Apis Flagship Fund Outperforms in Q4 2025, Cites Stock Picks and Strategy
NEW YORK – The Apis Flagship Fund, managed by Apis Capital Advisors, closed out 2025 with a strong fourth quarter, according to its recently released investor letter. The fund posted a net gain of 10.0% for Q4 and an impressive 55.1% for the full year, substantially outperforming the MSCI ACWI global index.
Performance was driven primarily by long positions, with technology and healthcare sectors leading the charge. The fund maintained a net long exposure of approximately 68% as of December. Looking forward, Apis Capital emphasized a continued focus on bottom-up stock selection and identified structural opportunities in healthcare, semiconductors, and industrials, particularly in non-U.S. markets.
Among the specific holdings discussed was uniQure N.V. (NASDAQ: QURE), a gene therapy company specializing in one-time treatments for rare diseases. The fund noted that while 59 hedge funds held uniQure at the end of Q3 2025—up from 36 the prior quarter—it is not among their highest-conviction picks. The letter suggested the firm sees greater near-term potential in certain AI-focused equities.
uniQure's stock has seen significant volatility, trading between $7.76 and $71.50 over the past 52 weeks. It closed at $22.72 on January 30, 2026, giving the company a market valuation of around $1.4 billion.
The gene therapy sector, where uniQure operates, remains a high-stakes arena for investors. While the promise of curative treatments drives long-term optimism, the path to commercialization is often fraught with regulatory hurdles and steep costs, leading to pronounced stock price swings based on clinical trial results and partnership news.
Investor Perspectives
We asked a few market observers for their take on the fund's performance and its view on uniQure:
Michael Thorne, Portfolio Manager at Veritas Wealth: "Apis's outperformance is notable, especially in a mixed market. Their focus on niche healthcare and tech plays seems validated. Regarding uniQure, it's a typical biotech bet—binary outcomes. The increased hedge fund interest is a data point, but not a guarantee of success."
Dr. Sarah Chen, Biotech Analyst at Glenwood Research: "The fund's caution on uniQure relative to AI stocks reflects a classic growth vs. value timing debate. uniQure's AAV platform has validated science, but monetization is years away. AI stocks offer more immediate catalysts in the current cycle."
David R. Miller, Editor of 'The Contrarian Investor' Newsletter: "This is short-term thinking at its worst. Dismissing a pioneer like uniQure for trendy AI plays is chasing hype. The real money is made by holding through the volatility of transformative medicine, not flipping semiconductor stocks. Funds touting this 'AI over everything' narrative will be the ones left behind when the regulatory landscape for gene therapy clarifies."
Disclosure: This analysis is based on publicly available information. It is not investment advice.