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Ad hoc announcements

Ad hoc announcements (pursuant to Art. 53 LR)

19.09.2024 Alpine Select Ltd: Publication of the Semi-Annual Report 2024


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select has published the semi-annual report 2024. The semi-annual report can be downloaded from the website www.alpine-select.ch/en/investors#downloads.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


16.09.2024 Alpine Select Ltd: Half-year results and information on the course of business in the first half of 2024


Ad hoc announcement pursuant to Art. 53 LR

 

  • Alpine Select AG ("Alpine Select", the "Company") closed the reporting period (1 January to 30 June 2024) with a profit of CHF 3.6 million. In the comparable period (30 June 2023), a profit of CHF 265,000 was reported.
  • The net asset value (“NAV”) recorded a positive performance of +5.2% (from CHF 7.72 to CHF 8.12 per share)

 

Market Commentary

In the first half of 2024, risk assets performed well, particularly in the US. This was driven by a robust economy, marked by a healthy labor market with consistent job growth and rising wages. While overall inflation showed signs of easing, core inflation remained above the 2% target. Despite the improved consumer sentiment and ongoing economic momentum, the Federal Reserve refrained from lowering interest rates as quickly as anticipated, signaling its commitment to curbing inflation. In contrast to the EU or Switzerland where central banks have already lowered interest rates, the Federal Reserve has kept interest rates unchanged at 5.5% since the last hike in July 2023. First cuts are expected in the US before late 2024.

Equity markets posted solid gains in the first six months of the year. Enthusiasm for artificial intelligence (AI) and obesity medications (GLP-1) fueled strong performance, particularly among the largest firms, with the tech-heavy Nasdaq outperforming global markets.

Geopolitical tensions in the Middle East and Ukraine were somewhat overlooked as the global economy showed resilience. However, China’s domestic consumption remained stagnant, with uncertainty surrounding its property market. Despite this, China's exporting sector proved to be surprisingly resilient, which has sparked protectionist sentiment in the US and Europe, leading to tariff announcements and renewed concerns about global trade policies.

 

Portfolio Development and Investment Activities

Special Situations / Discounted Assets

  • Alpine Select believes that Idorsia's convertible bonds are currently undervalued. This has led to the bonds trading at distressed levels. However, Idorsia has made notable strides in the first half of 2024 in addressing its operational challenges. Key achievements include securing a global research and development collaboration with Viatris and successfully restructuring their convertible bond, originally maturing on 17 July 2024, to extend their cash runway.
  • In addition, the full approval of Idorsia's blockbuster drug candidate, Aprocitentan, by both the US FDA and the European Commission represents a significant milestone. With regulatory risks now mitigated, Idorsia is well-positioned to negotiate the best possible deal within the next months. Therefore, we anticipate an eventful and potentially transformative H2-24 ahead as the company transitions further. 
  • IP Group, known for investing in breakthrough science and innovation companies, continues to deliver strong results from its portfolio. Notably, Hysata, the manufacturer of the world’s most efficient electrolysers, successfully completed another funding round, resulting in a higher valuation. Additionally, Oxford Nanopore Technologies showcased impressive advancements in sequencing performance at their annual London Calling conference and announced new strategic partnerships.
  • Despite comforting portfolio news there remains a significant disconnect between the underlying business performance and the share price, which was down 28%. IP Group is actively generating cash realizations from its portfolio at NAV and is committed to using capital from exits to address the steep 65% discount to NAV (i.e. share buybacks).
  • The Swiss investment firm HBM Healthcare Investments (“HBM”) stands out as a leader managing a well-balanced and globally diversified portfolio of private and public healthcare companies. Recognizing their strong track record, Alpine Select held a position in HBM, capitalizing on a 20% discount to its NAV. Alpine Select is confident that the HBM team has curated a portfolio of biotech companies poised to significantly appreciate, particularly as the interest rate environment becomes more favorable for the biotech industry in 2024. The Stock was up +12% during the reporting period.

Diversified investments

  • One of Alpine Select’s core positions, Cheyne Total Return Credit Fund which invests in global investment grade and crossover credit positions via Credit Default Swaps, was up +4.6%. The strategy has a fixed maturity of December 2024. Alpine Select intends to keep this position as ‘invested cash’ – given the geopolitical uncertainties.
  • Alpine Select received further distributions from its legacy position, Cheyne New Europe Fund. The real estate projects are being finalized in phases and respectively, the cash proceeds will be distributed to fund holders accordingly. It is expected the majority of the value be realized by the end of 2026.
  • Other notable fund performances include Nishkama, up +7.8%, and Three Court, up +7.5%.

Digital Assets

The first half of 2024 has been positive for digital assets, continuing the steady recovery from the oversold conditions of the 2022 bear market. The listing of multiple Bitcoin and Ethereum ETFs has attracted significant new assets under management (AUM) to the space, with Bitcoin reaching new all-time highs this year.

A highlight for Alpine Select was its limited partnership in RockawayX Venture Fund I, which contributed an additional CHF 2.4 million to the NAV. Similarly, the Company’s stake in a16z funds, a leading venture capital firm, added CHF 0.9 million to the NAV.

Alpine Select’s digital assets exposure is managed by specialists through carefully selected venture capital funds. These experts are adept at navigating the complexities of this very volatile and emerging asset class. It's important to note that, due to the nature of venture capital investing, the valuations of target funds used in the NAV calculations may lag current market values.

 

Outlook

Looking forward, Alpine Select remains cautious about the outlook for the global economy amid the geopolitical tensions in the Middle East and positions its portfolio accordingly to deal with the uncertainty ahead. Global market valuations are somewhat heightened, and experience recalls moments from the past to stay invested selectively with a cautious approach during these times.

Alpine Select is convinced of the intrinsic value and development potential of its current portfolio. Alpine Select is currently well positioned to deliver positive returns irrespective of the development of the broader market.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


5.07.2024 Alpine Select Ltd: Preliminary information on the semi-annual results as per 30 June 2024


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select Ltd. («Alpine Select») hereby informs its investors and other interested parties that it expects a profit of approximately CHF 600,000 in its financial reporting as per 30 June 2024. In the comparative period (as per 30 June 2023) a profit of CHF 265,000 was reported.

 

Alpine Select plans to publish the definitive half-year results on 16 September 2024, and the semi-annual report as of 30 June 2024 on 19 September 2024.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


9.04.2024 Alpine Select Ltd: Publication of the Annual Report 2023


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select Ltd. has published the annual report 2023.

 

The report can be viewed and downloaded online at www.alpine-select.ch/en/investors#downloads.

 

 

 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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


4.04.2024 Alpine Select Ltd: Annual results, portfolio development and investment activities, corporate actions 2023 | Outlook 2024 | Proposal for a new member of the board of directors


Ad hoc announcement pursuant to Art. 53 LR

 

Looking back at the year 2023

Looking back, 2023 is likely to be remembered as the year when the first applications of artificial intelligence became mainstream. Noteworthy is also the resilience shown by the “magnificent seven” (Apple, Nvidia, Alphabet, Meta, Amazon, Tesla and Microsoft) stocks, which experienced substantial gains throughout the year.

Overall, 2023 surpassed many expectations, with most asset classes ending the year in positive territory. The significant rise in yields, reaching levels not seen since the global financial crisis, initially impacted both stocks and bonds. The bond markets particularly required strong nerves. However, due to a sharper-than-expected decrease in inflation during 2023 and market anticipation of the beginning of an interest rate cutting cycle in 2024, yields declined again, allowing bonds to end the year positively as well. There is an optimistic consensus that 2024 will mark the beginning of interest rate cuts by central banks, heralding a new economic cycle. 

The Alpine Select portfolio remained fully invested, yet defensively positioned from a risk-adjusted standpoint. The Net Asset Value (NAV) development for the year was +0.13% (an increase from CHF 7.71 to CHF 7.72 per share). This includes an ordinary dividend of CHF 1.00 per share distributed in May 2023, as well as an extraordinary dividend of CHF 3.00 per share distributed in September 2023. Throughout the reporting period, the shares traded near the NAV.

In the FER financial reporting, Alpine Select (the “Company”) reports an annual loss of CHF 433,000 as of 31 December 2023. In the comparative period (year 2022) a loss of CHF 29.98 million was reported.

 

Portfolio Development and Investment Activities

Exit of regional Far East exposure

In the first half of 2023, engagements with a focus on the regional Chinese market were divested. Heightened tensions and mutual hostility observed between the US and China amplified uncertainties and operational risks, prompting a re-evaluation of regional allocations.

Having maintained exposure to the Chinese market for nearly six years, Alpine Select has opted to exit this regional investment theme. As a result, the Alpine Select overall portfolio now holds reduced regional exposure, primarily through one Japanese manager, Bengal Asset Management. 

The resurgence of interest rates in Western markets has led to the conclusion that the risk/reward balance in the Western world is now more favorable. Given the economic backdrop in China, in hindsight, this has been the right macro decision.

 

Special Situations / Discounted Assets

  • IP Group holds a central position in our portfolio, albeit facing structural challenges within the broader UK invest-ment landscape. In December 2023, the announcement of another share buyback program led to a rally in the stock, resulting in a +4% performance for the year. The decision to repurchase their own undervalued shares demonstrates the IP Group board’s commitment to addressing the current unjustified discount to NAV, which currently stands above 50%. Regular cash returns to shareholders through realizations will continue, primarily in the form of share buybacks, as long as the discount to NAV remains above 20%.
    Alpine Select supports IP Group's proactive undertaking in rectifying their discounted situation until a more 'acceptable' level is attained. Furthermore, Alpine Select maintains optimism that the IP Group's portfolio is well-positioned to benefit from the maturation of its assets rooted in scientific research. Anticipating various catalysts in 2024 and 2025, the Company remains confident in the value creation of IP Group.
  • Alpine Select believes that Idorsia convertible bonds have experienced an unwarranted sell-off, primarily driven by negative sentiment surrounding the company, resulting in trading at distressed levels. Despite operational challenges, such as cost reduction measures and the sale of their Asian business, which have already been addressed, Alpine Select stands by its assessment and assumes that the convertible bonds will be redeemed at par value.
    Following the business year 2023, Idorsia made a significant announcement on 28 February 2024: The company entered into a substantial global research and development collaboration with Viatris, a prominent U.S.-based global healthcare company. This collaboration entails the joint effort in the global development and commercialization of two Phase 3 assets, ‘selatogrel’ and ‘cenerimod’. As part of this collaboration, Idorsia will receive an upfront payment of USD 350 million, in addition to potential milestone payments and royalties.
    Idorsia Pharmaceuticals reported on 20 March 2024 that the US Food and Drug Administration (FDA) approved the company's once-daily TRYVIO (‘aprocitentan’) for the treatment of hypertension in combination with other antihypertensive drugs, to lower blood pressure in adult patients who are not adequately controlled on other drugs. This achievement marks another significant milestone in the company's trajectory, as it secures its second potential blockbuster drug approved by the FDA.
  • Cheyne Total Return Fund, which invests in global investment grade and crossover credit positions via credit default swaps, forms the core position within the Alpine Select overall portfolio. The fund had a stellar year posting+20%. The strategy has a fixed maturity of December 2024. Alpine Select intends to keep the position as ‘invested cash’ – given the yield to maturity is expected to be around 8 to 9%.


Digital Assets

Digital assets witnessed a remarkable year in 2023. Recovering from a bear market, blockchain-based assets experienced a resurgence, especially with the approval and launch of spot Bitcoin exchange-traded funds in the U.S. This move not only opened the asset class to new investors, but also fueled excitement that propelled the market into a new bull phase that continues to this day. 

Despite this optimism, it's important to acknowledge that the industry is still maturing. Volatility is expected to persist, given the various challenges that blockchain-based applications still need to overcome.

Alpine Select’s exposure to digital assets is managed by specialists through venture capital funds. These experts navigate the landscape of this emerging asset class with expertise.

Alpine Selects reiterates that due to the nature of venture capital investing, the target fund valuations considered for the NAV always lag behind the current market values.

 

Annual Shareholders' Meeting 2023

During the ordinary shareholders’ meeting held on 17 May 2023, all agenda items and proposals presented by the Board of Directors of Alpine Select Ltd. were passed by the shareholders, after which a dividend of CHF 1.00 gross per registered share was distributed to shareholders on 23 May 2023.

At the extraordinary shareholders’ meeting convened on 21 September 2023, shareholders endorsed the sole agenda item proposed by the Board of Directors of Alpine Select Ltd. Consequently, an extraordinary dividend of CHF 3.00 gross per registered share was distributed on 27 September 2023.

 

Outlook 2024

Looking ahead, Alpine Select is firmly convinced of the value and growth prospects of the overall portfolio. Alpine Select remains well-positioned to deliver favorable returns, independent of broader market movements.

Alpine Select remains vigilant in identifying discounted and mispriced assets offering an attractive risk/reward profile. Aligned with Alpine Select’s mandate, the Company is committed to actively pursue and exploit opportunities for the benefit of its shareholders.

Furthermore, Alpine Select is closely monitoring geopolitical tensions and their potential economic and financial rami-fications. Recognizing the possibility of market volatility stemming from the possible return of a former American US president, the Company adjusts its cash position and the corresponding forecasts. The Company’s overall asset allocation strategy is continually reassessed considering evolving macroeconomic factors.



Ordinary shareholders' meeting on 27 May 2024

  • The Board of Directors proposes Mr. Rémy A. Bersier for election as a new, additional member of the Board of Directors
    At today's meeting of the board of directors, the members of the board decided to propose the election of Mr. Rémy A. Bersier as a new member of the board of directors at the annual shareholders’ meeting to be held on 27 May 2024. In Mr. Rémy A. Bersier, the board of directors is proposing a person for election who, thanks to his many years of experience in the financial industry and his understanding of the market, is an ideal candidate and will make a valuable contribution to the Alpine Select Board of Directors.
  • Agenda and proposals of the Board of Directors
    At its meeting today, the board of directors also approved the other agenda items and proposals to be submitted to the ordinary shareholders’ meeting 27 May 2024 as follows:
    1. Annual report 2023: Approval of the annual report 2023 as well as the consultative voting on the compensation report 2023
    2. Appropriation of available earnings: Carry forward the amount available for distribution to new account (no dividend distribution is proposed)
    3. Discharge of the members of the board of directors and the management
    4. Elections: All members of the board of directors, as well as the auditors and the independent proxy, stand for re-election for a further term of one year
    5. Maximum compensation of the members of the board of directors and the management


Corporate calendar

  • 4 April 2024: publication of the annual results 2023
  • 9 April 2024: publication of the annual report as per 31 December 2023
  • 1 May 2024: publication and distribution of the invitation to the ordinary shareholders' meeting with agenda items and proposals of the board of directors as well as further information regarding the ordinary shareholders' meeting to the shareholders
  • 27 May 2024: ordinary shareholders' meeting of Alpine Select Ltd. 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


8.01.2024 Alpine Select Ltd: Preliminary information on the annual results for 2023 (Swiss GAAP FER)


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select AG («Alpine Select» / the «Company») hereby informs its shareholders and other interested market participants that it expects a loss of approximately CHF 140,000 in its Swiss GAAP FER financial reporting for the 2023 financial year. In the comparative period (financial year 2022) a loss of CHF 29.975 million was reported.

 

These figures are the preliminary results based on the current status of the closing activities and the documents available to the Company to date for the valuation of its investments. Alpine Select will publish the final 2023 annual results and the audited annual report 2023 with detailed information at the end of March / beginning of April 2024.

 

Alpine Select publishes its consolidated net asset value (NAV) on a weekly basis. This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the Company’s portfolio.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


25.10.2023 Alpine Select Ltd: Share buyback via second trading line


Ad hoc announcement pursuant to Art. 53 LR

 

At the Ordinary Shareholders’ Meeting of Alpine Select Ltd. («Alpine Select», the «Company») on 17 May 2023, the shareholders authorized the board of directors to repurchase up to a maximum of 10% of the share capital of Alpine Select until the ordinary shareholders’ meeting in 2025 for the purpose of subsequent definitive cancellation of the shares by way of capital reduction.

 

The Board of Directors of Alpine Select has decided based on the above-mentioned authorization to launch a new share buyback program of a maximum of 9% via a second trading line. Based on the current outstanding number of registered shares of Alpine Select, the maximum buyback volume is 783,891 registered shares. The maximum buyback volume per day amounts to 14,380 registered shares (calculated pursuant to Art. 123 para. 1 lit. c FinMIO). The actual number of shares bought back will be determined on the one hand by the freely available liquidity of the Company and on the other hand by the supply on the second trading line. Alpine Select reserves the right to terminate the buyback program prematurely and is not obliged to repurchase its own shares at any time.

 

The share buyback notice will be published on 25 October 2023. Trading on the second trading line will commence on 27 October 2023 and shall continue until 30 May 2025 at the latest. After completion of the share buyback program, the board of directors will propose to the shareholders’ meeting a capital reduction by cancellation of all registered shares repurchased under this share buyback program. The transaction will be executed by Helvetische Bank AG, Zurich.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


19.09.2023 Alpine Select Ltd: Publication of the Semi-Annual Report 2023


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select AG has published the semi-annual report 2023.

The semi-annual report can be downloaded from the website www.alpine-select.ch/en/investors#downloads.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


15.09.2023 Alpine Select Ltd: Half-year results and information on the course of business in the first half of 2023


Ad hoc announcement pursuant to Art. 53 LR

 

  • Alpine Select Ltd. ("Alpine Select", the "Company") ended the financial reporting period (1 January to 30 June 2023) with a profit of TCHF 265. In the comparative period (as per 30 June 2022) a loss of CHF 25.9 million was reported.
  • The share recorded a negative performance of -0.81% over the first six months of 2023, after paying a dividend of CHF 1.00 per registered share in May 2023. The Net Asset Value ("NAV") closed unchanged for the first 6 months (CHF 10.79). Throughout the reporting period, the shares traded at or near the NAV, thereby delivering on an important commitment of the Company.

 

Market activities in first half-year of 2023

For the first half of 2023, central banks convinced market participants that they are serious about curbing inflation to lower targets. Rates were on the rise and no cuts are expected prior to late 2024. For now, borrowers are weathering the storm of tightening monetary policy, yet equity markets posted a rather friendly first six months into the year. Led by the "magnificent seven" (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla), a proper tech boom was observed in the first half of 2023. There is enormous enthusiasm for artificial intelligence and the biggest firms were the best place to capitalize on it.

In broader markets, through July, risk assets continued to be buoyed. Labor markets and global consumer showed continued resilience. Neither an inverted yield curve nor a banking crisis (Silicon Valley Bank, Credit Suisse) did spell the doom of an immediate recession to arrive. However, there is cautious consensus that rates will remain elevated for a prolonged period and the cost of credit will continue to go up.

 

Portfolio Delevopment and Investment Activities 

Exit of China Exposure

Funds and engagements with a regional China exposure have been exited in the first half of the year. Observations of considerable mutual hostility between the US and China actions increased uncertainty and operational tail risks to justify a regional allocation. After being exposed to China for almost 6 years Alpine Select exited this regional investment theme, leaving the portfolio with smaller exposure to just two Japanese Managers, Yuki and Bengal Asset Management. Return of interest rates in the West led to the conclusion that risk/reward in the Western world is more favorable.

 

Special Situations / Discounted Assets

The following positions have been added/built during the first six months of 2023:

  • Alpine Select believes that the Idorsia Convertible Bonds are disproportionately sold off due to the company’s negative sentiment leaving them trading in distressed territory. Idorsia has operational issues which are taken care of (i.e., cost reduction, sale of Asian business) – Alpine Select maintains its going concern strategy given the convertible bonds being repaid at par. After the reporting period, in a potentially significant announcement, Idorsia reacquired the world-wide rights to its blockbuster candidate drug Aprocitentan (treating patients with resistant hypertension). As the strategic ownership of the potential anchor stone asset is regained, Alpine Select expects an eventful next 4 to 6 months of transition incl. encouraging news to secure the much-needed cash to give Idorsia the necessary time to realize commercial success.
  • Shares of Temenos, a leading banking software provider, were sought after by activist investors. Alpine Select believes the company is steadily executing on the transformation from pure licensing to subscription-based software as a service model and thus is attracting private equity investors for a take-private.
  • Seagen, a US listed biotech company received an offer by pharma giant Pfizer to buy all shares at USD 229. The boards of directors of both companies have unanimously approved the transactions and Alpine Select expects the M&A arbitrage position to close in late 2023, subject to customary closing conditions including receipt of required regulatory approvals.

Digital Assets

Digital Assets in general recovered well during 2023. Bitcoin (+84%) and Ethereum (+61%) led the market and to a level acceptable after the shortcomings revealed during 2022 (crash of LUNA, Celsius, FTX, etc.).

Volatility has been heightened given the various ruling by the Securities and Exchange Commission ("SEC") targeting different tokens as securities. Furthermore, there are still pending cases against large crypto exchanges, such as Binance.

Behind the scenes, institutional adoption is broadening. For example, EDX, a new crypto exchange backed by financial giants such as Fidelity and Charles Schwab have started trading coins like BTC and ETH. Furthermore BlackRock, the world’s largest asset manager, has filed for a Bitcoin spot ETF in the USA. In addition, the U.S. District of Columbia Court of Appeals ruled that the SEC was wrong to reject an application from crypto asset manager Grayscale Investments to list an exchange-traded fund that tracks the price of bitcoin. This is a landmark decision for the young industry.

Compared to the 2018 "crypto winter", experts argue the digital assets industry is now arguably at the beginning of a new bull cycle as the worst unwind and regulatory uncertainty is over. This might be especially true when taking into account the latest court ruling in the important Ripple Labs Inc. lawsuit, whereby clarity has been ruled that federal law was not violated by selling the XRP token on public exchanges.

 

Annual Shareholders' Meeting

At the ordinary shareholders' meeting on 17 May 2023, the shareholders approved the cancellation of the 548,070 treasury shares acquired under the share buyback program launched in 2020 and completed in the meantime, and the corresponding reduction of the share capital. After completion of the 30-day period since publication of the debt call in the SOGC, the reduction of the share capital was entered in the Commercial Register of the Canton of Zug on 7 July 2023. The share capital of Alpine Select now amounts to CHF 174,198.00 and is divided into 8,709,900 registered shares with a par value of CHF 0.02 each.

 

Material events after reporting date and Outlook 

A long-time major shareholder and former member of the Board of Directors of Alpine Select has notified the Board of Directors of Alpine Select of his intention to sell his shares in the Company as part of his private succession plan.

In view of this intention to sell, the board of directors has called an extraordinary shareholders’ meeting for 21 September 2023, at which it will propose an extraordinary dividend of CHF 3.00 per registered share. The financing of this extraordinary dividend is ensured by already available liquid funds of the Company. Should the shareholders approve the proposed extraordinary dividend, no existing investments would have to be sold. The extraordinary distribution would increase the investment ratio of the Alpine Select portfolio to 100%.

The Board of Directors of Alpine Select is convinced of the intrinsic value and development potential of the Company's current portfolio. Alpine Select is currently well positioned to deliver positive returns irrespective of the development of the broader market. The members of the board are confident that shareholders share their assessment and that some may reinvest any extraordinary dividend that may be paid out.

The board of directors has also decided that Alpine Select’s cost structure should be further reduced. As a first measure, reductions of 25% in the compensation of the board of directors are planned. Further measures are planned and will be communicated in due course.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


22.08.2023 Alpine Select Ltd: Notice to an Extraordinary shareholders’ meeting


Ad hoc announcement pursuant to Art. 53 LR

 

The extraordinary shareholders' meeting will take place on:

  • Date: Thursday, 21. September 2023
  • Time: 11 a.m. (doors open at 10.30 a.m.)
  • Venue: City Garden Hotel, Metallstrasse 20, Zug

 

Agenda

  1. Distribution of an extraordinary dividend 

 

The notice of meeting with the proposal of the board of directors for the single agenda item will be sent to shareholders on 22 August 2023, and can be viewed and downloaded from the Alpine Select website at www.alpine-select.ch/en/investors#downloads.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


8.08.2023 Alpine Select Ltd: Announcement of an extraordinary shareholders’ meeting


Ad hoc announcement pursuant to Art. 53 LR

 

A long-time major shareholder and former member of the Board of Directors of Alpine Select has notified the Board of Directors of Alpine Select of his intention to sell his ALPN shares as part of his private succession plan.

 

In view of this intention to sell, the board of directors will convene an extraordinary shareholders’ meeting in the near future, at which it will propose an extraordinary dividend of CHF 3.00 per registered share. The financing of this extraordinary dividend is ensured by already available liquid funds of the Company. Should the shareholders approve the proposed extraordinary dividend, no existing investments would have to be sold.

 

The extraordinary distribution would increase the investment ratio of the Alpine Select portfolio to 100%. The board of directors is convinced of the intrinsic value and development potential of its portfolio. It is therefore confident that shareholders share its assessment and that some may reinvest any extraordinary dividend that may be paid out.

 

The board of directors has also decided that Alpine Select’s cost structure should be further reduced. As a first measure, reductions of 25% in the compensation of the board of directors are planned.

 

Further information

The invitation to the extraordinary shareholders’ meeting of Alpine Select will be sent to the shareholders together with the agenda for the single agenda item in the near future and will be available online on the Alpine Select website at www.alpine-select.ch/en/investors#downloads.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


6.07.2023 Alpine Select Ltd: Preliminary information on the semi-annual results as per 30 June 2023 | Completion of the share buyback program 2020 - 2023


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select Ltd. («Alpine Select») hereby informs its investors and other interested parties that it expects a consolidated profit of approximately CHF 400,000 in its financial reporting as per 30 June 2023. In the comparative period (as per 30 June 2022) a loss of CHF 25.9 million was reported.

 

At the ordinary shareholders’ meeting on 17 May 2023, the shareholders approved the cancellation of the 548,070 treasury shares acquired under the share buyback program launched in 2020 and completed in the meantime, and the corresponding reduction of the share capital. After completion of the 30-day period since publication of the debt call in the SOGC, the reduction of the share capital was notified to the Commercial Register of the Canton of Zug and will be registered in the next few days. Following the registration of the capital reduction, the share capital of Alpine Select amounts to CHF 174,198.00, divided into 8,709,900 registered shares with a par value of CHF 0.02 each.

 

Alpine Select plans to publish the definitive half-year results on 21 September 2023, and the semi-annual report as of 30 June 2023 on 27 September 2023.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


6.04.2023 Alpine Select Ltd: Publication of the Annual Report 2022


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select AG has published the annual report 2022.

The report can be viewed and downloaded online at www.alpine-select.ch/en/investors#downloads.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


3.04.2023 Alpine Select Ltd: Annual results, portfolio development and investment activities, corporate actions 2022 | Outlook and dividend distribution 2023


Ad hoc announcement pursuant to Art. 53 LR

 

Annual Result 2022

For Bond and Equity Investors alike, there were few places to hide in 2022. The year turned out to be packed with unexpected events dominating the fragile capital markets. Rising interest rates, recession risks, continued geopolitical conflicts, energy crises and corporate earnings downgrades weighed down on investor sentiment and revalued risk assets as well as fixed income securities (bonds).

It was the worst year since the global financial crisis (2008) for equity indices: NASDAQ: -32.2%, S&P 500: -18.5%, CSI 300: -27.3% and the SMI detracted 16.7%. Notably, the Total Bond Index which tracks U.S. Investment Grade (IG) bonds declined 13% in 2022 which is the worst 12-month return since 1980.

The Alpine Select portfolio unfortunately could not escape without scars. The total return to shareholders in the year was ‑15.4% (decrease of the share price from CHF 14.30 to CHF 12.10. This includes a dividend of CHF 1.00 per share which was paid out to shareholders in May 2022). The Net Asset Value («NAV») recorded a decrease for the same period (from CHF 14.88 to CHF 11.77). Throughout the year, the shares traded at or near the NAV.

In the FER financial reporting, Alpine Select reports an annual loss of CHF 29.98 million as of 31 December 2022. In the comparative period (year 2021) a profit of CHF 24.05 million was reported.

 

Portfolio Development and Investment Activities

Special Situations / Discounted Assets

The Alpine Select special situations portfolio, which includes discounted assets and merger arbitrage opportunities, such as Vifor Pharma, Arena Pharma, Castle Alternative Invest, and IP Group, contracted CHF -12.8 million.

During 2022 Alpine Select engaged in three inefficiently priced M&A arbitrage positions; Vifor Pharma, Arena Pharma and Biohaven Pharma (all deals are closed). These investments contributed CHF +1.76 million. Given the attractive market valuations in Q4 2022, the following positions have been redeployed:

  • Cheyne Total Return Credit Fund, a long-biased corporate credit strategy with a defined maturity of Dec‑2024 manages an Investment Grade Credit risk portfolio. Alpine Select feels comfortable taking Investment Grade (IG) risk and given the historic selloff in IG bonds it increased this position with an expected return to maturity of around 40% (as of reporting date).
  • Idorsia Convertible Bond holdings (maturity 2024 and 2028) were built, representing a yield to maturity of 8% and 13% respectively on reporting date. Idorsia, a leading Swiss Biotech company with a robust pipeline of various late-stage clinical assets is facing a liquidity gap which Alpine Select believes they will solve and thus secure the going concern of the company and due repayment of the bonds

The position in Castle Alternative Invest (+20%) will remain in the Alpine Select portfolio until liquidation in the second half 2023. The stock has been delisted and all holdings were liquidated into cash.

The largest dragging position in the overall Alpine Select portfolio over the year was IP Group (-59%) as market rotation out of growth/tech stocks has played its part. Alpine Select continues to believe that the company has a selection of impressive investments and that its shares are fundamentally undervalued. At a significant 55% discount to its NAV, IP Group’s shares trade at the value of its top-five holdings (incl. net cash). Not only does its top-four portfolio companies have significant valuation uplift potential in the near term, but that leaves the remaining more than 90 companies in the portfolio essentially valued at zero.

 

Digital Assets

Venture capital and other growth-oriented assets decreased in the hostile environment of 2022. The digital assets universe could not recover from the collapse of the Terra Luna ecosystem and the centralized player FTX / Alameda Fund. Other prominent funds like Three Arrows Capital went into liquidation and crypto borrowing-lending platforms such as Celsius or Voyager suspended customer withdrawals before filing for bankruptcy. Poor risk management and missing guidelines for centralized entities came at a hefty price for the up to that point rapidly growing industry.

Alpine Select also acknowledge that decentralized finance is not perfect, however DeFi markets have so far demonstrated themselves to be orderly and efficient. No DeFi app (e.g. Uniswap) has had to pause or required emergency financing given the 2022 contagion. Centralized players were mainly responsible for the negative headlines triggering further de-leveraging and the further fall in value of various digital assets.

There have been fair value losses on each investment in this asset class. The Rockaway Blockchain investment was down 50%; Swissrex Crypto Fund position detracted 46% and Zurich based L1 Digital SICAV decreased 57%. After the reporting date, the digital asset market saw positive momentum returning and while the snapshot performance YoY might look drastic, the allocations were made with a long-term vision at valuations leaving the portfolio in the profit zone for this asset class.

Despite the backdrop in valuations, Alpine Select remains an advocate for further blockchain adoption. It went almost unnotified that in November 2022 “the merge on Ethereum” happened. The successful coming together of the ETH mainnet to the new proof-of-stake consensus layer, the Beacon Chain, went seamlessly. With this achievement, Ethereum eliminated the need for energy-intensive mining and instead enabled the network to be secured using staked ETH (switching from Proof of Work to Proof of Stake). This was an encouraging achievement for the Ethereum vision making one big step towards more scalability, security, and sustainability.

Alpine Select maintains a diversified venture-driven exposure of over CHF 5.9 million to the digital assets industry as per 31 December 2022. Given the ongoing and opportunistic profit taking we essentially have zero cost for that longer-term exposure currently locked in. Alpine Select’s Digital Asset Class P&L since inception is at CHF +6 million.

 

East Asia Exposure

After a significant contribution of the CSI 300 Index in 2021 the selected local managers also had a rough 2022 detracting CHF 1.7 million. While the broader Chinese market fell -27.3%, the Equity Long/Short Funds performed as following: FengHe Asia Fund (-4.8%), GH China Century Fund (-14.6%) and Value Multiplier Fund (-16%).

The Northwest Feilong Fund, dedicated to exploiting inefficiencies in China’s convertible bond market, came in at -7.6% for 2022.

 

Annual Shareholders’ Meeting 2022

At the annual shareholders’ meeting held on 18 May 2022, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 25 May 2022.

 

Annual Report 2022 

The annual report 2022 of Alpine Select can be viewed and downloaded online from 6 April 2023 at https://www.alpine-select.ch/en/investors#downloads.


Outlook 2023

Looking ahead Alpine Select believes that the 2023 COVID re-opening rally and supply chain normalization is temporary. Deglobalization and the war in the Ukraine are inflationary events with long legs and as the global economy faces several structural headwinds with deglobalization, higher inflation, and rising interest rates, we might witness a slowdown in economic growth.

Entire business models might be challenged given the new reality and eventually Real Estate prices won’t be as accommodative for investors as they were in the last years.

One first sign of structural stress was seen early March 2023 when the US regulator shut down two regional banks to protect depositors following a cash crunch and the Swiss Government in a coordinated effort with the Swiss National Bank arranged for UBS to merge with Credit Suisse.

A prolonged area of elevated inflation after years of accommodative zero inflation and zero yield environment is taking its toll and in these oversold markets, discounted and mispriced assets with an attractive risk/reward profile can be found. Given Alpine Select’s mandate, the company will actively take positions to execute and realize opportunities for its shareholders. Therefore, Alpine Select maintains a cash position of 15.85% as per 31 December 2022 to act swiftly.

Finally, Alpine Select is closely monitoring the impact of the geopolitical battlegrounds (US, EU, China) and their economic and financial consequences. The Company’s overall asset allocation is rigorously challenged along the evolving macro view.

 

Proposed Dividend Distribution

The board of directors will propose to the ordinary shareholders’ meeting 2023 to distribute a dividend of CHF 1.00 gross per outstanding share. 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


13.02.2023 Alpine Select Ltd: Preliminary information on the annual results for 2022 (Swiss GAAP FER)


Ad hoc announcement pursuant to Art. 53 LR

 

Alpine Select AG («Alpine Select» / the «Company») hereby informs its shareholders and other interested market participants that it expects a loss of approximately CHF 29.1 million in its Swiss GAAP FER financial reporting 2022. In the comparative period (financial year 2021) a profit of CHF 24.0 million was reported.

 

These figures are the preliminary results based on the current status of the closing activities. Alpine Select will publish the final 2022 annual results on 3 April 2023 and the audited 2022 annual report with the detailed information on 6 April 2023.

 

Alpine Select publishes its consolidated net asset value (NAV) on a weekly basis. This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the Company’s portfolio.

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


19.09.2022 Alpine Select Ltd.: Semi-Annual report


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select has published the semi-annual report 2022.
Klick here to download the report.



 

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 its shareholders the key benefit of investing into a diversified and alteralternative investment portfolio. 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.

12.09.2022 Alpine Select Ltd: Half-year results and information on the course of business in the first half of 2022


Ad hoc announcement pursuant to Art. 53 LR

 

  • Alpine Select Ltd. («Alpine Select», the «Company») ended the financial reporting period (1 January to 30  June 2022) with a loss of CHF 25.9 million. In the comparative period (as per 30 June 2021) a profit of CHF 11.6 million was reported.
  • The share recorded a negative performance of -9.09% over the first six months of 2022, after paying a dividend of CHF 1.00 per registered share in May 2022. The Net Asset Value («NAV») declined by -17.94% over the same period.

 

Portfolio Development and Investment Activities

There were few places for investors to hide in the first half of 2022. Geopolitical and energy crises dominated the markets. Asset valuations fell, for bonds and equities alike.

H1-22 has proven to be the worst first half for US equities since 1970. The S&P Index declined by -21%, Nasdaq by ‑30% and the SMI by -17%. Meanwhile, bonds have suffered too, which is a rare dynamic given bonds’ typical role as a portfolio balancer when risk assets decline. The U.S. aggregate bond index declined more than -10% in the first six months.

 

Special Situations / Discounted Assets

Alpine Select’s special situations portfolio, which includes core discounted assets and merger arbitrage opportunities, such as Vifor Pharma, Arena Pharmaceuticals, Castle Alternative Invest («Castle AI»), and IP Group, decreased by CHF 10.9 million in H1 2022.

 The M&A arbitrage positions in Vifor Pharma and Arena Pharmaceuticals contributed CHF +0.9 million and have both been cashed in. Given the current attractive market valuations, Alpine Select was able to redeploy into the following positions:

  • Cheyne Total Return Credit Fund, a long-biased corporate credit strategy with a defined maturity of Dec-2024 manages an Investment Grade Credit risk portfolio. Due to the selloff in bonds, the fund currently holds a portfolio with an expected return to maturity of around 40%.
  • The Company also opened another M&A arbitrage opportunity in Biohaven Pharmaceutical, which it expects to return around 10% on an annualized basis. The deal is expected to close early next year.
  • Idorsia Convertible Bond holdings (maturity 2024 and 2028) were built, representing a yield of 8% and 9% to maturity on trade date.

The position in Castle AI (+12%) will be held until liquidation in early 2023. The stock has been delisted and all holdings were liquidated into cash. The discount to NAV (cash) is at 4.75%.

 

The largest dragging position in the Alpine Select portfolio over the first six months was IP Group (-43%) as market rotation out of growth/tech has played its part. However, Alpine Select continues to believe that IP Group has a selection of impressive investments, and that the IP stock is not getting the attention it deserves. At a significant 50% discount to its NAV, IP Group’s shares trade slightly below the value of its top-five holdings plus its net cash. Not only do the IP Group top-five holdings have significant valuation uplift potential in the near term, but that leaves the remaining more than 90 companies in the portfolio essentially valued at zero. To round up, the largest position, Oxford Nanopore, is listed and liquid.

 

Digital Assets

Venture capital and other ‘growth-oriented’ assets decreased in the hostile liquidity environment of the first half 2022. In particular, the digital assets universe came under pressure as leverage unwound following the collapse in Terra’s UST and Luna Token. Prominent crypto hedge fund Three Arrows Capital went into liquidation and crypto borrowing-lending platforms such as Celsius or Voyager suspended customer withdrawals before filing for bankruptcy. The operational risk management mistakes made at these centralized actors came at a high price.

Decentralized Finance is not perfect, however DeFi markets have so far demonstrated to be orderly and efficient. No DeFi app (e.g. Uniswap) has had to pause withdrawals or required emergency financing given the H1-22 contagion. Centralized players were mainly responsible for the negative headlines triggering further de-leveraging with price impact on the various assets.

Further notable returns from the Alpine Select portfolio: Rockaway Blockchain Fund was down 54%; SwissRex fund lost 51% and the Zurich based L1D Fund was down 60%. After 30 June 2022, the digital asset market saw positive momentum returning. While the snapshot performance might look drastic, Alpine Select has made its investments in the digital asset sector with a long-term vision at valuations that leave the portfolio well in the profit zone for this asset class.

Despite the backdrop in valuations, Alpine Select remains an advocate for further blockchain adoption through its investment partners at Rockaway Capital, the Company could secure an USD 1 million stake in a16z funds, which is one of the most important capital providers in the still maturing digital asset industry. Alpine Select’s Digital Assets Allocation P&L since inception is at CHF +8.6 million.

 

East Asia Exposure

After a significant contribution and relative outperformance of the CSI 300 Index in 2021 Alpine Select’s selected local managers were still able generate alpha in H1-22, albeit at a lower degree.

While the broader Chinese market fell -9.2%, the Equity Long/Short Funds performed as following: Value Multiplier Feeder Fund (+5.2%), Fenghe Asia (USTE) Fund (-6.7%) and GH China Century Offshore Feeder Fund (-9.5%).

The Northwest Feilong Fund, dedicated to exploiting inefficiencies in China’s convertible bond market, came in at ‑3% for the first six months of 2022.

 

Annual Shareholders’ Meeting

At the annual shareholders’ meeting held on 18 May 2022, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 25 May 2022.

 

Outlook

Deglobalization and the war in the Ukraine are inflationary and soaring commodity prices are evidence of a rather prolonged area of elevated inflation after years of accommodative zero inflation and zero yield environment. In these oversold markets the Company starts to see discounted and mispriced assets with an attractive risk/reward profile. Given Alpine Select’s mandate, the Company will actively take positions to execute and realize arbitrage and special situations opportunities for its shareholders.

Looking ahead evidence suggests that the world continues to experience several separate inflation cycles, all largely still dating back to the reopening post-Covid (with the exception of the energy price rally due to the Ukraine conflict). Early economic data supports the notion that commodity inflation, supply chain pressures, and labor demand have all peaked.

The team at Alpine Select continues to closely monitor the impact of the geopolitical battlegrounds and their economic and financial consequences. The Company’s overall asset allocation is rigorously challenged along the way.

 

Alpine Select will publish its semi-annual report 2022 on 19 September 2022.

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


12.08.2022 Alpine Select Ltd: Preliminary information on the semi-annual results as per 30 June 2022


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select Ltd. («Alpine Select») hereby informs its investors and other interested parties that it expects a consolidated loss of approximately CHF 22.6 million in its financial reporting as per 30 June 2022. In the comparative period (as per 30 June 2021) a profit of CHF 11.6 million was reported.

 

Alpine Select will publish the definitive half-year results on 12 September 2022, and the semi-annual report as of 30 June 2022 on 19 September 2022.

 

 

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 its shareholders the key benefit of investing into a diversified alternative investment portfolio. 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.


6.04.2022 Alpine Select Ltd.: Annual report


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select has published the annual report 2021.
Klick here to download the report.



 

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 its shareholders the key benefit of investing into a diversified and alteralternative investment portfolio. 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.

30.03.2022 Alpine Select Ltd.: Annual results, portfolio development, investment activities, corporate actions 2021 | Outlook and dividend distribution 2022


Ad hoc announcement pursuant to art. 53 LR

 

Annual Result 2021

Alpine Select Ltd. («Alpine Select», the «Company») had a very solid 2021 financial year. Total return to shareholders was +20.27% (increase of the share price from CHF 12.80 to CHF 15.40). This includes a dividend of CHF 1.00 per share (paid out to shareholders in May 2021). The Net Asset Value («NAV») recorded an increase of 22.86% for the same period (from CHF 13.05 to CHF 16.03).

 

In the FER financial reporting, Alpine Select reports an annual profit of CHF 24.0 million as of 31 December 2021. In the comparative period (year 2020) a profit of CHF 5.8 million was reported.

 

The board members again voluntarily decided to keep their compensation at the reduced level of -10%.

 

Portfolio Development and Investment Activities 

The year 2021 has been another favorable year for equities and risk assets. The slow but steady rise in inflation and the debate on its durability have dominated much of the year’s narrative following the global COVID pandemic response. Interestingly, even initial harsh remarks by the FED could not stop western indices to rally towards the end of the year. Except for the Chinese Market, whose performance was negatively impacted by the Socialist Party’s introducing of an inclusive growth economic policy, all major indices were up for the year: S&P 500 +27%, NASDAQ +21%, TOPIX Japan +10%, CSI 300 -5%.

 

Special Situations / Discounted Assets

The special situations portfolio, which includes core discounted assets and merger arbitrage opportunities, made a strong contribution to our overall result of CHF +9.7 million.

 

The Company’s largest position for a good part of 2021 was Castle Alternative Invest Ltd. (CASN). At their ordinary shareholders’ meeting, the CASN shareholders approved agenda item «dissolution and liquidation of the company» with 99.9% of all submitted votes. The main liquidity event occurred end of November 2021, when approximately 90% of CASN assets (all cash) were distributed to shareholders. Alpine Select will hold on to the position until the final liquidation as the remaining discount is still 10%.

 

In 2021, Alpine Select has written extensively about its excitement for the IP Group PLC (IPO) portfolio, which has become the largest discounted asset. IPO’s share price had a strong run, outperforming with +26% in 2021 and contributing CHF +4.9 million to the 2021 P&L. IPO holds a well-diversified, future-oriented and Intellectual Property backed portfolio of operating companies. Alpine Select remains convinced that the shift towards more inclusive solutions in the fields of technology, cleantech and life science will create corporate winners out of the IPO portfolio. The IPO portfolio gained in NAV terms around +11%. However, the IPO’s share price ended the year discounted by around 20% to its NAV.

 

In December, Alpine Select invested in a new attractive merger arbitrage: Australian biopharmaceutical company CSL Ltd. submitted a public tender offer of USD 179.25 per share to VIFOR Pharma Ltd. The deal will close in the first half of 2022, and Alpine Select estimates to realize an annualized return of around 11% in CHF. For the reporting period, this position contributed CHF +1.7 million to the annual result.

 

Digital Assets

Alpine Select’s conscious investment decision to strategically allocate to digital assets and endure the inherent volatility that such exposure bears, has paid off. 2021 was a year of further advances towards adoption of digital assets and businesses on the blockchain. A growing number of investment professionals have embraced this young asset class as valuations continue to soar. The Company’s digital asset portfolio, which is entirely managed by early identified, specialized fund managers, has delivered an impressive return of CHF +15.5 million.

 

Alpine Select believes that the potential applications of blockchain-based businesses and their financialization offer multiple opportunities. Consequently, the Company decided to take a broader and deeper approach to this asset class and reallocated funds within the digital asset exposure. At the end of 2021, it mainly held funds with Layer 1 Digital, Rockaway Capital, and SwissRex Funds.

 

Greater China

Alpine Select wrote before about its beliefs in a bipolar world in which the US and China are the economic heavyweights. Accordingly, the Company has established a diversified portfolio with experienced investors in Mainland and Greater China.

 

In 2021, after 40 years of allowing the market to play a growing role in promoting prosperity, China’s leading party launched policies to balance social fairness and growth as China enters a next phase of economic growth, with GDP per capita exceeding USD 10,000. Rather than tolerating a disorderly expansion of capital, Chinese leaders intend to ensure that dominant companies comply with mainstream values and not abuse their market position. Since that policy announcement, the Chinese market (CSI 300) is down by around 20%.

 

Although the Chinese market significantly underperformed western indices (e.g., CSI 300 delivering -5% FY-21), Alpine Select’s actively managed allocation to the local market gained +24%, contributing CHF +3.9 million to the overall result. Such a significant outperformance of active vs. passive investment management reassures the Company’s firm believe in the active investment style.

 

Alpine Select’s current Chinese exposure is covered by four local funds: GH China Century Offshore Feeder Fund (+17%), FengHe Asia Fund (+27%), Value Multiplier Feeder Fund (+24%) and Northwest Feilong Fund Ltd. (+25%).

 

In December 2021, Alpine Select also made a new investment in an actively managed Chinese healthcare fund with Bin Yuan Healthcare Fund. The Company believes that as Chinese GDP grows, spending on innovative and local healthcare will also increase.

 

True to Alpine Select’s investment style, the Company continues to offer its shareholders access to the Chinese market with allocations to locally rooted, value oriented, like-minded managers who themselves advocate an active asset wealth management style.

 

Other positions

During the 2021 reporting period, the legacy position Cheyne New Europe Fund Inc. («CNEF») matured significantly. As a reminder, this is an illiquid property development fund holding assets in Eastern Europe, mainly in the Czech Republic («CZ»). Alpine Select holds this position since the merger with Absolute Invest and CNEF is not making any new investments.

 

CNEF’s largest assets are several urban and suburban residential real estate projects in and around Prague. The fund benefited from the due to COVID related increased demand for more suitable housing. The construction and sale process of the projects in CZ is progressing well, and thus CNEF not only recorded a pleasing annual performance of +15.3% in 2021 but was also able to pay out CHF 4.9 million to Alpine Select. Due to the positive cash realization of the projects, Alpine Select expects distributions from CNEF to be the new normal and is therefore optimistic of being able to further reduce this illiquid position.

 

Annual Shareholders' Meeting 2021

At the annual shareholders’ meeting held on 17 May 2021, shareholders passed all agenda items and proposals submitted by the board of directors. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 21 May 2021.

 

Annual report 2021

The annual report 2021 of Alpine Select can be viewed and downloaded online from 7 April 2022 at https://www.alpine-select.ch/en/investors#downloads.


Outlook 2022

Tragically war has returned to Europe. It is impossible to predict a timing of an end of this warfare, the beginning of a diplomatic solution and the consequential impact on the world order.

 

Even before the outbreak of the war in the Ukraine, inflation and growth data were pointing to an end of the low-yield regime. Wars are generally inflationary and soaring prices for soft commodities, energy and metals are evidence of a rather prolonged area of elevated inflation. Alpine Select believes that if all else being equal, inflation should eventually lead to higher yields although real interest rates might remain negative.

 

Alpine Select continues to closely monitor the impact of this geopolitical battleground in the Ukraine and its economic and financial consequences. The overall asset allocation will be rigorously challenged along the way. However, no changes have been made yet.

 

Further information on Alpine Select’s investment activities can be found in the 2021 annual report and on current focus topics in the monthly reports.

 

Proposted dividend distribution

The board of directors will propose to the ordinary shareholders’ meeting 2022 to distribute a dividend of CHF 1.00 gross per outstanding share.

 

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.



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 diversified alternative investment portfolio. 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.


16.02.2022 Alpine Select Ltd.: Preliminary information on the annual results 2021 (Swiss GAAP FER)


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select AG («Alpine Select» / the «Company») hereby informs its shareholders and other interested market participants that it expects a profit of approximately CHF 24.5 million in its Swiss GAAP FER financial reporting 2021. In the comparative period (financial year 2020) a profit of CHF 5.8 million was reported.

 

Alpine Select publishes weekly its consolidated net asset value (NAV). This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the portfolio of the Company.

 

The disclosures made for the financial year 2021 are unaudited. Alpine Select will publish the final results for the year 2021 on 30 March 2022 and the audited annual report with detailed information on 6 April 2022.

 

 

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.

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 diversified alternative investment portfolio. 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.


3.02.2022 Alpine Select Ltd.: Information on the current investment in Rockaway Blockchain Fund


Ad hoc announcement pursuant to art. 53 LR

 

In May 2021 Alpine Select Ltd. (“Alpine Select”) made an investment totaling USD 1,000,000 in the Rockaway Block-chain Fund (“RBF”) and made a commitment for a further USD 1,000,000.

 

The fund manager of RBF has now confirmed that the USD 1 million invested by Alpine Select is worth USD 6.6 million as of 30 September 2021, representing an increase in value of USD 5.6 million. This results in a positive contribution in Alpine Select’s NAV of around +3.6%.

 

Alpine Select will incorporate any future confirmations on the performance of RBF in its NAV calculation without delay.

 

 

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.

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 diversified alternative investment portfolio. 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.


12.10.2021 Alpine Select Ltd.: Information on the current investment in Rockaway Blockchain Fund


Ad hoc announcement pursuant to art. 53 LR

 

In May 2021 Alpine Select Ltd. (“Alpine Select”) made an investment totaling USD 1,000,000 in the Rockaway Block-chain Fund (“RBF”) and made a commitment for a further USD 1,000,000.

 

The RBF Investor Summit took place in Zurich today. The participants were informed that, according to the manager’s assessment, the RBF had achieved an Internal Rate of Return (IRR) of +656% as of 30 September 2021. Thus, the USD 1,000,000 that Alpine Select has already invested, has a currently unrealizable value of USD 7,560,000, which represents an increase of USD 6,560,000 over the already invested investment and +5.01% of the current net asset value (“NAV).

 

However, since this position cannot be realized at the moment, the RBF-manager’s estimated IRR valuations are not taken into account in Alpine Select’s NAV.

 

 

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.

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 diversified alternative investment portfolio. 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.


6.09.2021 Alpine Select Ltd.: Semi-Annual report


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select has published the semi-annual report 2021.
Klick here to download the report.



 

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 its shareholders the key benefit of investing into a diversified and alteralternative investment portfolio. 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.

31.08.2021 Alpine Select Ltd.: Half-year results and information on the course of business in the first half of 2021


Ad hoc announcement pursuant to art. 53 LR

 

  • Alpine Select Ltd. («Alpine Select», the «Company») ended the financial reporting period (1 January to 30 June 2021) with a profit of CHF 11.6 million. In the comparative period (as per 30 June 2020) a loss of CHF 9.7 million was reported.
  • The share recorded a positive performance of 10.90% over the first six months of 2021, after paying a dividend of CHF 1.00 per registered share in May 2021. The Net Asset Value («NAV») gained 9.45% over the same period.

 

Portfolio Development

Discounted Assets: The core holdings IP Group and Castle Alternative Invest («Castle AI») contributed a substantial CHF+5.26 million (CHF +3.70 million and CHF +1.56 million, respectively) to the half-year financial result. The development of the latest portfolio trouvaille IP Group, accumulated at considerable discounts, was particularly pleasing (+14.8%). By the end of June, not only had the discount to NAV decreased to around 10%, but the IP Group’s portfolio also gained in value. IP Group is well-managed, and the portfolio continues to mature which leads to a higher net cash position on the balance sheet. The outlook for IP Group for the second half of 2021 is extremely promising.

 

The Castle AI share price rose 7.69% in the first six months of 2021. At the ordinary shareholders’ meeting held in May, the dissolution and liquidation of the company was approved with 99.9% of votes. It is expected that the liquidation at NAV will be carried out later this year. The discount to NAV was around 6% at the end of June 2021.

 

Crypto Exposure: Investments in digital assets developed positively and contributed CHF +5.14 million to the half-year financial result, and all active managers deliver above-benchmark results. The highlight of this reporting period was the Zurich-based Swissrex Crypto Fund, which returned +244% in the reporting period. It seems particularly worth mentioning here that the SwissRex Fund managed the highly volatile months of May and June remarkably well (thanks to the active downside protections), while the broader cryptocurrency market recorded significant losses.

 

East Asia Exposure (China and Japan): The East Asia portfolio added CHF 3.91 million to the semi-annual result. Alpine Select remains committed to finding like-minded managers for an actively managed exposure in East Asia and it is therefore particularly pleasing that all the fund managers in the overall portfolio contributed positively to the half-year result.

 

Investment Activity

Alpine Select significantly expanded its core position IP Group in the first half year and also improved its crypto exposure.

 

The uses of blockchain technology are immeasurably divers; a more diversified investment activity in this area has therefore almost been imposed. Until the end of last year Alpine Select was mainly involved in Bitcoin (BTC) and Ethereum (ETH). In the current reporting period, funds with a systematic trading approach were redeemed and assets were reallocated to the Switzerland-based Layer 1 Digital AG and a new investment was made in the 162 Digital Capital Fund.

 

Annual Shareholders' Meeting / Corporate Actions

At the annual shareholders’ meeting held on 17 May 2021, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 21 May 2021.

 

In total, Alpine Select has paid its shareholders a cumulative CHF 13.62 per share over the past 10 years. The Company sees no need to change its distribution policy.

 

Outlook

With a view to its current portfolio composition along the dominant investment pillars, Alpine Select is extremely positive about the future.

 

On the one hand, Alpine Select is constantly on the outlook for well-managed yet discounted assets where the discount doesn’t seem justified. A prime example is the debt-free portfolio of IP Group, which was purchased in summer 2020 at a discount of around 35% to NAV. The further development of the company’s assets appears positive and significant impulses can be expected in the second half of 2021. A well-executed IPO of Oxford Nanopore Technologies should not only close the discount to current IP Group’s NAV, but also increase IP Group’s NAV.

 

On the other hand, Alpine Select is constantly striving to find like-minded, value-oriented, and active fund managers for strategic allocations in assets or regions in which it has conviction. The Company is confident that within its current exposure topics East Asia (Greater China and Japan), Technology and Crypto Assets it has found trustworthy investment managers who have achieved very solid results in the first six months of 2021.

 

 

Alpine Select will publish the semi-annual report as of 30 June 2021 on 6 September 2021.

 

 

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.

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 diversified alternative investment portfolio. 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.


10.08.2021 Alpine Select Ltd.: Preliminary information on the semi-annual results as per 30 June 2021


Ad hoc announcement pursuant to art. 53 LR

 

Alpine Select Ltd. («Alpine Select») hereby informs its investors and other interested parties that it expects a consolidated profit of approximately CHF 11.5 million in its financial reporting as per 30 June 2021. In the comparative period (as per 30 June 2020) a loss of CHF 9.7 million was reported.

Alpine Select will publish the definitive half-year results on 31 August 2021, and the semi-annual report as of 30 June 2021 on 6 September 2021.

 

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.

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 diversified alternative investment portfolio. 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.