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Alternative Market Briefing

Apis Global Discovery Fund's winning streak extends into January after ending 2020 up 70%

Tuesday, February 16, 2021

Bailey McCann, Opalesque New York:

2021 opened with another positive month for global equities and some funds were able to take advantage. The Apis Global Discovery Fund, from Apis Capital Advisors, ended the month up 8.4% building on strong 2020 returns of over 70% net.

January marks the start of year two for the Apis Global Discovery Fund, which invests in small and mid-cap global equities. The fund has a European tilt and invests across all sectors. The approach struggled during the first quarter of last year on market volatility but rebounded significantly over the remainder of the year led by European equities. The strategy is opening to outside investors this year.

The Apis Flagship Fund had a rougher go of it in January. The strategy was down -3.84% after ending 2020 on a high note - up over 34% net. The Flagship Fund uses a long/short small and mid-cap global equities strategy. According to an investor letter obtained by Opalesque, while Apis had no exposure to meme stocks, the strategy was impacted by hedge fund de-grossing in response to retail traders. The fund itself repositioned in response to market dynamics. A research note from Goldman Sachs issued during January noted that hedge fund de-grossing hit 2009 levels at the peak of meme stock hysteria.

The letter notes that Apis has reduced its exposure to US names where short interest is high. The strategy will pivot to global shorts where markets are acting more "rationally." Retail traders in the......................

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