Scotch Whisky Investments
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What we have delivered, and how to read it.

Our track record across all client portfolios since 2018, the broad whisky market alongside it, and the return we tell investors to expect.

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2018 to 2025

Our track record

Measured across all client portfolios, from the launch of Asset Management in 2018.

Maturing casks in a warehouse next to a rare bottle of whisky
Our portfolios
9.6%

average return per year

Average IRR across all 947 client portfolios, including payouts and unweighted, from 2018 through 2025.

Long shelves full of whisky bottles
Broad bottle market, Whiskystats
0.3%

average value growth per year

The Scotland index: auction prices of the 500 most traded Scotch bottles over the same period, +2.6% in total. There is no public index for casks.

A Scottish glen with a stream between the hills
What we tell investors
6 to 11%

expected net return per year

Depending on the amount invested, the risk profile, the holding period and market developments.

Past performance is not a guarantee of future results. Value can fall as well as rise, and figures are estimates until a sale completes.

Illustration of a bottle of whisky with the factors that set its value: rarity, price development and ratings
The broad market

The Whiskystats Scotland index since 2012

This index tracks the auction prices of the 500 most traded Scotch bottles, mostly official bottlings. It is the broad bottle market: casks are not in it, and neither is a targeted selection of bottles. The line shows the market, not our returns.

2018Launch of Asset Management31 Dec 20259.6% a year, our portfolios0501001502002503003504002013201520172019202120232025Broad bottle market
Starting point, December 2012
100
Peak, April 2022
352
Broad market since the launch of Asset Management (January 2018 to December 2025)
+2.6%

Source: Whiskystats, Scotland index, December 2012 = 100, monthly values. Move along the line for the value per month. Our 9.6% a year is the average IRR across all 947 client portfolios, including payouts, unweighted, from January 2018 through December 2025.

MonthIndex
December 2012100.0
January 2013110.6
February 2013101.4
March 2013101.4
April 2013105.0
May 2013108.4
June 2013105.1
July 201399.6
August 2013104.2
September 2013114.8
October 2013112.3
November 2013110.6
December 2013115.0
January 2014124.2
February 2014134.1
March 2014127.5
April 2014118.8
May 2014127.2
June 2014135.3
July 2014139.1
August 2014143.6
September 2014142.7
October 2014143.7
November 2014135.8
December 2014144.7
January 2015132.0
February 2015147.9
March 2015143.8
April 2015149.2
May 2015151.5
June 2015155.1
July 2015153.6
August 2015162.4
September 2015155.9
October 2015155.8
November 2015163.8
December 2015159.4
January 2016158.2
February 2016153.8
March 2016162.7
April 2016163.0
May 2016165.4
June 2016172.0
July 2016168.5
August 2016177.5
September 2016182.0
October 2016167.7
November 2016163.5
December 2016180.2
January 2017178.5
February 2017182.4
March 2017189.0
April 2017181.7
May 2017196.1
June 2017192.2
July 2017198.1
August 2017180.6
September 2017182.0
October 2017181.6
November 2017191.0
December 2017199.2
January 2018194.4
February 2018199.7
March 2018204.1
April 2018197.9
May 2018197.9
June 2018204.7
July 2018215.2
August 2018213.1
September 2018216.3
October 2018212.9
November 2018210.6
December 2018202.1
January 2019198.7
February 2019205.8
March 2019213.7
April 2019212.1
May 2019224.2
June 2019212.8
July 2019220.8
August 2019209.0
September 2019203.2
October 2019198.5
November 2019189.4
December 2019184.8
January 2020192.8
February 2020205.9
March 2020198.3
April 2020196.6
May 2020206.0
June 2020211.8
July 2020227.0
August 2020227.9
September 2020221.3
October 2020224.2
November 2020225.5
December 2020228.7
January 2021238.0
February 2021261.1
March 2021265.6
April 2021262.2
May 2021270.6
June 2021253.7
July 2021280.5
August 2021286.7
September 2021281.3
October 2021295.0
November 2021311.8
December 2021299.0
January 2022312.4
February 2022323.5
March 2022344.6
April 2022352.4
May 2022334.0
June 2022326.0
July 2022342.3
August 2022334.9
September 2022327.3
October 2022325.8
November 2022317.5
December 2022285.1
January 2023283.7
February 2023298.2
March 2023288.5
April 2023279.8
May 2023269.2
June 2023269.4
July 2023271.1
August 2023256.9
September 2023255.0
October 2023248.2
November 2023231.5
December 2023230.9
January 2024233.2
February 2024236.7
March 2024236.6
April 2024230.8
May 2024227.2
June 2024226.1
July 2024233.5
August 2024238.2
September 2024240.9
October 2024228.8
November 2024223.7
December 2024215.5
January 2025218.0
February 2025217.7
March 2025217.9
April 2025205.0
May 2025208.2
June 2025206.9
July 2025210.8
August 2025212.9
September 2025208.3
October 2025206.3
November 2025204.5
December 2025199.4
January 2026204.4
February 2026201.9
March 2026207.3
April 2026196.6
May 2026198.8
June 2026205.4
July 2026205.1
August 2026210.5
September 2026209.8
A rare bottle of whisky in its original wooden case
Why the difference

Selection is what decides

Our portfolios hold casks and bottles. Both move differently from the auction-market average. What drives the value of each is set out on the casks and rare bottles pages.

Casks

Value that grows with time

  • Time in woodA cask grows older and scarcer every year. That value builds independently of the mood at auction.
  • No auction indexCasks are not traded at auction and so are not in the Scotland index.
  • Entry and managementThe price paid on day one and the Cask Management during maturation.
Bottles

A selection, not the market

  • Targeted choiceWe do not buy a cross-section of the 500 most traded bottles; we choose specific ones.
  • ScarcityClosed distilleries and limited releases, whose supply can only shrink.
  • Condition and provenanceSeal, fill level and documentation help decide what a bottle fetches.
Close-up of a Black Bowmore 1964 bottle among other rare bottles
Selection over market
The broad market rose and fell back. Selection made the difference.
How we talk about returns

Read return language carefully

We deliberately separate four very different things, and we never blur them.

01

Historical performance

What happened in the past.

02

Target expectations

Objectives, not commitments.

03

Hypothetical scenarios

Illustrations, not forecasts.

04

Actual realised results

Only after an asset is sold.

No guaranteed returns. Nothing here is a promise of performance. Scotch whisky is a long-term alternative investment. Value can fall as well as rise, these assets can be illiquid, and past performance is not a guarantee of future results. This is general information, not financial advice.

Values are estimates until an actual sale completes. Illustrations do not represent the experience of any individual investor.

In this section

Continue with whisky investing

From the assets themselves to how it works and what the risks are.

Cast-iron latticework with blurred bottle shelves in the background

Risks

Illiquidity, valuation, storage and market risk, set out in plain terms.

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A whisky glass and a decanter together in low light

Why Scotch Whisky

Scotch whisky combines production constraints, long maturation and durable global demand: the traits investors look for in a physical asset.

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Stacked whisky casks marked with distillery stencils in a weathered warehouse

Whisky Casks

A living asset that develops in the wood, with maturation as part of the return.

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A rare whisky bottle with crystal stoppers and glass

Rare & Collectible Bottles

A finished product, valued on brand, rarity and demand in the auction market.

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Rare whisky bottles from different distilleries on a shelf

Portfolio Diversification

Why casks and bottles behave differently, and what that does for a portfolio.

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Staircase in the whisky experience space with screens of bottle imagery

How It Works

From first conversation to eventual exit, step by step.

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Loch reflection with autumn bracken

Want to know what this means for your assets?

Speak with Boris Postma about value development, costs and risks. Past performance is no guarantee of future results.

Contact me
Boris Postma
Boris Postma
Investment Advisor