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

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

Market commentary

July was characterized by resilient equity markets but increased volatility within the AI ecosystem. The forced unwinding of concentrated AI positions at the ‘Situational Awareness’ fund served as a reminder that even powerful secular trends can experience sharp corrections when leverage and crowded positioning build up.

Meanwhile, central banks remained in a holding pattern: the Fed, ECB, BoE and BoJ kept rates unchanged, with the BoJ signaling further normalization and the SNB standing ready to manage excessive Swiss franc appreciation.

The SMI (+1%) outperformed U.S. equities; the S&P 500 was unchanged and the NASDAQ detracted -4%.

Portfolio commentary

Railpen, IP Group’s largest shareholder submitted a revised possible offer for IP Group, comprising a cash component, distribution of the Oxford Nanopore stake and (new) a contingent value right linked to the Metsera royalty asset. The Board continues to reject proposals that materially undervalue IP Group’s long-term asset base and shareholder value potential.

Following couple of days of extension, Railpen said it won't make an offer for IP Group PLC, saying several months of negotiations have failed to yield an agreement.

We reiterate our view; the Pfizer Royalties asset represents one of the most compelling hidden value opportunities in public markets today. Reach out to us, if you’re interested in our independent valuation approach to this unique asset.

Idorsia reported H1-26 results. QUVIVIQ continues to show strong commercial momentum, with sales growth of 62% year-on-year. The successful refinancing with Pharmakon further strengthens Idorsia’s financial flexibility and supports full execution of its commercial strategy.

A further highlight is the backstopped financing, of which Alpine Select is part of, which could be handed in for the Idorsia SPV to commercialize TRYVIO / JERAYGO through co-promotion partnership in the US and Europe. This financing would enable immediate launch.

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.