ALPINE SELECT AG ALPINE Month
SELECT
Marketcommentary
Economic conditions are oetter thanmost experts anticipatedafter a
period ofaggressivemonetary tightening.The macrodatapoints are
suggesting infaionisindeedfalling,realgrowth isrunningabovetrend
and thelabour market has startedto normalize without a material rise
Inunemployment.
The EUinfaiondatawascoming inlower-than-expectedandUS GDP
data wasstrong.The markets arealreadyprcinginfirstcuts bythe
Fed meetinginMarch 2024."Galdilocks mightmeet theSantaRally".
The marketsentiment wasstronginNovember. Bonds rallied onfallingyields and equities posted strong returns:S&P 500+8,.9%, Nasdaq
+10.7%and the SMI gained4.5%.
However, strongrealgrowthandcoolinginfationhave been enabled
inpartby amuch-larger-than-expectedfiscaldefict,whichISunlikely
topersist in2024.
Another interestingfact caughtoureyes;Oilhas corrected USD15
fromtherecenttopgiven thetensegeopclitical situation.
Portfolio comments
Our coreposition IPGrouphad a solid recoveryinNovember +15% TheCSInterswiss fund, whichis stilltradingat a discountof -18%to
NAV advanced +8.8% giventheimprovedmacro trends.
The broacer DigitalAssetindustryposteda stellar monthagain.Our
largestsingle digitalcurrency exposure iswithSolana (SOL)which ished asacore portfolioinvestment intheRockawayBlockchain Fund.
Thsisnotable,asSolana wasup+65% inNovember given positive newsonapplicationleveland agrowing ecosystemofpartnersusing
theSolana Blockchain (e.g. Coinbase).Other leadingBlockchains like
BIC+9.5%and ETH +13.1%also trended up.
Thsmove snotable because ChangpengZhao, thebossofBinance,
resigned afterpleading guiltytocriminalmoney-launder ng charges. Hebecomes the thirdfounder of a majorcentralized cryptoexchange(af-
terBitmex and FTX) tobeconvicted ofcr mes payinga$50million fine
personal yaspartof a $4.3Btotal settlement! This marksthe latestblow tothe centralizedcryptoworld sincethe implosionof FTX.
- ember
:
In CHF | 31-Oct-23 | MTD | YTD |
Share priceALPN | 7.20 | -1.37% | -9.12% |
Latest NAV (net,est.) | 7.42 | +2.30% | -3.13% |
HFRXGlobal HF Index | 1,131.24 | +0.81% | -1.90% |
Netannualized return(30 Sept 2003 to80 November 2023)
Share priceALPN | 4.90% |
Monthly NAV(net, est.) | 4.82% |
Allocations in% ofTotal Assets
Region JapanNetCash
1.38% -0.6%
USA
Europe
Global
Asset Class NetCash
0.6%
Equity -
Long/Short
Real Estate
Equity -
Long Only
Credit | Blockchain / |
Opportunities | |
gtalAssets |
Investment Manager
Alpine Select
TopPositionsof the Portfolio (in% of TotalAssets)
CheyneTotal Return CreditFund | CreditOpportunities | 16.7% |
IPGroup PLC | Equity-Long Only | 14.9% |
Cheyne NewEurope FundInc. | Real Estate | 13.6% |
Nishkama CapitalOffshore | External Manager | |
Equity-Long/Short | 1.9% | |
Idersia Ltd. | CreditOpportunities | 4.9% |
About AlpineSelect
AlpineSelectLtd is an investmentcompanydomiciledinZugand has beenlisted on the SIXSwissExchangesince1998.TheCompanyoffers shareholders thekeybenefit of investingintoa globaldiversified andCHFhedgedalternative investmentportfolio.
Theportfolioexposureis actively beingrisk adjustedto current market sentiment and outlook. The investmentstyleisvalue-oriented,and the investmentsare selected basedon theCompany'stargetreturn of 6-8%p.a. aboveCHFrisk free rate.
AlpineSelectmaintains anactive and constructive dialoguewithmanagementand board ofdirectors of itsportfolio
companies inthe bestinterest of ourshareholders.Alpine Selectdoesnotcharge any management orperformance fees.
Price-HistoryinCHFfor the Period
30 September2003 to30 November 2023
(Shareprice:net annualized retum 4.90% NAV:Net annualized retum 4.82%)
10 | NAV | Share priceSIX | ||||||||
8 | ||||||||||
6 | ||||||||||
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 | 0.9 | -0.5 | 2.3 | 3.8 | 2.3 | 3.1 | |
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 | 24 | 0.6 | 2.6 | 0.9 | 1.4 | -0.2 | 17 | 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 | 27 | 0.5 | 9.5 |
Alpine Facts
Incorporation date | 18.09.1997 | ISIN | CH0019199550 | Management fees | None |
Lsting | SIXSwissExchange | Outstanding shares | 8,709,900 | Performance Tees | None |
StockExchange Symbol | ALPN | Custodian | Bank Julius Baer | Advisory fees | TCHF108/annual ly |
Contact
Alpine SelectLtd.
Gotthardstrasse 31, 6800Zug/Switzerland
T+41 (0)417204411
investorrelations@alpine-select.ch
www.alpine-select.ch
Disclaimer
None of the information inthis report does, by itself,constitute an offering or an offering circular according to Article 652aof the Swiss Codeof Obligations and issubject to changewithout notice. Thedata is
intended for information purposes only and isprovided without any warranty of any kind, either express or implied. Before making an investment, you must obtain and carefully read allinformation needed to evaluate the nvestment, including, but not limitedto the documents providing mportant disclosures regarding risks, fees, and expenses.
While someinformation used on this report may have been obtained from published and unpublished sourcesconsidered to be reliable, Alpine Select AGneither guarantees itsaccuracyor completeness nor
acceptsliabilityfor any direct or consequentia lossesarising from itsuse. Shares inAlpine Selectare not bank deposts, and are subject to investment risks, including the loss of the prIncipal amount invested.
This investment isnot guaranteed by Alpine Select AG. Pastperformance isnot indicative of future results.
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Alpine Select AG published this content on 04 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2023 21:57:14 UTC.
