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Aoris Q2 2026 letter highlights Visa’s payment network role in AI era
In the June quarter, Aoris said its Class A (unhedged) returned 5.7% after fees, trailing its benchmark by 8.1%.
Aoris Investment Management, a specialist international equity manager, published its Q2 2026 investor letter for the Aoris International Fund, setting out targets for an 8% to 12% annual return after fees over a 5 to 7 year market cycle, according to Yahoo Finance.
The fund reported that the June quarter was strong for international equities, with the MSCI AC World Accumulation Index ex Australia returning 13.8% in AUD terms and 15.1% in local currencies. Within the fund, Class A (unhedged) returned 5.7% after fees, underperforming its benchmark by 8.1%, while Class C (hedged) gained 6.7%, 8.4% less than its benchmark.
Aoris said the quarter reflected an unusual year driven by big share price increases among AI infrastructure companies, including semiconductor producers and data center suppliers. The manager also pointed to gains in banks and commodity producers, but said it did not invest because of perceived cyclicality and low growth prospects, while concerns about enterprise software and data companies hurt performance.
In the letter, Aoris highlighted Visa Inc. as a key payment network operator in the agentic AI era. Visa closed on August 21, 2026 at $371.04 per share, with a market capitalization of $692.74 billion, and Aoris noted that the network enables transactions with more than 130 million merchants worldwide. Aoris also said Visa earns about 70% of its revenue from fixed and percentage-based fees on transactions processed over its network.