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.
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%.
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%.
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.
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.