2019) a profit of CHF 13.7 million was reported.

 

Due to the reduced total assets (following the share buyback programs), the members of the Board of Directors of Alpine Select Ltd. («Alpine Select») continue waiving 10% of their compensation, which is granted in addition to their ordinary board of directors’ fee.



Portfolio Development in 2020

The global sharp drop in asset prices in the first quarter of 2020 due to the COVID shock was followed by unprecedented economic and fiscal stimuli that resulted in a remarkable market recovery for the remainder of the year. We recognize the need for coordinated measures (by the central banks). But we are also convinced that only solid and future-oriented business models will prevail in the long term. More than ever, we remain passionate advocates of active asset management and compose our portfolio with these beliefs.

 

Our quoted portfolio contributed a net gain of CHF 4.63 million to the annual result. Main contributors came through our investment in HBM Healthcare Investments Ltd. (realized profit of CHF 2.58 million) and from the new position in IP Group PLC («IP Group», net profit of CHF 1.97 million). Such transactions underpin the benefits of Alpine Select as an agile investment organization with short decision-making processes. Further contributions were made by Castle Alternative Invest Ltd. («Castle»), which recorded an unrealized loss contribution of CHF 1.36 million despite a solid NAV performance, and by XBiotech Inc., which contributed a realized gain of CHF 0.77 million.

 

Our unquoted investments contributed a net loss of CHF 2.04 million to the annual result. The main drawdown came from our Global Macro strategies, which were redeemed consequently with realized losses of CHF 3.4 million. Our Chinese exposure posted an unrealized gain of CHF 0.65 million.

 

During 2020 Alpine Select started building initial positions in the Crypto Market. Our investment with Systematic DLT Fund, SwissRex Crypto Fund and a Bitcoin Tracker Certificate resulted in net profits of CHF 1.88 million.



Investment Activity in 2020

We started 2020 with a cash quota of 16.8% which enabled us to trade actively throughout the year.

 

In early Summer of 2020, we started building an exposure to the London based Investment Company IP Group. We are very pleased with the well-diversified IP Group portfolio and are convinced that this investment will continue to contribute positively..

 

We added to our Castle allocation at an attractive discount of 8%. Castle manages a defensive and well-diversified alternative investment portfolio with remarkable stability. We maintain this position as a stability component to our overall portfolio going into 2021.

 

In 2020 we made our first experiences with investments in the relatively new asset class of cryptocurrencies. We seek to identify suitable manager and investment styles to give our shareholders a balanced exposure to this new asset class. Bitcoin is obviously still the industry’s most important cryptocurrency. However, we see significant potential in Ethereum, currently the most widely used smart-contract platform within the crypto industry. This ecosystem of decentralized applications, which is built on the Ethereum blockchain, already enables the basics of a decentralized financial system. Consequently, we have built an initial crypto exposure of 3.95% by the end of 2020. We continue to look for suitable crypto managers for our contemporary and diversified investment portfolio.

 

Further information on Alpine Select's investment activities can be found in the 2020 annual report and on current focus topics in the monthly reports.



Corporate Actions - Proposed Dividend Distribution

The board of directors will propose to the ordinary shareholders’ meeting 2021 to distribute a dividend of CHF 1.00 gross per outstanding share.



Annual Report 2020

The annual report 2020 of Alpine Select can be viewed and downloaded online from 16 April 2021.





For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The Company offers shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


2.3.2021 Alpine Select Ltd.: Monthly Update February 2021
 

Alpine Select has published the monthly update February 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Februar 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

February started in recovery mode given the hysteria of late January due to Reddit/WSB orchestrated short squeezes. Later in the month US Treasury yields picked up and caused uncertainties with sharply declining stocks. Value stocks clearly outperformed in February.

 

With exception to Chinese Index CSI (-0.3%) all other major indices were up: S&P 500 Index +2.6%; Nasdaq +0.9%; Nikkei +4.7%.

 

Portfolio commentary

Our 2nd largest position, IP Group PLC, had a strong run outperforming with +21%. The London based investment company trades currently at NAV valuations as of 30 June 2020. We consider the stock still to be discounted given the recovery seen in H2’20. The company will report FY 2020 results, NAV and portfolio updates later this month.

 

Our trusted Japanese value investment with Arcus Genseki also outperformed, delivering +10.8%.

 

Noteworthy is once again the allocation to Nishkama Capital Offshore, a US based L/S Equity Fund which performed around +14%.

 

Portfolio activity

 

In our November 2020 update, we declared our allocation to Crypto Assets as a stand-alone asset class. The current exposure is at 4.4% and investments are allocated mainly with three asset managers:

 

  • Swissrex Crypto Fund deploys a fundamental based investment approach and actively manages a basket of high conviction crypto tokens. The net exposure is kept between -20% and +120%.
  • Layer 1 Multi Manager Fund offers a broadly diversified exposure to the asset class via a Fund-of-Fund by sourcing crypto and blockchain funds as well as co- and direct investments globally across various strategies (Fundamental, Venture, Systematic, Long /Short, etc.)
  • 162 Digital Capital applies directional and less directional strategies (such as arbitrage, yield-farming, event driven and momentum) across opportunistic, systematic, and defensive solutions. Access to still privately held tokens is also within their portfolio mix.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

16.02.2021 Alpine Select Ltd.: Preliminary information on the annual results for 2020 (Swiss GAAP FER «FER»)

 

Alpine Select AG («Alpine Select» / the «Company») hereby informs its shareholders and other interested market participants that it expects a profit of approximately CHF 5.1 million in its FER financial reporting 2020. In the comparative period (financial year 2019) a profit of CHF 13.7 million was reported.

 

Alpine Select publishes weekly its consolidated net asset value (NAV). This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the portfolio of the Company.

 

The disclosures made for the financial year 2020 are unaudited. Alpine Select will publish the final result for the year 2020 on 7 April 2021 and the audited annual report with detailed information on 16 April 2021.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 diversified alternative investment portfolio. 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.


3.2.2021 Alpine Select Ltd.: Monthly Update January 2021
 

Alpine Select has published the monthly update January 2021.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Januar 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

The first month of the year ended in volatile hysteria due to an orchestrated retail group short squeeze on very particular stocks. The rumour has it that some well-known Hedge Fund Titans with market neutral equity strategies incurred significant losses.

 

S&P 500 Index was down -1.2%; Nasdaq and Nikkei were up +1.4% and +0.8%, respectively. The Chinese Index CSI outperformed with+2.7%.

 

Portfolio commentary

Our allocations to L/S equity strategies have resulted in a net positive contribution for the first month of 2021. None of our funds have been exposed to heavily shorted stocks which reassured our selection of modern-minded and risk-principled investment managers to not seek over-crowded names.

 

An appreciative contribution to the monthly performance delivered our Chinese L/S equity Managers. LyGH China delivered +6.5% and FengHe Asia Fund increased by +6.2%, outperforming the CSI Index.

 

Our regional allocation to China currently stands at 12.6% and we are committed to keep or even increase our regional China exposure. We acknowledge an early-stage bipolar world with the US and China being the two heavyweights. Consequently, Chinese assets have matured in our view, and we seek to participate in this promising market with allocations to like-minded asset managers.

 

We access the Chinese Market mainly with 3 fund positions. The above-mentioned outperformers LyGH China and FengHe Asia Fund, both applying a bottom-up driven stock picking approach based on deep on-the-ground proprietary research. We trust the leading managers and feel comfortable with their principled risk management approach. Our third position is with Northwest Feilong Fund, an expert investment management team dedicated to capture inefficiencies in the Chinese Convertible Bond («CB») market. This strategy offers the portfolio an intelligent, liquid, and alternative access of gaining outright exposure to the Chinese mainland A-share market. CBs are significant to finance the growing Chinese corporate economy.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

5.1.2021 Alpine Select Ltd.: Monthly Update December 2020
 

Alpine Select has published the monthly update December 2020.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Dezember 2020 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

A mix of encouraging sentiment and hope that life will return to a new normal in 2021 (the year after) has lifted global markets in December 2020. All major indices extended their positive run through the month: S&P index +3.7%, Nasdaq +5.7% and Nikkei +3.8%.

 

The road to normalization might not be as straightforward as politically announced. We look ahead with caution to grasp the collateral damage caused to private and public life around the globe, particularly to the US. The somewhat structural weakness of the US Dollar is caused by several indications: (i) USD supply has grown by 25% in 2020, (ii) budget and trade deficit is rather unsolved and (iii) a low inland saving’s rate persists. This might propel the further rise of China, leaving it less export dependent due to higher inland consumption and savings quota.

 

Portfolio commentary

Our new core holding IP Group has become our 3rd largest position, posting a +15% performance in December 2020.

 

We decided to build position in IP Group because of their ownership in prospective, impactful, and maturing businesses and because of their former significant discount to NAV. The most valuable portfolio company is the privately held London based Oxford Nanopore Technologies (ONT). ONT is a life science company which goal is to enable the analysis of anything, by anyone, anywhere. The Company has developed the world's first and only nanopore DNA sequencing platform, which is uniquely scalable from pocket-sized formats through to ultra-high throughput devices.

 

The turmoil of the 2020 worldwide pandemic has set the stage for ONT to step up and support scientists and healthcare professionals globally in their work to fight the COVID-19 disease..

 

The 2020 achievements by ONT are manyfold and we encourage you to read their blog “20 moments we will remember from 2020”.

 

Our analysis leaves us confident and hopeful that current discount of approximately 10% to NAV will close and IP Group’s NAV will further increase over time.

 

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

Press Release 2020
4.12.2020 Alpine Select Ltd.: Monthly Update November 2020
 

Alpine Select has published the monthly update November 2020.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht November 2020 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Encouraging data on the COVID-19 Vaccine candidates have dominated the news of early November. All mayor indices jumped and extended their positive run through the month: S&P index +11%, Nasdaq +12% and Nikkei +15%.

 

We see this sentiment as positive. Additionally, we believe that by a more bi-lateral and embracing US political agenda under president-elect Joe Biden the global economy will find a favourable environment to put investments to work.

 

Portfolio commentary

Nishkama Capital Fund – a New York based long / short equity fund with a focus in the Technology, Media and Telecom sector – surpassed his single best month since launch and delivered exceptionally well in November with +14%. His single best month prior to that has been October 2020 (+6.7%).

 

Our trusted Japanese Managers could thrive in November’s positive environment. Yuki Japan Rebounding Growth Fund increased by +13% and Arcus’ Value Fund delivered +12%.

 

Portfolio activity

During the first half of 2020 we evaluated the potential of Crypto Assets as a stand-alone asset class within a contemporary investment portfolio.

 

In our opinion the macroeconomic situation, the global and unavoidable adoption of digitalization, the somewhat structural weakness of the US Dollar and nonetheless the existing ESG concerns refraining to own commodity-related assets as ‘store of value’ favors Crypto Assets.

 

Given that Switzerland is at the forefront implementing regulatory approved institutional solutions to this still young asset class we have learned three important lessons: (i) the crypto asset space is more mature than initially anticipated; (ii) the professionals we met are highly skilled and experienced and (iii) the asset class carries prospective benefits to a diversified portfolio.

 

Consequently, we have built an initial Crypto exposure of 3.4%.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

5.11.2020 Alpine Select Ltd.: Monthly Update October 2020
 

Alpine Select has published the monthly update October 2020.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht Oktober 2020 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

Early October suggested to make up for the September market correction, however, by the end of October all western indices continued to fall. European indices (e.g. DAX -9%; SMI -6%) showed cyclical vulnerability while the US S&P 500 and Japanese TOPIX Index detracted modestly (‑3%). Notable is the Chinese market strength (CSI 300; +2.4%) suggesting relative advancement in their economic recovery vs. rest of the world.

 

We see the correction in western indices as bottom line positive to cool the exuberant recovery during the summer months 2020.

 

Irrespective of the still open US presidential election outcome on yesterday’s election night we believe that further financial stimulus for the economy will continue driving growth and digitalization.

 

We further acknowledge an early stage bipolar world with the US and China being the two heavyweights. Consequently, Chinese assets have matured in our view, and our asset class mix holds a 10% exposure allocation to China across three fund managers.

 

Portfolio commentary

One of our Chinese engagements is with GH China Century Fund a Greater China focused equity long/short manager employing a fundamentally driven bottom-up stock picking approach. October (+4%) and YTD (+21%) are above benchmark (CSI 300).

 

Nishkama Capital Fund – a New York based long / short equity fund with a focus in the Technology, Media and Telecom sectors – had a strong month in a broadening market. Nishkama was best in class in October (+6.5%).

 

Portfolio activity

We continued adding IP Group during October which has become our 4th largest position. The listed investment company’s purpose is to evolve prospective University developed Intellectual Property (IP) ideas into world-changing businesses in the fields of Technology, Cleantech and Life Science, representing significant potential in the data driven ‘new economy’.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

6.10.2020 Alpine Select Ltd.: Monthly Update September 2020
 

Alpine Select has published the monthly update September 2020.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht September 2020 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

September started with fresh hights on first trading day thanks to unseen ‘stock split mania’ in Apple and Tesla, taking the tech driven market to new hights. Since the second trading day, however, the correction started leaving Nasdaq (-5.2%) and the S&P 500 (-4%) for the month.

We continue to believe that on the political front the upcoming US presidential election poses risks which are not reflected in the market valuations. The divergent forces within the country, the somewhat lagging economic recovery and a climate of deeper mistrust might well persist ‘no matter who wins’.

 

Portfolio commentary

The successful quarter for our long-term position HBM Healthcare Investment («HBM») ended with 4 IPOs and 5 trade sales out of their private portfolio followed with strong demand for the HBM shares. We acted and substantially reduced our position at premiums to its NAV.

A winner in the portfolio has been one of our conviction Japanese equity funds: Yuki Rebounding Growth Fund, which gained +7.22%, clearly outperforming the broader market.

 

Portfolio activity

We added very selectively during September and finished building an initial investment position in London based IP Group PLC («IP Group»). The listed investment company’s purpose is to evolve prospective Intellectual Property (IP) ideas into world-changing businesses in the fields of Technology, Cleantech and Life Science. IP Group holds adiverse portfolio of more than 100 companies including a considerable net cash position. The Group trades at 30% discount to its NAV.

Additionally, given the hot run Biotech M&A Market we entered an arbitrage position following the announced acquisition of Immunomedics Inc. by Gilead Science Inc. at $88 per share. With due deal closure we expect low double-digit annualized returns to be realized from this special situation position.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

15.09.2020 Alpine Select Ltd.: Semi-annual report
 

Alpine Select has published the semi-annual report 2020.
Klick here to download the report.



 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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.

8.09.2020 Alpine Select Ltd.: Monthly Update August 2020
 

Alpine Select has published the monthly update August 2020.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht August 2020 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

August has seen market sentiment for equities further improving in general. US Indices were posting new record highs and the world witnessed euphoria buying in heavy weighs like Apple Inc. and Tesla due to stock-splits. On the political front the upcoming US presidential election poses risks which we believe are not reflected in the market valuations. The divergent forces within the country and a climate of deeper mistrust might well persist “no matter who wins”. Geopolitical tensions are somewhat subdued. We see potential regional confrontations in Asia where China is claiming further influence (Hong Kong and Taiwan) and in Europe where Turkey-Greece maritime squabble risks further military clash.

 

Portfolio commentary

The COVID-19 re-triggered bull market in technology assets has boosted valuation to a level beyond obvious rational justification. We conclude once more that the world belongs to the courageous and are delighted to have a smaller allocation with such brave equity long/short managers. Atlas Principals specializing in early identification of paradigm-shifting themes compounded some +57% since April 2020. August was a highlight month for one of our long-term holdings HBM Healthcare Investments which has seen its valuation increased mainly due to two IPOs of large private holdings which were well received by the market.

 

Portfolio activity

We slightly reduced our overall exposure during the month as valuations are elevated. We remain cautious with our exposure to position the portfolio accordingly with the uncertainties ahead. Global market valuations are heightened, and our experience recalls moments from the past to stay invested selectively with a cautious approach during these times.

 

Für weitere Informationen wenden Sie sich bitte an Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) oder besuchen Sie unsere 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.

7.09.2020 Alpine Select Ltd.: Half-year results and information on the course of business in the first half of 2020
  • Alpine Select Ltd. («Alpine Select», the «Company») ended the financial reporting period (1 January to 30 June 2020) with a loss of CHF 9.7 million. In the comparative period (as per 30 June 2019) a profit of CHF 9.3 million was reported..
  • The share recorded a negative performance of 5.45% over the first six months of 2020, after paying a dividend of CHF 1.00 per registered share in May 2020. The Net Asset Value («NAV») lost 5.93% over the same period..

Market Development

The first six months of 2020 were dominated by the global impact of the COVID-19 pandemic, which brought an unprecedented emergency interruption of the ‘courant normal’ and a significant drop in global GDP at an unprecedented scale. Global policy makers reacted to this new situation with supporting measures and economic stimulus on a scale and speed not seen before.


As valuations on the financial markets swiftly indicated a full recovery to 2019 levels, the economy itself lags the proof of sustainable betterment. Uncertainty remains elevated in a globalized world where each country adjusts the COVID-19 restrictions individually. As we look forward, we do not believe the economic recovery will be as straightforward as what the market appears to be pricing in and thus maintain our cautious investment exposure.



Portfolio Development

Our listed equity portfolio contributed a net gain of CHF 0.8 million. Significant contributions came from HBM Healthcare Investments Ltd. (CHF 1.3 million) and a special situation investment in Xbio-tech Inc. (CHF 0.8 million). Our largest listed position Castle Alternative Invest Ltd. could not elude the market turmoil contributing net losses of CHF 1.3 million.


Our Chinese equity managers added positively CHF 0.1 million for the first half of 2020. As we further strategically seek Chinese exposure, this proofed our optimism to have selected solid and promising managers on the ground. Our Japanese managers delivered CHF 3 million net losses throughout the first six months. The strategy exposure to Global Macro and Credit was responsible for CHF 6 million net losses. The credit positions were lagging the global market recovery as of 30 June 2020.



Investment Activity

Selectively credit and digital asset exposure were added during the first half of 2020: CHF 2.8 million were invested to Cheyne Total Credit Fund which has seen discounted valuation levels in the Investment Grade Credit space in April 2020. A position in Alibaba Group Holding Ltd. has been started in June 2020 and to further diversify the portfolio to the digital space an allocation to Cryptocurrency has been initiated with Crypto Fund AG, a Swiss-based fund manager.


We actively traded in our core holding HBM Healthcare Investments Ltd. and slightly increased the holding to CHF 10.5 million by end of the second quarter. The strategic reduction of the Japan market exposure was completed in February with the full redemption of Akamatsu Bonsai Fund, SFP Value Realization Fund and UMJ Kotoshiro Feeder Fund.


We ended the First Half 2020 with 11.1% in cash which puts us in a position to capture opportunities for our shareholders and further add on selective opportunities.



Annual Shareholders' Meeting / Corporate Actions

At the annual shareholders’ meeting held on 20 May 2020, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select Ltd. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 27 May 2020.


Furthermore, shareholders approved the reduction of the share capital to CHF 185,159.40 by cancelling 1,025,135 registered shares that the Company had repurchased under a previous share buyback program. The implementation of the capital reduction was entered in the commercial register on 27 July 2020.


The shareholders also authorized the board to repurchase up to 10% of the share capital in the period up to the ordinary shareholders' meeting in 2022 for the subsequent definitive cancellation of the shares through a capital reduction. Based on this authorization the board has decided to launch a new share buyback program on a second trading line at SIX Swiss Exchange. Starting 26 June 2020 (first trading day) a maximum of 925,797 registered shares will be repurchased. To view the status of the share buyback program, please refer to our website: https://www.alpine-select.ch/en/investors#action.



Outlook

Looking forward, we remain cautious on the outlook for the global economy and position our portfolio accordingly to deal with the uncertainty ahead. Global Market valuations are heightened, and our experience recalls moments from the past to stay invested selectively with a cautious approach during these times.



Alpine Select will publish the semi-annual report 2020 on 15 September 2020.





For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The Company offers shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


11.08.2020 Alpine Select Ltd.: Preliminary information on the semi-annual results as per 30 June 2020

Press Release

11 August 2020

Alpine Select Ltd. (Alpine Select) hereby informs its investors and other interested parties that it expects a consolidated loss of approximately CHF 9.7 million in its financial reporting as per 30 June 2020. In the comparative period (as per 30 June 2019) a profit of CHF 8.8 million was reported.

Alpine Select will publish the definitive half-year results on 7 September 2020, and the semi-annual report as of 30 June 2020 on 15 September 2020.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The Company offers shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


24.06.2020 Share buyback via second trading line

Press Release

Zug, 24 June 2020

At the Ordinary Shareholders’ Meeting of Alpine Select Ltd. («Alpine Select», the «Company») held on 20 May 2020 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2022 for the purpose of subsequent cancellation by way of a capital reduction. The same shareholders’ meeting approved the reduction of the share capital from CHF 205,662.10 to CHF 185,159.40 through the cancellation of 1,025,135 registered shares of Alpine Select, which the Company had repurchased under previous share buyback programs. The implementation of the capital reduction is expected to be entered in the commercial register towards the end of July 2020.

The Board of Directors of Alpine Select has decided – based on the above-mentioned authorization resolution of the shareholders’ meeting – to launch a new share buyback program on a second trading. Based on the currently outstanding number of Alpine Select registered shares and taking into account the aforementioned capital reduction, a maximum of 925,797 registered shares will be repurchased. The maximum buyback volume per day is 3,271 registered shares (in accordance with Art. 123 para. 1 lit. c FinfraV). The actual number of shares bought back will be determined by the Company’s freely available liquidity on the one hand and by the supply on the second trading line on the other hand. Alpine Select retains the right to terminate the share buyback at any time and shall be under no obligation to repurchase its own shares under this share buyback program.

The share buyback notice will be published on 24 June 2020. Trading on the second trading line will commence on 26 June 2020 and shall continue until 31 May 2022 at the latest. After completion of the share buyback program, the board of directors will propose to the shareholders’ meeting a capital reduction by cancellation of all registered shares repurchased under this share buyback program. The transaction will be executed by Helvetische Bank AG, Zurich.

 

For further information, please contact Claudia Habermacher This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


20.05.2020 Alpine Select Ltd.: The ordinary sharholders' meeting approves all agenda items and proposals

Press Release

Zug, 20 May 2020

Based on the Federal Council’s COVID-19 Ordinance 2, today’s Ordinary Shareholders’ Meeting of Alpine Select Ltd. was held without the personal attendance of shareholders. The independent proxy represented 5,033,955 shares (or 48.95% of all outstanding shares). The shareholders approved all agenda items and proposals submitted by the board of directors, including a dividend of CHF 1.00 per share.

In detail, the shareholder’s meeting 2020 of Alpine Select Ltd. passed the following resolutions:

  • The annual report 2019 (statutory financial statements as well as financial statements in accordance with Swiss GAAP FER) was approved and the compensation report 2019 was approved in a consultative vote.
  • The request that a dividend of CHF 1.00 gross per outstanding registered share be paid to the shareholders from the disposable retained earnings and that the remaining amount of the retained earnings be carried forward was approved. The distribution will be paid out to the shareholders after deduction of 35% VAT with value date 27 May 2020. The share will be traded ex-dividend from 25 May 2020.
  • The members of the board of directors and the management were discharged for the 2019 financial year.
  • The board members were re-elected individually and for a one-year term of office until conclusion of the next ordinary shareholders’ meeting. In addition, Raymond J. Baer was re-elected as president of the board of directors and together with Dieter Dubs, as a member of the compensation committee, each for a one-year term. BDO Ltd., Zurich, was elected as the new auditor of the company for the business year 2020. HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting.
  • The proposed maximum total compensation of the board of directors for the next term of office (AGM 2020 to AGM 2021) was approved, as was the proposed maximum total compensation for the management (for the coming financial year 2021).
  • Furthermore, shareholders approved the reduction of the share capital from CHF 205,662.10 to CHF 185,159.40 by cancelling 1,025,135 registered shares that the Company had repurchased under the share buyback program, approved by the ordinary shareholders’ meeting on 16 May 2019. In detail, Alpine Select had repurchased 510,980 shares within a buyback program through the issuance of tradeable put options and a further 514,155 shares through a buyback program at market price.
  • Finally, the shareholders authorized the board of directors to launch at their discretion, a new share buyback program of up to 10% of the total share capital (in the period between 20 May 2020 and the ordinary shareholders meeting in 2022).

For further information, please contact Claudia Habermacher This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.  


16.04.2020 Invitation to the ordinary shareholders’ meeting 2020 of Alpine Select Ltd., publication of the annual report 2019

Press Release

Zug, 16 April 2020

The ordinary shareholders’ meeting will take place on Wednesday, 20 May 2020, starting 11 a.m. at the Legends Club, Bossard Arena, General-Guisan-Strasse 4, Zug without the attendance of shareholders.

Agenda

1. Annual report 2019
2. Appropriation of retained earnings
3. Discharge of the members of the board of directors and the management
4. Elections
5. Compensation of the members of the board of directors and of the management
6. Capital reduction through cancellation of the shares acquired as part of a share buyback program
7. Approval of a new share buyback program

Organizational notes

A – Business report

The business report 2019 (incl. the annual report, the annual accounts and the financial statements in accordance to Swiss GAAP FER, the compensation report as well as the reports of the auditors) is available for inspection at the Company’s registered office at Gotthardstrasse 31, 6300 Zug. Shareholders may also download the business report from the Company’s website at www.alpine-select.ch/investors/downloads/reports/annualreport or order a printed copy via e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it. indicating the mailing address. Please note that the business report is only available in English.

B – Admission to the ordinary shareholders’ meeting

Shareholders who are registered in the share register up to and including 30 April 2020, 5 p.m. Swiss time are entitled to vote at the ordinary shareholders’ meeting.

Based on art. 6a Ordinance 2 on Measures to Combat the Coronavirus (COVID-19 Ordinance 2) of 13 March 2020, the Board of Directors of Alpine Select Ltd. decided that shareholders will not be able to attend the ordinary shareholders’ meeting and exercise their rights exclusively through the independent proxy (see art. 6a para. 1 lit. B COVID-19 Ordinance 2).

No entries will be made in the share register in the period from 30 April 2020, 5 p.m. to the end of the ordinary shareholders’ meeting.

C – Proxy

The form to authorize the independent proxy HütteLAW AG, Cham, and to issue instructions to exercise the voting rights will be sent to the shareholders with the invitation to the ordinary shareholders’ meeting. The proxy can be granted to the independent proxy by submitting the voting instructions online at investor.sherpany.com or alternatively by noting it on the form, that needs to be legally signed and sent to either the representative or Alpine Select Ltd., c/o Computershare Ltd. The form must be received by Alpine Select Ltd., c/o Computershare Ltd. or the independent proxy by 18 May 2020 at the latest (date of receipt).

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


14.04.2020 Alpine Select Ltd.: Termination of the share buyback program at market price

Press Release

Zug, 14 April 2020

Alpine Select Ltd. decided to terminate prematurely the share buyback program on a second trading line on SIX Swiss Exchange, which was initially launched on 29 July 2019, after the maximum buyback volume was reached. In total, 514,155 registered shares or 5.00% of the current share capital and voting rights were bought back at market price.

The Board of Directors will propose to the ordinary shareholders’ meeting on 20 May 2020 the cancellation of the shares bought back at market price as well as the 510,980 registered shares bought back by issuing tradeable put options in July 2019 and to reduce the share capital of Alpine Select Ltd. accordingly.

For further information, please contact Claudia Habermacher This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


08.04.2020 Alpine Select: Annual result 2019, investment activities, corporate actions and outlook

 

Press Release

Zug, 8 April 2020

Annual result 2019

Total return to shareholders during the year 2019 was +6.4% (increase of the share price from CHF 13.44 to CHF 14.30). This includes a dividend of CHF 0.30 per share (paid out to shareholders in May 2019) and the issuance of a tradable put option of CHF 0.17 per registered share (in July 2019). The Net Asset Value («NAV») recorded an increase of 9.8% for the same period (from CHF 13.16 to CHF 14.45).

In the financial reporting 2019 in accordance to Swiss GAAP FER, a profit of CHF 14.5 million was disclosed. In the comparative period (financial year 2018) a loss of CHF 17.9 million was reported. The selected investments performed well in 2019 in a general up trending market environment.

Due to the reduced total assets (following the share buyback programs), the members of the Board of Directors of Alpine Select Ltd. («Alpine Select») continue to waive 10% of their compensation, which is granted in addition to their ordinary board of directors’ fee. In addition, no variable remuneration was paid to the management for 2019.

Investment activity 2019

Global equity markets were buoyed as risk assets rallied strongly at the beginning of 2019 to make up for Q4 2018 losses, and again at year-end 2019 as sentiment found support from the US and China agreeing in principle to a Phase 1 of a trade deal. In addition, the US announced they would delay proposed tariffs on auto exports from Europe. There seemed to be a degree of complacency in the market, after an almost 30% rise in the S&P 500 in 2019.

Our listed portfolio contributed a net unrealized gain of CHF 3.6 million. Significant contributions came from Castle Alternative Invest («Castle», CHF 1.8 million) and HBM Healthcare (CHF 0.8 million). The investment in ChemoCentryx, a biopharmaceutical company, contributed CHF 1.7 million realized gains as the stock rallied more than 300% after reporting positive Phase III results on their lead clinical asset. A special situation investment in New Venturetec (Liquidation and subsequent delisting) contributed CHF 1.0 million as we could buy shares on the market at a significant discount to NAV until the last trading day.

Our Japanese managers delivered CHF 3.2 million unrealized gains throughout the year making up in part for their difficult 2018. A highlight with +39% has been the return of Symphony Partners (SFP Value Realization Fund), a Japanese soft activist.

Our Chinese managers contributed solidly with CHF 1.1 million unrealized gains for 2019. As we further strategically seek Chinese exposure, we are optimistic to have selected solid and promising long/short equity managers on the ground.

Corporate Actions – Proposed dividend distribution

The board of directors will propose to the ordinary shareholders’ meeting 2020 to distribute a dividend of CHF 1.00 gross per outstanding share.

Q1 2020 Performance and Outlook

Our cash quota was 13.7% at year-end 2019 to face the in our opinion too complacent markets. Markets turned negative in Q1 2020 and our Net Asset Value («NAV») recorded a decrease of -5.00% (from CHF 14.41 to CHF 13.69) until 2 April 2020. The return to shareholders for the same period has been -9.09% (decrease of the share price from CHF 14.30 to CHF 13.00).

Facing the COVID-19 crisis, it seems too early to look ahead and leave reassuring comments on the economic and international market impact of this crisis. From a humanitarian perspective, this pandemic revealed the international shortcomings in public health and its necessary investments.

The Alpine Select team is attentive and alert to the various developments currently unfolding. Once this crisis normalizes, we are confident to capture opportunities in the best interest of our shareholders. Our cash quota will give us room to maneuver once value of assets will become apparent or attractive discounts will appear.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


03.02.2020 Alpine Select: Preliminary information on the annual results for 2019 (Swiss GAAP FER «FER»)

 

Press Release

Zug, 3 February 2020

Alpine Select AG («Alpine Select» / the «Company») hereby informs its shareholders and other interested market participants that it expects a consolidated profit of approximately CHF 13 million in its FER financial reporting 2019. The previous period (financial year 2018) was prepared in accordance with IFRS stand-alone and posted an unconsolidated loss of CHF 16 million.

After the change to the Swiss Reporting Standard of SIX Swiss Exchange at the end of July 2019, the financial report as of 31 December 2019 will be the Company’s first report that is prepared in accordance with the requirements of Swiss GAAP FER and in which the portfolio is presented consolidated again. Otherwise, the previous valuation methods will continue to be applied insofar as they comply with the requirements of Swiss GAAP FER.

Alpine Select publishes weekly its consolidated net asset value (NAV). This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the portfolio of the Company.

The disclosures made for the financial year 2019 are unaudited. Alpine Select will publish its audited annual report with detailed information on 16 April 2020.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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. 


Press Release 2019

20.08.2019 Alpine Select: Half-year results and further information on the course of business in the first half of 2019

 

 

Press Release

Zug, 20 August 2019

    • Alpine Select Ltd. («Alpine Select», the «Company») ended the financial reporting period (1 January to 30 June 2019) with a profit of CHF 8.8 million. In the comparative period (as per 30 June 2018) a loss of TCHF 879 was reported.
    • The share recorded a positive performance of 0.16% over the first six months of 2019, after paying a dividend of CHF 0.30 per registered share in May 2019. The Net Asset Value («NAV») increased by 6.23% over the same period.

Portfolio Development

    • Following the turbulences in the fourth quarter of 2018, the hedge fund managers were positioned too cautiously at the beginning of 2019, and thus initially provided somewhat muted results. This was particularly true for the Japanese Long/Short managers. The best strategies for the first half of 2019 were Credit, CLO, Equity Long Only and Chinese Convertible Bonds. The Alpine Select Alternative Fund achieved a performance of +2.00% in the first half of 2019.
    • The listed positions in the portfolio were up CHF 6.7 million, making a significant positive contribution to the overall portfolio performance. The profits came mainly from the core holdings in HBM Healthcare Investments Ltd. («HBM»), Castle Alternative Invest AG («Castle AI») and Vifor Pharma AG («Vifor»). The only notable negative contributor in this sector is the participation in Leonteq Securities Ltd. with a book loss of CHF 0.2 million.
    • The holding in SFP Value Realization Fund («SFP») was up 15% in the first six months, outperforming peers and the Japanese market.
    • The legacy real estate investment in Cheyne New Europe Fund L.P. contributed around CHF 0.6 million book profit and thus further delivering on our expectations. Redemptions from this position are expected to start during the fourth quarter 2019.

Investment Activity

    • Alpine Select continued focusing on optimizing the portfolio composition in the first six months of 2019. However, losses because of the time lag between investment decisions and the redemption notice periods were experienced.
    • The participation in Castle AI was increased to a reportable size of more than 10% in the first half of 2019. The well diversified alternative portfolio continues to trade at an attractive discount. The Company also participated in a corporate action program from Castle AI as arbitrage opportunity arose to generate additional income.
    • Alpine Select reduced its stake in Elara India Gateway Fund by one-third in March 2019 and redeemed 50% of the holding in the SFP fund. Furthermore, the Company started taking profits in the Vifor-investment. Given the continued NAV premium in BB Biotech AG («BB Biotech») and NAV Discount in HBM, the Company held short position in BB Biotech on one hand and increased the allocation to HBM on the other hand.
    • In April 2019 the Company entered a research position (USD 1 million) with Atlas Principals, LLC, a thematic long/short equity manager specializing in early identification of paradigm-shifting themes. Selecting and engaging with small- and mid- cap Investment Managers with dedicated strategies is still one of Alpine Select’s focus areas.

Ordinary shareholders’ meeting 2019 / Corporate Actions

    • At the ordinary shareholders’ meeting held on 16 May 2019, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select. The distribution of a dividend in the amount of CHF 0.30 gross per registered share was paid to shareholders on 23 May 2019.
    • Furthermore, shareholders approved the reduction of the share capital to CHF 205,662.10 by cancelling 919,795 registered shares of Alpine Select, which the Company had repurchased under previous share buyback programs. The implementation of the capital reduction was entered in the commercial register on 23 July 2019.
    • The shareholders also authorized the board to launch at its discretion a new share buyback program up to a maximum of 10% of the total share capital in the period up to the ordinary shareholders meeting in 2021, and for the subsequent cancellation of the shares by capital reduction.
    • Based on this authorization, on 27 June 2019, Alpine Select launched a buyback program at a fixed price by issuing tradable put options. As of 19 July 2019, a total of 510,980 registered shares (or 4.56% of the share capital then registered in the commercial register) were tendered.
    • On 25 July 2019 Alpine Select launched a new share buyback program on a separate trading line at SIX Swiss Exchange. Since 29 July 2019 (first trading day) a maximum of 514,155 registered shares or an equal of 5.00% of the share capital are purchased for cancellation purposes. To view the current status of the share buyback program, please refer to the Alpine Select website: https://www.alpineselect.ch/investors/corporate-actions.

Switch to the Swiss Reporting Standard of the SIX Swiss Exchange

    • SIX Swiss Exchange approved on 25 July 2019 Alpine Select’s application to switch the Standard segment: Since 5 August 2019, all Alpine Select shares are traded in the Swiss Reporting Standard of the SIX Swiss Exchange (2 August 2019: Last trading day in the Segment of Investment Companies). A mandatory change in the accounting standard to Swiss GAAP FER is associated with the aforementioned change in the standard. Given the increasing complexity of IFRS and its focus on international companies, Alpine Select believes that Swiss GAAP FER is the more appropriate accounting standard for the Company. For example, and among other things, this change enables Alpine Select to consolidate the portfolio again and thus offer its shareholders more transparency.

Outlook

    • Alpine Select’s rigorous approach to portfolio construction held volatility low at 3.08% compared to Swiss Performance Index (SPI: 9.01%) and Global Hedge Fund Index CHF (HFRX: 2.92%).
    • The Company maintains a view of heightened volatility in the global markets as global growth might slow.
    • Given the fiscal and monetary stimulus Alpine Select does not see an abrupt end to the markets but believes that dispersion opportunities might be more prominent in the future.
    • Therefore, the Company slightly adjusted the overall portfolio strategy further, increasing the exposure to China and NASDAQ.

Alpine Select will publish the semi-annual report 2019 on 28 August 2019.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value. Alpine Select further acts as a FINMA-licensed distributor of foreign collective investment schemes to qualified investors in Switzerland.


 

29.07.2019 Alpine Select to switch to the Swiss Reporting Standard of the SIX Swiss Exchange as per 5 August 2019

 

 

Press Release

Zug, 29 July 2019

SIX Exchange Regulation approved the Alpine Select AG («Alpine Select», the «Company») application to switch the Standard segment on 25 July 2019, provided all publication requirements are fulfilled. The 10,283,105 registered shares with a par value of CHF 0.02 each of Alpine Select AG, registered at Zug (Valor symbol ALPN, ISIN CH0019199550) will be traded in the Swiss Reporting Standard of the SIX Swiss Exchange as from 5 August 2019. The last trading day in the Segment of investment companies is 2 August 2019.

The change in standard takes place in connection with the acquisition of a FINMA-licensed, operational and income related activity, whereby the Company is no longer considered an investment company within the meaning of the Listing Rules of the SIX Swiss Exchange.

Companies in the standard for investment companies must apply the International Financial Reporting Standards («IFRS»). This requirement is no longer required given the standard change. A mandatory change in the accounting standard to Swiss GAAP FER is associated with the aforementioned change in the standard. In view of the increasing complexity of IFRS and its focus on international companies, Swiss GAAP FER is proving to be a more suitable accounting standard for Alpine Select.

Among other things, the changeover to Swiss GAAP FER will enable Alpine Select to consolidate the portfolio again and thus offer its shareholder the desired transparency. Otherwise, the previous valuation methods will continue to be applied insofar as they comply with the requirements of Swiss GAAP FER. A detailed reconciliation statement follows with the 2019 annual report and the half-year report 2020.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

26.07.2019 Alpine Select Ltd: Preliminary information on the semi-annual results as per 30 June 2019

 

 

Press Release

Zug, 26 July 2019

Alpine Select Ltd. (»Alpine Select») hereby informs its investors and other interested parties that it expects a consolidated profit of approximately CHF 8.5 million in its financial reporting as per 30 June 2019. In the comparative period (as per 30 June 2018) a loss of TCHF 879 was reported.

Alpine Select will publish the definitive half-year results on 20 August 2019, and the semi-annual report as of 30 June 2019 on 28 August 2019.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

25.07.2019 Alpine Select Ltd: Announcement of a new share buyback program at market price

 

 

Press Release

Zug, 25 July 2019

At the Annual Shareholders’ Meeting of Alpine Select Ltd. (“Alpine Select”, the “Company”) held on 16 May 2019 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2021 for the purpose of subsequent cancellation by way of a capital reduction. The same shareholders’ meeting approved the reduction of the share capital from CHF 224,058.00 to CHF 205,662.10 through the cancellation of 919,795 registered shares of Alpine Select, which the Company had repurchased under previous share buyback programs. The implementation of the capital reduction was entered in the commercial register on 23 July 2019.

Based on the above-mentioned authorization of the shareholders meeting 2019, on 27 June 2019, Alpine Select launched a buyback program at a fixed price by issuing tradable put options. As of 19 July 2019, a total of 510,980 registered shares (representing 4.97% of the share capital currently registered in the commercial register) were tendered. The board of directors will request the cancellation of these repurchased shares to the next shareholders’ meeting.

In addition – and to follow the termination of the buyback program via issuance of tradable put options – the Board of Directors of Alpine Select decided to launch a new share buyback program on a separate trading line at SIX Swiss Exchange. Starting 29 July 2019 (first trading day) a maximum of 514,155 registered shares or an equal of 5.00 % of the share capital currently registered in the commercial register will be purchased for cancellation purposes. The maximum buyback volume per day is 5,492 shares (in accordance with Art. 123 para. 1 lit. c FinfraV).

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

18.07.2019 Alpine Select Ltd: Successful completion of the repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

 

 

Press Release

Zug, 18 July 2019

Alpine Select Ltd. (“Alpine Select”) announced on 27 June 2019 a share buyback program by issuing put options tradable on SIX Swiss Exchange. Through this program, each shareholder was granted 1 put option free of charge for each registered share held, and every 20 put options entitled shareholders to tender one registered share at the exercise price of CHF 17.00. The put options were traded from 1 July 2019 to and including 16 July 2019.

In total, 510,980 registered shares were tendered which corresponds to 4.56% of the share capital registered in the commercial register. The net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be paid on 19 July 2019. The board of directors will propose to the next Shareholders’ Meeting the cancellation of all registered shares repurchased under this share buyback program.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

27.06.2019 Alpine Select Ltd: Repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

 

 

Press Release

Zug, 27 June 2019

Alpine Select Ltd: Repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

At the Annual Shareholders’ Meeting of Alpine Select Ltd. (“Alpine Select”) held on 16 May 2019 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2021, and for the subsequent cancellation of the shares by capital reduction.

Based on this authorization, the Board of Directors of Alpine Select decided on a share buyback by issuing put options tradeable on the SIX Swiss Exchange. Each shareholder will be granted 1 put option free of charge for each registered share held. Every 20 put options will entitle shareholders to tender one registered share with a nominal value of CHF 0.02 at the exercise price of CHF 17.00. This represents a premium of 24% to the closing price of the registered share on 26 June 2019. The put options will be traded from 1 July 2019 to and including 16 July 2019. The put options must be exercised (European style) on 18 July 2019 by 11.00 am CEST at the latest. The net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be paid on 19 July 2019. 

As a result of the share buyback by issuing put options, Alpine Select plans to repurchase up to 514,155 registered shares (which corresponds to a maximum of 4.59% of the outstanding share capital currently registered in the commercial register or a maximum of 5% of the outstanding share capital following the cancellation of 919,795 own shares on 22 July 2019). It is intended to seek approval for the cancellation of all registered shares repurchased under this new share buyback program at the next Shareholders’ Meeting. Alpine Select has mandated Helvetische Bank, Zurich, as Executing Bank for the transaction. 

When considering whether to sell the put options on the stock exchange or to use them to tender registered shares, shareholders are advised to follow the instructions and recommendations of their custodian bank or other professional advisers.

In the context of the above-mentioned authorization, the Board of Directors of Alpine Select is considering launching a new share buyback program on a second trading line, following the share buyback program through the issuance of tradeable put options.

The offering notice will be available under www.alpine-select.ch/investors/corporate-actions.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

07.06.2019 Alpine Select AG receives FINMA license to act as distributor under collective investment schemes act (CISA)

 

 

Press Release

Zug, 07 June 2019

Alpine Select AG receives FINMA license to act as distributor under collective investment schemes act (CISA)

Alpine Select Ltd. («Alpine Select», the «Company») fulfills the licensing conditions following Art 13 para 2g, Art 14 and 19 Collective Investment Schemes (CISA).

The Swiss Financial Market Supervisory Authority («FINMA») grants Alpine Select the license to act as distributor under the Federal Act on Collective Investment Schemes (CISA). The license entitles Alpine Select to act as the distributor for the foreign collective investment scheme Alpine Select Alternative Fund in Switzerland; the distribution of this collective investment is directed to qualified investors only.

Incorporating a FINMA-licensed and income generating activity, Alpine Select under the Swiss Exchange rules is no longer considered an investment entity. Consequently, the Company will seek a segment change in consultation with SIX Exchange Regulation. Alpine Select will inform about the possible segment change in due time.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

16.05.2019 At today’s Ordinary Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the board of directors

 

 

Press Release

Zug, 16 May 2019

At today’s Ordinary Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the board of directors

In detail, the shareholder’s meeting 2019 of Alpine Select Ltd. passed the following resolutions:

  • The annual report 2018 (statutory financial statements as well as financial statements IFRS) was approved and the compensation report 2018 was approved in a consultative vote.
  • The request that a dividend of CHF 0.30 gross per outstanding registered share be paid to the shareholders from the disposable retained earnings and that the remaining amount of the retained earnings be carried forward was approved. The distribution will be paid out to the shareholders after deduction of 35% VAT with value date 23 May 2019.
  • The members of the board of directors and the management were discharged for the 2018 financial year.
  • The board members were re-elected individually and for a one-year term of office until conclusion of the next ordinary shareholders’ meeting. In addition, Raymond J. Baer was re-elected as president of the board of directors and together with Dieter Dubs, as a member of the compensation committee, each for a one-year term. HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting. And KPMG Ltd., Zurich, was appointed as auditor for another one-year period.
  • The proposed maximum total compensation of the board of directors for the next term of office (AGM 2019 to AGM 2020) was approved, as was the proposed maximum total compensation for the management (for the coming financial year 2020).
  • Furthermore, shareholders approved the reduction of the share capital from CHF 224,058.00 to CHF 205,662.10 by cancelling 919,795 registered shares that the Company repurchased under the share buyback program, approved by the ordinary shareholders’ meeting on 22 May 2017. In detail, Alpine Select repurchased 558,134 shares within a buyback program through the issuance of tradeable put options (November to December 2018) and a further 361,661 shares through a buyback program at market price (January to May 2019).
  • The shareholders also approved the creation of authorized capital and the revised article 4a of the articles of association.
  • In addition, the suggested changes to the articles of association, article 2 «purpose» and article 3 «principles of investment policy» were approved. These changes became necessary as Alpine Select applied for FINMA’s approval as a distributor under the Federal Act on Collective Investment Schemes (CISA). In his speech, the president briefly addressed the motivations that led Alpine Select to take this step.
  • The shareholders have also approved the request of the board of directors, to cancel article 27 including its heading «acquisition of assets owing to merger» of the articles of association.
  • Finally, the shareholders authorized the board to launch at their discretion, a new share buyback program of up to 10% of the total share capital (in the period between 16 May 2019 and the ordinary shareholders meeting in 2021).

At today’s ordinary shareholders’ meeting, 50.37% of all shares were represented.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

16.04.2019 Alpine Select Ltd.: Invitation to the ordinary shareholders' meeting 2019 of Alpine Select Ltd., publication of the annual report 2018

 

 

Press Release

Zug, 16 April 2019

Invitation to the ordinary shareholders’ meeting 2019 of Alpine Select Ltd.,
publication of the annual report 2018

The ordinary shareholders' meeting will take place on:

  • Date: Thursday, 16 Mai 2019
  • Time: 11.a.m. (doors open at 10.30 a.m.)
  • Location: Legends Club, Bossard Arena, General-Guisan-Strasse 4, Zug

Agenda

  1. Annual report 2018
  2. Appropriation of retained earnings
  3. Discharge of the members of the board of directors and the management
  4. Elections
  5. Compensation of the members of the board of directors and of the management
  6. Amendment to the articles of association
  7. Approval of a new share buyback program

Organizational notes to the ordinary shareholders' meeting

The business report 2018 (incl. the annual report, the annual accounts and the IFRS financial statements, the compensation report as well as the reports of the auditors) is available for inspection at the Company’s registered office at Gotthardstrasse 31, 6300 Zug. Shareholders may also download the business report from the Company’s website at www.alpine-select.ch/investors/financial-reports/yr-2018 or order a printed copy via e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it. indicating the mailing address. Please note that the  business report is only available in English.

Shareholders registered in the share register up to and including 26 April 2019, 5 p.m. Swiss time with voting rights will receive together with the invitation to the ordinary shareholders’ meeting a reply card to order the admission card and voting papers, enabling them to attend the ordinary shareholders’ meeting. The reply card must be received by Computershare Schweiz AG, c/o Alpine Select Ltd. or the independent proxy, no later than 14 May 2019 (date of receipt).

No entries will be made in the share register in the period from 26 April 2019, 5 p.m. to the end of the ordinary shareholders’ meeting.

Shareholders with voting rights, who are unable to attend the ordinary shareholders’ meeting in person, may be presented by the legal representative, another shareholder entitled to vote or by the independent voting proxy HütteLAW AG, Cham. The proxy for representation may be submitted via the reply card, that shareholders receive with the invitation or to the independent shareholders’ representative also by using the online application (www.sherpany.com).

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

09.04.2019 Alpine Select Ltd.: Annual result 2018, investment activities, corporate actions and outlook

 

 

Press Release

Zug, 9 April 2019

Annual result 2018

Following a very successful 2017 for Alpine Select Ltd. («Alpine Select», the «Company»), the year 2018 proved to be challenging, not just for Alpine Select but for all market participants. The Alpine Select share price declined in this challenging market environment and closed the financial year 2018 with a loss of 8.33% (including the distribution of a dividend of CHF 1.00 and a tradable put option of CHF 0.15, each per registered share) while the Net Asset «NAV» recorded a decrease per year-end of 9.87%.

In the IFRS financial reporting 2018, a loss of CHF 15.8 million as at 31 December 2018 is disclosed. In the comparative period (financial year 2017) a profit of CHF 32 million was reported. The result for the comparative period of 2017 was characterized, among other things, by an extraordinary dividend income of CHF 35.3 million from Altin Ltd., which was merged into Absolute Invest Ltd. at the end of 2017, effective as of 30 June 2017. In the financial year 2018, the general negative market development, mostly towards the end of 2018, contributed to the annual loss.

Due to the disappointing annual performance 2018 – especially following the strong performance in 2017 – the members of the board of directors decided to waive 10% of their 2019 compensation, granted besides their ordinary board fee. In addition, no variable remuneration was paid to the management for the year 2018.

Investment activity in 2018

Our overweight in Japan – which was the big positive in the year 2017 – led to unrealized losses across all substrategies of around CHF 11 million. Most of this was booked in the 4th quarter of 2018.

The China exposure was increased in mid-2018 by adding three new investments (About Capital Asian Special Opportunities Fund, Fenghe Asia (USTE) Fund Ltd., GH China Century Offshore Feeder Fund; each with an investment size of USD 1m). Losses in this space were limited due to good Long/Short exposure outperforming the benchmark in a very difficult year for Chinese equities. The exposure to India on the other hand suffered primarily from the weak currency that led to a book loos of CHF 0.6 million during the reporting period.

The listed portfolio positions contributed a net unrealized loss of CHF 0.6m. The negative contribution from Vifor Pharma (down CHF 2.2m) and NCR Corporation (a new investment; down CHF 0.2m.) could partly be offset with positive contribution by HBM Healthcare Investments (up CHF 1.8m). The investments in IBM Corporation and Swissquote Group Holding were redeemed and losses of CHF 0.2 million realized.

In 2018, new investments were made, among others in IBM Corp., Swissquote Group Holding Ltd. and Leonteq Ltd., whereby the first two were fully redeemed in the course of the financial year 2018 (IBM with a loss and Swissquote with a profit). In addition, the Company newly invested in Malleus Capital Master Fund, LP (an absolute return fund manager; USD 2 Mio.) and Acoro Global Ltd. (a market neutral Swiss based fund manager; CHF 1 Mio.).

In the reporting period, Alpine Select built a reportable stake (>5%) in Castle Alternative Investments («Castle AI») at an attractive discount. Castle AI manages a defensive and well-diversified alternative investment portfolio and mastered the challenge of Q4-2018 with a remarkable stability. This position shall be a complementary stability component to the overall Alpine Select portfolio.

In addition to above-mentioned investment activities – and with the largest impact to the Alpine Select portfolio composition – was the launch of the Alpine Select Alternative Funds («Alternative Fund») in May 2018. Alpine Select acts as the Alternative Fund’s promoter and has funded – together with its wholly owned subsidiary Absolute Invest – the Alternative Fund with contributions in kind of around CHF 92 million. Following subscriptions by third parties, Alpine Group held 82.8% of the Alternative Fund as at 31 December 2018.

Corporate Actions

Alpine Select has applied to the Swiss Financial Market Supervisory Authority (FINMA) for a distribution license under the Federal Act on Collective Investment Schemes (CISA) for the distribution of the Alternative Fund. To meet the legal requirements, the purpose of the Company must be amended. Therefore, the board of directors will propose to the shareholders at the ordinary shareholders’ meeting on 16 May 2019, to change the purpose of the Company accordingly. We are confident in the new opportunities offered by the opening up of Alpine Select's business and hope that shareholders will approve this request.

A total of 558,134 registered shares (equal to 4.98% of the total share capital registered in the commercial register) were tendered under the share buyback program by issuing put options tradable on the SIX Swiss Exchange, and that was completed end of 2018. And under the newly launched buyback program (up to a maximum of 5% of the total share capital) launched on 3 January 2019 (first trading day) on a separate trading line on the SIX Swiss Exchange, a total of 308,513 own shares were repurchased by 5 April 2019 (equal to 2.75% of the share capital). The board of directors will seek approval for the cancellation of all registered shares repurchased until 15 May 2019 at the next ordinary shareholders meeting.

In addition, the board of directors proposes to the ordinary shareholders’ meeting that a dividend of CHF 0.30 gross per outstanding registered share be paid to the shareholders from the disposable retained earnings of CHF 3,744,042.

Outlook

The Company expects the volatility to remain at a high level for the time being. Accordingly, the overall portfolio strategy was slightly adjusted on the one hand by further reducing the long-only equity exposure and on the other hand by adding long short and global macro strategy exposure. With this, we believe to be positioned well to generate absolute return given the current global market sentiment.

The annual report 2018 of Alpine Select is available as of 16 April 2019 at the seat of the Company and can be downloaded as of this day from the Company’s website.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

28.01.2019 Alpine Select Ltd.: Preliminary information on the annual results for 2018 (IFRS)

 

 

Press Release

Zug, 28 January 2019

Alpine Select Ltd.: Preliminary information on the annual results for 2018 (IFRS)

Alpine Select AG («Alpine Select» / the «Company») hereby informs its investors and other interested parties that it expects a consolidated loss of approximately CHF 17 million in its IFRS financial reporting 2018. In the comparative period (financial year 2017) a profit of CHF 32 million was reported.

The result for the comparative period of 2017 was characterized, among other things, by an extraordinary dividend income of CHF 35.3 million from Altin Ltd., which was merged into Absolute Invest Ltd. at the end of 2017, effective as of 30 June 2017. In the financial year 2018, the general negative market development, mostly towards the end of 2018, contributed to the annual loss.

Alpine Select publishes weekly its consolidated net asset value (NAV). This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the portfolio and the related earnings situation of the Company.

The disclosures made for the financial year 2018 are unaudited. Alpine Select will publish its IFRS annual report with detailed information on 16 April 2019.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

Press Release 2018

27.12.2018 Alpine Select Ltd.: Announcement of a new share buyback program at market price

 

 

Press Release

Zug, 27 December 2018

Alpine Select Ltd.: Announcement of a new share buyback program at market price

At the Annual Shareholders’ Meeting of Alpine Select Ltd. (“Alpine Select”) held on 22 May 2017 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2019 for the purpose of subsequent cancellation by way of a capital reduction.

On 29 November 2018, Alpine Select Ltd. (“Alpine Select”) announced a share buyback program by issuing put options tradable on SIX Swiss Exchange. A total of 558,134 registered shares were tendered, which correspond to 4.98% of the share capital registered in the commercial register. It is intended to seek approval for the cancellation of all registered shares repurchased at the Annual Shareholders’ Meeting 2019.

In addition – and to follow the termination of the buyback program via issuance of tradable put options – the Board of Directors of Alpine Select decided to launch a new share buyback program on a separate trading line at SIX Swiss Exchange. Starting 3 January 2019 (first trading day) a maximum of 560,145 registered shares or an equal of 5 % of the share capital registered in the commercial register will be purchased for cancellation purposes. The maximum buyback volume per day is 7,126 shares (in accordance with Art. 123 para. 1 lit. c FinfraV).

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

20.12.2018 Alpine Select: Successful completion of the repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

 

 

Press Release

Zug, 20 December 2018

Alpine Select: Successful completion of the repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

Alpine Select Ltd. (“Alpine Select”) announced on 29 November 2018 a share buyback program by issuing put options tradable on SIX Swiss Exchange. Through this program, each shareholder was granted 1 put option free of charge for each registered share held, and every 20 put options entitled shareholders to tender one registered share at the exercise price of CHF 17.50. The put options were traded from 3 December 2018 to and including 18 December 2018.

In total, 558,134 registered shares were tendered which correspond to 4.98 % of the share capital registered in the commercial register. The net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be paid on 21 December 2018. It is intended to seek approval for the cancellation of all registered shares repurchased at the Annual Shareholders’ Meeting 2019.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

29.11.2018 Alpine Select: Repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

 

 

Press Release

Zug, 29 November 2018

Alpine Select: Repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

At the Annual Shareholders’ Meeting of Alpine Select Ltd. (“Alpine Select”) held on 22 May 2017 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2019, and for the subsequent cancellation of the shares by capital reduction.

Based on this authorization, the Board of Directors of Alpine Select decided on a share buyback by issuing put options tradeable on the SIX Swiss Exchange. Each shareholder will be granted 1 put option free of charge for each registered share held. Every 20 put options will entitle shareholders to tender one registered share with a nominal value of CHF 0.02 at the exercise price of CHF 17.50. This represents a premium of 22% to the closing price of the registered share on 28 November 2018. The put options will be traded from 3 December 2018 to and including 18 December 2018. The put options must be exercised (European style) on 20 December 2018 by 11.00 am CET at the latest. The net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be paid on 21 December 2018.

As a result of the share buyback by issuing put options, Alpine Select plans to repurchase up to 560,145 registered shares (5% of the outstanding share capital). It is intended to seek approval for the cancellation of all registered shares repurchased at the Annual Shareholders’ Meeting in 2019. Alpine Select has mandated Helvetische Bank, Zurich, as Lead Manager of the transaction.

When considering whether to sell the put options on the stock exchange or to use them to tender registered shares, shareholders are advised to follow the instructions and recommendations of their custodian bank or other professional advisers.

In the context of the above-mentioned authorization, the Board of Directors of Alpine Select is considering launching a new share buyback program on a second trading line, following the share buyback program through the issuance of tradeable put options.

The offering notice will be available under www.alpine-select.ch/investors/corporate-actions.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

20.08.2018 Alpine Select: Semi-annual result 2018

 

 

Press Release

Zug, 16 May 2018

Alpine Select: Semi-annual result 2018

  • The Alpine Select Ltd. («Alpine Select») share recorded a positive performance of 0.46% over the first six months of 2018, after paying a dividend of CHF 1.00 per registered share in May 2018. The Net Asset Value («NAV») recorded a decrease of 0.66% for the same period.
  • As mentioned in our year-end statement 2017 we correctly anticipated the return of volatility in 2018. Our rigorous approach to portfolio construction held volatility low at 3.16% compared to Swiss Performance Index (SPI, 11.38%) and Global Hedge Fund Index CHF (HFRX, 5.69%).
  • Our listed portfolio positions continued to perform positively and increased by CHF 4.2 million. This is largely thanks to our investments in HBM Healthcare Investment and Vifor Pharma, and to a lesser extend to Orion Engineered Carbons. The only notable negative contributor in this sector was our IPO participation in DWS, a spin off from Deutsche Bank.
  • Our overweight in Japan – which was the big positive in the year 2017 – led to unrealized losses across all sub-strategies (Long/Short, Long Equity Value and Credit) during the first six months of 2018.
  • Our exposure to China and India positions suffered primarily from weak currencies and led to a book loss. Our equity value positions outside Japan and China made a small positive contribution to the half-year result. The same was true for our credit and CLO positions. This is particularly noteworthy as both, interest rates and credit spreads, were up in the first six months of 2018.
  • In addition to the above-mentioned investment activities, and with the largest impact to the portfolio composition was the launch of the Alpine Select Alternative Fund, an Alternative Investment Fund («AIF») pursuant to Liechtenstein law with the legal form of a trust. Alpine Select acts as the fund’s promoter and has together with its wholly owned subsidiary Absolute Invest Ltd. funded the AIF with distributions in kind of around CHF 92 million. Following subscriptions by third parties, Alpine Group held 92.6% of the Alpine Select Alternative Fund as at 30 June 2018.
  • We maintain our view of heightened volatility in the global markets. Therefore, we slightly adjusted the overall portfolio strategy, for example reducing our Long-Only Equity exposure. With this we believe to continue taking advantage of the current global market sentiment.

Alpine Select will publish the semi-annual report 2018 on 28 August 2018. 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

16.05.2018 At today’s Annual Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the Board of Directors

 

 

Press Release

Zug, 16 May 2018

Alpine Select: At today's Annual Shareholders' Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the Board of Directors

In detail, the shareholders' meeting 2018 of Alpine Select Ltd, passed the following resolutions: 

  • The annual report 2017 (statutory financial statements as well as financial statements [IFRS]) was approved and the compensation report 2017 was approved in a consultative vote. In addition, the request to carry forward the profit of the fiscal year 2017 to a new account was approved.
  • The annual meeting of shareholders approved the request of the board of directors for a distribution of a withholding tax-free dividend out of «reserves from capital contributions». The dividend of CHF 1.00 per registered share will be paid to shareholders with ex-date 22 May 2018 (payment-date: 24 May 2018).
  • The members of the board of directors and the management were discharged for the 2017 financial year.
  • The board members Raymond J. Baer, Thomas Amstutz, Dieter Dubs and Michel Vukotic were individually re-elected as members of the board of directors, each for a one-year term of office until completion of the next ordinary shareholders’ meeting. In addition, Raymond J. Baer was re-elected as president of the board of directors and together with Dieter Dubs, as a member of the compensation committee, each for a one-year term. HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting. And KPMG Ltd., Zurich, was appointed as auditor for another one-year period.
  • The maximum aggregate amount of compensation of the board of directors for the coming term (AGM 2018 to AGM 2019) was approved. Additionally, the maximum aggregate amount of compensation for the management (for 2018 and for the next financial year 2019) was approved.

In his presidential speech, the president of the board briefly commented on the new «Alpine Select project». Following the rejection of the vote on the Corporate Tax Reform III in February 2017, and the Federal Council’s submission of the «tax proposal 2017» in March 2018, holding and management companies are required to reconsider their existing structures in order to safeguard the interests of their shareholders in the long term. Alpine Select has now decided to transfer approximately 55% of its portfolio positions into an investment vehicle under AIFM guidelines. If Alpine Select Ltd. decides to redeem units of this investment vehicle and third parties will participate, the investment and, above all, the risk profile of the Alpine Select share will change. For regulatory reasons, no further details were disclosed at the annual shareholders’ meeting. Instead, reference was made to IFM Independent Management Ltd., Vaduz, which will provide further information to qualified investors.

At today's annual meeting of shareholders', 47.41% of all shares were represented. 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

19.04.2018 Invitation to the ordinary shareholders' meeting 2018, publication of the annual report 2017

 

 

Press Release

Zug, 19 April 2018

Alpine Select: Invitation to the ordinary shareholders' meeting 2018, publication of the annual report 2017

The ordinary annual shareholders' meeting will take place:

Date: Wednesday, 16 May 2018
time: 11 a.m. (CEST)
Location: Parkhotel Zug «Saal Park I+II», Industriestrasse 14, Zug

Agenda

  1. Approval of the business report 2017 (statutory financial statements as well as financial statements [IFRS] and resolution on the compensation report 2017
  2. Allocation on retained earnings
  3. Discharge of the members of the board of directors and of the executive board
  4. Resolution on the distribution of a dividend
  5. Elections
  6. Approval of the compensation of the board of directors and of the executive board

Notes on the organization of the shareholders' meeting 

The business report for the year 2017 (including statutory financial statements as well as financial statements [IFRS], the compensation report, and the audit reports) is available for inspection by the shareholders and is distributed to shareholders upon request. In addition, the annual report and the detailed invitation to the shareholders’ meeting can be downloaded from the Alpine Select website www.alpine-select.ch at www.alpine-select.ch | Investors | Financial Reports and Updates | 2017.

Shareholders who are registered up to and including 26 April 2018 with voting rights in the share register are invited to the ordinary annual shareholders’ meeting 2018 in accordance to the company’s articles of association by letter, addressed to the address as listed in the share register. No entries are made in the share register during the period from 26 April 2018 until after the end of the annual shareholder’s meeting.

Shareholders who are unable to attend the annual shareholders’ meeting in person may appoint another shareholder or the independent shareholders’ representative (HütteLAW AG, Cham) as their proxy. The proxy for representation may be submitted via the response card, that shareholders receive with the invitation or to the independent shareholders’ representative also by using the online application.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

12.04.2018 Alpine Select Ltd.: Annual result 2017, dividend distribution and outlook

 

 

Press Release

Zug, 12 April 2018

Alpine Select Ltd: Annual result 2017, dividend distribution and outlook

2017 was once again a very successful financial year for Alpine Select Ltd. («Alpine Select»): Including a pay-out to shareholders of CHF 3.00 in February 2017, the Alpine Select share price increased as per 31 December 2017 by 16.0% (from CHF 14.05 to CHF 16.30). The Company’s non-consolidated Net Asset Value («NAV») increased from CHF 13.29 to CHF 16.22 per share, closing the fiscal year 2017 with a positive performance of 22.0%.

Due to favorably surpassing our targeted return of 6 – 10% per year, the Board of Directors of Alpine Select proposes to the ordinary shareholders’ meeting, to be held on 16 May 2018 to distribute a tax-free dividend of CHF 1.00 per registered share from «reserves from capital contributions».

The most important facts about Alpine Select’s 2017 financial year and the development of the combined portfolio of Alpine Select and its subsidiary Absolute Invest Ltd. («Absolute Invest») during the reporting period in particular:

  • Changes in the combined portfolio include new investments in two Hedge Funds, three new Equities, and one CLO product;
  • We have also increased our investment size in four portfolio positions, and redeemed one position in full, and partially one;
  • The biggest change, however, certainly concerns the complete takeover of Altin Ltd., which was successfully completed in December 2017;
  • In 2017, almost all our positions contributed positively (with approximately CHF 24 million) towards the increase to the NAV;
  • Successful currency exposures in JPY, USD and EUR resulted in a positive gain of approximately TCHF 1,440. With the expected return of market volatility, the challenge of monitoring our currency risks will continue to be one of our biggest challenge.
  • Our diversified portfolio of Japanese funds is accountable with approximately CHF 14 million for more than 50% of the year 2017 performance. We remain confident in our Japanese funds and are therefore maintaining our portfolio overweight in Japan.
  • Our investments in the Biotech space have returned net gains of around CHF 4.2m. We expect that we will see further positive developments in our investments in this space over the coming years.
  • The CLO portfolio has again proven its stable and sound return statistics and has generated returns of around CHF 2.0m for the year 2017.
  • The currently biggest position in the portfolio, Cheyne New Europe L.P., a legacy position from the acquisition of Absolute Invest in 2013, contributed with approximately CHF 3m to the 2017 annual result. This can be attributed to a booming economy in Eastern Europe and we also benefited from a strong Czech Krone. We expect further meaningful distributions on this investment position, starting year 2018 to 2020.

Looking ahead to the year 2018, we find that market volatility is back – and we are confident that Alpine Select is well prepared to take advantage of it.

Finally, we would like to inform you about an exciting new «Alpine Select-project»: An investment vehicle, that pursues similar investment strategy as Alpine Select. Further information is available upon request from Alpine Select.

The annual report 2017 of Alpine Select is available as of 19 April 2018 at the seat of the Company and can be downloaded as of this day from the Company’s website.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

Press Release 2017

18.12.2017 Alpine Select Ltd.: Altin shareholders approve merger with Absolute Invest

 

 

Press Release

Zug, 18 December 2017

Alpine Select Ltd: Altin shareholders approve merger with Absolute Invest

As you can gather from today’s press release from Altin Ltd. («Altin»): The Altin shareholders’ approved the squeeze-out merger with Absolute Invest Ltd. («Absolute Invest», a 100% subsidiary of Alpine Select Ltd.), by 95.2% of all Altin shares.

According to the merger agreement, Altin will transfer all assets and liabilities to Absolute Invest as of the merger date. Following completion of the merger and probably as of this Friday, Alpine Select will publish only the NAV, currently described as «Consolidated Weekly NAV».

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

16.11.2017 Alpine Select Ltd.: Merger talks between Alpine Select Ltd and Altin Ltd. completed

 

 

Press Release

Zug, 16 November 2017

Alpine Select Ltd: Merger talks between Alpine Select Ltd and Altin Ltd. completed

Alpine Select Ltd. («Alpine Select») informed on 8 November 2017, to have submitted a merger proposal to the Board of Directors of Altin AG («Altin») according to which, the minority shareholders of Altin shall receive a cash consideration in the amount of USD 11.50 per Altin share, by way of a squeeze-out merger with Absolute Invest Ltd. («Absolute Invest», a 100% subsidiary of Alpine Select.).

As you can gather from today’s press release from Altin, the merger negotiations could be concluded with the signing of a merger agreement between Absolute Invest and Altin: «The independent members of the Board of Directors of Altin examined the merger proposal with the assistance of advisors and conducted discussions with the majority shareholder. Assessing also a valuation report obtained, the independent board members consider the compensation of USD 11.50 per Altin share as fair and appropriate. The two representatives of Alpine Select Ltd. on Altin’s board of directors recused themselves from the examination and resolution of the merger proposal. »

In addition, Altin informs in its press release to convene an extraordinary shareholders’ meeting on 18 December 2017 and will submit for decision the merger proposal, or, respectively, to approve the merger agreement as negotiated with Absolute Invest. 

Absolute Invest and Altin are still aiming to complete the merger before the year 2017. Following completion of the merger, Alpine Select will publish only the NAV, currently described as «Consolidated Weekly NAV».

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

08.11.2017 Alpine Select Ltd.: Merger talks with Altin Ltd.

 

 

Press Release

Zug, 8 November 2017

Alpine Select Ltd: Merger talks with Altin Ltd.

The Board of Directors of Alpine Select Ltd. has submitted a merger proposal to the Board of Directors of Altin Ltd., according to which Altin Ltd. should merge with Absolute Invest Ltd., a wholly owned subsidiary of Alpine Select Ltd. As the merger is intended to effectuate a squeeze out, minority shareholders of Altin Ltd. shall receive a cash payment as merger consideration. The proposed settlement per Altin share is USD 11.50. Based on this, the two companies have entered into merger negotiations.

Alpine Select Ltd. is aiming to complete the merger before the end of the year 2017.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

17.08.2017 Alpine Select Ltd.: Semi-annual result 2017

 

 

Press Release

Zug, 17 August 2017

Alpine Select Ltd: Semi-annual result 2017

  • The Alpine Select Ltd. («Alpine Select») share price as well as the Net Asset Value («NAV») recorded an attractive performance over the first six months of 2017, thanks to a stable portfolio and good diversification.
  • The position in Altin was successfully increased to new 93.82% as per 30 June 2017 (31 December 2016: 87.50%).
  • Alpine Select recorded a profit of roughly CHF 11 million for the first six months of 2017, with about CHF 5 million being contributed from our Japanese managers. Consequently, we stick to our Japan exposure with CHF 51.8 million or 35.7% of our portfolio.
  • The settlement in a legal case – which had led to a devaluation of Northwest Warrant Fund in 2016 – now led to an appreciation of this position in the Alpine Select consolidated portfolio of approx. CHF 2.3 million.
  • In our «Swiss investments», we further reduced the exposure to HBM Healthcare and, on the other hand, doubled up on the position in Vifor Pharma. With CHF 10.6 million, Vifor Pharma has become a sizeable investment and we will continue to monitor the position closely.
  • We are also able to positively report on our trades in the field of merger arbitrage, where Alpine Select benefited from «discounts to bid» situations, realizing a net profit of CHF 3.2 million: on the one hand through a direct investment in Syngenta and on the other hand indirectly through its investment in Altin (and their direct investment in Actelion).
  • Our credit and global macro positions produced a somewhat muted profit of CHF 1 million. Nevertheless, we are sticking to these positions as we expect the markets to be more volatile again going forward, and these managers will be able to achieve their best results in such an environment and thus we will be able to effectively protect our portfolio.
  • Our largest position, Cheyne New Europe, has started to return money to investors in the first half of 2017 (about EUR 845,000 for Alpine Select). We are optimistic that this will continue over the next years, not only transforming this illiquid legacy asset into cash but also contributing to our performance positively going forward.
  • Further, Alpine Select has made little changes to the portfolio: Yuki Japan Rebounding Growth Fund (doubled up on this position), STATS Japan L/S Fund (initiated new position), Northwest Warrant Fund (position redeemed by 50%), Aleutian Fund (increasing of this position is initiated).
  • On a consolidated view, Alpine Select holds around CHF 32.5 million in cash as of 30 June 2017: Alpine Select feels well prepared for «rocky» market situations.

Alpine Select will publish the semi-annual report 2017 on 28 August 2017.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

22.05.2017 At today’s Annual Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the Board of Directors

 

 

Press Release

Zug, 22 May 2017

At today’s Annual Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the Board of Directors

In detail, the shareholders’ meeting 2017 of Alpine Select Ltd. passed the following resolutions:

  • The annual report 2016 (statutory financial statements as well as financial statements [IFRS]) was approved and the compensation report 2016 was approved in a consultative vote. In addition, the request to carry forward the loss of the fiscal year 2016 to a new account was approved.
  • The members of the board of directors and the management were discharged for the 2016 financial year.
  • The board members Raymond J. Baer, Thomas Amstutz and Dieter Dubs were individually re-elected as members of the board of directors, each for a one-year term of office until completion of the next ordinary shareholders’ meeting. Michel Vukotic was elected as new member of the board of directors for a one-year term. In addition, Raymond J. Baer was re-elected as president of the board of directors and together with Dieter Dubs, as a member of the compensation committee, each for a one-year term. HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting. And KPMG Ltd., Zurich, was appointed as auditor for another one-year period.
  • The maximum aggregate amount of compensation of the board of directors for the coming term (AGM 2017 to AGM 2018) was approved. Additionally, the maximum aggregate amount of compensation for the management (for the next financial year 2018) was approved.
  • Furthermore, the shareholders approved the reduction of the share capital from CHF 227 025.00 to CHF 224 058.00 by cancelling 148 350 shares that the Company repurchased under the share buyback program, approved by the ordinary shareholders’ meeting on 20 May 2015.
  • The shareholders also authorized the board to launch at their discretion, a new share buyback program of up to 10% of the total share capital (in the period between 22 May 2017 and the ordinary shareholders meeting in 2019).
  • In addition, the shareholders approved the creation of authorized capital and the revised article 4a of the articles of association.
  • Finally, the shareholders have also approved the request of the board of directors, to cancel article 28 including its heading «Intended acquisition of assets» of the articles of association.

In his presidential speech, the president of the board of directors briefly commented on the Alpine Group’s participation in Altin Ltd. (current holding size: 93.51%) and reaffirmed that the Company’s goal remains the possible full consolidation or merger of the business activities of both companies and finally the delisting of the Altin share.

At today's annual meeting of shareholders', 59.83% of all shares were represented.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

24.04.2017 Invitation to the ordinary shareholders' meeting 2017, publication of the annual report 2016

 

 

Press Release

Zug, 24 April 2017

Alpine Select: Invitation to the ordinary shareholders' meeting 2017, publication of the annual report 2016

The ordinary annual shareholders' meeting will take place:

Date: Monday, 22 May 2017
time: 11 a.m. (CEST)
Location: Parkhotel Zug «Saal Park I+II», Industriestrasse 14, Zug

Agenda

  1. Approval of the business report 2016 (statutory financial statements as well as financial statements [IFRS] and resolution on the compensation report 2016
  2. Allocation on retained earnings
  3. Discharge of the members of the board of directors and of the executive board
  4. Elections
  5. Approval of the compensation of the board of directors and of the executive board
  6. Capital reduction through cancellation of the shares repurchased under a share buyback program
  7. Approval of a new share buyback program
  8. Approval of the creation of authorized share capital
  9. Removal of the clause of the articles of association on acquisition of assets

Notes on the organization of the shareholders' meeting 

The Business report for the year 2016 including statutory financial statements as well as financial statements [IFRS], the compensation report, and the audit reports) is available for inspection by the shareholders and is distributed to shareholders upon request. In addition, the annual report and the detailed invitation to the shareholders’ meeting can be downloaded from the Alpine Select website www.alpine-select.ch at www.alpine-select.ch | Investors | Financial Reports and Updates | 2016.

Shareholders who are registered up to and including 3 May 2017 with voting rights in the share register are invited to the ordinary annual shareholders’ meeting 2017 in accordance to the company’s articles of association by letter, addressed to the address as listed in the share register. No entries are made in the share register during the period from 3 May 2017 until after the end of the annual shareholder’s meeting.

Shareholders who are unable to attend the annual shareholders’ meeting in person may appoint another shareholder or the independent shareholders’ representative (HütteLAW AG, Cham) as their proxy. The proxy for representation may be submitted via the response card, that shareholders receive with the invitation or to the independent shareholders’ representative also by using the online application.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

12.04.2017 Annual result 2016, no dividend distribution

 

 

Press Release

Zug, 12 April 2017

Alpine Select: Annual result 2016, no dividend distribution

Alpine Select can again look back on a successful financial year: Including the pay-out to shareholders of CHF 1.00 in May 2016, the Alpine Select share price increased in 2016, as per 31 December 2016 by 6.85% (from CHF 15.91 to CHF 17.00). The net asset value («NAV») of the Company increased from CHF 15.74 to CHF 16.33 per share, thus also closing the fiscal year 2016 with a positive performance (+ 3.75%). Throughout the year 2016, the shares traded at or near the NAV thereby delivering on an important commitment of ours.

For the period ended 31 December 2016, Alpine Select posted a gain of TCHF 10,663 (2015, restated for IFRS 10: loss of TCH 2,511) in accordance with IFRS.

At the extraordinary shareholders’ meeting held on 7 February 2017, shareholders approved among others the cash distribution of an extraordinary dividend free from withholding tax out of the reserves from capital contributions in the amount of CHF 3.00 per registered share of CHF 0.02 nominal value. The dividend was paid out to the shareholders with ex-date 9 February 2017 (date of payment: 13 February 2017). As a result of this payment, the Board of Directors of Alpine Select will not propose a further dividend payment to the ordinary shareholders’ meeting of 22 May 2017.

The annual report 2016 of Alpine Select Ltd. is available as of 24 April 2017 at the seat of the Company and can be downloaded as of this day from the Company’s website.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

07.02.2017 The Extraordinary Shareholders' Meeting approves all proposals and recommendations of the board of directors

 

 

Press Release

Zug, 7 February 2017

Alpine Select: The Extraordinary Shareholders’ Meeting approves all proposals and recommendations of the board of directors

At the extraordinary shareholders' meeting held today in Zug, the shareholders approved all proposals and recommendations of the board of directors as described in the invitation.

  1. Reduction of the share capital of CHF 286,324.64 to CHF 227,025.00 by way of cancellation of the 2,964,982 registered shares with a nominal value of CHF 0.02 each which were repurchased by Alpine Select under the share buyback program announced on 29 November 2016 and concluded on 29 December 2016;
  2. Determination of the result of the audit report  that the claims of the creditors are fully covered notwithstanding the capital reduction;
  3. Article 4 of the articles of association reads now, as per date of the entry of the capital reduction in the commercial register:
    "Art. 4 - share capital
    The share capital of the Company amounts to CHF 227,025.00 and is divided into 11,351,250 registered shares with a par value of CHF 0.02 each. The shares are fully paid-in."

In addition, the shareholders approved the cash distribution of an extraordinary dividend free from withholding tax out of the reserves from capital contributions in the amount of CHF 3.00 per registered share of CHF 0.02 nominal value. The repayment or distribution out of the reserves from capital contributions is made through the account “free reserve”, whereby this account serves merely as a run-through. The dividend will be paid out to the shareholders with ex-date 9 Februar 2017 (date of payment: 13 February 2017).

In his presidential speech, Raymond J. Baer briefly commented on Alpine Group's participation in Altin AG (current holding size: 88.65%), and reaffirmed that the Alpine Group's goal remains the possible full consolidation or merger of the business activities of both companies.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

10.01.2017 Invitation to the Extraordinary Shareholders' Meeting

 

 

Press Release

Zug, 10 January 2017

Alpine Select: Invitation to the Extraordinary Shareholders’ Meeting

The Board of Directors of Alpine Select decided today to submit the following agenda items for the extraordinary shareholders’ meeting on 7 February 2017:

1 Capital reduction through cancellation the shares repurchased under the share buyback program at a fixed price

On 29 November 2016 Alpine Select had announced a share buyback program at a fixed price for up to 3,580,000 own shares, corresponding to around 25% of the share capital registered in the share register. This program has been successfully completed on 29 December 2016 and has been settled with value date 30 December 2016.

The board of directors proposes to the extraordinary shareholders’ meeting that the 2,964,982 shares repurchased under this share buyback program be cancelled through a capital reduction and thus proposes:

  1. to reduce the share capital of CHF 286,324.64 to CHF 227,025.00 by way of cancellation of the 2,964,982 registered shares with a nominal value of CHF 0.02 each which were repurchased by Alpine Select under the share buyback program announced on 29 November 2016 and concluded on 29 December 2016;
  2. to confirm as a result of the report of the auditors that the claims of the creditors are fully covered notwithstanding the capital reduction;
  3. to amend article 4 of the articles of association according to the following wording as per the date of the entry of the capital reduction in the commercial register (the proposed amendments are underlined):

"Art. 4 - share capital

The share capital of the Company amounts to CHF 227,025.00 and is divided into 11,351,250 registered shares with a par value of CHF 0.02 each. The shares are fully paid-in."

2 Payment of an extraordinary dividend 

The Board of Directors of Alpine Select proposes to the extraordinary shareholders’ meeting the cash distribution of an extraordinary dividend free from withholding tax out of the reserves from capital contributions in the amount of CHF 3.00 per registered share of CHF 0.02 nominal value. The repayment or distribution out of the reserves from capital contributions is made through the account “free reserve”, whereby this account serves merely as a run-through.

The request follows the existing company policy to keep the share capital flexible, by returning surplus liquidity to its shareholders.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

Press Release 2016

29.12.2016 (FR) Alpine Select: Programme de rachat d'actions à prix fixe terminé avec succès

 

 

Communiqué presse

Zoug, le 29 décembre 2016

Alpine Select: Programme de rachat d'actions à prix fixe terminé avec succès

Le 29 novembre 2016, Alpine Select SA, Zoug («Alpine Select»), dans un communiqué de presse, a annoncé un programme de rachat d'actions à prix fixe pour un maximum de 3'580'000 actions propres, correspondent à environ 25% du capital-actions de Alpine Select inscrit au registre du commerce («Offre de Rachat»). Après la publication de l'annonce de rachat le 14 décembre 2016, l'Offre de Rachat était ouverte à l'acceptation du 15 décembre 2016 au 29 décembre 2016, 16h00 HEC («Délai de Rachat»). Le prix de rachat par action nominative de Alpine Select présentée à l’acceptation était CHF 17.00.

Pendant le Délai de Rachat prenant fin le 29 décembre 2016, 16h00 HEC, un total de 2'964'982 actions nominatives ont été présentées à l'acceptation à Alpine Select. En conséquence, les présentations à l'acceptation ne doivent pas être réduites. Le paiement du prix de rachat (diminué de l'impôt fédéral anticipé de 35% sur la différence entre le prix de rachat des actions et leur valeur nominale) contre la livraison des actions nominatives sera effectué avec valeur au 30 décembre 2016.

Avec l’exécution de l’Offre de Rachat la suspension du négoce sur la deuxième ligne de négoce sera annulée le 3 janvier 2017.

Pour de plus amples informations, veuillez contacter Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) ou consulter notre site internet Website.

Concernant Alpine Select
Alpine Select SA est une société d'investissements dont le siège est situé à Zoug, qui est cotée à la SIX Swiss Exchange depuis 1998. Elle offre la possibilité à des investisseurs institutionnels et privés de participer à un portefeuille largement diversifié. La société entretient un contact actif avec les organes de ses participations et s'engage de manière constructive pour les intérêts de ses actionnaires. Alpine Select ne perçoit ni des frais administratifs ni de performance. Les actions de la société sont liquides et se négocient toujours à une valeur proche de leur valeur intrinsèque.


 

13.12.2016 Proposal for the election of a new member of the Board of Directors

 

 

Press Release

Zug, 13 December 2016

Alpine Select: Proposal for the election of a new member of the Board of Directors

At today’s meeting, the Board of Directors of Alpine Select has decided to propose to the annual shareholders’ meeting of 22 May 2017 that Mr. Michel Vukotic be elected as a new member to the board.

Mr. Michel Vukotic has been successfully working in the banking sector for over 30 years. He has an exceptionally broad financial market knowledge in both traditional and alternative investment schemes. The board of directors is pleased to be able to present the shareholders’ meeting with Michel Vukotic a personality that will complement the board of directors with his knowledge and broad experience.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

29.11.2016 (FR) Programme de rachat d'actions d'un maximum de 3'580'000 actions propres

 

 

Communiqué de presse

Zug, le 29 novembre 2016

Alpine Select: Programme de rachat d'actions d'un maximum de 3'580'000 actions propres

Nature, but et objet du programme de rachat

L'assemblée générale ordinaire de Alpine Select SA, Zoug («Alpine Select» ou «Société») du 24 mai 2016 a mandaté le conseil d'administration de Alpine Select d'acquérir, dans le cadre d'une offre publique d'acquisition, un maximum de 3'580'000 actions propres conformément aux dispositions de la Loi fédérale sur les infrastructures des marchés financiers et le comportement sur le marché en matière de négociation de valeurs mobilières et de dérivés (LIMF) et à ses ordonnances et règles d'exécution. Sur la base de cette décision d'autorisation, le conseil d'administration de Alpine Select a décidé le 28 novembre 2016 de racheter au maximum 3'580'000 actions propres à prix fixe (contre espèces) («Offre de Rachat»).

Le capital-actions de Alpine Select actuellement inscrit au registre du commerce se monte à CHF 286'324.64, divisé en 14'316'232 actions nominatives liées d'une valeur nominale de CHF 0.02 chacune. En conséquence, l'Offre de Rachat porte sur environ 25% du capital-actions de Alpine Select inscrit au registre du commerce.

Le but de l'Offre de Rachat est d'apporter des liquidités aux actionnaires de Alpine Select, respectivement de leur permettre de réduire leur participation dans la Société. Le conseil d'administration de Alpine Select prévoit de proposer à l'assemblée générale ordinaire du 22 mai 2017 de décider l'annulation des actions rachetées et une réduction du capital-actions au montant correspondant.

Le programme de rachat actuel de Alpine Select au prix du marché sur la deuxième ligne de négoce est suspendu jusqu'à l'exécution de cette Offre de Rachat.

Participation de Alpine Select à son propre capital

Au 28 novembre 2016, Alpine Select détenait directement ou indirectement 148'350 actions nominatives propres, correspondent à 1.04% du capital-actions et des droits de vote.

Actionnaires de Alpine Select avec 3% des droits de vote ou plus

Le 8 novembre 2016, les actionnaires suivants détenait 3% ou plus du capital-actions et des droits de vote de Alpine Select:

Aktionnaire Nombre de droits de vote Participation en %
Trinsic AG  2'128'906 14.87%
Hans Müller 1'450'000 10.13%
Raymond Bär 967'708 6.76%
Hans-Ulrich Rihs 613'000 4.28%
Hans Hornbacher 473'637 3.31%

Trinsic SA a annoncé envers Alpine Select qu'elle prévoit de présenter 2'101'717 de ses actions de Alpine Select dans le cadre de l'Offre de Rachat.

Messieurs Müller, Bär, Rihs et Hornbacher ont communiqué à Alpine Select qu'ils n'ont pas l'intention de présenter à l'acceptation respectivement vendre des actions nominatives dans le cadre de l'Offre de Rachat.

Calendrier de l'Offre de Rachat

Pour l'Offre de Rachat, le calendrier ci-après est prévu:

30 novembre 2016 Début du délai de carence de 10 jours de bourse
13 décembre 2016 Fin du délai de carence
14 décembre 2016  Publication de l'annonce de rachat
15 décembre 2016  Début de la durée de l'offre de 10 jours de bourse
29 décembre 2016 Fin de la durée de l'offre, 16h00 HEC
Publication du résultat de l'Offre de Rachat
30 décembre 2016 Exécution de l'Offre de Rachat

Publication du résultat 

Le 29 décembre 2016, après la clôture de la bourse, Alpine Select va annoncer le résultat de l'Offre de Rachat, y compris une réduction potentielle des présentations à l'acceptation, au moyen d'un communiqué de presse et d'une publication sur le site internet de Alpine Select (undefined).

Décision de la Commission des OPA

Le 28 Novembre 2016, la Commission des OPA («COPA») a autorisé l'Offre de Rachat et a rendu une décision avec le dispositif suivant:

"1. L'offre publique de rachat envisagée de Alpine Select SA à prix fixe en vue de l'annulation des actions acquises par réduction du capital-actions sera libérée, à concurrence de 3'580'000 actions nominatives, représentant environ 25% du capital-actions et des droits de vote, de l'application des règles sur les offres publiques d'achat.

2. Le déroulement envisagé de l'annonce de l'offre publique de rachat et de la publication de l'annonce de rachat est autorisé :

  • Communiqué de presse de Alpine Select SA portant sur (i) les grandes lignes du rachat d'actions envisagé (en particulier l'information sur le volume du rachat d'actions et le calendrier concret), mais sans indication du prix de rachat et (ii) la décision de la Commission des OPA avec le dispositif et l'indication de la possibilité de recours des actionnaires au sens de l'art. 58 OOPA.
  • Publication simultanée de la décision de la Commission des OPA sur le site internet de la Commission des OPA.
  • Publication de l'annonce de rachat (avec le prix de l'offre) après l'écoulement de 10 jours de bourse.
  • Début de la durée de l'offre le premier jour suivant la publication de l'annonce de rachat.

3. La demande de Alpine Select SA en réduction du délai de carence à cinq jours de bourse est rejetée.

4. La présente décision sera publiée le jour de la publication du communiqué de presse de Alpine Select SA sur le site internet de la Commission OPA..

5. L'émolument à charge de Alpine Select SA s'élève à CHF 25'000. »

La décision de la COPA va être publiée aujourd'hui sur le site internet de la COPA.

Droits des actionnaires de Alpine Select

Requête pour obtenir la qualité de partie (art. 57 de l'Ordonnance sur les OPA)

Les actionnaires qui détiennent au moins 3% des droits de vote de Alpine Select, exerçables ou non (une «Participation Qualifiée»), depuis le 29 novembre 2016 (chacun un «Actionnaire Qualifié»), obtiennent la qualité de partie s'ils en font la requête auprès de la COPA. La requête d'un Actionnaire Qualifié doit être reçue par la COPA (Selnaustrasse 30, case postale 1758, 8021 Zurich; fax: +41 (0)58 499 22 91) dans un délai de cinq (5) jours de bourse à compter de la date de publication de la décision de la COPA. Le délai commence à courir le premier jour de bourse après la publication de la décision de la COPA sur son site internet. Avec la requête, le requérant doit fournir la preuve de sa Participation Qualifiée. La COPA peut à tout moment demander la preuve que l’Actionnaire Qualifié détient encore une Participation Qualifiée. La qualité de partie d'un Actionnaire Qualifié sera conservée pour d’éventuelles autres décisions rendues par la COPA en relation avec l’Offre de Rachat, pour autant que l'Actionnaire Qualifié détienne encore une Participation Qualifiée..

Opposition (art. 58 de l'Ordonnance sur les OPA)

Un Actionnaire Qualifié peut faire opposition à la décision de la COPA. L'opposition doit être formée auprès de la COPA (Selnaustrasse 30, case postale 1758, 8021 Zurich; fax: +41 (0)58 499 22 91) dans les cinq (5) jours de bourse à compter de la date de publication de la décision de la COPA. Le délai d'opposition commence à courir le premier jour de bourse après la publication de la décision de la COPA sur son site internet. L'opposition doit comporter une conclusion, une motivation sommaire ainsi que la preuve de la Participation Qualifiée à compter du 29 novembre 2016.

Pour de plus amples informations, veuillez contacter Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) ou consulter notre site internet Website.

Concernant Alpine Select
Alpine Select SA est une société d'investissements dont le siège est situé à Zoug, qui est cotée à la SIX Swiss Exchange depuis 1998. Elle offre la possibilité à des investisseurs institutionnels et privés de participer à un portefeuille largement diversifié. La société entretient un contact actif avec les organes de ses participations et s'engage de manière constructive pour les intérêts de ses actionnaires. Alpine Select ne perçoit ni des frais administratifs ni de performance. Les actions de la société sont liquides et se négocient toujours à une valeur proche de leur valeur intrinsèque.


 

05.09.2016 Walter Berchtold to resign from the board of directors of Alpine Select Ltd. and of Absolute Invest Ltd. as per end of 2016

 

 

Press Release

Zug, 5 September 2016

Walter Berchtold to resign from the board of directors of Alpine Select Ltd. and Absolute Invest Ltd. as per end of 2016

Walter Berchtold, member of the board of directors of Alpine Select Ltd. and of Absolute Invest Ltd. has informed the president of the board today that he will be resigning as a member of the board of directors for both companies, effective per 31 December 2016. The resignation follows Walter Berchtold’s nomination as CEO of Falcon Private Bank (as of 1 October 2016) and is done to avoid any potential conflicts of interest that might arise out of this.

The board of directors and management regret that decision and like to thank Walter Berchtold for his commitment and valuable contribution and wish him continued success in his future activities.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

30.08.2016 Semi-annual results and report as per 30 June 2016

 

 

Press Release

Zug, 30 August 2016

Semi-annual results and report as per 30 June 2016

  • Positive performance of Alpine Select share price YTD
  • Acquisition of controlling majority in Altin as special focus
  • Negative contribution to result can largely by attributed to Japan side of portfolio
  • Investment in HBM reduced and now forms a normal sized position in the portfolio
  • Considerable returns on capital expected in the second half year 2016

During the first six months of 2016, the Alpine Select share increased from CHF 15.91 to CHF 16.20, equaling to a positive performance of 1.82%. The net asset value (“NAV”) recorded a performance of -3.81% (from CHF 15.74 to CHF 15.14) YTD as per 30 June 2016. However, the YTD performance of the consolidated NAV is +2.73% for the same period. (For the consolidated NAV the Altin position is calculated based on its proportional net assets – instead of the Altin share price.) Performance figures include dividend pay-out to shareholders of CHF 1.00.

Alpine further increased its participation in Altin successfully from 1,020,605 shares (equaling to 29.59% of all outstanding Altin shares) at the beginning 2016 to 2,109,800 shares or 61.2% as per 30 June 2016. The Altin position in the portfolio resulted in an unrealized profit of approximately CHF 15 million.

The partially realized losses of around CHF 10 million can largely be attributed to the Japan side of the portfolio (with a loss of CHF 6 million). In addition, one investment which did not perform as expected, was closed with a loss of CHF 2.8 million. Furthermore, HBM Healthcare – previously by far the largest position in the portfolio – was further reduced to a normal sized position in the portfolio. The rest of the portfolio remained during the first half year largely unchanged.

Alpine expects additional returns of capital during the second half year of 2016. Especially since the – at the Altin extraordinary shareholders’ meeting approved dividend and the reduction of the nominal capital – will lead to a pay-out of a combined CHF 24 per Altin share and thus Alpine will be credited with approximately CHF 50 million. This will further lead to a considerably reduced allocation in hedge funds, which is in line with the message communicated on 6 July 2016 whereby Alpine is to again increasingly focus on its traditional topics and/or investment strategies such as discount arbitrage and special situations.

The semi-annual report as per 30 June 2016 can be downloaded from the Alpine Select website: www.alpine-select.ch/investors/financial-reports/yr-2016.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

06.07.2016 Alpine Select informs about its investments in the field of hedge funds and its intention in regards to Altin Ltd.

 

 

Press Release

Zug, 6 July 2016

Alpine Select informs about its investments in the field of hedge funds and its intention in regards to Altin Ltd.

At today’s meeting, the Board of Directors of Alpine Select Ltd. has taken the decision in principle, to reduce in medium-term its exposure in Hedge Funds - held directly as well as indirectly via its majority holding in Altin Ltd. - and to again increasingly focus on our traditional topics and/or investment strategies.

Currently, Alpine Select Ltd holds directly or indirectly a total of 61.21% in Altin Ltd., Zug. As Altin has announced on 30 May 2016 as well as on 21 June 2016, the repayment in the amount of total CHF 24 per share as proposed by Alpine Select and decided by the shareholders of Altin is envisaged to be executed in September 2016. Taking into account this repayment to the shareholders and thus also to Alpine Select Ltd. and provided appropriate market conditions, the prerequisite is given that Alpine Select Ltd has an interest to further expanding its holding in Altin Ltd. Should Alpine Select Ltd. be able to further expand its holding in Altin, Alpine Select Ltd. shall seek negotiations with the board of directors of Altin Ltd. in the fourth quarter 2016 on a possible full consolidation or merger of the business activities of both companies, respectively. In the meantime, Alpine Select Ltd. pursues to make further adjustment at Altin Ltd., e.g. to alignment of the investment guidelines and to increase efficiency (esp. cost cuttings). Should a corresponding integration transaction actually take place, Alpine Select Ltd. strives to take into account the interests of all stakeholders of Altin Ltd.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

24.05.2016 Alpine Select: The annual meeting of shareholders’ approves all proposals and recommendations of the board of directors

 

 

Press Release

Zug, 24 May 2016

Alpine Select: The annual meeting of shareholders’ approves all proposals and recommendations of the board of directors

At the Annual General Meeting held today in Zug, the shareholders approved all proposals and recommendations of the board of directors as described in the invitation:

  • After taking note of the reports of the auditor, shareholders approved the annual report (financial statements and consolidated financial statements for the year 2015) and the compensation report 2015 was approved in a consultative vote. In addition, the request to carry forward the profit of the fiscal year 2015 to a new account was approved. The profit carried forward thus increased to CHF 135’294’381.
  • Even though the targeted performance was not reached, the board had proposed an unchanged dividend distribution of CHF 1.00 per registered share entitled to dividends. Reason for this was lack of attractive investment opportunities in the markets and the board’s desire to return capital to shareholders. The annual meeting of shareholders approved the request for a distribution of a withholding tax-free repayment out of “reserves from capital reserves”. The dividend will be paid to shareholders with ex-date 26 May 2016 (payment-date: 30 May 2016).
  • The members of the board and the management were granted discharge.
  • In addition, the members of the board of directors and of the compensation committee as well as the independent proxy advisor and the auditors were all re-elect for a further term of one-year. Also, Raymond J. Baer was re-elected as president of the board.
  • Shareholders approved a maximum total remuneration for the board of CHF 500,000 for the term ending at the next annual meeting of shareholders’ and a maximum compensation for the management of CHF 210,000 for the period from 1 January to 31 December 2017.
  • For regulatory reasons, the repurchase of own shares under the current buyback program is limited to 2,150 shares per trading day. The share buyback approved in principal by the shareholders at today’s annual meeting authorizes the board to buy-back in 2016 and at its discretion about 25% of the shares outstanding – should such a need arise. The so repurchased shares would then be cancelled as part of a capital reduction.

At today's annual meeting of shareholders, 60.21% of all shares were represented.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

13.05.2016 Alpine Select requests to convene an Extraordinary Shareholders’ Meeting of Altin

 

 

Press Release

Zug, 13 May 2016

Alpine Select requests to convene an Extraordinary Shareholders’ Meeting of Altin for the purpose of taking the decision with regards to a distribution of a special dividend.

Alpine Select currently holds directly and indirectly 58.5% of Altin’s shares. Alpine Select has requested Altin’s Board of Directors to call an extraordinary shareholders‘ meeting. According to the motion submitted, shareholders are asked to decide at the meeting on a cash distribution in the total amount of CHF 24.00 per registered Altin share. The total distribution of CHF 24 per registered Altin share is – according to the relevant shareholder request – to be executed by means of a capital reduction by repayment of par value in the amount of CHF 16.97 per share and by means of a distribution of a special dividend out of “reserves from capital contributions” in the amount of CHF 7.03 per share.

With this proposed cash distribution to the shareholders of Altin Ltd., Alpine Select aims to realize a first step towards a possible future integration or merger of the business activities of both companies respectively. Should the shareholders approve the proposed motion, it will be Alpine Select’s intention to take all Altin Ltd. stakeholders interests into consideration.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

09.05.2016 Publication of consolidated Net Asset Value («NAV»)

 

 

Press Release

Zug, 9 May 2016

Publication of consolidated Net Asset Value («NAV»)

Alpine Select disclosed on 8 April 2016, that the Company had increased its stake in Altin Ltd. to over 50%. At the ordinary shareholders’ meeting of Altin Ltd. held today, the shareholders voted in favor of the board’s suggestions and elected Thomas Amstutz, Dieter Dubs and Gerhard Niggli new to the Board. The board of directors of Altin Ltd. is completed by Messrs André Pabst and Roger Rüegg, which were re-elected.

As of today, Alpine Select will publish – in addition to the currently published weekly Net Asset Value («NAV») (where the Altin position is calculated based on its share price) – a consolidated weekly NAV, where the Altin position is calculated based on its NAV.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

21.04.2016 Invitation to the ordinary shareholders’ meeting 2016 of Alpine Select Ltd.

 

 

Press Release

Zug, 21 April 2016

Invitation to the ordinary shareholders’ meeting 2016 of Alpine Select Ltd.

The ordinary Annual Shareholders' Meeting will take place on:

Date: Tuesday, 24 May 2016
Time: 11 a.m. (CEST)
Location: Parkhotel Zug "Saal Park I+II, Industriestrasse 14, Zug

Agenda

  1. Approval of the annual report 2015 (financial statements and consolidated financial statements for the year 2015) and resolution on the compensation report 2015
  2. Appropriation of the annual result
  3. Resolution on the distribution of a dividend
  4. Discharge of the members of the board of directors and of the executive board
  5. Elections
  6. Approval of the compensation of the board of directors and of the executive board
  7. Authorization of a share buyback program

Notes on the organization of the shareholders' meeting

The annual report for the year 2015 (including annual review, statutory and consolidated financial statements, the compensation report, and the audit reports) is available for inspection by the shareholders and is distributed to shareholders upon request. In addition, the annual report and the detailed invitation to the shareholders’ meeting can be downloaded from the Alpine Select website www.alpine-select.ch.

Shareholders who are registered up to and including 5 May 2016 with voting rights in the share register are invited to the ordinary annual shareholders’ meeting 2016 in accordance to the company’s articles of association by letter, addressed to the address as listed in the share register. No entries are made in the share register during the period from 5 May 2016 until after the end of the annual shareholder’s meeting.

Shareholders who are unable to attend the annual shareholders’ meeting in person may appoint another shareholder or the independent shareholders’ representative (HütteLAW AG, Cham) as their proxy. The proxy for representation may be submitted via the response card, that shareholders receive with the invitation or to the independent shareholders’ representative also by using the online application.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

11.04.2016 Annual result 2015 and dividend distribution

 

 

Press Release

Zug, 11 April 2016

Annual result 2015 and dividend distribution

The performance of the shares of Alpine Select in 2015 mirrored roughly the stock market indices, however with a much lower volatility. Including the pay-out to shareholders of CHF 1.00 in May 2015, the Alpine Select share price increased in 2015, as per 31 December 2015 by 0.73%. The net asset value (NAV) of the Company however recorded a reduction of 1.25% in the year 2015, from CHF 16.93 to CHF 16.72 per share. Even though the long-term performance target was not reached, the Board of Directors of Alpine Select considers this result as acceptable given the challenging market environment. The board therefore proposes to the annual shareholders’ meeting on 24 May 2016 again a distribution in the form of a withholding tax-free repayment out of “reserves from capital contributions” of CHF 1.00 per registered share entitled to dividends.

The annual report 2015 of Alpine Select Ltd. is available as of 21 April 2016 at the seat of the Company and can be downloaded as of this day from the Company’s website.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

18.03.2016 Extraordinary Shareholders' Meeting of Altin Ltd.

 

 

Press Release

Zug, 18 March 2016

Extraordinary Shareholders' Meeting of Altin Ltd.

We are glad that our representative, Thomas Amstutz, has been elected to the Altin board of directors at today's extraordinary shareholders' meeting of Altin Ltd. All the other motions put forward by Alpine Select were declined. However, it is our intention to pursuing our interest in this particular investment further.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

11.03.2016 Without Alpine Select's substantial purchases, Altin's discount would still be at 25%

 

 

Information to

Shareholders of Altin Ltd
Shareholders of Alpine Select Ltd
Media representatives
Interested market participants

Zug, 11 March 2016

Without Alpine Select's substantial purchases, Altin's discount would still be at 25%

According to the statements made in Altin's the letter to shareholders, dated 25 February 2016, the reduced discount of Altin's share price to its net asset value (NAV) is mainly due to the considerably efforts made by the company to re-establish a market presence in the UK.

However, this is not the case: Altin's share price trades at a historic high mainly thanks to the steady accumulation of Altin shares by Alpine Select. This is illustrated impressively by the chart shown below. 

 

Without the massive purchases of roughly 35% of all of Altin's outstanding shares, the discount most probably would still be around its historical average of 25% instead of currently being below 10%.

We therefore do not understand the decision of Altin's board and some financial intermediaries to reject most of our agenda items for the forthcoming Altin extraordinary shareholders‘ meeting of 18 March 2016. The proposals made by Alpine Select will lead to a further reduction of the prevailing discount and generate added value to the shareholders.

By adding a payment date to its proposal of a dividend distribution, Alpine Select has addressed the concerns of Altin’s board of directors and its auditors in regards to the liquidity required to enable such a distribution. Subsequently, Alpine Select expects the auditor to confirm the legality of the dividend proposal. It is only with such a confirmation that the shareholders can vote – without doubt - on the proposed dividend distribution.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

Press Release 2015

Archive

09.11.2015 Alpine Select: Share buyback via second trading line of Alpine Select Ltd.

 

 

Press Release

Zug, 9 November 2015

Alpine Select: Share buyback via second trading line of Alpine Select Ltd.

The Board of Directors of Alpine Select Ltd. (Stock Exchange Symbol ALPN) has decided – based on the decision of the General Assembly on 20 May 2015 – to launch a share buyback program for a maximum of 10% of the share capital via a second trading line. Based on the current outstanding number of registered shares of Alpine Select of 14,316,232 this results in a maximum buyback volume of 1,431,623 registered shares. The actual amount of shares bought back will be determined by the company’s freely available liquidity on the one hand and by the supply on the second trading line on the other hand. Alpine Select retains the right to terminate the program at any time, and has no obligation to purchase treasury shares under this share buyback program.

The advertisement relating to the share buyback will be published on 11 November 2015. Trading on the second trading line will commence on 11 November 2015 and will be sustained until the ordinary shareholders meeting of Alpine Select in 2017 at the latest. After completion of the share buyback program, the Board of Directors will propose to the General Assembly the capital reduction by cancellation of all shares purchased within this buyback program. The transaction will be executed by the Neue Helvetische Bank AG, Zurich.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

27.08.2015 Alpine Select: Semi-annual results and report as per 30 June 2015

 

 

Presse Release

Zug, 27 August 2015

Alpine Select: Semi-annual results and report as per 30 June 2015

  • Continued positive performance of portfolio and share price ;
  • HBM continues to be main driver for positive performance;
  • Increased engagement in ‘Japan’ funds and Altin Ltd;
  • Continued monitoring of markets and review opportunities that might arise.

During the first six months of 2015, Alpine Select share increased from CHF 16.78 to CHF 17.90, a positive performance for the reporting period of 6.7%. Also, the Net Asset Value (“NAV”) has developed positively, from CHF 16.93 to CHF 17.73 or plus 4.7%. (Performance figures include dividend pay-out to shareholders of CHF 1.00.)

With a realized profit of CHF 0.7 million and CHF 7.9 million (unrealized) our position in HBM Healthcare has again contributed the largest share to the positive result for the first half of 2015. Various visits to Japan have strengthened the positive views on this market, and Alpine Select has thus increased its allocation. In addition, Alpine Select remains convinced of the quality of Altin’s portfolio and has built up its holding to above 25% by buying shares at an attractive discount and after entry of Altin’s capital reduction in the commercial register of the Canton Zug.

In the year 2015 so far, we have already seen a number of market turbulences, driven by e.g. the Swiss National bank’s announcement to discontinue the minimum exchange rate of CHF 1.20 and the financial crisis in Greece. Alpine Select also monitors closely the current market turmoil caused by the slowdown of the Chinese economy and will adjust the portfolio, if necessary.

The semi-annual report as per 30 June 2015 can be downloaded from our website.

For further information, please contact Claudia Habermacher at This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website.

About Alpine Select

Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

14.07.2015 Alpine Select: Completion of the ordinary capital increase

 

 

Press Release

Zug, 14 July 2015

Alpine Select: Completion of the ordinary capital increase

  • Gross proceeds of approx. CHF 16.51 Mio.
  • Placement price of CHF 17.60 per registered share

The Board of Directors of Alpine Select Ltd., Zug (Stock Exchange Symbol: ALPN) resolved on 13 July 2015 to issue a total of 938’278 new registered shares (Namenaktien) following the resolution by the shareholders of 20 May 2015 on an ordinary capital increase against cash contribution. The new shares were placed at a price of CHF 17.60 per registered share by way of an accelerated bookbuilding process. The price represents a slight premium of 3 cents to net asset value (NAV) of 9 July 2015 (CHF 17.57). Alpine Select receives gross proceeds of approximately CHF 16.51 million from the capital increase.

The issue of new shares has been carried out in the context of an ordinary capital increase as approved by the annual shareholders’ meeting, held on 20 May 2015. The execution of the capital increase is expected to be entered into the commercial register on 14 July 2015; the new shares will trade at the Swiss Stock Exchange for the first time on 16 July 2015. The capital increase results in a rise in the Alpine Select share capital to CHF 286’324.64. The subscription rights of shareholders have been excluded in accordance with the resolution passed by the Annual Shareholders Meeting.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) 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 Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

20.05.2015 Alpine Select: The annual general meeting approves all proposals and recommendations

 

 

Press Release

Zug, 20 May 2015

Alpine Select: The annual general meeting approves all proposals and recommendations of the board of directors

At the annual general meeting held today in Zug, the shareholders approved all proposals and recommendations of the board of directors as described in the invitation.

The main decisions include the following:

The members of the Board and the Compensation Committee as well as the independent proxy advisor and the auditors were all re-elect for a further term of one-year. The members of the board and the Management were granted discharge.

The distribution of a tax-free dividend of CHF 1.00 was approved. The dividend will be paid-out to shareholders ex-date 26 May 2015 (value date: 28 May 2015).

Shareholders also authorized the board to launch at their discretion, a new share buyback program up to a maximum of 10% of the total share capital (in the period between 21 May 2015 and the AGM in 2017). The published share buy-back program, published on 29. April 2013 (2013 to 2015) has been completed. Under this program, the Company has bought back no shares.

The shareholders agreed to the proposed ordinary capital increase. In order to support an efficient placement of the new shares on the capital market and to broaden the company’s shareholder base, the shareholder’s subscription rights are according to the shareholders’ decision excluded. The board will carry out the decision in accordance to the placed subscriptions and within the period of three months. In addition, the shareholders approved the creation of authorized capital and the revised article 4a of the articles of association.

At today’s annual meeting of shareholders’, 52% of all shares were represented.

For further information, please contact Claudia Habermacher (chabermacher@alpine-select.ch) 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 Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. 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. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

04.06.2014 Open Letter to the Shareholders of HBM Healthcare Investments AG

 

 

Ihre Stimme zählt: Stärken Sie die Aktionärsdemokratie und helfen Sie mit bei der Bekämpfung des Discounts.
Für weitere Informationen beachten Sie bitte den beigefügten offenen Brief.

Gerne stehen wir Ihnen unter This email address is being protected from spambots. You need JavaScript enabled to view it. für Rückfragen zur Verfügung.


Your vote counts: Strengthen shareholders’ democracy and simultaneously help diminish the discount to book value.
For more information please read the attached open letter.

Please do not hesitate to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. – we are happy to answer any question you may have.


 

11.04.2014 Change to Publication of Consolidated NAV

 

 

Wechsel zur Publikation des konsolidierten NAV

Zug, 11. April 2014. Alpine Select AG am 8. April 2014 das Jahresergebnis 2013 publiziert. Dabei wurde die Beteiligung an der Absolute Invest AG (an welcher Alpine Select AG per Jahresende 2013 98.95% hält) vollständig konsolidiert.

Als Konsequenz daraus wird Alpine Select AG ab heutigem Datum wöchentlich den konsolidierten Net Asset Value (NAV) je Aktie berechnen und publizieren.


Change to publication of consolidated NAV

Zug, 11 April 2014. Alpine Select AG published its annual result for 2013 on 8 April 2014. The position of Absolute Invest AG (a 98.95% holding of Alpine Select as per year-end 2013) has been fully consolidated.

As a consequence, Alpine Select calculates and publishes as of today weekly the consolidated NAV.