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Aoris Investment Management highlights W.W. Grainger in Q2 fund letter
In the June quarter, the Aoris International Fund’s Class A (unhedged) returned 5.7% after fees, trailing its benchmark by 8.1%.
Aoris Investment Management, the manager of the Aoris International Fund, published its Q2 2026 investor letter and highlighted W.W. Grainger, Inc. as part of its view on “high-quality, wealth-generating businesses” over a 5 to 7 year market cycle, with an 8 to 12% annual target after fees, according to the letter posted via Yahoo Finance.
The June quarter results showed international equities, measured by the MSCI AC World Accumulation Index ex Australia, returned 13.8% in AUD terms and 15.1% in local currencies. Within the fund, Class A (unhedged) returned 5.7% after fees and underperformed its benchmark by 8.1%, while Class C (hedged) gained 6.7%, lagging its benchmark by 8.4%.
Aoris Investment Management pointed to an “unusual” year during the quarter, with sharp share price gains among AI infrastructure companies, including semiconductor producers and data center suppliers. It also cited weaker performance tied to concerns about enterprise software and data firms adapting to AI, while it said it avoided adding exposure to banks and commodity producers due to cyclicality and low growth prospects.
In the letter, the firm discussed Grainger as a maintenance, repair, and operating products and services supplier, serving customers across industries. The materials included Grainger’s closing price on August 21, 2026 at $1,312.24 per share, and noted a market capitalization of $61.81 billion, alongside a one-month share return of -6.2% and a 52-week gain of 29.5%.