The Single Malt Fund Trading Company

15 juli, 2020

2020 – Q2 Whisky Investment and Market report


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.

Ed Forrest
MD, The Single Malt Fund

Dela rapporten

30 april, 2021

1988 Middleton Very Rare

The Midleton Very Rare series is incredibly popular with collectors and many are seeking to complete an entire range with every year spanning 1984 to the present day. Some vintages are harder to find than other. None more so than 1988, which is the real unicorn amongst Midleton Very Rares.

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. 

9 augusti, 2021

Brora Triptych

Brora Triptych is a truly special one – assembling a set of the three eras that epitomise Brora. Each liquid a celebration of restoration and an ode to the rare characteristics that define Brora whisky; waxy, peated and earthy. A collection of three vintages that define Brora never before released at once, this is a true collector’s piece.

29 april, 2022

Caol Ila 24 YO 175th Anniversary

To celebrate the 175th anniversary of the opening of the distillery, this limited edition 24 year old Caol Ila has aromas that remind you of a campfire along with subtle spice notes. The palate is honied with light smoke.

Check availability at

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. 

30 april, 2021

Glen Scotia 30 Year Old

Glen Scotia has gone and released another well-matured Campbeltown single malt – this time, they’ve bottled up an excellent 30 year old expression! It was drawn from European oak casks and bottled up at cask strength, with only 500 bottles produced. Incredible stuff from a marvellous distillery.

27 juli, 2022

Glen Scotia 46 Year Old

The 46 year old marks our oldest release to date, with only 150 individually numbered bottles available worldwide. Originally laid down in refill bourbon casks. The finest have been carefully selected and re-casked in first-fill bourbon, before being finished in a single first-fill oloroso hogshead.

27 juli, 2022

Glenallachie Billie Walker 50th anniversary release

In celebration of Master Distiller Billy Walker’s half-century long career in the whisky industry, we are delighted to unveil the first in The Past, Present and Future Series: The GlenAllachie 50th Anniversary Past Edition.

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.

30 april, 2021

Karuizawa Noh 1981

Karuizawa is the gold standard of rare Japanese whisky. The distillery closed its doors in 2011, although it had not been producing whisky for over a decade. This bottle from the Noh series is from a single cask, distilled in 1981 and bottled 31 years later from single sherry butt #348. A very rare Karuizawa, with only 207 bottles ever released.

30 april, 2021

Littlemill 29YO

Littlemill 29-year-old is the third release from the Private Cellar Collection, each crafted by Master Blender Michael Henry in Littlemill’s traditional Lowland ‘floral’ style. This latest release places emphasis on developing the wood character and only 600 bottles will be released across the world.

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.

9 augusti, 2021

Midleton Silent Distillery 46 Year Old

The second release in the Midleton Very Rare Silent Distillery Collection is a 46-year-old single pot still Irish whiskey distilled in 1973 and matured in a single third-fill bourbon barrel. Aromas of apples, pears, lemon, oak spice, hazelnuts and worn leather fill the nose, complemented by notes of sweet red berries, star anise, ginger, malt and grapefruit throughout the palate and lingering in the finish.

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.

29 april, 2022

Midleton Very Rare 2022

Combining whiskey aged between 12 and 33 years this Midleton Very Rare 2022 is the latest release from the pinnacle collection in Irish Whiskey. With delicate floral notes and vanilla on the nose, the palate releases caramelised apples and orange zest. The soft oak finish leaves you wanting more.

Check availability at

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.

The Single Malt Fund AB (publ) 559118-4949

ISIN: SE0010547299

AIF-Förvaltare: Finserve Nordic AB

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.

Rulla till toppen