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

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

Market commentary

On November 14, the United States and Switzerland announced a framework agreement under which Washington will reduce tariffs on Swiss goods from 39% to 15%, while Swiss companies committed to investing $200 billion in the U.S. by the end of 2028.

U.S. economic data released in November underperformed: notably the Conference Board’s Consumer Confidence Index fell to 88.7 (October: 95.5), the second-lowest reading in the past five years. In the U.S., the combination of elevated tariffs and the broad integration of artificial intelligence is creating an unusual macro environment in which AI remains the primary engine of growth even as several sectors lose momentum.

Risk assets experienced a turbulent month. The S&P 500 finished flat despite having traded down as much as -4.5%, while the Nasdaq declined -7% at its trough and closed the month at -1%. The Swiss market gained +5%, supported by its defensive profile.

Portfolio commentary

The rerating of IP Group shares (IPO) from heavily discounted levels continued. Following a strong +12% in October, the stock rose another +7% in November. The company successfully completed its £75 million share buyback program, repurchasing 157,968,634 shares at an average price of 47.5p, an action that has clearly created risk-adjusted value for shareholders. This disciplined capital allocation reflects a recognition of the persistent and substantial discount to NAV. We welcome the fact that IP Group has shown, through this initial tranche, that it is not only a steward of innovation but also of shareholder capital. We expect this approach to continue until the valuation normalizes.

Within our legacy investment in the Cheyne New Europe Fund, two projects received bids — an indication that this position is approaching its conclusion, as the fund is no longer making new investments. The fund has been marked down to current NAV, resulting in a -4% valuation impact. We expect to receive the corresponding cash proceeds in the coming weeks.

Given current market valuations, we are looking to deploy cash into short- to medium-duration opportunities, ideally in CHF. We have identified candidates and will provide updates in due course.

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.