Alpine Select has published the monthly update March 2024.
Klick here to download the monthly report.

Alpine Select hat den Monatsbericht März 2024 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.

Market commentary

In March, despite unexpected rises in US inflation and capital market interest rates, investors stayed calm, leading to advancements in risk assets.  

Based on Fed Chairman Jerome Powell's repeated indications of interest rate cuts, a rally grounded in the principle of 'Never fight the Fed' displays potential for ongoing momentum. Particularly noteworthy given that 2024 marks a US presidential election year.

In a rare move, The SNB's unexpectedly lowered its key interest rate by -0.25% to 1.50% which resulted in a weakening of the Swiss franc.

Equity markets were up globally: S&P 500 +3.1%; Nasdaq + 1.8%. and the SMI added +2.6%.

Portfolio comments 

Knowledgeable readers know we hold convertible bonds of Idorsia. After February held good news already; as the company announced a significant global research and development collaboration with Viatris which includes an upfront payment of $350 million, March got better.

On 20 March 2024, Idorsia reported that the US Food and Drug Administration (FDA) approved the company’s once-daily TRYVIO (‘aprocitentan’) for the treatment of hypertension 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. We believe the company will leverage its own assets to raise more cash and ensure its ongoing operations.

Digital assets had another strong month: Bitcoin +17% setting new alltime highs above $70k, and Solana rose a significant +54%. We expect our VC funds to participate proportionately and are highlighting that the valuations are by nature lagging for these VC investments.

Portfolio activities

We opened a new position in Basilea Pharmaceutica as we expect the US New Drug Application (NDA) decision on Zevtera to be positive and the US launch of Zevtera to be the next company’s catalyst.

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.