Alpinum Investment Management AG

• Quarterly Investment Letter – Q3 2026 ↗ Global macro conditions are framed as an inflationary boom, with resilient nominal activity, persistent energy-driven inflation risk and stagflation as the principal downside. Alpinum favours capital preservation, active rotation, short-duration high yield and senior secured loans, selective equities and liquid alternatives over broad market exposure. Q3 2026 —

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