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4.08.2021 Alpine Select Ltd.: Monthly Update July 2021


Alpine Select has published the monthly update July 2021.
Klick here to download the monthly report.


Alpine Select hat den Monatsbericht July 2021 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.

Market commentary

Global indices posted a negative first half of the month amid growing fears about the rapid spread of COVID delta variant and its potential economic harm. The second half saw numerous solid corporate earnings results in the US but also harsh policy reactions in China, which let the broader market sink: CSI 300 -7.9%; MSCI China -14%.


Grace Lu, a trusted leader at GH China Fund puts it nicely: “With inclusive growth at the core of the Chinese ruling principle, the government increasingly prioritizes the domestic economy and self-reliance (on energy, food, and technology) in the new geopolitical and globalization environment. If an investor understands these policy priorities, it will not be difficult to tell which stocks to embrace or avoid in the future.”


Portfolio commentary

Given the heightened volatility in Greater China, we would like to comment our 13.3% regional Chinese exposure, which we have built in recent years to actively participate in an early-stage bipolar world (with the US and China being the two heavyweights). True to our investment style, we offer our shareholders access to the Chinese market with allocations to locally rooted, value oriented, like-minded managers who are themselves advocating an active asset management style. Our current Chinese exposure is covered by four local funds.


'GH China Century Fund’, ‘FengHe Asia Fund’, and ‘Strategic Vision Fund’ are all Equity Long/Short strategies that use a bottom-up driven stock picking approach based on their own research. The L/S Chinese Equities strategies posted results between -0.4% and +4.6%, which is a remarkable outperformance vs. the broad index.


Our fourth position is with 'Northwest Feilong Fund', an experienced investment management team dedicated to capture inefficiencies in the Chinese Convertible Bond market. This strategy provides the portfolio with smart, liquid, and alternative access to the Chinese mainland A-share market. The fund impressed as well and was up 3.7% in July.


These excellent results underscore our believe in an active investment management style and provides confidence in the selected managers. We congratulate the fund managers, and thank Lotus Peak Capital, our local advisor for the commitments in the Asian markets!


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 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.