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Aoris International Fund trails its benchmark in June quarter
The fund’s Class A (Unhedged) returned 5.7% after fees in the June quarter, underperforming the benchmark by 8.1%.
Aoris Investment Management released its Q2 2026 investor letter for the Aoris International Fund, outlining performance across international equities and the portfolio’s June-quarter results. During the June quarter, international equity markets, measured by the MSCI AC World Accumulation Index ex Australia, returned 13.8% in AUD terms and 15.1% in local currencies.
According to the investor letter, the fund’s Class A (Unhedged) returned 5.7% after fees, which left it behind its benchmark by 8.1%. The Class C (Hedged) gained 6.7%, lagging its benchmark by 8.4%.
The letter said the quarter reflected an unusual year, with major share price increases among AI infrastructure companies, including semiconductor producers and data center suppliers. It noted gains in sectors such as banks and commodity producers, but said it avoided investing in those areas due to cyclicality and low growth prospects, while concerns about enterprise software and data companies, pressured performance.
Aoris Investment Management also highlighted Cintas Corporation, which it described as a provider of corporate identity uniforms and related business services. The letter cited that Cintas closed at $203.79 per share on August 21, 2026, valuing the company at $81.55 billion, and referenced a one-month return of -3.41% and a 52-week decline of 3.81%.