Alpine Select has published the monthly update March 2025.
Klick here to download the monthly report.

Alpine Select hat den Monatsbericht März 2025 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.

Market commentary

The U.S.'s unpredictable trade policy has sparked concerns about economic growth among investors and contributed to the continued underperformance of U.S. stocks in March. Looking ahead, broad-based tariffs could push prices higher, potentially placing significant pressure on consumer spending.

Throughout March, trade tensions between the U.S. and other countries escalated following a series of tariff increases and retaliatory actions. President Trump announced that, starting April 2, a 25% tariff would be imposed on all imported automobiles in an effort to support the U.S. auto industry and address trade imbalances.

In response, several affected nations have introduced countermeasures. The ongoing uncertainty surrounding the trade dispute has driven consumer confidence to a record low, though its full impact on the broader economy has yet to be seen.

Geopolitical tensions and the renewed tariff pressures continued to weigh on market performance with global equity indices posting monthly losses across the board: S&P 500 -5.8%, Nasdaq -8.2%, Euro STOXX 50 -4% and SMI -3.1%.

Portfolio commentary

Idorsia’s holistic debt restructuring goes almost unnoticed and the investor sentiment on the name remains muted. The convertible bonds, which later this year can be exchanged for asset backed, bankruptcy-remote SPV B-notes are still available in the market around 30% face value. Given our conviction, we are slow but constant buyers.

IP Group published 2024 FY figures with record cash exits and a solid liquidity position going into 2025.Given the muted market dynamics and individual investment progresses, the company has cautiously written down some NAV valuations. The strong cash position allows the company adding +£10m to current share buyback program (Total of £80m since Dec-2023). Additionally, 50% of all 2025 exits will be allocated to further share buybacks which we acknowledge, given the persistent steep discount of 55% to NAV valuation.

We remain particularly optimistic on IP Group’s more mature companies, like Oxford Nanopore, Hinge Health and Hysata.

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.