APIS Capital 3Q22 Investor Letter

Dear Partners, Our Flagship Fund was down 3.4% net in Q3 2022. During the past quarter, our longs detracted 5.2% (gross), while our  shorts contributed 1.9% (gross). At the end of September, the Fund was approximately 49% net long with the portfolio 89%  long and 39% short. Q3 2022 hedge fund letters, conferences and more Performance Overview (Gross Returns) Losses in the Apis Flagship Fund were about half of the market overall during the quarter, primarily due to net positioning  and long-side outperformance while shorts were positive but more in line with weak markets. Geographically, Asia  contributed, with Korea and…