The Single Malt Fund Trading Company

31 januari, 2024

2023 – Q4 Whisky Investment and Market Report

Welcome to the Q4 2023 Single Malt Fund Trading Ltd report, where we comment on the latest developments in the rare whisky as well as broader industry markets and give an update on our trading operations.

Rare Whisky Q4 2023 results

Most of the major producers reported disappointing numbers in Q4. Whether it was a slowdown in Latin America at Diageo; the US and China powerhouses dragging things down at Remy Cointreau and LVMH; or reports of high inventory levels in the UK, there was little to celebrate over the festive season. Having said that, the news was not all bad, especially for the premium whisky market. Most of the woes were driven by declines in Cognac at Remy and Diageo, although both declared that the worst was behind them and Diageo made a point of stressing that they remain very confident in delivering healthy organic growths in the mid term. As ever, Bernard Arnault at LVMH, stressed that despite inflation headwinds, again, the worst seems to be behind us, and healthy 10% annual organic growths remain eminently achievable. In the UK, sell outs in the trade were better than feared and so inventory levels returned to healthier levels, leading to reordering firing up again in the New Year. Europe, a stalwart, remains solid and sustainable for all major producers, and still constitutes a significant weight of the market (c 45% at Diageo), while a 22% increase on 2022 for Diageo is a good sign that the future remains positive overall.

The biggest news in the rare whisky market in Q4 was the sale of a bottle of The Macallan for $2.7 million, setting a new world record for the sale of a bottle of whisky at auction. The bottle was the highly coveted The Macallan Valerio Adami 1926 60-year-old, one of only 40 bottles released in 1986.

Elsewhere, the auction market in the UK ended a tough year with the worst quarter for the RW Apex 1000 and the RW 100, indicating that the top end of the market continues to suffer. Top Asian collectors and investors continue to stay away, and the slump affected all brands with the odd exception, such as Glenfarclas. The Japan 100 and the Grain index did slightly better than Q3, so hopefully recovery spreads in 2024 as prices correct and macroeconomic factors improve. 

The Single Malt Fund Trading Activities in Q4 2023 had a solid Q4 despite the climate, with volumes up 86% and net sales up 8%. With the top end of the market struggling, the solid base and wide range of price points on offer meant that we were able to end the year positively. Overall, traffic and new customer recruitment continues to grow at a very healthy pace. Service levels remain second to none, thanks to our compliant tax set up. An incredible 99% of orders to the UK and Europe are delivered the day after being collected from our warehouse. Our Trust Pilot score of 4.8 bears out the reputation we are rapidly acquiring for being best in class when it comes to getting bottles delivered to our customers. 

The challenge for 2024 will be to continue to make our offer more appealing with more brands and brand expressions, to continue to recruit new customers and to maintain our excellent service levels. At the same time, we will increase the value of each basket and start to focus more on customer retention as well as recruitment. 

We would like to thank all our partners and customers for their ongoing support and look forward to a successful 2024. 


Ed Forrest
Managing Director – The Single Malt Fund Trading Ltd.

Dela rapporten

The Single Malt Fund AB (publ) 559118-4949

ISIN: SE0010547299

AIF-Förvaltare: Finserve Nordic AB

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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.
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