Investment Companies Daily Alternative Outlook & Strategy, SSIT ICEYE uplift, BPCR new investment, LTIT/FCSS final results, MTE/BRLA tenders

Research evidence excerpt

Investment Companies Daily Alternative Outlook & Strategy, SSIT ICEYE uplift, BPCR new investment, LTIT/FCSS final results, MTE/BRLA tenders

ng in expected USD-denominated returns

for this investment that are broadly in line with those of other investments in the portfolio.

BPCR says that Idorsia is a Switzerland-based biopharmaceutical company specialised

in the discovery, development, and commercialization of innovative small molecules

with a market capitalisation of CHF 1.09bn (Ticker: IDIA - SWX). Idorsia's lead product

is Quviviq (daridorexant), a dual orexin receptor antagonist (DORA) which blocks the

binding of wake-promoting orexin neuropeptides. Rather than inducing sleep through

broad inhibition of brain activity, daridorexant selectively blocks the activation of orexin

receptors. Consequently, daridorexant decreases the wake drive, allowing sleep to occur,

without altering the proportion of sleep stages. In 2025, Idorsia's reported total revenue

was CHF 221m of which CHF 142m were Quviviq product sales. In the first quarter of

2026, Idorsia reported Quviviq product sales of CHF 44m (up 74% from the same period

in 2025).

• J.P. Morgan View: With Swiss interest rates near zero and US 3 month SOFR at 3.65%

pa there should be a significant positive carry on the currency hedge and we assume for

modelling purposes that the CHF denominated loan will have equivalent all in yield of

9% pa, the same as the combination of the 5.75% over SOFR rate with the 3.25% floor

stated for any USD borrowing. We estimate this increases the portfolio run rate dividend

cover over for the basic 7 cents/share target dividend from 0.99x to 1.03x. BPCR has

achieved total dividends including special dividends significantly in excess of its basic