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

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

Market commentary

In July, both Japan and the EU signed trade agreements with the U.S. setting a 15% tariff on goods they export to the U.S. — much lower than the originally threatened rates (25% for Japan and 30% for the EU). Meanwhile, Switzerland faces a much higher tariff of 39%.

At first glance, these agreements seem like good deals for the U.S. government because they generate revenue from imports. However, in the long run, the tariffs are likely to lead to higher prices for American consumers and could slow economic growth in both the U.S. and its trading partners. Noteworthy are also the higher electricity costs, driven by energy demand for AI data centre projects.

It has been another solid month for US risk assets: S&P 500 +2%, Nasdaq +3.7% whereas the SMI moved sideways -0.7%.

Portfolio commentary

Our idiosyncratic core positions in Idorsia and IP Group are moving up.

Idorsia’s positive H1-25 results confirmed our optimistic stance on the company’s operations after restructuring. Idorsia delivered strong sales acceleration of QUVIVIQ for the first 6 months of the year and gave an optimistic outlook with clear catalyst events waiting to unlock further value, if confirmed positive.

Additionally, the company’s cash runway is extended to the end of 2026 and Idorsia is on track to reach commercial profitability (Quviviq franchise) in 2026 and break even late in 2027. Our main holding is in Idorsia CB28, + 11% in July. The stock was up +62%.

IP Group advanced +7.5% on further positive news out of their portfolio as the NAV grew. Their largest position is the listed UK MedTech company Oxford Nanopore, which posted an encouraging trading statement and an unexpected revenue beat (+49% MTD July).

Additionally, IP Group’s portfolio company Istesso reported ground-breaking data demonstrating tissue repair with its medicine.

Further presentations were shared with significant NAV upside potential on portfolio companies Intrinsic and Hysata. The spotlight videos are recommended source of knowledge to assess the optionality within IP Group, which stubbornly trades at 50% discount to its 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 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.