Apis Capital Advisors’ Q4 2025 Investor Letter

Apis Capital Advisors’ Apis Flagship Fund released its Q4 2025 investor letter. Apis Flagship Fund delivered strong performance in the fourth quarter of 2025, with the Fund up 10.0% net for the quarter and gaining 55.1% for the full year, significantly outperforming the MSCI ACWI global benchmark by approximately 7.0% in Q4 and 33.0% for the year. Long positions drove the majority of gains as they generated 11.9% gross contribution, while shorts added a further 0.8% gross, with the portfolio positioned around 68% net long as of December. Performance was broad-based, as Technology and Healthcare led quarterly returns, and strong contributions also came from Basic Materials, while small-capitalization stocks narrowed their traditional underperformance relative to large caps. Looking ahead, the firm highlighted its continued emphasis on bottom-up stock selection, structural exposures to niche opportunities across healthcare, semiconductors, and industrials, and the persistent attractiveness of non-U.S. markets as key drivers for future potential returns. In addition, please check the Fund’s top five holdings to know its best picks in 2025.

A copy of Apis Capital Advisors’ Apis Flagship Fund Q4 2025 investor letter can be downloaded here.