Spotlight: Alpine Equity

Roughly 45 Swiss and European companies, chosen for the durability of their returns rather than their next quarter: industrial niche leaders, medical-technology suppliers, specialist software houses. Every holding meets the same tests — pricing power, low leverage, and a management team that thinks in decades. If a business cannot be owned for ten years, it does not enter the portfolio.

By conviction and liquidity, not by index weight. No position exceeds 6% of the fund at cost, and the ten largest holdings account for roughly 40% of assets. Weights are reviewed at every monthly meeting of the investment committee.

For three reasons only: the investment thesis is broken, the valuation becomes indefensible, or a better use of capital appears. Turnover of roughly 15% a year implies a six-to-seven-year holding period — selling is the decision we take most rarely, and document most thoroughly.

Yes. The strategy will close to new investors as assets approach CHF 9 billion, so that size never dictates investment decisions. Protecting existing clients comes before growing assets — that is as true for Meridian Capital as it is for the fund.