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 performance was broad-based, with Technology and Healthcare sectors leading returns, and basic materials also contributing significantly [1] Stock Highlights - uniQure (NASDAQ:QURE) is a gene therapy company focused on rare and neurological diseases, with a one-month return of 0.44% and a market capitalization of approximately $1.4 billion as of January 30, 2026 [2] - The stock traded between $7.76 and $71.50 over the last 52 weeks, closing at about $22.72 per share [2] Key Contributors and Detractors - Celcuity was the top contributor in Q4, adding 3.8% during the quarter and 4.4% for the full year [3] - Memory semiconductor companies contributed over 5.0% to returns, with Kioxia Holdings being a notable performer [3] - uniQure detracted about 1.1% from performance, while Korean defense-related holdings collectively detracted approximately 2.5% in Q4 [3] - The weakness in uniQure and Korean holdings was attributed to a technical pause rather than a decline in fundamentals [3] - Hyundai Rotem, Poongsan, and Hanwha Aerospace were among the top contributors for the year, collectively adding over 11.0% to annual performance [3]