Aoris Investment Management, a specialist international equity manager, released its Q1 2026 investor letter for “Aoris International Fund”.
A copy of the letter is available to download here
The fund invests in high-quality, wealth-generating businesses managed by prudent and capable teams, targeting an annual return of 8–12% after fees over a 5–7-year market cycle. During the March quarter, international equity markets, as represented by the MSCI AC World Accumulation Index ex Australia, decreased by 5.8% in AUD terms. In local currencies, the decline was 2.8%.
The Portfolio’s Class A (Unhedged) returned -13.7% after fees, underperforming its benchmark by 7.8%, while the Class C (Hedged) dropped 10.1%, 7.3% less than its benchmark. These results marked significant negative returns overall and against the benchmark. Investor concerns grew in the quarter, especially regarding how AI could impact the software, data, and services sectors.