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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Apis Flagship Fund operates a global long/short equity strategy with concentrated industrial and technology exposure across Asia, North America, and Europe."
Apis Flagship Fund is a global long/short equity strategy with concentrated exposure across industrials, technology, and consumer sectors. The fund maintains a diversified geographic allocation with significant exposure to Asia (58.7% gross), North America (47.4% gross), and Europe (19.7% gross). During Q3 2024, the fund delivered a -1.4% return versus the MSCI ACWI's +6.6% gain, bringing year-to-date performance to +13.3%. The portfolio operates with 126% gross exposure and 48% net exposure, indicating a balanced long/short approach with moderate leverage. Top holdings span industrial equipment, semiconductor technology, and consumer appliances across multiple geographies including the US, Taiwan, Germany, and Korea. The fund's sector allocation shows heavy weighting toward industrials/energy (52.4% gross exposure) and consumer (23.3% gross exposure), with technology representing 21.0% gross exposure. Since inception in 2004, the fund has generated a 10.4% annualized return compared to 8.1% for the MSCI ACWI benchmark.
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