| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 23.2% | - |
The Apis Deep Value Fund delivered exceptional Q2 2025 performance with a 23.2% net return, driven primarily by long positions contributing 35.5% gross while shorts detracted only 5.1%. Asia was the standout region, contributing 14% with the majority from South Korea, which has underperformed the S&P 500 by 50% over four years, creating compelling bottom-up opportunities. The fund maintains focused exposure to structurally supported themes including defense spending, nuclear energy resurgence, and power infrastructure modernization, all benefiting from years of chronic underinvestment. Korean defense names Poongsan and Hyundai Rotem were top performers, while transformer manufacturer Iljin Electronics also contributed meaningfully. The portfolio includes compelling idiosyncratic opportunities like Magnite, positioned to benefit from Google antitrust rulings in digital advertising, and NOF Corporation, a Japanese chemicals company with high-growth cosmetics and pharmaceutical segments trading at basic chemicals valuations. The fund maintains selective short exposure to quantum computing SPACs trading at excessive valuations despite minimal commercialization prospects.
The fund focuses on deep value opportunities across global markets, particularly in structurally supported sectors like defense and nuclear energy that have experienced years of underinvestment, while capitalizing on regional dislocations such as Korea's underperformance and maintaining selective short positions in overhyped speculative areas.
Looking ahead to the second half of 2025, several portfolio themes and unique idiosyncratic opportunities are expected to continue driving performance, including defense, space industry, power infrastructure, nuclear energy, European infrastructure, Trump Trades, and idiosyncratic opportunities with strong return potential.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 16 2025 | 2025 Q2 | 4403.T, 7013.T, GEO, GOOGL, IBM, INTC, MGNI, MSFT, NFLX, NVDA | Ad Tech, defense, gold, infrastructure, Korea, nuclear, Space, value |
MGNI US 4403 JP MGNI 4403.T |
Apis Deep Value Fund posted 23.2% net returns in Q2 2025, led by Korean positions benefiting from years of underperformance and structural themes in defense, nuclear, and power infrastructure. The fund combines regional value opportunities with idiosyncratic names like Magnite and NOF Corporation, while shorting overhyped quantum computing SPACs trading at unsustainable valuations. |
| Mar 31 2025 | 2025 Q1 | MRNA, PLXS, PWR, USLM | defense, energy, Europe, infrastructure, Long/Short, materials, value |
FRW.DE KIT.OL SRC.L |
Apis Deep Value Fund declined 1.5% in Q1 2025 but sees Europe at a turning point with massive infrastructure and defense spending programs. The fund holds undervalued European companies like Friedrich Vorwerk and Kitron positioned for multi-year growth from energy transformation and rearmament. Recent tariff volatility creates opportunities to upgrade quality holdings at attractive valuations. |
| Dec 31 2024 | 2024 Q4 | HNRG, PLUG, RCAT, SONO.SW, TLN, TPB | energy, global, Japan, Korea, Long/Short, small caps, technology, value |
HNRG 267270.KS 4046.T RCAT TLN TPB 2238.HK PLUG SOON.SW |
Apis Deep Value Fund returned 8.5% in 2024 despite headwinds from small-cap and ex-U.S. focus during large-cap U.S. dominance. Strong stock-picking generated positive short returns in rising markets. Portfolio concentrated in data center power plays, defense drones, and GLP-1 supply chain with conviction that small-cap international valuations will eventually normalize upward. |
| Sep 30 2024 | 2024 Q3 | AMZN, CEG, HNRG, HROW, TLN | Asia, China, Data centers, global, nuclear, Power, value |
TLN HNRG |
Fund down 5.8% on Asia overweight but positioned for power sector growth through nuclear and coal IPPs serving data centers. Asia exposure nearly 50% as managers see two-standard-deviation valuation gap versus expensive U.S. markets. Talen and Hallador Energy benefit from structural demand growth and supply constraints. Reduced positioning 10% post-August volatility but maintaining geographic diversification thesis. |
| Jun 30 2024 | 2024 Q2 | 4506.T, 8069.T, AAPL, AMZN, DPZ, MCD, META, MSFT, NFLX, OLED, WMT | Asia, defense, Electrification, Long/Short, small caps, technology, value |
1405.HK 8069.TW 4506.T |
Apis Deep Value Fund posted 3.1% net returns in Q2 2024, with Asia-driven performance and strong contributions from electrification and defense themes. The manager leverages structural advantages in under-covered SMID-cap markets, highlighting extreme valuation disparities favoring small-caps. After 20 years of 6% annual outperformance, they expect continued alpha generation through fundamental analysis in this less competitive segment. |
| Mar 31 2024 | 2024 Q1 | NRP | Asia, Copper, defense, industrials, small caps, technology, value |
KRX012450 NRP |
Apis Deep Value delivered 10.1% net returns in Q1 through concentrated small-cap positioning across Asia, Europe, and North America. Strong performance driven by defense spending acceleration, electrical grid upgrades for AI data centers, and copper recovery. Portfolio benefits from broadening market participation in sub-$1bn names after previous year losses, with continued focus on undervalued industrial and technology opportunities. |
| Dec 31 2023 | 2023 Q4 | 4046.T, 5726.T, EDAP | aerospace, global, healthcare, Japan, materials, small caps, technology, value |
4046.T 5726.T EDAP |
Apis Deep Value Fund focuses on global small-cap value investing, ending 2023 down 2.2% net despite Q4 gains. The fund is positioned for a potential small-cap cycle turn with key holdings in Japanese companies Osaka Soda (GLP-1 supply chain) and Osaka Titanium (aerospace materials), trading at attractive valuations with strong growth prospects. |
| Apr 10 2023 | 2023 Q3 | 1211.HK, AMZN, TSLA | China, Electric Vehicles, Grid Infrastructure, Long/Short, small caps, Solar, technology, value |
AMZN 1211.HK 267270.KS 010120.KS |
Deep Value Fund targets small-cap opportunities while shorting Chinese overcapacity in solar and EVs. Small caps trade at historic discounts to large caps in an extremely narrow market driven by mega-cap tech. Long positions focus on U.S. grid infrastructure beneficiaries with strong backlogs. Manager expects eventual reversion favoring small-cap value despite current headwinds. |
| Feb 27 2023 | 2022 Q4 | - | - | - | |
| Oct 27 2022 | 2022 Q3 | 099190 KS, 5726 JP, 79311074 JP, 9101 JP, SLR SM | - | - | |
| Jul 18 2022 | 2022 Q2 | AIIXY, VTNR | - | - | |
| Feb 28 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
DefenseDefense remains one of the most structurally supported sectors globally following decades of underinvestment, with defense budgets expanding meaningfully across regions. The emergence of next-generation technologies including drones, counter-drone systems, directed-energy weapons, and space-based defense applications is creating new markets for smaller, specialized companies. Korean defense holdings Poongsan and Hyundai Rotem were among the top performers in Q2. |
Defense Spending Drones Defense Electronics Space Defense Components |
NuclearNuclear energy is experiencing a global resurgence, benefiting Apis given their early positioning in top nuclear-exposed names outside the U.S., including in Korea, Japan, and France. Much like defense, nuclear was long excluded from ESG frameworks, allowing investment before sentiment and policy began to shift more favorably. This trend continues to support portfolio performance. |
Nuclear Nuclear Utilities Uranium Energy Transition ESG | |
Power InfrastructurePower infrastructure is marked by years of chronic underinvestment, with China aggressively expanding power capacity and grid modernization while many Western markets have lagged behind. If power is the critical enabler of AI and digital infrastructure, this imbalance presents a significant investment opportunity as the West plays catch-up. Iljin Electronics, a leading transformer manufacturer, was a top performer. |
Grid Upgrade Power Equipment Infrastructure Spending AI Electrical Equipment | |
South KoreaKorea has been a notable laggard, underperforming the S&P 500 by 50% in the past four years, creating a unique opportunity for bottom-up stock selection and meaningful alpha generation. The Korean market received additional tailwind from the Lee Jae-myung bump after the DPK party secured victory in early June elections, with his platform centered on corporate governance reform and fiscal stimulus. Combined with strong earnings growth and attractive valuations, the setup continues to support a compelling case for further upside. |
South Korea Corporate Governance Value Emerging Markets Asia | |
SpaceThe space industry is an area of growing interest, with a growing ecosystem of companies supporting both consumer and military applications. Attractive opportunities are being found across the value chain from component manufacturers to service providers enabling satellite-based capabilities. NOF Corporation holds a 100% market share in Japan for rocket propellants used by the Self-Defense Forces. |
Space Satellites Defense Aerospace Components Government IT | |
GoldTrump Trades present emerging opportunities including positions that benefit from a weak dollar or higher interest rates, such as Gold where the fund has roughly 8% allocation to some mid-cap gold miners. These miners are growing earnings at attractive valuations, typically 3-4x P/E on current gold prices. Mining services companies are similarly poised to benefit from rising commodity prices. |
Gold Gold Miners Mining Services Commodities Mid Cap | |
Quantum ComputingQuantum computing has emerged as a notable theme in the short book, particularly as SPACs have entered meme stock territory amid hype surrounding the technology, some trading at over 250x sales. Several companies are pursuing approaches widely viewed by experts as technological dead ends while issuing grandiose press releases with minimal revenue. This disconnect between fundamentals and valuation presents a compelling opportunity on the short side. |
Quantum Computing SPACs Technology Short Selling Speculation | |
Ad TechDigital advertising landscape is being reshaped by two major trends: ad budgets shifting from traditional linear TV to Connected TV, and a recent antitrust ruling against Google that may significantly alter open web advertising market dynamics. Magnite benefits from deep integrations with publishers and demand-side platforms, creating high switching costs and a durable competitive moat, with potential for meaningful market share gains following the Google antitrust ruling. |
Ad Tech Streaming Advertising Connected TV Antitrust | |
| 2025 Q1 |
Defense SpendingEuropean defense spending is accelerating due to geopolitical tensions and rearmament efforts. Defense names in Korea and Europe performed strongly, with companies like Hyundai Rotem benefiting from military supply contracts to Europe. The defense segment is expected to grow 20-30% annually through 2030. |
Defense Military Geopolitical Rearmament Europe |
Infrastructure SpendingGermany announced a €500bn infrastructure investment plan alongside increased defense spending. European infrastructure companies are benefiting from stimulus policies, with multi-decade energy transformation requiring tens of billions in infrastructure investment. Friedrich Vorwerk has a robust €1.2 billion order backlog with €10 billion worth of projects on the horizon. |
Infrastructure Germany Energy Grid Stimulus | |
Energy TransitionGermany is undergoing a multi-decade energy transformation requiring massive infrastructure investment. This includes power grid expansion, hydrogen infrastructure with €20-30 billion in government investment, and carbon capture & storage pipeline networks. The transformation accelerated following the Ukraine war. |
Energy Hydrogen Grid Carbon Transformation | |
Building MaterialsEuropean building materials companies performed well during the quarter. SigmaRoc consolidated European lime and minerals assets, becoming market leader across multiple countries. These products are local monopolies with significant pricing power due to limited transportability and short-distance economics. |
Lime Aggregates Construction Consolidation Pricing | |
| 2024 Q4 |
Data CentersIndiana is a key hub of data center activity, which could further drive power demand and prices upwards for Hallador Energy. Talen Energy owns nuclear power capacity in a region poised for significant power price increases driven by rising demand from data centers, and already secured a contract with Amazon to supply power to a data center campus at prices 50% above the forward curve. |
Power Amazon Nuclear Electricity Infrastructure |
DronesRed Cat Holdings is a leading supplier of drones, primarily for military applications. The stock surged in 2024 following a major $500mm contract with the U.S. Army to provide field reconnaissance drones. The company's recent transformative Army contract opens the door to additional opportunities with other military branches and NATO countries. |
Military Defense Army NATO Reconnaissance | |
GLP1Osaka Soda's healthcare segment success is driven by the company's market-dominant position in supplying silica gel beads, a key ingredient in the production of peptide drugs, including the blockbuster weight loss drugs, Ozempic and Wegovy. While struggling to add capacity to keep up with demand, sales in the HC division are expected to grow 20-30% for the next several years. |
Ozempic Wegovy Peptide Healthcare Pharmaceuticals | |
HydrogenPlug Power is a U.S.-based hydrogen company that has struggled to build a viable business. While the company aims to offer a fully integrated hydrogen solution for customers keen on transitioning to a hydrogen economy, it has struggled to make a profit, burning through $200 to $400 million per quarter for several years. |
Energy Alternative Cash Losses Economy | |
CoalHallador Energy owns a coal mine and an electric power plant in Indiana, where it is poised to benefit from a dramatic increase in average power prices in 2026 when current contracts expire. The company could potentially earn twice as much as the Street is estimating for 2026. |
Mining Power Indiana Contracts Energy | |
| 2024 Q3 |
Data CentersU.S. power demand growth expected to jump to 2.5% annually through 2030, with data centers accounting for nearly half the demand growth. Data centers could account for 9% of U.S. power demand by 2030, up from 4% in 2023. Hyperscalers like Amazon and Microsoft are signing long-term power purchase agreements at significant premiums to secure reliable power supply. |
Power AI Hyperscalers Nuclear PPAs |
NuclearNuclear plants particularly attractive due to IRA legislation introducing production tax credits that effectively set a $40/MWh floor on power prices. Nuclear provides 24/7 reliable power well-suited for data center demands, unlike intermittent solar and wind. Recent deals include Microsoft bringing Three Mile Island back online and Amazon's PPA with Talen Energy at 50% premium to forward curve. |
Nuclear IRA Baseload PTC Reliability | |
AsiaFund has nearly half its exposure in Asia, with recent trip to Japan, Taiwan, and Korea leaving managers optimistic. Asian companies are capitalizing on U.S. restrictions to China by filling trade voids and capturing market share from Chinese exporters. However, managers reduced net positioning by about 10% following August market volatility and carry trade unwind. |
Japan Korea Taiwan Trade Carry Trade | |
ChinaManagers remain cautious on Chinese stimulus, noting it doesn't address key underlying driver of economic malaise - oversupply of 60-90 million homes. China faces severe trade blowback, geopolitical tensions, demographic headwinds, and habit of oversupply in industries like property, autos, and renewable energy. Target of 5% GDP growth previously considered anemic. |
Stimulus Oversupply Trade Demographics Property | |
Independent Power ProducersPower prices entering period of sustained upward pressure from demand growth and supply constraints. Regulations leading to closure of coal and gas plants while replacement capacity from intermittent renewables not well-suited for 24/7 data center demands. Companies like Talen and Hallador well-positioned to benefit from this supply-demand imbalance. |
IPP Power Supply Demand Pricing | |
| 2024 Q2 |
Small CapsGoldman Sachs report highlights advantages of SMID-cap investing including thousands of stock-picking opportunities versus concentrated large-cap indices, significant inefficiencies with many companies having no analyst coverage, and less competitive space with only 3% of equity long/short funds focusing on SMID-cap. Current valuation extremes show profitable Russell 2000 companies trading at 15x with 35% growth versus S&P at 23x with 14% growth. |
Russell 2000 Inefficiencies Valuation Alpha Opportunities |
ElectrificationHD Hyundai Electric led performance in Q2, adding 2.4% to returns as a top contributor in the electrification theme. The fund maintains positions in companies benefiting from the global transition to electric power systems and infrastructure. |
HD Hyundai Electric Infrastructure Power Korea Industrial | |
DefenseDefense-themed names were among the biggest long contributors in Q2 2024. The fund continues to focus on companies positioned to benefit from increased global defense spending and modernization programs. |
Defense Spending Military Aerospace Government Contractors | |
RestaurantsDPC Dash represents the Domino's master franchise in mainland China with aggressive expansion plans from 761 stores to 2,000 by 2027. The company benefits from brand recognition, pent-up demand, and China being a pizza desert with only 12 pizza restaurants per 1 million people versus 232 in the US. |
Domino's China Franchise Expansion Pizza | |
TechnologyE-Ink holds a monopoly in electrophoretic display technology used in e-readers and electronic shelf labels. The company benefits from Amazon Kindle representing 40% of revenues and ESL market growth accelerated by labor shortages and Walmart adoption in the US market. |
E-paper Monopoly Amazon Walmart Patents | |
| 2024 Q1 |
Defense SpendingGlobal defense spending is ramping up significantly with Russia and China increasing spending by 300% and 600% respectively over the past decade. Germany committed to raising defense spending from 1.3% to 2% of GDP plus an additional 100 billion Euros, while Japan is doubling its budget from 1% to 2% of GDP. Korea has emerged as an exporting powerhouse for defense equipment, with Poland ordering 600 tanks and 1,000 howitzers from Korean manufacturers due to European supply constraints. |
Defense Ammunition Defense Components Defense Electronics Defense Services |
Grid UpgradeThe electrical grid is seeing long overdue updates with additional capacity needed to accommodate green energy and AI data centers. Markets are beginning to re-rate electric equipment producers as AI plays given that data centers require enormous amounts of power. Estimates suggest data center power needs could more than double by the end of the decade, consuming over 10% of the world's electricity versus roughly 5% today. |
Electrical Equipment Power Equipment Grid Storage Smart Grid Data Centers | |
CopperCopper is seeing a resurgence in price which is expected to drive higher profits for copper-exposed companies. The metal benefits from both traditional industrial demand and new applications in the energy transition and electrification trends. |
Copper Copper Miners Critical Minerals Battery Metals Energy Transition | |
| 2023 Q4 |
GLP1Osaka Soda produces silica gel beads crucial for chromatography in manufacturing GLP-1 drugs like Wegovy, Ozempic, and Mounjaro. The company holds over 50% market share globally with only two known competitors. The GLP-1 market is expected to surge from $28bn to over $100bn by 2030. |
Chromatography Silica Pharmaceuticals Manufacturing Purification |
AerospaceOsaka Titanium is positioned to benefit from the aerospace production ramp as one of only two scale producers outside Russia/Ukraine for titanium sponge. New-generation aircraft contain 2-3x more titanium, and Boeing suspended Russian titanium purchases with Airbus pledging to follow suit. |
Titanium Aircraft Supply Chain Defense Materials | |
Small CapsThe fund focuses on small-cap investing with 80% of net exposure below $1bn market cap. Historical data shows smaller companies have yielded 3-4x greater returns than S&P 500 over the past century, with cycles lasting around 11.5 years. Currently in the 11th year of a downcycle that began around 2013. |
Valuation Cycles Outperformance Market Cap Historical | |
| 2023 Q3 |
SolarChina is flooding the global solar market with massive excess capacity, driving down module prices and creating a bubble. Chinese companies have built capacity to add 750-1,000 TWh annually from solar alone, far exceeding global demand growth. This oversupply is creating a painful multi-year competitive fight among Chinese producers. |
Solar China Overcapacity Dumping Energy Transition |
Electric VehiclesChina dominates global NEV production with companies like BYD leading Tesla in volume and cost advantages. Chinese automakers are aggressively exporting vehicles globally while traditional JV partners like SAIC lose market share domestically. This creates opportunities to short companies facing margin pressure from Chinese competition. |
Electric Vehicles China BYD Tesla Export | |
Grid UpgradeThe US electrical grid requires massive upgrades with transformers averaging over 40 years old. Legislation has designated $73bn for grid updates plus $369bn for green transition. High-voltage transformer manufacturers face oligopolistic markets with healthy margins and growing backlogs extending 1-3 years. |
Grid Upgrade Transformers Infrastructure Electrical Backlogs | |
Small CapsSmall-cap valuations have reached historically wide discounts to large caps, with sub-$1bn companies falling 7.2% YTD while larger companies gained. The market is extremely narrow with mega-cap technology driving performance. The manager believes this valuation gap will eventually revert in favor of small caps. |
Small Caps Valuations Large Caps Reversion Technology |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 16, 2025 | Fund Letters | Daniel Barker | MGNI US | Magnite, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | adtech, antitrust, Cloud software, CTV, digital advertising | Login |
| Jul 16, 2025 | Fund Letters | Daniel Barker | 4403 JP | NOF Corporation | Materials | Specialty Chemicals | Bull | NYSE | biologics, Cosmetics, Japan, pharma, specialty chemicals | Login |
| Sep 30, 2023 | Fund Letters | Apis Deep Value Fund | AMZN | Amazon.com Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NASDAQ | Consumer Recession, e-commerce, FAANG, High Multiple, Mega Cap, Overvaluation, technology | Login |
| Sep 30, 2023 | Fund Letters | Apis Deep Value Fund | 1211.HK | BYD Company Limited | Consumer Discretionary | Automobile Manufacturers | Bull | Hong Kong Stock Exchange | China, Cost advantage, Electric Vehicles, Free Cash Flow, manufacturing, market leader, NEV | Login |
| Sep 30, 2023 | Fund Letters | Apis Deep Value Fund | 267270.KS | HD Hyundai Electric Co Ltd | Industrials | Electrical Components & Equipment | Bull | Korea Stock Exchange | backlog, Electrical infrastructure, Electrical Steel, Grid modernization, Korea, Transformers, U.S. expansion | Login |
| Sep 30, 2023 | Fund Letters | Apis Deep Value Fund | 010120.KS | LS Electric Co Ltd | Industrials | Electrical Components & Equipment | Bull | Korea Stock Exchange | CHIPS Act, Electrical infrastructure, Korea, margin expansion, Onshoring, Switchgear, turnkey solutions | Login |
| - | Fund Letters | Apis Deep Value Fund | RCAT | Red Cat Holdings Inc | Industrials | Aerospace & Defense | Bull | NASDAQ | Defense, Drones, government contracts, Military, Momentum, NATO, Trump administration | Login |
| - | Fund Letters | Apis Deep Value Fund | 5726.T | Osaka Titanium | Materials | Steel | Bull | Tokyo Stock Exchange | Aerospace, Aircraft Manufacturing, Cyclical, duopoly, Japan, materials, Pricing power, supply chain, Titanium, Value | Login |
| - | Fund Letters | Apis Deep Value Fund | 4046.T | Osaka Soda | Materials | Specialty Chemicals | Bull | Tokyo Stock Exchange | capacity expansion, Chromatography, GLP-1, growth, healthcare, Japan, market leader, pharmaceuticals, Silica Gel, specialty chemicals | Login |
| - | Fund Letters | Apis Deep Value Fund | EDAP | EDAP TMS SA | Health Care | Health Care Equipment | Bull | NASDAQ | france, healthcare, HIFU, lease model, Medical devices, Minimally Invasive, Prostate Cancer, Reimbursement, Urology, Value | Login |
| - | Fund Letters | Apis Deep Value Fund | NRP | Natural Resource Partners | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Carbon Sequestration, coal, deleveraging, dividends, energy, Free Cash Flow, royalties, Soda Ash, turnaround, Value | Login |
| - | Fund Letters | Apis Deep Value Fund | FRW.DE | Friedrich Vorwerk | Industrials | Construction & Engineering | Bull | XETRA | carbon capture, Energy Transformation, Germany, Government Spending, Hydrogen Infrastructure, Infrastructure Services, market leader, Pipeline Installation, Power Transmission, turnaround | Login |
| - | Fund Letters | Apis Deep Value Fund | PLUG | Plug Power Inc | Industrials | Industrial Machinery | Bear | NASDAQ | capital raising, cash burn, Dilution, Hydrogen, Short, Technology Risk, Unprofitable | Login |
| - | Fund Letters | Apis Deep Value Fund | TLN | Talen Energy Corporation | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | Artificial Intelligence, Baseload Generation, data centers, Independent Power Producer, Nuclear Power, PJM Market, Power Purchase Agreement, Share Buybacks | Login |
| - | Fund Letters | Apis Deep Value Fund | SRC.L | SigmaRoc | Materials | Construction Materials | Bull | London Stock Exchange | construction materials, Defense spending, European Consolidation, Germany, infrastructure spending, Lime Producer, Local Monopolies, Pricing power, Roll-up Strategy, valuation discount | Login |
| - | Fund Letters | Apis Deep Value Fund | 4046.T | Osaka Soda Co Ltd | Materials | Specialty Chemicals | Bull | Tokyo Stock Exchange | GLP-1, healthcare, hidden value, Japan, Peptide Drugs, Silica Gel, specialty chemicals | Login |
| - | Fund Letters | Apis Deep Value Fund | MGNI | Magnite, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | adtech, Connected tv, CTV, digital advertising, Google Antitrust, Netflix Partnership, programmatic advertising, Publisher Platform, SaaS, technology | Login |
| - | Fund Letters | Apis Deep Value Fund | SOON.SW | Sonova Holding AG | Health Care | Health Care Equipment | Bear | SIX Swiss Exchange | Costco, Generic Competition, Hearing Aids, Market Share Loss, premium valuation, Short, Switzerland | Login |
| - | Fund Letters | Apis Deep Value Fund | HNRG | Hallador Energy Company | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | Baseload Generation, Capacity Market, Coal Power, data centers, Grid Interconnection, Independent Power Producer, MISO Region, Power Shortage | Login |
| - | Fund Letters | Apis Deep Value Fund | 267270.KS | Iljin Electric Co Ltd | Industrials | Electrical Components & Equipment | Bull | Korea Stock Exchange | electrical equipment, Export Sales, growth, Korea, Order Backlog, Transformers | Login |
| - | Fund Letters | Apis Deep Value Fund | 4506.T | Sumitomo Pharma | Health Care | Pharmaceuticals | Bear | Tokyo Stock Exchange | Acquisitions, Bear, Japan, Neuropsychiatric, Oncology, Patent cliff, pharmaceuticals, women's health | Login |
| - | Fund Letters | Apis Deep Value Fund | TPB | Turning Point Brands Inc | Consumer Staples | Tobacco | Bull | NYSE | capital allocation, Growth Optionality, market share, Nicotine pouches, Rolling Papers, tobacco | Login |
| - | Fund Letters | Apis Deep Value Fund | 8069.TW | E Ink Holdings | Information Technology | Electronic Components | Bull | Taiwan Stock Exchange | Amazon, E-paper, Electronic Displays, growth, Monopoly, patents, Taiwan, technology, Walmart | Login |
| - | Fund Letters | Apis Deep Value Fund | 2238.HK | GAC Group | Consumer Discretionary | Automobile Manufacturers | Bear | Hong Kong Stock Exchange | BYD Competition, Chinese Automotive, Electric Vehicles, joint ventures, Short, Structural decline | Login |
| - | Fund Letters | Apis Deep Value Fund | 1405.HK | DPC Dash | Consumer Discretionary | Restaurants | Bull | Hong Kong Stock Exchange | brand recognition, China, franchise, growth, Pizza, Restaurant, store expansion, turnaround | Login |
| - | Fund Letters | Apis Deep Value Fund | 4403.T | NOF Corporation | Materials | Specialty Chemicals | Bull | Tokyo Stock Exchange | Corporate Governance, Cosmetics ODM, Defense Contractor, Drug Delivery Systems, Japan, Lipid Nanoparticles, Muji, pharmaceuticals, specialty chemicals, Value | Login |
| - | Fund Letters | Apis Deep Value Fund | HNRG | Hallador Energy Company | Energy | Coal & Consumable Fuels | Bull | NASDAQ | coal, Contract Repricing, data centers, Electricity, Indiana, Power generation, Value | Login |
| - | Fund Letters | Apis Deep Value Fund | KIT.OL | Kitron ASA | Information Technology | Electronic Manufacturing Services | Bull | Oslo Stock Exchange | CEO Turnaround, Cyclical Recovery, Defense Aerospace, Electrification, Electronics Manufacturing, EMS, European Rearmament, High-Mix Low-Volume, margin expansion, Nordic | Login |
| - | Fund Letters | Apis Deep Value Fund | KRX012450 | Poongsan Corporation | Materials | Metals & Mining | Bull | Korea Exchange | Ammunition, Artillery, Copper, Defense, Korea, materials, Military, Mining, Munitions, Value | Login |
| - | Fund Letters | Apis Deep Value Fund | TLN | Talen Energy Corporation | Utilities | Independent Power Producers & Energy Traders | Bull | NASDAQ | Amazon Contract, data centers, Independent Power Producer, infrastructure, Nuclear Power, share repurchases | Login |
| TICKER | COMMENTARY |
|---|---|
| MGNI | Magnite is one of the largest independent sell-side platforms (SSPs) – effectively serving as enterprise software for digital publishers, including websites and connected TV channels. Its platform enables publishers to manage ad serving, optimize yield, and target audiences more effectively by connecting their ad inventory to a broad network of demand partners. CTV now represents approximately 50% of Magnite's revenue, with the segment expected to grow at a 15% CAGR over the medium term. In mid-2024, Magnite was named Netflix's exclusive ad tech partner, positioning it to benefit as Netflix targets $9 billion in ad revenue by 2030. At current valuations – 15x forward EBITDA for Magnite – we believe this embedded optionality is not yet priced in, and the stock could offer 50–100% upside from current levels. |
| 4403.T | NOF is a Japanese company with a compelling investment profile: a stable, cash-generative core business in functional chemicals, supported by high-growth segments in cosmetics and pharmaceuticals. Despite this favorable mix, the company continues to trade like a basic chemicals business at just 17x earnings. NOF operates as an original design manufacturer (ODM) for leading cosmetic brands, including Ryohin Keikaku (popularly known as Muji). The company holds a 60% global market share in polyethylene glycol (PEG) – a key drug additive that enhances stability and prolongs therapeutic effects. NOF's explosives division represents approximately 10% of sales and holds a 100% market share in Japan for rocket propellants used by the Self-Defense Forces (SDF). |
| GEO | On the detractor side, the largest single name was GEO Group, which detracted 90 bps as immigration enforcement efforts faced renewed political pushback. However, the recent passage of the 'Big, Beautiful Bill' is expected to provide meaningful support to GEO going forward. |
| NFLX | In mid-2024, Magnite was named Netflix's exclusive ad tech partner, positioning it to benefit as Netflix targets $9 billion in ad revenue by 2030. |
| GOOGL | A recent antitrust ruling against Google may significantly alter the dynamics of the open web advertising market – specifically for video and display ads on browser-based websites. The court found Google had engaged in anti-competitive practices, and a follow-up hearing this September could result in structural changes that benefit independent ad tech providers. In the open web advertising market, Google maintains a dominant 60% share, compared to 7% for Magnite. A meaningful shift in market share following the recent antitrust ruling could serve as a powerful catalyst, with potential double-digit revenue growth beginning in 2026. |
| IBM | While serious quantum computing efforts are underway at tech giants like IBM, Google, Intel, and Microsoft, none claim to be close to commercialization. IBM, for example, recently committed $30 billion over five years to quantum R&D. |
| MSFT | While serious quantum computing efforts are underway at tech giants like IBM, Google, Intel, and Microsoft, none claim to be close to commercialization. |
| INTC | While serious quantum computing efforts are underway at tech giants like IBM, Google, Intel, and Microsoft, none claim to be close to commercialization. |
| NVDA | A recent illustrative – and comedic – moment at CES in January underscores the growing skepticism: when asked about the timeline for quantum breakthrough, Nvidia CEO Jensen Huang said he doubted if a useful quantum computer would hit the market within 15 years, and that 20 years was a more realistic timeline. When asked about his comments negatively affecting the public quantum stocks, he quipped, 'How could a quantum computing company be public?' |
| 7013.T | However, with captive customers like IHI ramping up missile and rocket production by several multiples, even this expansion is unlikely to fully meet growing needs – suggesting continued upside and strategic importance for this niche, high-barrier business. |
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