In February, as stock markets in Asia outperformed those in the United States, Apis Capital Advisors' flagship long/short equity fund recovered about half its January losses.
Apis Capital, the $550 million fund managed by Dan Barker and Steve Werber, gained 5.2% in February, reducing its year-to-date loss to 4.7%. By comparison, the Absolute Return Global Equity Index gained 1.54% in February, taking it to a loss of 2.72% for the year.
Long Asia/short U.S. positioning hurt Apis in January, when the strategy lost 9.45%. Despite declining 6.12%, the S&P 500 was one of the best performing stock markets globally