5.07.2021 Alpine Select Ltd.: Monthly Update June 2021
Alpine Select has published the monthly update June 2021.
Klick here to download the monthly report.
Alpine Select hat den Monatsbericht Juni 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.
Inflation fears did not affect the markets in the month under review: The yield on 10-year US Treasury dropped to 1.44% and the US Dollar strengthened against other major currencies. June 2021 was positive for equities and consequently equity indices closed the first half of 2021 on a positive note.
All major indices were up for the month, led by the Tech sector: Nasdaq +5.5%, S&P 500 +2.3%, Nikkei +0.7% and CSI China +0.8%. In comparison, an important commodity proxy like gold was down -6.8% for the month, and -5.4% for the first half of 2021.
Overall, our portfolio had a flattish month. We remain very confident about our three largest positions and expect value realizations later this year. Castle Alternative is in liquidation, and we expect NAV proceeds in Q4 2021. For the position IP Group, we look forward to further positive news from the diversified portfolio in the second half of 2021, and specifically on their largest holding Oxford Nanopore Technologies («ONT»), which will go public on the London Stock Exchange later this year (e.g., the full year 2020 results of ONT have yet to be published). For our legacy position Cheyne New Europe, we expect further cash realization, as the projects are advanced, suburban real estate is in demand and cash realizations are progressing.
When we started investing with SwissRex Crypto Fund in the second half of 2020, we had high expectations, but we could not have imagined that our allocation would grow manyfold within a few months only. In view of a performance of +380% we decided to redeem our initial investment at SwissRex Crypto Fund, and to invest further in a diversified manner within the crypto space. We continue to support the successful team at SwissRex with the net gains.
To further diversify in Crypto assets, an allocation was made to the Prague-based Rockaway Blockchain Fund, one of Europe’s largest funds focused on investments into blockchain and digital assets. The fund invests into Web 3.0 start-ups and Venture Capital funds. The thematic focus is on decentralized finance (DeFi).
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.