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

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

Market commentary

Despite escalating geopolitical tensions, US equity markets pushed to new highs in early 2026. Investors have largely shrugged off short-term political noise, with pullbacks quickly reversed. Markets appear conditioned to policy volatility.

However, for non-U.S. investors, conditions remain fragile, particularly given the persistently weak dollar. The USD declined 2.5% vs. the Swiss franc.

The precious metals rally broke sharply at month-end. Gold fell by roughly 10% (from USD 5’500!) after the nomination of Kevin Warsh as Fed Chair strengthened the dollar and revived expectations of tougher inflation control. Irrespective of that drop, Gold rallied +13% (in USD).

US equity markets were up: S&P 500 +1.4% and NASDAQ +1% whereas the SMI was flat for the month.

Portfolio commentary

We began building an initial position in HBM Healthcare Investments (HBMN), the leading European healthcare-focused investment company, during 2025 and continued to add to the position throughout the second half of the year. As the biotech sector regained investor interest toward the end of 2025 and HBMN continued to trade at a persistent discount, we further increased our exposure. The global healthcare sector has since returned to investors’ strategic focus, with the 2026 J.P. Morgan Healthcare Conference underscoring increasing stability following a  period of political uncertainty and valuation volatility. Over the period, HBMN advanced by 6%.

Our legacy position, Cheyne New Europe Fund, distributed 86% of its NAV in late January, providing additional liquidity to further invest in our highest-conviction ideas.

Accordingly, we increased our exposure to the Idorsia SPV assets, reinforcing our conviction in this special situation opportunity by acquiring a yielding CHF-denominated asset-backed note at a discount. While a transaction for TRYVIO (aprocitentan) has not yet been announced, our conviction in the economic potential of aprocitentan remains unchanged, alongside our belief in the value of the other SPV clinical assets, selatogrel and cenerimod, both partnered with Viatris.

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.