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4.06.2024 Alpine Select Ltd.: Monthly Update May 2024

 

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

 

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




Market commentary

Risk assets advanced in May. Geopolitical tensions were disregarded as the global economy seems solid and resilient. Quarterly earnings of leading tech firms confirm investments into the future are being made at unprecedented scale. Nvidia shares trade at all-time high.

The broader equity markets were also up across the board: S&P 500 +4.8%; Nasdaq +6.3%. and the SMI +6.6%.

It is noteworthy that Gold and also Bitcoin is trading near all-time high too, given the relative strength of the US Dollar.

Digital Assets got another boost in May. After the rather anticipated approval of spot Bitcoin ETFs in January the SEC rather unexpectedly approved spot Ether ETFs in May. This is a huge win for the industry and the two largest Blockchains have their own traditionally approved and fully regulated ETFs. Consequently, proof of stake native tokens like ETH is not considered a security.

Nota bene: Since their approval by the US Securities Exchange Commission (SEC) and subsequent inception in January, the spot bitcoin ETFs have become the most successful ETF launches ever in the US – aggregating some USD 38bn of inflows to date.

Digital assets are up YTD and so are our investments. However, NAV recognition is lagging, given the nature of PE Venture Capital reporting.

 

Portfolio comments

IP Group, which invests in breakthrough science and innovation companies further delivered solid news on their portfolio. Hysata, the manufacturer of the world’s highest efficiency electrolysers successfully completed another funding round leading to a higher valuation. Oxford Nanopore Technologies, held their annual London Calling conference presenting further breakthrough sequencing performance data, new platform updates and further collaborations. IP Group was up 13.0%.

The investment in ams-OSRAM had a true recovery month +28.9%. Restructuring the non-core assets of the company is of highest priority and first steps were successfully executed: Selling their passive optical components unit to Focuslight Technoligies.

 

 

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.