The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Apis Flagship Fund delivered a strong performance in 2025, finishing the year up 55.1% net (and 10.0% net in Q4), outperforming the MSCI ACWI benchmark by 33.0% for the full year. Key performance drivers included robust stock selection in longs (led by Celcuity and memory semiconductor companies like Kioxia) and solid short-side contributions (such as C3.ai). Strategically, the fund capitalized on a broader market rotation in which U.S. equities underperformed international markets, supporting the fund's structural bias towards non-U.S. small-cap names, particularly in Korea and Japan. Moving forward, the fund is shifting its defense and electrification exposures into smaller companies with niche IP and expanding cyclicals exposure in European building materials and mining, confident in its evergreen global approach as firmwide assets surpassed the $1 billion milestone.
Achieving superior investment returns through bottom-up stock selection focusing on small, often underfollowed global companies with cheap valuations and strong relative growth potential, particularly outside the U.S.
The fund views its strategy as evergreen, with a massive global universe of small, underfollowed companies providing ample opportunities across market cycles. Management is highly confident in its ability to continue identifying compelling investments regardless of the macroeconomic or geopolitical backdrop.
As of Dec 31, 2025
Daniel Barker, CFA, Founder and Chief Investment Officer, has managed global emerging markets and smaller companies funds with decades of experience. Starting Apis Capital was about doing something more entrepreneurial and running money on a truly global basis unrestrained by benchmarks. Eric Almeraz, CFA, Director of Research, and Adjunct Professor at Columbia Business School since 2013, emphasizes applied value investing strategies.
Our borderless approach to stock-picking unearths unique investments to deliver strong, long-term results for our clients. Apis Capital Advisors, LLC is a privately-owned investment advisory firm, driven by performance and guided by deep experience across global equity markets. As a boutique manager, our approach to investing is based on our ability to 'connect the dots' across borders and leverage our experience around the world, employ our extensive international network and produce an eclectic, global portfolio of companies for our clients.
Lead Portfolio Manager
High Conviction Bullish
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