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

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

Market commentary

Late October the Fed cut interest rates by a quarter of a percentage point, as expected, to temper any further weakening of the job market. A policy divide within the U.S. central bank and a lack of federal government data, due to the government shutdown, may put another interest rate cut out of reach this year.

Regardless of increasing bubble warning reports in U.S. equities, risk assets advanced: The S&P 500 gained 2.3%, the Nasdaq rose 4.7%, and the Euro Stoxx added 2.4%. The Swiss market was also up +1%.

Portfolio commentary

The shares of IP Group (IPO) gained +12% during the month yet continue to stubbornly trade at significant discount to NAV. The company had two noticeable news worth highlighting:

1. Informed market followers noticed that Novo Nordisk started a bidding war with Pfizer after submitting an unsolicited $9bn bid for obesity-focused biotech Metsera. IP Group benefits from financial exposure to several Metsera’s obesity drug programmes. IPO is entitled to receive future returns from these compounds through a combination of milestone payments, as well as low-single-digit tiered royalties on net sales.
2. Earlier in October, IPO’s a bility to generate exits was demonstrated again as its portfolio company Monolith was acquired by CoreWeave, an American AI cloud-computing company.

After a successful rerating of the Idorsia shares in the market and growing interest to participate in the future of the company, Idorsia successfully completed an upsized offering through an accelerated bookbuilding process with gross proceeds of CHF 65.6 million, significantly extending the company’s cash runway beyond profitability in 2027. Through this offering, the company was able to gain two new anchor shareholders. Quarterly results presented by the end of the month underscored Idorsia’s trajectory towards profitability. QUVIVIQ is on track to meet high expectations in 2025; meanwhile, costs are contained. We remain optimistic on this rare turnaround story.

Late October, Wall Street opened its doors to Solana: The First U.S. Spot SOL ETF debuted on NYSE. Solana remains the single largest exposure of our diversified digital asset exposure.

For further information, please contact Claudia Habermacher (Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein.) 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.