The Single Malt Fund Trading Company

30 October, 2020

2020 – Q3 Whisky Investment and Market report

Firstly, we hope that our readers and their families continue to remain safe and well during these difficult, Covid-dominated, times.

The Rare Whisky Market

RW101 has just released its Q3 report, which “demonstrates rare-and-collectible Scotch Whisky’s resilience as an investment and it’s negative correlation to traditional markets”. They also commented that “Demand…. appears to be accelerating”.

  • The APEX 1000 (covering 1,000 different bottles/whiskies sold at auction in the UK) has increased by 6.8% YTD Sep 2020.
  • In September, the Apex 1000 increased by 1.6%.
  • Brand / collection-wise, the top 3 gainers in Sep were Balvenie Tun 1401, Yamazaki and TheManager’s Dram.

Q3 saw another world record broken. This time for a bottle of Japanese whisky; in this case, a 55YO Yamazaki which commanded a price of c US$ 795,000, at an auction at Bonhams Hong Kong, on the 21st August. This was one of only 100 bottles, which were released by Suntory in June 2020, and sold to Japanese residents, by way of a lottery, at a price of US$27,500. Not a bad profit for the lucky winner who sold this bottle only two months later!At the end of September, the “world’s largest and most diverse whisky collection” was put up for sale by Whisky Auctioneer, which plans to sell “Pat’s collection” of more than nine thousand bottles over the course of the next eight months. We met “Pat” and saw this collection over a year ago, and it is magnificent. We wish him well with the sale.Q3 2020 has shown that demand for rare and collectible whisky continues to grow at a very steady pace, irrespective of the challenging times we are living in. With pressure on supply still very much a reality, the prospect for further price increases remains strong.

Industry Update

Diageo and Pernod Ricard announced their full year (to end June) results in August. Not surprisingly, both reflected significant divergences between their first and second halves, ie, pre and post Covid. Diageo reported -9% in net sales and -47% in operating profit. OP was affected by one off operating items, but organic operating profit was still -14%. Pernod Richard saw similar declines of -8% in net sales and -12% in operating profit. Amidst these challenging results there were some highlights that are worth a mention:- Irish (-1% PR), American (+3% Diageo) and Canadian (+8% Diageo) whiskies are bearing up well.

  • Jameson made it into the top 10 of Impact magazine’s top 100 premium spirits brands list, for the first time.
  • Premium Brands are getting stronger: Redbreast + 14%, Middleton +15%, Glenlivet +2%.
  • The US market is the most resilient for both Groups.

TSMF Activities in Q3 2020

Trading remained suspended in Q3 due to the Covid lockdown and consequent logistics closures. We are now vamping up activities as we move into Q4, following the successful closure of the latest tranche of fund-raising on October 1 . We look forward to bringing you some exciting news in our next quarterly report.

Slainte!
Ed Forrest
MD, The Single Malt Fund

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16 November, 2020

Midleton Dair Ghaelach Bluebell Forest Tree 6

Composed of Single Pot Still whiskey between 12-23 years old and matured initially in American oak barrels. This gorgeous whiskey is finished in native virgin Irish oak casks. These casks have been sourced from Bluebell Forest, Castle Blunden Estate in County Kilkenny. Every bottle can be traced back to one of six different 130 year old Irish oak trees that were sustainably felled.

16 November, 2020

Midleton Very Rare 2018

The 2018 edition of the Midleton Very Rare vintages is a luscious whiskey and it comes in the new and suitably lavish packaging and bottle. Smooth, with notes of vanilla and fruit, it has a rich spicy pot still finish. Yet another fine example of the stunning quality coming out of Irelands leading distillery.

16 November, 2020

Midleton Very Rare 2017

From the most sought after collection in Irish whiskey comes this 2017 edition of the Midleton Very Rare Vintages. It comes in the last of the old- style packaging. It is a complex fruity whiskey, that culminates with a long spicy finish, a true pot still character.

16 November, 2020

Redbreast 27

After nearly 3 decades resting in casks that once held bourbon, sherry and ruby port comes the oldest ever release from Redbreast whiskey. The brand that continues to win the most prestigious awards for Irish whiskey has now created a stunningly rich and intense pot still whiskey. One of the pinnacles of whiskey from the island of Ireland.

16 November, 2020

Midleton Very Rare 1973 30 Year Old

Released in 2003 as a limited edition aged in three types of barrels- American oak, oloroso sherry butts, and port pipes. This special edition was carefully assembled by former master distiller Barry Crockett from some of the last remaining pot still whiskys from the Old Midleton Distillery. Only 800 bottles were made available.

We have secured the last remaining bottles from Irish Distillers, of this Midleton release.

16 November, 2020

Midleton 20th Anniversary Bottling

This is a commemorative edition issued on the 20th anniversary of the launch of the flagship Midleton Very Rare whisky. It is bottled at cask strength. The bottle comes with two crystal glasses with which to enjoy your whisky. Only 400 bottles were produced.

We have secured the last remaining bottles from Irish Distillers, of this Midleton release.

16 November, 2020

Dalmore 35 Year Old and Dalmore 40 Year Old

Thanks to our friends at Whyte & Mackay, we have taken up their offer of a few of these rare bottlings of this iconic distillery. 

Released in 2016 and bottled at 40% abv, Dalmore 35 has aged in a Bourbon barrel, a Matusalem Sherry butt, and a colheita Port pipe.  

Dalmore 40, released in 2017 from the Highland distillery has matured in American white oak ex-bourbon barrels, before aging further in 30-year-old Gonzalez Byass Matusalem Oloroso Sherry butts. The whisky was then finished in first-fill Bourbon barrels.

French crystal house Baccarat was enlisted to design the hand-blown decanters, each decorated with The Dalmore’s 12-point stag emblem, which was created by Royal Warrant holders Hamilton & Inches.

These bottles are highly sought after by collectors world-wide. 

16 November, 2020

Glenfiddich Rare Collection Cask 20050

A 30 YO single cask commemorative bottling, celebrating 50 years of The Glenfiddich Distillery Visitor Centre. 

We have acquired some bottles of this limited release of just 200 exceptional bottles. 

The very rare Glenfiddich single cask no. 20050 was laid down on Christmas Day in the centenary year of the brand, 1987. Matured for over 30 years in American Oak Hogsheads this is a sublime, genuinely sophisticated malt. Considering the limited amount ever released of this exceptional malt, we are enthusiastic about this investment. 

16 November, 2020

Bowmore 26-Year-Old

Limited to just 565 bottles, this is another fine example of a rare independent bottling from a distillery whose bottles are consistently sought out by collectors.

16 November, 2020

Bowmore XOP 30-Year-Old

This XOP Black from independent bottler Douglas Laing is one of just 276 bottles made.
Islay’s oldest distillery is the 3rd most collectible brand according to a recent report
from Rare Whisky 101. 

16 November, 2020

Cragganmore 15-Year-Old

1869 bottles harks back to the founding of this distillery in the year 1869 This bottling is only sold at the distillery in Speyside. A unique bottling from a famous distillery and a sought-after brand due it its rare appearances in the collectible Special Releases from Diageo.

16 November, 2020

Glenfarclas Chancellors Cask – 25-Year-Old

Available exclusively at the Glenfarclas distillery, where there are only 275 bottles from this single cask bottling in existence. Filled into a single sherry hogshead by the Chancellor of the Exchequer at the time in 1994.

16 November, 2020

Glenmorangie Grand Vintage 1989

Part of the exclusive vintage collection. The limited release of the Grand Vintages have ensured they have become hard to find. Its prominence amongst collectors is shown in Glenmorangie’s continued appearance in the list of collectible whiskies on Rare Whisky 101 reports.

16 November, 2020

Talisker Bodega 2 – 41 Year Old

With only 2000 bottles created for each of the new Bodega Series, Diageo has showcased this island whisky’s sherry cask heritage. This is the oldest ever whisky from the Isle of Skye. 

16 November, 2020

Mortlach 30-Year-Old

Another single cask bottling from the exclusive Hunter Laing Old & Rare Platinum range.
Only 317 bottles of this sherry matured Mortlach are available. A brand whose bottles
continue to prove highly collectible and a good investment. This sherry monster is worthy
of any collection.

16 November, 2020

Bowmore 30-Year-Old

A mere 192 bottles exist of this smoky dram. Islay’s oldest distillery is the 3rd most collectible brand according to a recent report from Rare Whisky 101.
 Part of a collection of Hunter Laing Old & Rare Platinum range we have procured.
All of which are single cask bottlings. 

16 November, 2020

Brora 40-Year-Old

The 200th anniversary bottling from this lost distillery, with only 1819 bottles made to commemorate the year the distillery opened. The decision by Diageo to rebuild this highland whisky icon is testament to its legendary status amongst collectors. It ensures an increased interest in its most cherished bottlings. 

16 November, 2020

Rosebank Jealousy 21-Year-Old

The long-closed Rosebank distillery occupied a prominent location in Falkirk and the ever-decreasing number of bottles available have consistently been sought by collectors.
The decision to reopen this distillery has led to a significant rise in prices.
As one of just 695 bottles left this release is sure to be sought out as we get closer to the reopening of the Rosebank distillery, under the new ownership of Ian Macleod Distillers.

16 November, 2020

Teeling 24-Year-Old

Voted World’s Best Single Malt at the 2019 World Whiskies Awards. The first time an Irish whiskey has received this prestigious award. Currently sold out in the Irish market.

16 November, 2020

Clynelish 20-Year-Old

Founded in 1819 and with only 1819 bottles produced, this Clynelish is only available from the distillery. Bottles from this remote distillery are highly collectible and its profile is only going to increase. This is due to Clynelish being one of the 4 brands linked to Edinburgh’s new Johnnie Walker experience, thanks to a multi-million-pound Diageo investment. According to RW101, Clynelish was the second fastest growing brand at auction in the UK, in value terms, in the first half of 2019. Definitely a brand to watch.

16 November, 2020

Port Ellen 37-Year-old

”A once in a generation cask whisky.” We are delighted to have secured some bottles of only the limited release of 174 bottles worldwide, from our friends at Diageo.

From one of the genuinely collectible closed Scottish distilleries, we have secured a supply of the exceptional single cask bottling of a 37-year-old Port Ellen.

Described by Diageo as ”One of the oldest single cask bottlings to have come directly from Islay’s revered and highly coveted ghost distillery Port Ellen. These casks are truly ’once in a generation whiskies,’ reflecting the craft, passion, and expertise of whisky’s greatest custodians.”

As one of the casualties of the distillery closures in the 1980s, Islay’s Port Ellen has gone on to become sought after by collectors throughout the world. The announcement by Diageo to invest £35 million in the reopening of Port Ellen and their Brora distilleries shows their long term commitment to these legends of whisky.  With production due to start again on Islay in 2021, it could be in the 2030s before we see any new Port Ellen’s on the market.

thesinglemaltfund.com

The Single Malt Fund AB (publ)

Business ID: 559118-4949

ISIN: SE0010547299

AIF-Trustee: Finserve Nordic AB

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