Dear Partners,
Our Flagship Fund was down 3.4% net in Q3 2022. During the past quarter, our longs detracted 5.2% (gross), while our shorts contributed 1.9% (gross). At the end of September, the Fund was approximately 49% net long with the portfolio 89% long and 39% short.
Q3 2022 hedge fund letters, conferences and more
Performance Overview (Gross Returns)
Losses in the Apis Flagship Fund were about half of the market overall during the quarter, primarily due to net positioning and long-side outperformance while shorts were positive but more in line with weak markets. Geographically, Asia contributed, with Korea and Taiwan notably strong. On the other end of the spectrum, longs in Europe dragged on performance by...
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