ETFs & Funds
Home›ETFs & Funds›Fund Industry›Aoris International Fund Q2 letter highlights AI tailw…
Aoris International Fund Q2 letter highlights AI tailwinds and SAP focus
In the June quarter, the fund’s Class A (unhedged) returned 5.7% after fees and lagged its benchmark by 8.1%, while Class C (hedged) returned 6.7% after fees.
Aoris Investment Management shared its Q2 2026 investor letter for the Aoris International Fund, outlining its return targets and its view of markets during the June quarter. The fund seeks an annual 8% to 12% return after fees over a 5 to 7 year market cycle, and it tracks performance against the MSCI AC World Accumulation Index ex Australia.
During the June quarter, the international equity benchmark returned 13.8% in AUD terms and 15.1% in local currencies. The fund’s Class A (unhedged) returned 5.7% after fees, underperforming the benchmark by 8.1%, while the Class C (hedged) gained 6.7%, 8.4% below its benchmark.
The letter attributes unusual performance in part to a sharp rise in AI infrastructure shares, including semiconductor producers and data center suppliers. It said sectors such as banks and commodity producers also gained, but it did not invest due to perceived cyclicality and low growth prospects, while concerns about enterprise software and data companies pressured results.
Aoris Investment Management also highlighted SAP SE as a key holding, noting the company’s position in enterprise ERP software. The letter states SAP closed at $218.68 per share on August 21, 2026, with a $256.39 billion market capitalization, and it referenced a 27.88% one-month share return and a 19.09% decline over the prior 52 weeks, according to the fund materials.