Alpine Select : June 2023

Monthly Report - June 2023

Market commentary

To the surprise of many market participants the rally in tech-based risk assets continues. 2023 was dominated by the megatrend 'Artificial In- telligence'. The power of this phenomenon becomes apparently clear when comparing the leading US indices: NASDAQ (tech heavy) was up +32% YTD; S+P 500 +16% and Dow Jones Industrial +3.5%. As an additional comparison, the Swiss Market Index was up +5%.

After a few previous false starts, the Japanese market - forgotten by investors for many years - finally appears ready for a new beginning. Japan's economy has undergone significant changes, even though the market is still not completely aware of them. Seen as an Asian exposure alternative to China, Japan equities could profit and Nikkei Index gained +27%.

Meanwhile, the heightened valuations of risk assets led to an alignment of yield across asset classes, which is unusual. In June, the yield on cash (in USD), Investment Grade bonds, and US equities were at 5%

• all the same. There should be some considerations why participants are buying risky equities at a 5% earnings yield when there is a risk-free 5% yield in US money market funds.

A strong rebound was seen in leading digital assets Bitcoin (+83%) and Ethereum (+54%).

Portfolio comments

Given the lofty valuations we remain disciplined in holding 20.7% cash.

In July we expect Idorsia's prospective strategic transaction for its Asia Pacific (ex-China) operations to materialize and securing up to CHF 400 million for the company.

Portfolio activities

We engaged in a new Merger Arbitrage Position. Pharma giant Pfizer announced in March that it is to acquire oncology specialist Biotech Seagen for $229 per Seagen share (all cash). In June Seagen shares traded below $200 which we believe marked an attractive entry point to engage. We expect the deal to close before year end and target a +12% arbitrage-gain in CHF on the position (incl. FX hedge costs).

	in CHF	30-June-23		MTD	YTD
	Share price ALPN	11.00		0.00%	-0.83%
	Latest NAV (net, est.)	10.76		-0.75%	0.34%
	HFRX Global HF Index	1,137.51		0.37%	-1.36%

Net annualized return (30 Sept 2003 to 30 June 2023)

Share price ALPN	5.46%
Monthly NAV (net, est.)	5.11%

Allocations in % of Total Assets

Region

Net Cash

China	20.7%
31.2% Europe
1.7%
Japan	3.1%
USA	16.5%
	26.9%
	Global

Asset Class			Equity -
			Long/Short
Net Cash	20.7%	12.6%
Real Estate			20.6% Equity -
10.2%	Long Only
(Legacy)
			4.3%
		31.7%	Blockchain /
Credit	Digital

Opportunities

Investment Manager

Alpine Select

Top Positions of the Portfolio (in % of Total Assets)		43.1%
Cash (net)	Net Cash	20.7%	56.9%
IP Group PLC	Equity - Long Only	11.8%
Cheyne Total Return Credit Fund	Credit Opportunities	10.9%	External Manager
Cheyne New Europe Fund Inc.	Real Estate (Legacy)	10.2%
Nishkama Capital Offshore	Equity - Long/Short	5.5%

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 our shareholders. Alpine Select does not charge any management or performance fees.

Price-History in CHF for the Period

30 September 2003 to 30 June 2023

(Share price: net annualized return 5.46% | NAV: Net annualized return 5.11%)

16	NAV	Share price SIX
14
12
10
8
6
4
2
-
Jan-03	Jan-05	Jan-07	Jan-09	Jan-11	Jan-13	Jan-15	Jan-17	Jan-19	Jan-21	Jan-23

NAV Performance (in %)

	Jan	Feb	Mar	Apr	May	June	July	Aug	Sep	Oct	Nov	Dec	YTD
2023	1.5	2.5	-2.8	0.3	-0.3	-0.7							0.3
2022	-1.4	-3.2	0.4	-0.1	-1.5	-5.3	1.5	-3.5	-3.3	-2.0	1.2	-2.0	-18.2
2021	0.3	3.0	4.2	1.7	1.4	0.0	-0.6	1.2	4.9	-2.0	1.0	2.9	19.6
2020	-0.1	-1.6	-3.4	-4.6	2.4	0.6	2.6	0.9	1.4	-0.2	1.7	3.5	3.1
2019	0.5	1.1	1.8	0.9	0.5	-0.9	1.7	-1.3	0.4	0.1	2.7	0.5	9.5

Alpine Facts

Incorporation date	18.09.1997
Listing	SIX Swiss Exchange
Stock Exchange Symbol	ALPN

Contact

Alpine Select Ltd.

Gotthardstrasse 31, 6300 Zug / Switzerland T [phone] [e-mail]

ISIN	CH0019199550
Outstanding shares	8,709,900
Custodian	Bank Julius Baer

Management fees	None
Performance fees	None
Advisory fees	TCHF 108/annually

Disclaimer

None of the information in this report does, by itself, constitute an offering or an offering circular according to Article 652a of the Swiss Code of Obligations and is subject to change without notice. The data is intended for information purposes only and is provided without any warranty of any kind, either express or implied. Before making an investment, you must obtain and carefully read all information needed to evaluate the investment, including, but not limited to the documents providing important disclosures regarding risks, fees, and expenses.

While some information used on this report may have been obtained from published and unpublished sources considered to be reliable, Alpine Select AG neither guarantees its accuracy or completeness nor accepts liability for any direct or consequential losses arising from its use. Shares in Alpine Select are not bank deposits, and are subject to investment risks, including the loss of the principal amount invested. This investment is not guaranteed by Alpine Select AG. Past performance is not indicative of future results.