Aoris International Fund returned 5.7% after fees in Q2 2026, trailing its benchmark by 8.1% amid AI-driven market gains.
Aoris Investment Management’s International Fund reported a 5.7% return for its Class A (Unhedged) shares in Q2 2026, underperforming its benchmark by 8.1%. The Class C (Hedged) gained 6.7%, lagging its benchmark by 8.4%. The MSCI AC World Accumulation Index ex Australia rose 13.8% in AUD terms during the quarter.
The underperformance was driven by a surge in AI infrastructure stocks, particularly semiconductors and data center suppliers, which saw significant share price increases. Banks and commodity producers also gained but were excluded from the fund due to cyclicality and low growth prospects. Enterprise software and data companies faced challenges from AI adoption, further impacting returns.
The fund targets an annual return of 8–12% after fees over a 5–7-year cycle, focusing on high-quality, wealth-generating businesses. InterContinental Hotels Group (IHG) was highlighted as a top holding in the quarter.