The Single Malt Fund Trading Company

15 juli, 2020

2020 – Q2 Whisky Investment and Market report

Covid-19

Firstly, we hope that our readers and their families remain safe and well during these difficult times. Covid continues to dominate the news, but there seems to be light at the end of the tunnel with the news that vaccine development is progressing well. We cross our fingers that this will arrive sooner rather than later.

The Rare Whisky Market

In the midst of the Covid-19 crisis, the market for rare whisky remains buoyant, continuing to demonstrate that the demand for rare whisky is as strong as ever.

  • The APEX 1000 (covering 1,000 different bottles/whiskies sold at auction in the UK) has increased by 4.16% YTD May 2020.
  • In April and May, key lockdown months, the Apex 1000 increased by 0.32% and 0.59% respectively.
  • Average price per bottle has increased from £ 316 on average in Q4 2019, to £ 328 in May. The price per bottle has increased month on month since Jan 2019.

The Macallan continues to dominate the rare whisky market with 40% market share in value terms. The Single Malt Fund has always maintained that there is little correlation between the market for rare and collectible whisky and the more traditional stock and bond markets. The latest RW101 update shows that Scotch whisky can weather any storm with little or no volatility. Only gold has outperformed rare whisky so far this year, although gold, like traditional markets, is much more volatile.

Industry Update

The highlight of Q2 was the publication of Edrington’s annual report. Their fiscal year ends March, so the numbers included the early impact of Covid. Core revenue grew by 6% for the year, with volumes up by only 3% . This reflects the ongoing premiumisation of the category, with producers pushing prices up and consumers trading up. Impressively, core contribution grew by 13%, thanks mainly to Edrington’s powerhouse, The Macallan. The most interesting part of the report, from The Single Malt Fund’s perspective, was the news that free cashflow at Edrington dropped by 26%. This reflected “an increased investment in casks and maturing stocks for future growth”. Their net book value of maturing stocks has increased substantially, and at a much higher rate than current sales revenues, “in order to support projected growth over the next 12 years and beyond”. This goes to show that the industry continues to play catch up with the demand of the consumer for premium whisky, and is expected to do so for quite some time.

TSMF Activities in Q2 2020

Trading was suspended in Q2 due to the Covid lockdown and consequent logistics closures.

Slainte!
Ed Forrest
MD, The Single Malt Fund

Dela rapporten

Dela på facebook
Dela på twitter
Dela på linkedin
Dela på email
31 januari, 2021

Black Bowmore 1964

The third of the three extraordinary Oloroso cask 1964 Bowmores released in the mid-1990s, this final batch was of 1812 bottles. With an almost unfathomable concentration and intensity of flavour, and with the perfect balance of fruit, peat and power, this whisky deserves the frequently overused ’legendary’ tag and has assumed almost mythic status amongst whisky collectors and aficionados.

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 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

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

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

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

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

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

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

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

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

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

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 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 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

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

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.

31 januari, 2021

Mortlach 35 Year Old 1936 – Connoisseurs Choice

A rare 35 year old Mortlach that was distilled in 1936 and bottled by Gordon & MacPhail as part of their Connoisseurs Choice range in the early 1970’s and this was an Italian import bottling.

31 januari, 2021

Old Rip Van Winkle 25-Year-Old Bourbon

Distilled in the spring and fall of 1989 and stored on lower levels of a metal warehouse built in 1935 at the Van Winkle family distillery. In 2002 the barrels found a new home at Buffalo Trace and in 2014 the juice was dumped into stainless steel tanks to halt the aging process. And now, it’s ready for release. But only 11 barrels made the full trip, resulting in a mere 710 bottles.

31 januari, 2021

Port Ellen 1978 2nd release

The second in Diageo’s series of annual Port Ellen bottlings, using the remaining stocks of this closed distillery. 12000 bottles were released in 2002 as a 24 year old whisky. Clean, sweet, powerful and smoky, this another classic Port Ellen expression that has a delicacy and less oaky style than other contemporary Islays.

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.

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

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

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

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.

31 januari, 2021

The Dalmore Constellation Collection

A series of 21 vintage Single Cask Whiskies created in the Highland distillery between the years 1964 and 1992, and bottled at natural cask strengh.

31 januari, 2021

The Glenfarclas Family cask collection

A custom-made cabinet in the form of a travel trunk, this extremely-limited collection contains fifty 200ml bottles, sampling every single Glenfarclas Family Cask vintage from 1954 until 2003.

31 januari, 2021

The Macallan 1984 18 YO Sherry Oak

An old, classic presentation of the 18-year-old Macallan, distilled in 1984 and exclusively matured in sherry oak casks from Jerez de la Frontera, this one’s a beaut. Bottled at 43%, the desirable vintage showcases plenty of sherry influence, as expected, as well as signature Speyside notes.

31 januari, 2021

Yamazaki 50 Year Old

Matured in the finest Japanese mizunara oak casks, the 50 year old is thought to be the oldest expression available from the distillery, which was established in 1923 by Shinjiro Torii.

30 oktober, 2020

Yamazaki 55 Year Old

Suntory is the oldest whisky making company in Japan. Its origins stretch back to a small shop, started in 1899 by Torii Shinjiro, which specialized in selling imported wines. Today, it is the country’s largest and most recognizable producer of quality whisky. Presented in a special wooden box, this Yamazaki 55 Year Old whisky is exceptional. Owning a bottle will instantly move any collection into the ranks of the worlds most elite.

thesinglemaltfund.com

The Single Malt Fund AB (publ)

Org.nr: 559118-4949

ISIN: SE0010547299

AIF-Förvaltare: Finserve Nordic AB

Scroll to Top

Terms of agreement

The offer to invest in the Fund, as described in this English section, is only marketed towards professional investors in The United Kingdom, Republic of Ireland, Cyprus and Luxembourg. The Fund is only allowed to market the investment offer to professional investors of these countries (in excess of marketing toward professional and non professional investors in Sweden). No other permits for marketing the investment offer exist, so all information on this site is intended only for nationals of these markets and their representatives.
Foreign nationals of above mentioned countries living abroad can inform their financial advisors, private bankers, and alike, to act on their behalf as intermediaries. Since the Fund can only accept applications through intermediaries, it is vital that all information is accurate and correct to enable investors to become clients. The individual prospective investor and/or his/her representative is wholly responsible for ensuring that their investment in the Fund is permitted by national law.

The information on this website is only accessible through the individual voluntary proactive search for general information about the Fund.

For non-professional investors, information about the Fund is provided for informational purposes only. Information about the Fund is not to be regarded as an offer or solicitation regarding purchase of any securities related to the Fund.

The offer described on the website is not directed, directly or indirectly, to residents in the United States of America, Canada, Australia, New Zealand, Japan, Hong Kong, Singapore, Switzerland or South Africa. The offer is not directed to persons whose participation requires prospectus, registration or other measures. The application form or other for the rights issue related documents may not be distributed in any country where such distribution or rights issue requires action under the preceding sentence or conflict with regulations in that country. Application forms submitted from such country may be disregarded. No direct applications from investors will be accepted unless through a EU correspondent bank counterpart.

I also understand that the information given in the English section for is for information purposes only. The complete legal prospectus and all other documentation is only given in Swedish. A legal summary of the prospectus is however translated and is in accordance with the regulatory approved fund prospectus.