Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Alpinum Investment Management maintains a constructive but cautious outlook as global markets navigate a higher nominal environment driven by persistent fiscal deficits, protectionism, and currency realignment. Despite trade frictions and policy uncertainty, global activity remained resilient in Q4 2025, with the US showing moderate growth and easing inflation, Europe improving modestly, and China tracking 5% growth amid property stress. The firm emphasizes capital preservation while using volatility and dispersion as fertile ground for alpha generation. Credit investments remain preferred, particularly loans and short-term high-yield bonds offering 7-9% yields, while maintaining a constructive stance on equities despite elevated valuations. Key risks include potential inflation re-acceleration and policy uncertainty, while catalysts include continued Fed easing and potential geopolitical de-escalation. The investment approach favors disciplined security selection and agile portfolio management, with tactical positioning emphasizing balance between value and cyclicals amid a resilient but late-cycle growth environment.
Global markets continue to muddle through with resilient growth despite trade frictions and policy uncertainty, while a structurally higher-nominal environment driven by fiscal deficits and protectionism creates opportunities for active management through rising volatility and dispersion.
Looking into 2026, concerns are greater from potential inflation re-acceleration to a tiring consumer, yet the key question is whether earnings can ultimately justify elevated equity valuations. The positive bias on risky assets persists despite increased volatility and potential conflicts, with disciplined security selection and agile portfolio management becoming essential in a structurally higher-nominal environment.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 19 2025 | 2025 Q4 | - | earnings, Mean reversion, mispricing, valuation, value | - | The letter reiterates a global value strategy focused on mispriced securities driven by behavioral inefficiencies and cyclical pessimism. Markets are described as narrowly led, creating opportunities in overlooked sectors and geographies with strong balance sheets. Value is positioned for mean reversion as fundamentals and earnings power reassert themselves. |
| Oct 2 2025 | 2025 Q3 | - | Alternatives, commodities, credit, gold, Trade | - | The letter highlights a volatile macro environment shaped by renewed trade tensions, geopolitical risks, and slowing but resilient global growth. While tariffs and policy uncertainty weigh on sentiment, stable labor markets, easing inflation trends, and selective fiscal support underpin a positive bias toward risk assets beyond near-term volatility. Active management, short-duration credit, and selective equity exposure are emphasized as dispersion across regions and asset classes increases. |
| Jun 29 2025 | 2025 Q2 | - | asset allocation, credit, Macro, tariffs, volatility | - | The commentary provides a macro-driven view shaped by trade tensions, tariffs, and divergent central bank policies. The manager emphasizes active asset allocation, selective credit exposure, and balanced equity positioning in a low-growth but volatile environment. Risk dispersion across regions and asset classes is a core theme. |
| Apr 1 2025 | 2025 Q1 | - | - | - | |
| Jan 2 2025 | 2024 Q4 | - | - | - | |
| Sep 26 2024 | 2024 Q3 | - | - | - | |
| Jul 1 2024 | 2024 Q2 | - | - | - | |
| Apr 15 2024 | 2024 Q1 | - | - | - | |
| Dec 28 2023 | 2023 Q4 | - | - | - | |
| Sep 10 2023 | 2023 Q3 | - | - | - | |
| Mar 30 2023 | 2023 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
Alternatives |
|
CommoditiesBull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent. |
Cycles Capital Valuation Equities | |
CreditFund focuses on elevated carry in high yield credit markets with spreads remaining range bound below 300 basis points. Manager believes high yield credit is fundamentally strong but valuations are tight, particularly in higher quality BBs. Strategy emphasizes sourcing positions with higher income levels given limited price appreciation opportunities. |
High Yield Credit Spreads Carry Investment Grade | |
Trade |
||
| 2025 Q2 |
Macro |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||