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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Apis Global Discovery Fund targets global SMID-cap equities with concentrated Asian industrial and technology exposure. Outperforming benchmarks through fundamental stock selection."
The Apis Global Discovery Fund is a long-only global SMID-cap equity strategy that delivered 9.0% year-to-date returns through July 2024, outperforming the MSCI ACWI SMID Cap Index's 7.9% return. Since inception in January 2020, the fund has generated 87.4% cumulative returns versus 36.7% for the benchmark. The portfolio maintains a concentrated approach with top 10 positions representing 30% of assets, led by Japanese healthcare company Osaka Soda and Korean industrial firms including HD Hyundai Electric and KINX. Geographic allocation shows 54% North America, 28% Asia, and 16% Europe exposure. The fund targets companies with an average market cap of $1.9 billion and median of $840 million, with 52% of holdings under $1 billion market cap. Sector allocation emphasizes industrials at 51% and technology at 22%, reflecting the manager's focus on Asian manufacturing and technology companies. The strategy demonstrates consistent outperformance through fundamental stock selection in the global SMID-cap universe.
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