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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains constructive on global infrastructure, nuclear energy, and selective 'Trump Trades' while avoiding speculative areas."
The Apis Deep Value Fund returned 23.2% net in Q2 2025, driven by a strong long contribution of 35.5% gross, while short positions detracted 5.1% gross. At the end of June, the fund stood approximately 76% net long, with the portfolio positioned 113% long and 37% short. Regional performance was led by Asia, which contributed 14.0%, primarily driven by underpriced opportunities in South Korea that were boosted by corporate governance reforms and fiscal stimulus from the 'Lee Jae-myung bump'. Europe and North America also posted solid gains, contributing 5.0% and 7.0%, respectively. Industrials was the leading sector, driven by defense and power generation. Top individual contributors included South Korean holdings Poongsan, Hyundai Rotem, and Iljin Electronics. The primary detractor was GEO Group, which lost 90 bps on political pushback, though upcoming policy shifts are expected to offer support. Looking forward to the second half of 2025, the manager remains constructive on several structural themes, including defense spending, space industry ecosystem growth, power grid modernization, nuclear energy, and selective 'Trump Trades' such as gold miners, while maintaining shorts in overhyped quantum computing SPACs.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains construct...
Growth Outlook
Market outlook remains high conviction: Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains construct...
Risk Appetite
Risk appetite posture is above average conviction: Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains construct...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains construct...
Forward Guidance
Forward guidance signal: Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains construct...
Language Signal
Tone analysis indicates high conviction language: Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains construct...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains construct...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains construct...
Time Horizon
Investment time horizon reflects a above average conviction orientation. Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains construct...
