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8.09.2020 Alpine Select Ltd.: Monthly Update August 2020


Alpine Select has published the monthly update August 2020.
Klick here to download the monthly report.


Alpine Select hat den Monatsbericht August 2020 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.

Market commentary

August has seen market sentiment for equities further improving in general. US Indices were posting new record highs and the world witnessed euphoria buying in heavy weighs like Apple Inc. and Tesla due to stock-splits. On the political front the upcoming US presidential election poses risks which we believe are not reflected in the market valuations. The divergent forces within the country and a climate of deeper mistrust might well persist “no matter who wins”. Geopolitical tensions are somewhat subdued. We see potential regional confrontations in Asia where China is claiming further influence (Hong Kong and Taiwan) and in Europe where Turkey-Greece maritime squabble risks further military clash.


Portfolio commentary

The COVID-19 re-triggered bull market in technology assets has boosted valuation to a level beyond obvious rational justification. We conclude once more that the world belongs to the courageous and are delighted to have a smaller allocation with such brave equity long/short managers. Atlas Principals specializing in early identification of paradigm-shifting themes compounded some +57% since April 2020. August was a highlight month for one of our long-term holdings HBM Healthcare Investments which has seen its valuation increased mainly due to two IPOs of large private holdings which were well received by the market.


Portfolio activity

We slightly reduced our overall exposure during the month as valuations are elevated. We remain cautious with our exposure to position the portfolio accordingly with the uncertainties ahead. Global market valuations are heightened, and our experience recalls moments from the past to stay invested selectively with a cautious approach during these times.


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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.