| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 23.7% | - |
| 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 |
Defense exposure continued from 2024 but evolved toward smaller companies with niche intellectual property. Korean defense holdings including Hyundai Rotem, Poongsan, and Hanwha Aerospace were… |
| Jul 16 2025 | 2025 Q2 | - | Asia, defense, infrastructure, nuclear, Valuations |
MGNI 4406 JP |
The commentary reinforces defense, power infrastructure, and nuclear energy as long-duration themes benefiting from fiscal stimulus and geopolitical realignment. Asia, particularly South Korea, is highlighted… |
| Apr 15 2025 | 2025 Q1 | - | - | - | - |
| Dec 31 2024 | 2024 Q4 | 103590 KS, 3533 TT, 4046 JP, 601238 CH, PLUG, SOON SW, TLN | - | - | - |
| Sep 30 2024 | 2024 Q3 | - | - | - | - |
| Jul 31 2024 | 2024 Q2 | - | - | - | - |
| Apr 15 2024 | 2024 Q1 | - | - | - | - |
| Jan 31 2024 | 2023 Q4 | - | - | - | - |
| Apr 10 2023 | 2023 Q3 | 010120 KS, 267260 KS, 3661 TT, AMG NA | - | - | - |
| Jul 15 2023 | 2023 Q2 | 248070 KS, 3661 JP, 403870 KS | - | - | - |
| Mar 31 2023 | 2023 Q1 | 009830 KS, MBTN SW, RECSI NO, S92 GR | - | - | - |
| 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 |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines |
MaterialsThe Materials sector experienced a sharp turnaround in 2025 with 32.3% returns, fueled by the unstoppable gold price. This represented diametrically opposite fortunes compared to the preceding decade when Materials underperformed significantly. |
Materials Sector Rotation Commodities | |
MemoryThe AI boom is engendering structural changes in the memory market that should support higher and more consistent profitability. Three key developments are changing industry dynamics: growing demand for customized, high-value memory products like HBM; the need to surmount the memory wall for AI workloads; and increasing constraints on memory manufacturing capacity as more capacity is allocated to HBM production. |
DRAM HBM Semiconductors Samsung SK hynix | |
MiningMultiple mining holdings across metals including copper, gold, silver, tin, and uranium. Baker Steel Resources Trust contains significant exposure to copper developers, gold royalties, and tungsten projects. Power Metal Resources holds uranium and copper projects with royalties and blockchain mining ventures. |
Copper Gold Silver Uranium Tungsten | |
| 2025 Q2 |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| 012450.KS | Notably, three of the top 10 contributors for the year – Hyundai Rotem, Poongsan, and Hanwha Aerospace – collectively added over 11.0% to annual performance. |
| 086280.KS | Notably, three of the top 10 contributors for the year – Hyundai Rotem, Poongsan, and Hanwha Aerospace – collectively added over 11.0% to annual performance. |
| 103140.KS | Notably, three of the top 10 contributors for the year – Hyundai Rotem, Poongsan, and Hanwha Aerospace – collectively added over 11.0% to annual performance. |
| 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. |
| GTX | We initiated a position in Garrett Motion, an automotive parts and equipment company in the Consumer Discretionary sector. The company designs, manufactures, and sells turbocharger and electric boosting technologies for commercial vehicles. Garrett ranks high on multiple cash flow and forecast earnings measures on our model. The company typically pays a dividend and has been aggressively buying back stock, which we view positively. |
| QURE | The FDA walking back on QURE approval after mixed data made me roundtrip the profits of that position. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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