Here’s Why uniQure (QURE) Declined in Q4

Performance Summary - Apis Flagship Fund achieved a net return of 10.0% in Q4 2025 and a total gain of 55.1% for the year, outperforming the MSCI ACWI benchmark by approximately 7.0% in Q4 and 33.0% for the year [1] - Long positions contributed 11.9% gross to the Fund's performance, while short positions added 0.8% gross, with a net long position of around 68% as of December [1] - The Fund's performance was broad-based, with Technology and Healthcare sectors leading returns, and small-cap stocks narrowing their underperformance relative to large caps [1] Investment Focus - The firm emphasized a bottom-up stock selection strategy and structural exposures to niche opportunities in healthcare, semiconductors, and industrials as key drivers for future returns [1] - Non-U.S. markets were highlighted as persistently attractive for potential returns [1] Company Spotlight: uniQure (NASDAQ:QURE) - uniQure is a gene therapy company focused on one-time treatments for rare and neurological diseases, utilizing proprietary AAV-based delivery technology [2] - The stock had a one-month return of 0.44%, trading between $7.76 and $71.50 over the past 52 weeks, and closed at approximately $22.72 per share on January 30, 2026, with a market capitalization of about $1.4 billion [2] - In Q4 2025, uniQure detracted about 1.1% from the Fund's performance, attributed to a technical pause rather than fundamental deterioration [3] Hedge Fund Interest - uniQure was held by 59 hedge fund portfolios at the end of Q3 2025, an increase from 36 in the previous quarter [3] - Despite the potential of uniQure, the firm expressed a stronger conviction in AI stocks for higher returns in a shorter timeframe [3]