Alpine Select has published the monthly update February 2026.
Klick here to download the monthly report.

Alpine Select hat den Monatsbericht Februar 2026 publiziert (in Englisch).
Klicken Sie hier um den Bericht einzusehen.

Market commentary

Artificial intelligence (AI) disruption is currently one of the biggest concerns among investors. Beginning of the month a sell-off in software names has picked up speed flowing the release of Anthropic’s Opus 4.6 (open-source plug ins).

Many worry that AI could threaten established software companies and, more broadly, business models that rely heavily on knowledge-based work. These concerns also extend to private assets with exposure to such sectors.

Airlines declined as crude prices rose sharply after the US carried out airstrikes against Iran. What had previously been viewed as a risk of escalation has now materialised into direct military confrontation, heightening concerns about regional stability and potential disruptions to energy supply. Markets are now focused on the scope of retaliation and the risk of a broader conflict.

US equity markets were down: S&P 500 -1% and NASDAQ -2.5% whereas the defensive SMI was up 6% for the month.

Portfolio commentary

On February 3^rd Pfizer announced their ultra-long-acting injectable GLP-1 shows robust and continued weight loss with monthly dosing. This is particularly encouraging, because the IP behind Pfizer’s (Metsera’s) obesity pipeline sits inside IP Group. The company is entitled to potential milestone payments, annual fees, patent reimbursement, tiered low single-digit royalties across MET-097i and four more assets.

On February 26^th, Idorsia published strong 2025 results delivering on its upgraded full year guidance, with strong QUVIVIQ sales growth, disciplined investment, and a significantly improved bottom line.

While a transaction for TRYVIO (aprocitentan) has not yet been
announced, our conviction in the economic potential of aprocitentan remains unchanged, alongside our belief in the value of the other Idorsia SPV clinical assets, selatogrel and cenerimod, both partnered with Viatris.

We are of the firm belief that a first partnership deal for TRYVIO will break a deadlock and restores confidence in the Idorsia-path forward.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website www.alpine-select.ch.

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.