Hanyu, 1990, Ichiro's Malt Card Series - Jack of Spades

Investment Thesis 📝
 

Metric	Value
Investment Horizon	6–8 Years
Expected CAGR (Balanced)	13.5% p.a. after fees
Optimistic CAGR	21.3% p.a. after fees
Entry Discount	31.4% below last auction result (Nov 2024)
Sharpe Ratio	0.95 (vs. SMI: 0.61)
Value at Risk (VaR)	95% chance to exceed €22,000 after 6 years
Standard Deviation	14.1% (2x Whisky Index)
Risk Rating	A (9.2/10 – Strong Risk-Adjusted Return)

 

• 6–8 Year Horizon: Designed to capture long-term appreciation and resilience in Japanese whisky markets.
• 13.5% CAGR (Balanced): Based on replicating 60% of observed historical returns for the Jack of Spades between 2016–2024.
• 21.3% CAGR (Optimistic): Reflects sustained demand for the Card Series and potential upside from auction scarcity.
• Sharpe Ratio of 0.95: Outperforms the Swiss Market Index (SMI: 0.61), indicating strong risk-adjusted returns.
• VaR Protection: 95% probability of exceeding €22,000 after 6 years ensures meaningful downside buffer.
• Volatility (14.1%): Benchmarked conservatively at twice the Whisky Index volatility to account for short-term price swings.
• Entry Discount: Secured at 31.4% below the last auction result, providing a built-in margin of safety not included in the return model.
• Risk Rating “A” (9.2/10): Combines low relative volatility, strong track record, and exceptional entry price.

Exit Options at Maturity 🚪

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We will manage the exit strategy on behalf of our investors. Depending on the market at maturity, the bottle will be sold to a private collector or offered at whisky auction. Auctions are favored when bidding demand is high and the minimum price matches market value. All options are evaluated to ensure optimal exit value.

Why Invest in This Category? 🎨

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Rare whisky has outperformed all other luxury collectibles over the past decade, with over 384% growth in the last 12 years. It is uncorrelated with equities, making it a compelling hedge during stock market downturns—while steadily increasing in value over time.

Why Invest in This Asset? 💎

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Investing in the Hanyu 1990 Ichiro’s Malt Card Series – Jack of Spades represents a rare opportunity to secure one of the most sought-after Japanese whiskies ever produced. With only 349 bottles released worldwide, scarcity is a defining factor, and collectors recognize the Card Series as a cultural icon within the whisky world. Originating from the legendary Hanyu Distillery, which closed in 2000, these bottles are a preserved piece of history. The distillery was saved from demolition by Ichiro Akuto, whose foresight and dedication laid the foundation for one of the most collectible whisky series in existence.

The 1990 Jack of Spades showcases meticulous craftsmanship, distilled in 1990 and matured first in hogsheads before finishing in new American oak casks. Bottled at a robust 54.2% ABV, it offers an intense, layered tasting profile that appeals to both connoisseurs and investors. Beyond its intrinsic quality, the Card Series stands out for its unique design: each bottle corresponds to a playing card, forming a complete “deck” that has become legendary among collectors.

Global demand for the Card Series continues to outpace supply, with record auction results underscoring its investment appeal. Bottles from the series regularly achieve strong premiums, and the Jack of Spades is among the most recognized expressions. Combining ultra-low release numbers, historical provenance, and exceptional liquid quality, this bottle represents not just a drink but a tangible cultural asset. For investors, it offers both emotional and financial value, making it a cornerstone addition to any rare whisky portfolio.

Conclusion 🎯

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The Hanyu 1990 Jack of Spades combines extreme rarity, cultural significance, and strong market performance. Acquired at a 31.4% discount, it offers investors both downside protection and meaningful upside. With an “A” risk rating and compelling long-term outlook, this bottle stands as a premier opportunity in rare whisky investment.