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

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

Market commentary

The middle east situation escalated in June. Stock markets were largely unaffected by the conflict. Over the month it has been a strong period for US risk assets: S&P 500 +5%, Nasdaq +6.7% whereas European stocks detracted Euro STOXX 50 -1.2% and the SMI -2.5%.

The recent increase in the US stock market indicates a degree of optimism, however this is not (yet) reflected in their latest economic data. Should the downward trend in consumer spending continue, the current high valuations may prove to be excessive.

Year to date - the US Dollar Index has dropped more than 10% as erratic policy shifts and signs of slowing economic activity continue to erode confidence in the reserve currency. This is the steepest first-half decline in decades.

Both the European Central Bank (ECB) and the Swiss National Bank (SNB) lowered their interest rates in June — the eighth cut for the ECB and the sixth for the SNB. Meanwhile, the FED kept its key interest rate unchanged between 4.25% and 4.5%.

Portfolio commentary

Idorsia upheld positive news flow in June and we’re delighted to see the progress of the restructuring. MD Shrishti Gupta will become new CEO of the company as per first of July and we are keen to learn about her priority setting.

Idorsia’s China partner Simcere received Chinese NDA approval for QUVIVIQ for the treatment of adult patients with insomnia. The company is to receive a $50m approval milestone.

Late June, Idorsia reported on a potential breakthrough in synthetic glycan vaccines. Interim Phase I data suggests clinical validation for its revolutionary synthetic glycan vaccine technology.

IP Group advanced +16%. Positive portfolio news, a successful IPO by portfolio company Hinge Health and consequent share buybacks supported the stock from low levels.

UBS Research raised the base case for amsOSRAM to CHF 14.80. The stock climbed 33% and could have further upside, as UBS’s  bullish scenario values the shares as high as CHF 40.

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.