Alpine Select : Semi-Annual Report 2023

SEMI-ANNUAL

REPORT

2023

Investors' Information

Board of Directors
Raymond J. Baer	Chairman
Thomas Amstutz	Member
Dieter Dubs	Member
Michel Vukotic	Member
Management
Claudia Habermacher	Chief Executive Officer
Lukas Hoppe	Chief Operating Officer
Michel Vukotic	Chief Investment Officer
Auditors
BDO AG
Schiffbaustrasse 2
8031 Zurich / Switzerland
Alpine Select Facts
Incorporation date	17 September 1997
Listing	SIX Swiss Exchange
Stock Exchange Symbol	ALPN
Swiss Security Number	1.919.955
ISIN Code	CH0019199550
Reuters	ALPN.S
Bloomberg	ALPN SW EQUITY
Type of Share	Registered share
Total Shares Issued	9,257,970 (as of 7 July 2023: 8,709,900)
Custodian	Bank Julius Baer
Management Fees	None
Performance Fees	None
Distributions	Out of retained earnings
Corporate Calendar	https://www.alpine-select.ch/en/investors#calendar

Contact

Alpine Select Ltd.

Gotthardstrasse 31

6300 Zug / Switzerland T [phone] [e-mail]://www.alpine-select.ch/

Contents

Key Figures	4
Chairman's Statement and Review of	6
Operations
Consolidated Interim Financial Statements	9
Selected Notes to the Consolidated Interim	15
Financial Statements

Key Figures

							Allocation by Asset Class
	Performance Table 1)								in % of Total Assets 2)
	Share Price	NAV	Premium /					Equity -
		(CHF)	(CHF)	discount to NAV		Cash 3)			Long/Short
	30 June 2023	11.00	10.79	1.95%				13.4%
			21.4%
	31 Dec 2022	11.09	10.79	2.80%
						Equity -
	High YTD 2023	11.28	11.77
		Real Estate	9.4%		20.0% Long Only
	Low YTD 2023	10.54	10.77
		(Legacy)
									4.2%
								31.6%	Blockchain/
						Credit				Digital Assets
						Opportunities
									Allocation by Region
Selected Balance Sheet Items 4)						in % of Total Assets 2)
	in TCHF		30-Jun-23	31-Dec-22	30-Jun-22
	Current assets		17 872	18 260	6 925	Cash 3)
			21.4%
	Non-current assets		82 422	96 269	124 807	Japan	3.3%		30.1%	Europe
	Current liabilities		619	5 195	16 549
	Non-current liabilities		330	392	794	USA	16.9%
	Equity attributable to the shareholders
	of Alpine Select		93 958	103 596	108 184				28.3%
	Non-controlling interests		5 387	5 346	6 205				Global

Top Positions of the Portfolio as per 30 June 2023		Investment Manager
in % of Total Assets 2)			in % of Total Assets 2)
Fund name	Asset Class	Allocation
Cash	3)		21.4%	Alpine
		Select
IP Group PLC	Equity - Long Only	11.3%
Cheyne Total Return Credit Fund	Credit Opportunities	11.0%	42.9%	External
Cheyne New Europe Fund Inc.	Real Estate (Legacy)	9.4%
	Manager
Nishkama Capital Offshore Fund Ltd.	Equity - Long/Short	5.8%	57.1%
Aleutian Fund	Credit Opportunities	4.7%
Idorsia Ltd.	Credit Opportunities	4.6%
Orchard Liquid Credit Fund	Credit Opportunities	3.4%

1. All figures are adjusted for the dividend payment in May 2023.
2. Financial assets, derivatives, and net cash.
3. Derivatives and Net Cash includes cash-alike investments.
4. Information herein is presented in addition to the consolidated interim financial statements.

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Key Figures

Net Annualized Return (30 September 2003 to 30 June 2023)

Share Price	5.46%
Monthly NAV 1) (net, est.)	5.11%

6 Months Price-History in CHF for the Period January to June 2023 Daily closing share price and weekly NAV

12.0			Share Price	Weekly NAV
11.5
11.0
10.5
10.0
Dec-22	Jan-23	Feb-23	Mar-23	Apr-23	May-23	Jun-23

Monthly NAV Performance in % 1)

	Jan	Feb	Mar	April	May	June	July	Aug	Sept	Oct	Nov	Dec	Annual
2023	1.55	2.53	-2.83	0.28	-0.34	-0.75							0.30
2022	-1.37	-3.22	0.39	-0.07	-1.55	-5.32	1.49	-3.53	-3.26	-2.04	1.15	-1.95	-18.17
2021	0.35	3.03	4.25	1.67	1.35	0.02	-0.61	1.25	4.90	-1.95	1.05	2.92	19.56
2020	-0.05	-1.63	-3.37	-4.58	2.40	0.63	2.58	0.88	1.40	-0.18	1.68	3.50	3.07
2019	0.46	1.05	1.83	0.91	0.53	-0.93	1.69	-1.30	0.40	0.05	2.72	0.46	9.50
2018	2.37	0.25	-0.17	-0.10	0.35	-1.48	0.90	-0.17	-0.05	-1.90	-4.72	-2.99	-9.90

Monthly Share Price Performance in %

	Jan	Feb	Mar	April	May	June	July	Aug	Sept	Oct	Nov	Dec	Annual
2023	-1.65	1.68	-0.83	0.00	0.00	0.00							-0.83
2022	0.65	-6.45	3.45	0.00	-3.08	-3.70	-1.50	-0.78	-5.51	0.00	0.83	0.00	-15.38
2021	0.73	2.90	3.52	3.40	0.66	-0.70	1.40	1.39	2.05	1.34	2.65	-0.65	20.27
2020	0.00	-1.40	-7.80	2.31	0.06	1.63	0.80	0.79	1.60	0.78	2.31	3.00	3.66
2019	0.00	0.72	0.71	1.42	-1.43	0.00	1.24	0.72	0.00	0.70	1.43	0.70	6.38
2018	1.84	0.00	-0.60	0.00	0.53	-1.28	0.60	-0.65	0.00	-4.55	-1.36	-3.10	-8.33

1. The monthly NAV performance as disclosed is based on the estimated monthly NAV as published by the Company. Published NAVs are not adjusted except for the effect of dividend distributions and the issuance of tradeable put options of Alpine Select Ltd. Estimated and effective monthly NAVs may differ.

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