Alpine Select has published the monthly update May 2026.
Klick here to download the monthly report.

Alpine Select hat den Monatsbericht Mai 2026 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.

Market commentary

In May, markets proved surprisingly resilient despite ongoing challenges. AI enthusiasm fuelled strong gains in semiconductor stocks, lifting technology-focused markets.

One key fact to highlight is that, despite this strong performance, the market action does not look like classic late-cycle multiple expansion. At first glance, this may seem counterintuitive, but the underlying numbers tell an important story.

The S&P 500 is up roughly 10% YTD, yet its forward P/E ratio has declined from about 22.3x at the start of the year to around 21x today.

At the same time, forward EPS estimates have risen significantly, from approximately $235 to $350, driven largely by substantial upward revisions in mega-cap technology. In other words, the rally has been driven primarily by earnings growth rather than valuation expansion.

Taken together, this suggests that while sentiment is strong in parts of the market, we do not currently see the hallmarks of an imminent broad-based bubble.

Equity markets in May were broadly higher: the S&P 500 +5%, the NASDAQ +8%, and the SMI +3%.

Portfolio commentary

Green candles across the board—also within the Alpine Portfolio.

Our long-only equity positions performed strongly in line with the broader risk-on sentiment. IP Group gained +12%, while Idorsia rose +21% over the month. Notably, Rubric Capital has now built an 8.8% stake in Idorsia Pharmaceuticals; a meaningful signal of confidence from a deep value US investor.

A highlight of the month was our satellite equity position in amsOSRAM +62%. The stock gained AI / photonics excitement and investors became increasingly enthusiastic about amsOSRAM's role in optical connectivity for AI data centres.

Since we’re doing well, we opened a new non-core position in IBM. We believe it’s an elegant way to add Tech/AI/Quantum exposure via a yet over-looked and still under-owned name.

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.