Apis Offshore Capital’s Q2 2025 Investor Letter

Apis Capital Advisors, an investment management company, released its “Apis Flagship Fund” second-quarter 2025 investor letter. The Apis Flagship Fund posted a net return of 23.7% in Q2 2025, reflecting strong alpha generation from the firm’s high-conviction positions. During the quarter, long investments contributed 35.9% on a gross basis, while short positions detracted 4.9%. As of June 30, the portfolio remained meaningfully exposed to equities, with gross exposures of 92% long and 32% short, resulting in a net long position of approximately 60%. Management emphasized that this positioning reflects confidence in select opportunities while maintaining prudent hedges against broader market risks. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2025.

A copy of Apis Flagship Fund’s Q2 2025 investor letter is available for download here.