| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 10% | 55.1% |
| 2025 |
|---|
| 55.1% |
Apis Flagship Fund delivered exceptional performance in 2025, gaining 55.1% for the year and 10.0% in Q4, significantly outperforming global benchmarks. The fund's structural bias toward smaller-cap companies outside the U.S., particularly in Asian markets, proved highly successful as international equities outperformed U.S. markets for the first time in many years. Key return drivers included strong stock selection across all regions and sectors, with Technology and Healthcare leading quarterly performance. Defense holdings, memory semiconductors, and healthcare names were top contributors, while the fund evolved its thematic exposures toward smaller companies with niche intellectual property. New themes emerged including memory semiconductors and mining/mining equipment, representing cyclical opportunities with cheap valuations and emerging demand supported by fiscal stimulus. The fund maintains 68% net long positioning and continues pursuing idiosyncratic opportunities in healthcare alongside value-to-growth ideas. Management views the strategy as evergreen with abundant opportunities across market cycles.
Focus on smaller-cap companies globally, particularly outside the U.S. in select Asian markets, where valuations remain attractive and growth opportunities are abundant despite historical underperformance.
Looking ahead, we believe Apis is exceptionally well-positioned to build on this momentum. We have long viewed our strategy as evergreen, with a universe of tens of thousands of companies providing ample opportunity across market cycles and geopolitical environments. Regardless of the macro/geopolitical backdrop, there is always something working somewhere, and we remain highly confident in our ability to continue identifying compelling investments.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 14 2026 | 2025 Q4 | 012450.KS, 086280.KS, 103140.KS, AI, CELC, GTX, QURE | Asia, defense, global, healthcare, Memory, Mining, small caps, technology |
CELC QURE AI |
Apis delivered 55.1% returns in 2025 by focusing on smaller-cap companies outside the U.S., particularly in Asia. Strong performance driven by defense holdings, memory semiconductors, and healthcare names. Fund evolved toward niche IP companies while adding cyclical exposures in mining and European building materials where valuations remain attractive. |
| Jul 16 2025 | 2025 Q2 | 064350.KS, 103140.KS, 103590.KS, 4403.T, 7513.T, 7751.T, GEO, MGNI | Ad Tech, Asia, defense, gold, infrastructure, Korea, nuclear, Space |
MGNI 4406 JP MGNI 4403.T |
Apis delivered 23.7% net in Q2 2025, led by Asian positions particularly in Korea. The fund capitalizes on structural underinvestment in defense, nuclear, power infrastructure, and space while shorting speculative quantum computing names. Key holdings include Doosan Enerbility, Korean defense stocks, and Magnite. Portfolio remains 60% net long with continued conviction in multi-year infrastructure themes. |
| Apr 15 2025 | 2025 Q1 | 3662.TW, BZU.MI, CEMI.MI, MRNA, SMA.DE, TITK.AT, WIE.VI | Asia, Building Materials, Cement, Consolidation, Cyclical, defense, Europe, Long/Short |
BZU.MI CEM.MI TITK.AT WIE.VI |
Apis delivered 3.3% net in Q1 2025, outperforming through European defense exposure and Asia positioning. The fund has identified compelling opportunities in European building materials, particularly cement companies trading at 8x P/E despite industry consolidation creating pricing power. Carbon regulations expected to drive further consolidation and margin expansion, presenting attractive risk-adjusted returns. |
| Dec 31 2024 | 2024 Q4 | ACHR, CLS, MRNA, PLUG, RHM.DE, SONO, TLN | defense, energy, global, Korea, Long/Short, small caps, technology, value |
267250.KS 3533.TW 4046.T TLN 2238.HK PLUG SOON.SW |
Apis delivered 13.2% net returns in 2024 through disciplined global small-cap investing, generating over 7% in Korea despite market declining 21%. Manager maintains conviction that current U.S. large-cap dominance will normalize, favoring their ex-U.S. small-cap positioning across electrical equipment, AI infrastructure, data centers, and defense sectors. |
| Sep 30 2024 | 2024 Q3 | - | Asia, consumer, global, industrials, Long/Short, technology | - | Apis Flagship Fund operates a global long/short equity strategy with concentrated industrial and technology exposure across Asia, North America, and Europe. Q3 2024 underperformed with -1.4% returns but maintains strong YTD performance at +13.3%. The fund runs 126% gross exposure with balanced geographic diversification and sector focus on industrials, consumer, and technology. |
| Jul 31 2024 | 2024 Q2 | 3659.T | Asia, industrials, Japan, Korea, Long/Short, technology | - | Apis Flagship Fund's July underperformance was driven by short losses in low-quality North American companies that rallied on rate cut expectations. Asian long positions, particularly Japanese gaming and Korean aerospace/defense holdings, contributed positively. The fund maintains concentrated exposure to Asian industrials and technology companies while shorting unprofitable businesses, though this strategy faced headwinds during the risk-on environment. |
| Apr 15 2024 | 2024 Q1 | - | consumer, healthcare, industrials, Long/Short, materials, technology | - | Apis Flagship Fund delivered 9.5% net returns in Q1 2024, outperforming benchmarks through a global long/short strategy focused on industrials and technology. The fund maintains 114% gross exposure with significant positions across Asia, North America, and Europe, continuing its strong long-term track record of 10.4% annualized returns since 2004 inception. |
| Jan 31 2024 | 2023 Q4 | 010120.KS, 1211.HK, 267270.KS, 3711.TW, 489.HK, 600104.SS, 9684.T, AMG.AS, AMZN, EVO.ST, ICPT, TSLA | China, Electric Vehicles, energy, Grid Upgrade, Long/Short, small caps, Solar, technology | 010120.KS | Small-cap focused fund down 0.8% in Q3 despite strong short performance. Manager maintains conviction in small-cap value proposition at historically wide discounts to large caps. Key themes include shorting Chinese solar and EV overcapacity while investing in US grid modernization beneficiaries. Portfolio positioned for eventual small-cap reversion with tactical risk management around market concentration in mega-caps. |
| Apr 10 2023 | 2023 Q3 | 010120.KS, 1211.HK, 267270.KS, 3711.TW, 489.HK, 600104.SS, 9684.T, AMG.AS, AMZN, EVO.ST, ICPT, TSLA | China, Electric Vehicles, Grid Upgrade, Long/Short, small caps, Solar, technology, Valuations | - | Small-cap focused fund navigating historically wide valuation discounts by reducing exposure to smallest names while maintaining conviction in the asset class. Shorting Chinese solar and EV overcapacity themes while going long Korean electrical equipment manufacturers benefiting from U.S. infrastructure spending. Views mega-cap rally as fragile and expects eventual reversion favoring small-caps. |
| Jan 15 2023 | 2022 Q4 | - | - | - | |
| Nov 23 2022 | 2022 Q3 | - | - | - | |
| Jul 18 2022 | 2022 Q2 | - | - | - | |
| Jan 3 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI emergence has created market hysteria and broad software sell-offs despite limited real-world adoption. Manager believes incumbent software firms with domain expertise and proprietary data are better positioned than AI-native startups to capture long-term benefits from AI integration. |
Artificial Intelligence Software Automation Technology |
SoftwareSoftware sector treated as monolith awaiting AI disruption, creating valuation disconnect. Manager maintains significant overweight despite recent underperformance, believing dominant vertical platforms can successfully reinvent themselves for agentic world and fend off AI-native competitors. |
Enterprise Software SaaS Technology Vertical Software | |
ValueMarket experiencing broadening to small cap value industries and oldest sectors like materials and industrials. Manager unable to capitalize due to software overweight, but sees this as validation of value investing principles during technological disruption. |
Small Cap Value Investing Materials Industrials | |
HotelsChoice Hotels represents asset-light, high-margin franchisor trading at distressed multiple due to cyclical headwinds. Company shifting portfolio toward higher-revenue segments like Extended Stay and international markets, with potential for significant cash unlock and share buybacks. |
Hospitality Franchising Extended Stay International | |
| 2025 Q2 |
DefenseDefense remains one of the most structurally supported sectors globally following decades of underinvestment. Defense budgets are expanding meaningfully across regions while next-generation technologies like drones, counter-drone systems, and directed-energy weapons are creating new markets for specialized companies. The fund holds positions in Korean defense names including Poongsan and Hyundai Rotem. |
Defense Spending Drones Defense Electronics Defense Components Ammunition |
NuclearNuclear energy is experiencing a global resurgence, benefiting the fund's early positioning in top nuclear-exposed names outside the U.S., including in Korea, Japan, and France. Nuclear was long excluded from ESG frameworks, allowing investment before sentiment and policy began to shift more favorably. Doosan Enerbility is positioned to benefit from the global resurgence in nuclear energy. |
Nuclear Uranium Power Equipment Energy Transition Nuclear Utilities | |
SpaceThe space industry is an area of growing interest with a growing ecosystem of companies supporting both consumer and military applications. The fund is finding attractive opportunities across the value chain from component manufacturers to service providers enabling satellite-based capabilities. NOF Corporation holds 100% market share in Japan for rocket propellants used by the Self-Defense Forces. |
Space Satellites Defense Aerospace Components Government IT | |
Power InfrastructurePower infrastructure is marked by years of chronic underinvestment. While China has aggressively expanded its power capacity and grid modernization, 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. |
Power Equipment Grid Upgrade Infrastructure Spending Electrical Equipment Transmission | |
GoldTrump Trades include 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 trading at 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 Dollar | |
Ad TechDigital advertising 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 dynamics. Magnite benefits from deep integrations with publishers and demand-side platforms, creating high switching costs and competitive moats. |
Ad Tech Advertising Streaming Media CTV | |
| 2025 Q1 |
Defense SpendingDefense stocks were key drivers of performance, especially those linked to European initiatives aimed at bolstering defense spending. The fund continues to uncover new opportunities in defense supply chains, focusing on names that are less well understood and have potential for discovery. |
Defense European Supply Chain Military Spending |
Building MaterialsEuropean building materials sector presents an attractive opportunity as construction volumes are well below historical averages and the market shows signs of stabilization. The cycle appears to be at a turning point with potential for volume recovery driven by infrastructure spending and post-war rebuilding opportunities. |
Construction Cyclical Infrastructure Recovery Europe | |
CementCement industry has undergone significant consolidation resulting in pricing power even at low utilization rates. Carbon emission regulations are driving further consolidation and pricing power, with carbon costs adding €30-40 per ton currently and expected to increase significantly. |
Consolidation Pricing Power Carbon Regulation Margins | |
| 2024 Q4 |
Small CapsManager maintains conviction in small-cap strategy despite underperformance versus large-cap indices. Believes compelling growth and valuation advantages will normalize in their favor. Portfolio demonstrates strong stock-picking ability in small-cap names across regions. |
Small Cap Valuation Growth Stock Picking Undervaluation |
AILotes positioned to benefit from next generation Nvidia AI chips shifting toward connector solutions. Company serves Intel and AMD for server CPU chips and expected to capture AI infrastructure growth through connector technology. |
AI Semiconductors Connectors Data Centers Infrastructure | |
Data CentersTalen Energy owns nuclear power plant in region poised for significant power price increases driven by rising data center demand. Already secured contract with Amazon at 50% premium to forward curve with capacity for similar future agreements. |
Data Centers Nuclear Power Amazon Energy | |
DefenseRheinmetall and Hanwha Aerospace were strong performers during the year. Portfolio includes defense-related investments benefiting from increased defense spending and geopolitical tensions. |
Defense Aerospace Geopolitical Military Equipment | |
| 2024 Q2 |
GamingNexon, a Japanese-listed gaming company, was one of the top long position contributors in July. The fund maintains exposure to the gaming sector through this Asian holding. |
Gaming Japan Entertainment |
DefenseKorean aerospace and defense holdings were among the leading contributors in July. The fund has exposure to the defense sector through Korean companies in the aerospace and defense space. |
Defense Aerospace Korea | |
Grid UpgradeThe grid electrification theme took a breather following strong year-to-date performance, with two Korean holdings in this theme among the top detractors in July. |
Grid Electrification Infrastructure | |
| 2023 Q4 |
SolarChina is flooding the global solar market with massive excess capacity, driving product prices down dramatically. Chinese companies built far more capacity than needed, creating a bubble that threatens domestic solar manufacturers in Europe and the US. The fund is short multiple Chinese solar producers expecting prolonged low prices and competitive pressure. |
Solar China Overcapacity Dumping Energy Transition |
Electric VehiclesChina dominates global NEV production with BYD leading Tesla in volume and cost advantages. Chinese automakers are aggressively exporting vehicles while traditional JV partners like SAIC lose market share domestically. The fund expects continued price cuts due to excess production capacity and is short multiple companies in the NEV supply chain. |
Electric Vehicles China BYD Tesla Overcapacity | |
Grid UpgradeUS electrical grid modernization presents a long-term secular opportunity driven by Infrastructure Investment and Jobs Act funding and Inflation Reduction Act green transition spending. High-voltage transformer manufacturers benefit from aging infrastructure, extended backlogs, and limited Chinese competition in this oligopolistic market. |
Grid Upgrade Infrastructure Transformers Electrical Equipment US | |
Small CapsSmall-cap valuations have reached historically wide discounts to large caps, with the smallest sub-$1bn names significantly underperforming. The fund has reduced exposure to micro-caps while maintaining conviction that small companies offer superior growth at cheaper valuations despite current headwinds. |
Small Caps Valuations Market Cap Underperformance Value | |
| 2023 Q3 |
SolarChina is flooding the global solar market with massive excess capacity, driving product prices down dramatically. Chinese companies have built capacity sufficient to add 750-1,000 TWh annually from solar alone, far exceeding global demand. This oversupply has created a collapse in solar module prices, particularly affecting European markets where Chinese dumping is occurring. |
Solar China Oversupply Dumping Energy Transition |
Electric VehiclesChina dominates global NEV production with companies like BYD leading Tesla in volume and cost efficiency. Chinese automakers have a 25% cost advantage over Western producers and are aggressively exporting vehicles globally. This threatens traditional Western automakers and has prompted European investigations into Chinese dumping practices. |
Electric Vehicles China BYD Cost Advantage Export | |
Grid UpgradeThe US electrical grid requires massive upgrades with transformers averaging over 40 years old. Legislation has allocated $73bn for grid updates and $369bn for green transition. High-voltage transformer manufacturers face strong demand with backlogs extending 1-3 years and climbing prices, creating opportunities in an oligopolistic market. |
Grid Upgrade Transformers Infrastructure Backlogs Oligopoly | |
Small CapsSmall-cap valuations have reached historically wide discounts relative to large caps, with the smallest sub-$1bn names significantly underperforming. The manager has reduced exposure to sub-$1bn companies while maintaining positions in $1-5bn mid-caps that have performed better. This market narrowness is driven by mega-cap technology concentration. |
Small Caps Valuations Underperformance Market Narrowness Mega Cap |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 14, 2026 | Fund Letters | Daniel Barker | CELC | Celcuity Inc. | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Clinicaltrials, healthcare, Oncology | Login |
| Jan 14, 2026 | Fund Letters | Daniel Barker | QURE | UniQure N.V. | Health Care | Biotechnology | Bear | NASDAQ | Biotech, Clinicalrisk, Genetherapy, Volatility | Login |
| Jan 14, 2026 | Fund Letters | Daniel Barker | AI | C3.ai, Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | Artificialintelligence, Shortselling, Software, valuation | Login |
| Jul 16, 2025 | Fund Letters | Daniel Barker | MGNI | Magnite, Inc. | Communication Services | Advertising Agencies | Bull | NASDAQ | adtech, antitrust, CTV, growth, Margins, Optionality | Login |
| Jul 16, 2025 | Fund Letters | Daniel Barker | 4406 JP | NOF Corporation | Materials | Specialty Chemicals | Bull | NYSE | Chemicals, Cosmetics, Defense, Governance, Nanoparticles, Peg, pharmaceuticals | Login |
| Jun 30, 2025 | Fund Letters | Apis Flagship Fund | 4403.T | NOF Corporation | Materials | Specialty Chemicals | Bull | Tokyo Stock Exchange | Corporate Governance, Cosmetics ODM, Defense Explosives, Drug Delivery Systems, Japan, Lipid Nanoparticles, Muji, Peg, specialty chemicals, Value | Login |
| Jun 30, 2025 | Fund Letters | Apis Flagship Fund | MGNI | Magnite, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Tech, Connected tv, CTV, digital advertising, Google Antitrust, Netflix Partnership, programmatic advertising, Publisher Platform, SSP | Login |
| Apr 1, 2025 | Fund Letters | Apis Flagship Fund | BZU.MI | Buzzi | Materials | Construction Materials | Bull | Borsa Italiana | Building materials, carbon emissions, Cement, consolidation, construction, Cyclical Recovery, Equity, Europe, infrastructure, Value | Login |
| Apr 1, 2025 | Fund Letters | Apis Flagship Fund | WIE.VI | Wienerberger | Materials | Construction Materials | Bull | Vienna Stock Exchange | Brick Manufacturing, Building materials, consolidation, construction, Cyclical Recovery, Equity, Europe, infrastructure, Value | Login |
| Apr 1, 2025 | Fund Letters | Apis Flagship Fund | CEM.MI | Cementir | Materials | Construction Materials | Bull | Borsa Italiana | Building materials, carbon emissions, Cement, consolidation, construction, Cyclical Recovery, Equity, Europe, infrastructure, Value | Login |
| Apr 1, 2025 | Fund Letters | Apis Flagship Fund | TITK.AT | Titan | Materials | Construction Materials | Bull | Athens Exchange | Building materials, carbon emissions, Cement, consolidation, construction, Cyclical Recovery, Equity, Europe, infrastructure, Value | Login |
| Dec 31, 2024 | Fund Letters | Apis Flagship Fund | TLN | Talen Energy | Utilities | Independent Power Producers & Energy Traders | Bull | NASDAQ | AI infrastructure, Amazon Contract, data centers, Independent Power Producer, Nuclear Power, Share Buybacks, utilities | Login |
| Dec 31, 2024 | Fund Letters | Apis Flagship Fund | 267250.KS | Iljin Electric | Industrials | Electrical Equipment | Bull | Korea Stock Exchange | electrical equipment, Export Sales, infrastructure, Korea, manufacturing, Transformers, Value | Login |
| Dec 31, 2024 | Fund Letters | Apis Flagship Fund | SOON.SW | Sonova | Health Care | Health Care Equipment | Bear | SIX Swiss Exchange | Bear, Costco Distribution, Generic Competition, Hearing Aids, Market Share Loss, premium valuation, Switzerland | Login |
| Dec 31, 2024 | Fund Letters | Apis Flagship Fund | 3533.TW | Lotes | Information Technology | Electronic Components | Bull | Taiwan Stock Exchange | AI chips, Electronic Connectors, growth, NVIDIA, semiconductors, Server Components, Taiwan | Login |
| Dec 31, 2024 | Fund Letters | Apis Flagship Fund | 2238.HK | Guangzhou Automotive | Consumer Discretionary | Automobile Manufacturers | Bear | Hong Kong Stock Exchange | Bear, BYD Competition, Chinese Automotive, Electric Vehicles, Honda, Industry Disruption, joint ventures, Toyota | Login |
| Dec 31, 2024 | Fund Letters | Apis Flagship Fund | 4046.T | Osaka Soda | Materials | Specialty Chemicals | Bull | Tokyo Stock Exchange | GLP-1, healthcare, Hidden-Assets, Japan, Peptide Drugs, Silica Gel, specialty chemicals, Value | Login |
| Dec 31, 2024 | Fund Letters | Apis Flagship Fund | PLUG | Plug Power | Industrials | Electrical Equipment | Bear | NASDAQ | Bear, capital raising, cash burn, Fuel cells, Hydrogen Economy, shareholder dilution, Unprofitable | Login |
| Sep 30, 2023 | Fund Letters | Apis Flagship Fund | - | HD Hyundai Electric | Industrials | Electrical Equipment | Bull | Korea Exchange | electrical equipment, Grid Infrastructure, growth, Korea, Power Transmission, Transformers, utilities, Value | Login |
| Sep 30, 2023 | Fund Letters | Apis Flagship Fund | - | LS Electric | Industrials | Electrical Equipment | Bull | Korea Exchange | automotive, CHIPS Act, electrical equipment, industrial services, Korea, Onshoring, semiconductors, turnkey solutions, Value | Login |
| Sep 30, 2023 | Fund Letters | Apis Flagship Fund | - | Alchip Technologies | Information Technology | Semiconductors & Semiconductor Equipment | Bull | Taiwan Stock Exchange | AI chips, Asic, AWS, design wins, Legacy Designs, semiconductors, Taiwan | Login |
| Sep 30, 2023 | Fund Letters | Apis Flagship Fund | - | HD Hyundai Electric | Industrials | Electrical Equipment | Bull | Korea Exchange | electrical equipment, Electrical Steel, Grid modernization, High-Voltage, Korea, Transformers, U.S. expansion | Login |
| Sep 30, 2023 | Fund Letters | Apis Flagship Fund | 010120.KS | LS Electric | Industrials | Electrical Equipment | Bull | Korea Exchange | CHIPS Act, Electrical Installation, Factory Grid Connection, Korea, Onshoring, Switchgear, turnkey solutions | Login |
| TICKER | COMMENTARY |
|---|---|
| AI | C3.ai was among the top contributors, which is highlighted in the accompanying Value Investor Insight article, and ranked among the top short-side gainers for both the quarter and the full year. |
| CELC | The top contributor in Q4 was Celcuity, a healthcare name highlighted in our last quarterly letter, which added 3.8% during the quarter and 4.4% for the full year. |
| QURE | UniQure detracted about 1.1% |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
