4.03.2024 Alpine Select Ltd.: Monthly Update February 2024

Monthly Report - February 2024

Market commentary

In February, risk assets continue to perform. The US economy continues to experience robust economic activity (strong labour market with significant job gains and solid wage increases). While overall inflation shows signs of cooling, core inflation remains persistent well above 2%. Given the resilient US economy, the improved consumer sentiment and ongoing positive momentum we expect the Fed is unlikely to lower interest rates as quickly as expected.

While stocks in the fields of artificial intelligence and medications to address obesity (GLP-1) are experiencing a veritable hype, a large remainder of the market is lagging. Equity markets were up globally: S&P 500 +5.1%; Nasdaq +6.1%. China's CSI 300 rebounded +9.4% and Japan's Nikkei increased by +7.9% The ordinary SMI added +1%.

Portfolio comments

	in CHF		29-Feb-24	MTD	YTD
	Share price ALPN			7.60	0.00%	-3.18%
	Latest NAV (net, est.)			7.64	0.10%	-0.85%
	HFRX Global HF Index		1,149.61	+0.62%	+0.65%

Net annualized return (30 Sept 2003 to 29 February 2024)

Share price ALPN	5.11%
Monthly NAV (net, est.)	4.91%

Allocations in % of Total Assets

Region		Japan
	Net Cash	1.3%
	8.2%
USA	21.4%	38.0%
	Europe

On 28 February Idorsia announced that it has entered into agreements for a significant global research and development collaboration with Vi- atris Inc., a global healthcare company, for the global development and commercialization of their two Phase 3 assets - Selatogrel and Cener- imod. The deal includes an upfront payment of USD 350 million, potential development and milestone payments, and royalties.

Global

31.2%

It is another transformative step from Idorsia toward going concern, as the cash situation still looks dire. The upcoming PDUFA date for Idorsia's blockbuster candidate Aprocitentan is due 19 March 2024. Idorsia retains global rights to this asset and therefore the decision by the US FDA will be decisive.

Digital assets, per definition risk assets, had an incredibly strong month: Bitcoin +41%, Ethereum +52% and Solana +25%. We expect our VC funds to participate proportionately, however valuations are lagging.

Portfolio activities

We added HBM shares as we remain optimistic on the biotech sector.

We bought Temenos Bonds after the adverse impact of the Hinden- burg allegation. We expect the repayment on 5 April 2024 to be se- cured, irrespective of B/S and P&L valuations which were questioned.

Top Positions of the Portfolio (in % of Total Assets)

Cheyne Total Return Credit Fund	Credit Opportunities	16.9%
IP Group PLC	Equity - Long Only	13.9%
Cheyne New Europe Fund Inc.	Real Estate	12.7%
Cash (net)	Net Cash	8.2%
Idorsia Ltd.	Credit Opportunities	6.0%

Asset Class		Equity -
	Net Cash
	Long/Short
	8.2%	12.5%
Real Estate	17.4%		Equity -
		19.8%	Long Only
		7.9%
Credit	34.2%	Blockchain /
	Digital Assets

Opportunities

Investment Manager

Alpine Select

37.7%

62.3%

External Manager

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 29 February 2024

(Share price: net annualized return 5.11% | NAV: Net annualized return 4.91%)

10	NAV	Share price SIX
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
2024	-0.9	0.1											-0.8
2023	1.5	2.5	-2.8	0.3	-0.3	-0.7	0.9	-0.5	-2.3	-3.8	2.3	3.8	-0.6
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.