Performance Summary - Apis Flagship Fund achieved a net gain of 10.0% in Q4 2025 and a total annual gain of 55.1%, 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 showing improved performance 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] C3.ai Analysis - C3.ai (NYSE:AI) is an enterprise software company focused on AI applications for industrial and government use [2] - The stock experienced a one-month return of -21.40%, trading between $10.90 and $35.98 over the past 52 weeks, with a market capitalization of approximately $1.55 billion as of January 30, 2026 [2] - C3.ai was a top contributor on the short side for the fund, indicating strong performance despite rising equity markets [3] Hedge Fund Popularity - C3.ai was held by 21 hedge fund portfolios at the end of Q3 2025, a decrease from 30 in the previous quarter, indicating a decline in popularity among hedge funds [4] - The company is not listed among the 30 most popular stocks among hedge funds, suggesting a cautious sentiment towards its investment potential [4]