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Im Interview mit der FuW erklärt Reto Ineichen, CIO von Alpinum IM, weshalb “Liquid Alternatives” ein Comeback feiern und wieso insbesondere Long-Short-Strategien in Asien attraktive Opportunitäten bieten. Lesen Sie das Interview in Deutsch hier: Interview FuW
Liquid Alternatives im Aufwind | FINANZundWIRTSCHAFT Read More »
Geopolitics dominated the quarter, as Venezuela, Greenland-related tariff tensions, and the Iran conflict disrupted trade routes, triggered an oil shock, and revived stagflation concerns globally. The US economy remained broadly resilient, though growth slowed, labour markets softened at the margin, inflation stayed above target, and the policy mix became increasingly politicised. Europe improved modestly from
Q2 2026-Quarterly Investment Letter Read More »
While the conflict’s evolution remains unpredictable, the outlook for specific segments remains resilient despite elevated tail risks, particularly in sectors supported by fundamental drivers. With oil and gas at $90/bbl and €50/MWh, Eurozone inflation is projected to reach 2.5%, a level unlikely to necessitate further ECB tightening. Strong household savings and government support should mitigate
Geopolitical Tail Risks and Bank Capital Opportunities Read More »
The European high yield market concluded 2025 with a notional default rate of 3.2%, representing a slight reduction compared to the previous year. A significant trend within the data is the robust recovery rate, which reached 62% in 2025, well above the long-term median of 41%. This high recovery level effectively limited the actual loss
European HY: Default and Recovery Rates Summary Read More »
The European High Yield market experienced an exceptional surge in activity throughout 2025, marking one of its most robust issuance periods of the decade. Annual volumes surged to an equivalent of EUR 132.1 billion, representing an 8.8% increase year on year. This activity comprised 263 tranches from 190 different issuers, a total surpassed only by
European HY Resilient Issuance Amidst Sponsor Stagnation Read More »
A higher-nominal world has emerged, driven by persistent fiscal deficits, rising protectionism and competitive currency devaluations that structurally elevate inflation and interest rates. In the fourth quarter, global activity remained resilient, holding up despite renewed tariff pressures and persistent geopolitical tensions. The US economy saw moderating growth, easing inflation pressures, and rising policy and trade
Q1 2026 – Quarterly Investment Letter Read More »
Discover how hedge funds navigated the year. The Alpinum Hedge Fund Insight provides a concise review of the key hedge fund highlights of 2025. The Focus Topic explores two areas in depth: opportunities within merger arbitrage strategies and the compelling prospects emerging in Asia – both of which, in our view, currently offer significant potential.
Hedge Funds Review & Outlook 12/2025 Read More »
High Yield gross supply in 2025 reached EUR 110 billion, the second highest level on record and broadly in line with the market forecasts, representing an 8% increase from 2024. Corporate issuance rose 20% year on year to EUR 90 billion, driven mainly by the consumer and communications sectors. In contrast, banking issuance declined sharply,
Record Supply Momentum in High Yield Read More »
As anticipated, the Fed implemented a 25bps rate cut, setting the new target range at 3.75–4%. The FOMC revealed that quantitative tightening will end on December 1st. Once the run-off concludes, agency debt and MBS will be reinvested in Treasury Bills, while Treasury maturities from October and November will be reinvested across the curve. Pockets
Repo Rates Surge as Liquidity Tightens Read More »
The European High Yield bond market shows significant cyclical evolution. Issuances reached their historical peak in 2021 with €149.9 billion, driven by exceptional post-COVID liquidity conditions. However, the market experienced a dramatic contraction in 2022 (€31.8 billion), followed by gradual recovery in 2024 (€120.2 billion). Meanwhile, a notable transformation in maturity structure is observed: concentration
European High Yield Quality Evolution Read More »
