03.11.2026 Alpine Select Ltd.: Monthly Update October 2026
Alpine Select has published the monthly update October 2026.
Klick here to download the monthly report.
Alpine Select hat den Monatsbericht Oktober 2026 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.
Market commentary
October saw a brutal rotation from tech into value. For most of the month, tech-heavy equity markets were supported by rising earnings expectations, until Big Tech’s results caught investors off guard.
The question now is whether the circular, merry-go-round deals that have long been a tailwind for tech will turn into a headwind, pushing the rotation further into defensive sectors.
US equities fell in October: The S&P 500 lost 1% and the NASDAQ 6%. The SMI, by contrast, benefited from its defensive profile, rising 7% to an all-time high. A 13-percentage-point gap between the NASDAQ and the SMI is something many investors have never seen.
The EUR fell 3% vs. the CHF in October, as political instability in Spain, France and possibly Germany added to fiscal concerns. A recovery will require a credible path back to fiscal discipline. We remain hedged.
Binance reported a security breach affecting around USD 6.3bn in digital assets and has pledged to cover all losses from its own reserves. Based on the updates we have received from our funds so far, we expect little to no impact.
Portfolio commentary
Another solid month for IP Group as its core holding Oxford Nanopore is contributing positively to IPO’s NAV. We estimate NAV at around £1.21 by month end. Since the shares still trade at a 40% discount, we continue to encourage management to adopt a more shareholder-friendly strategy.
Idorsia reported a solid Q3-26 late October. QUVIVIQ sales reached CHF 51m, taking nine-month sales to CHF 142m (+54% YoY), and management reiterated its CHF 200m FY26 guidance. Daridorexant could become first-in-class in pediatrics, and early results in autism spectrum disorder show clear, unprecedented benefits.
Another substantial development for Idorsia is a proposed CHF 120m funding package for a specialist-led launch of TRYVIO / JERAYGO (aprocitentan). Idorsia SPV noteholders would provide CHF 72m and Idorsia to self-fund CHF 48m over two years, with Idorsia receiving 30% of global aprocitentan net revenue. We’re delighted to support this unlock, which brings a potential multi-billion asset to patients.
For further information, please contact Claudia Habermacher (
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.