Apis Capital’s flagship fund returned 10% net for the fourth quarter, bringing its full-year return to 55.1% for 2025. According to Hedge vison, Apis Capital was the best performing hedge fund of the year among funds whose returns are public. During the fourth quarter, the fund’s long positions contributed 11.9% gross, while the shorts added 0.8% gross. At the end of the year, the fund was about 68% net long, and the portfolio was 97% long and 28% short.
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Note: Apis Capital was highlighted in our Q3 2024 Hidden Value Stocks which features top under the radar emerging hedge fund managers. We also updated readers on Apis in our Q3 2025 issue.
Non-U.S. stocks won in 2025
In December, Apis beat the MSCI ACWI benchmark by about 2%, while it outperformed by 7% for Q4. For all of 2025, the fund came out ahead of the index by 33%.
In their Q4 letter to investors, which was obtained by Hedge Fund Alpha, Daniel Barker and Eric Almeraz noted that small caps underperformed the large-cap indexes slightly, rising about 10.3% versus 22.3% for large caps, it was a major turnaround versus 2024, when small caps underperformed by almost 10%. Further, they said global stocks greatly beat their U.S. peers, with international stocks rising 32.4%, versus 17.3% for U.S. names.
Also see: Revisiting Apis Capital’s Investment Theses
The Apis team lauded the outperformance of non-U.S. equities because it aligns with their bottom-up assessment of relative growth and value opportunities, a framework that continues to push their portfolio’s structural bias beyond U.S. boards, especially focusing on certain markets in Asia.
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