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

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

Market commentary

The tariffs announced by President Trump on ‘Liberation Day’ had a swift and significant impact, introducing a new wave of uncertainty into global markets. For several days, financial systems wobbled under the pressure: both bonds and the U.S. dollar sold off—a rare and alarming combination not seen before, even during severe market stress.

A crisis on the scale of 2008 was narrowly avoided on April 9, when the administration postponed reciprocal tariffs for 90 days. This was followed two days later by the exemption of electronics, including those imported from China, further easing market tensions.

Financial markets responded with immediate relief and have since moved forward with cautious optimism. Nonetheless, investor confidence remains fragile amid ongoing ambiguity surrounding trade policy. Interpreting economic data has become increasingly challenging, with global CAPEX falling as businesses delay investment decisions. The risk of a supply chain disruption is now widely anticipated.

Major indices could mostly regain the early month losses: S&P 500
-0.8%, Nasdaq +0.9%, Euro STOXX 50 -1.7% and SMI -3.8%. The USD weakened significantly vs CHF -6.6% and vs. EUR -4.5%.

Portfolio commentary

Idorsia announces encouraging results for the first quarter 2025. Quviviq sales during the first quarter over CHF 25m are giving hope for more. Full year sales guidance of CHF 110m seems to be conservative. We remain closely attentive to the progress of this promising treatment for adults with chronic insomnia disorder.

Idorsia’s block buster candidate, TRYVIO (aprocitentan), got further requirements removed by US FDA which shifts the treatment toward broad product availability in retail pharmacies. This action has strengthened the drug profile and accelerated its potential to reach millions of patients struggling with their uncontrolled hypertension.

Alpine Select received further distributions from its legacy position Cheyne New Europe Fund. Sentiment in the Czech residential market has continued to improve, as falling inflation has enabled the Czech National Bank to cut rates from 7% at the end of 2023 down to 3.75% with further reductions expected.

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.