Aoris International Fund returned 5.7%–6.7% in Q2 2026, trailing its benchmark by 8.1–8.4 percentage points due to AI-driven market shifts.
Aoris Investment Management’s International Fund posted a 5.7% return for its Class A (Unhedged) and 6.7% for Class C (Hedged) in Q2 2026, lagging benchmarks by 8.1% and 8.4%, respectively. The underperformance stemmed from the fund’s avoidance of high-flying AI infrastructure stocks, including semiconductor and data center suppliers, which drove broader market gains of 13.8% in AUD terms.
The MSCI AC World Accumulation Index ex Australia rose 13.8% in AUD and 15.1% in local currencies during the quarter. Aoris attributed its cautious stance to cyclicality and low growth prospects in sectors like banks and commodities, while enterprise software and data companies faced pressure from AI disruption.
The fund’s top holdings, including W.W. Grainger (GWW), were reviewed for potential AI-driven opportunities, though the letter did not detail specific adjustments. Aoris targets an 8–12% annual return over a 5–7-year cycle.