| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.3% | -13.6% | -13.6% |
Aoris International Fund focuses on owning a concentrated portfolio of high-quality businesses that thrive in competitive environments. The fund's core thesis is that competition makes the best businesses better by forcing continuous improvement, while lack of competition breeds complacency. Using Cintas as a primary example, the manager demonstrates how a business in the unglamorous uniform rental industry became one of the best-performing stocks over 42 years by consistently improving its service offering in a competitive market. The fund contrasts this with examples like Telstra and IBM, which became complacent when protected from competition and suffered when market dynamics changed. Aoris seeks businesses that have been forced to fight, adapt and improve, believing these offer more durable growth prospects and lower risk of competitive fade. The fund maintains a concentrated approach with a maximum of 15 companies, allowing for unusually demanding quality criteria while being discerning on price. The strategy targets 8-12% annual returns over 5-7 year market cycles through this quality-focused, competition-tested approach.
Aoris believes that competition makes the best businesses better by forcing them to stay sharp, exposing weaknesses, and creating constant pressure to improve, while businesses protected from competition can become complacent and vulnerable to sudden disruption.
The fund continues to focus on businesses that can thrive in competitive environments, believing these offer more durable growth and less risk through their ability to gain market share from weaker competitors and expand market size through continuous improvement.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 5 2026 | 2026 Q1 | CTAS, IBM, TLS.AX | competition, concentrated, international, Quality, value | - | Aoris International Fund invests in high-quality businesses that thrive in competitive environments, believing competition forces continuous improvement while monopolistic positions breed complacency. Using Cintas as a key example of a 42-year winner in uniform rental, the concentrated portfolio targets businesses that have proven their ability to adapt and improve through competitive pressure. |
| Jan 23 2026 | 2025 Q4 | ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE | AI, international, long-term, Quality, technology, value | - | Aoris underperformed in 2025 as markets favored AI stocks while neglecting other quality businesses, creating a stretched elastic band effect with portfolio holdings trading at 25% discounts to fair value. The manager maintains conviction in durable, market-leading companies and expects strong returns as share prices converge with growing intrinsic values. |
| Nov 3 2025 | 2025 Q3 | ACN, APH, CDW, CPRT, CTAS, EXPN.L, GWW, HLMA.L, IHG, JKHY, NKE, OR.PA, RELX, SAP, SPGI | AI, Cloud, international, portfolio, Quality, technology, valuation |
ACN REL SAP IHG ACN REL SAP |
Aoris underperformed in September as quality-focused approach avoided popular tech stocks driving benchmark returns. Portfolio companies like RELX and Accenture are positioned to benefit from AI adoption rather than be disrupted. Despite quarterly decline, manager believes intrinsic values continued growing, making portfolio more attractive. Maintains confidence in long-term outperformance through disciplined ownership of high-quality businesses. |
| Aug 11 2025 | 2025 Q2 | ACN, APH, ATCO-A.ST, CPRT, DPLM.L, HLMA.L, JKHY, MSFT, OR.PA | Beauty, Concentration, growth, Industrial, international, Quality, software, technology | - | Aoris delivered 8.2% returns in Q2 2025, outperforming by 2.2% through concentrated quality investing. Amphenol led with 42.5% gains on data center growth, while Microsoft, Diploma and Halma each added 2%. Sold Copart after recognizing structural headwinds and Atlas Copco due to management disappointment. Repurchased Jack Henry at attractive valuations. |
| Apr 27 2025 | 2025 Q1 | ACN, APH, CPRT, EXPN.L, FAST, GGG, GWW, MSCI, MSFT, OR.PA, RELX.L, V | AI, concentrated, international, Quality, Resilience, Trade Policy, value |
V REL.L ACN MSFT CPRT EXPN.L GWW |
Aoris International Fund outperformed in a challenging quarter through concentrated quality investing. Strong performance from Visa and RELX offset weakness in Accenture and Microsoft. Trade policy uncertainty dominated markets, reinforcing the fund's defensive positioning in resilient businesses providing essential services. Portfolio changes included adding Grainger while selling MSCI and Fastenal at attractive valuations. |
| Jan 28 2025 | 2024 Q4 | APH, CDW, CMPGY, COST, CTAS, DPLM.L, HLMA.L, MC.PA, MSCI, OR.PA, RELX.L, SHW, TSCO, V | global, Intrinsic Value, large cap, Long Term, Quality, value | - | Aoris delivered 22.9% returns in 2024 through concentrated ownership of 15 high-quality global businesses. Despite underperforming benchmark, the fund maintains strong long-term track record with disciplined value investing approach. Portfolio trades at 20% discount to intrinsic value with expected 10% annual growth, positioning for 8-12% annual returns over 5-7 year horizon. |
| Oct 23 2024 | 2024 Q3 | ACN, APH, CPG.L, CPRT, CTAS, DPLM.L, FAST, MSCI, MSFT | Distribution, healthcare, international, Labor, Quality, technology, Utilities |
FAST DPLM.L |
Aoris delivered 3.1% returns in Q3 through concentrated quality investing. The fund benefits from tightening labor markets via holdings like Accenture and Compass Group that provide productivity solutions. Added specialized distributor Diploma while selling Cintas on valuation. Avoids defensive sectors facing structural headwinds. Targets 8-12% annual returns through 15 high-quality businesses with durable competitive advantages. |
| Jul 20 2024 | 2024 Q2 | ACN, APH, CDW, CMPGY, CTAS, MC.PA, MSCI, MSFT, NVDA, OR.PA, V | Concentration, international, management, Quality, technology, value |
MSCI V |
Aoris underperformed in Q2 as AI concentration drove markets while the fund's quality-focused approach avoided speculative growth. Despite near-term headwinds at Accenture and CDW, underlying demand metrics remain strong. The fund added MSCI at attractive valuation and maintains conviction in concentrated portfolio of 15 high-quality businesses run by management teams positioned to fight corporate fade through disciplined capital allocation. |
| May 8 2024 | 2024 Q1 | ATCO-A.ST, COST, CPG.L, INTC, NVDA, TSCO, TSLA, V | AI, Conservative, international, Quality, technology, value |
ATCO-A.ST CPG.L V |
Aoris delivered 13.5% returns in Q1 while maintaining their disciplined approach of owning 15 high-quality businesses. Despite NVIDIA's 600% surge, they avoid AI speculation, preferring proven market leaders like Atlas Copco. Their evidence-based analysis shows high-risk businesses consistently underperform, reinforcing their conservative strategy focused on wealth-creating companies with sustainable competitive advantages. |
| Jan 26 2024 | 2023 Q4 | ATCO-A.ST, COST, CPRT, FAST, GGG, MSFT, NKE, OR.PA, RELX.L, TSCO | concentrated, international, Long Term, Quality, Resilience, value |
ATCO-A.ST CPRT AAPL|MSFT|NFLX|NVDA|UNH COST OR.PA FAST REL.L |
Aoris delivered exceptional 2023 performance with 30.8% returns through concentrated ownership of 15 high-quality businesses. Strong contributors included Copart, Microsoft, and Costco, while Nike was sold due to competitive pressures. The portfolio trades at a 20% discount to intrinsic value with expected 10% annual value growth, supporting confidence in the 8-12% long-term return target. |
| Nov 10 2023 | 2023 Q3 | ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO | concentrated, global, Quality, value | - | Aoris runs a concentrated 10-15 stock global portfolio of profitable, market-leading businesses using a quality-first value approach. Despite September's -4.9% decline, the fund delivered 24.9% annual returns and 14.1% annualized performance since 2018 inception, targeting 8-12% annual returns through established, durable companies across technology, industrials, and consumer sectors. |
| Jun 30 2023 | 2023 Q2 | ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO | concentrated, global, Quality, value | - | Concentrated global equity fund holding 15 market-leading, profitable businesses using quality-first value approach. Strong track record with 15.5% annualized returns since 2018 inception, outperforming benchmark by 4.7% annually. Portfolio spans technology, industrials, business services, and consumer sectors with 65% US exposure and disciplined 10% maximum position sizing. |
| Mar 31 2023 | 2023 Q1 | ACN, COST, CTAS, EL, FAST, GGG, KER.PA, MC.PA, NKE, OR.PA, TSCO | concentrated, Conservative, growth, international, long-term, Quality, ROIC |
MC.PA GGG |
Aoris delivered strong quarterly outperformance through its concentrated portfolio of 15 high-quality businesses. Holdings like Accenture, Cintas, and LVMH demonstrated resilient growth and margin expansion. The fund's focus on consistent growers with high ROIC and conservative balance sheets continues to differentiate performance, with banking sector stress validating their avoidance of financial institutions. |
| Feb 24 2023 | 2022 Q4 | ACN, CTAS, HLMA LN, NKE | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
QualityAoris focuses on owning a concentrated portfolio of high-quality, wealth-creating businesses run by prudent and capable management. The fund emphasizes businesses that can thrive in competitive environments, which separates exceptional businesses from average ones and pushes them to get even better. |
Quality Competitive Advantage Management Durability |
ValueThe fund aims to be discerning on the price they pay for quality businesses. They seek businesses that have been forced to fight, adapt and improve for years, often finding value in companies that have proven themselves in competitive markets rather than those with easy paths. |
Value Price Valuation Discerning | |
| 2025 Q4 |
AIAI remains transformative but markets are shifting from hype to show me the money phase. The mismatch between $400 billion in capex versus $50 billion in revenues raises valuation concerns. Physical constraints like power shortages and build delays are challenging assumptions of frictionless scaling. |
Artificial Intelligence Technology Valuations Infrastructure Monetization |
Private CreditPrivate markets are finally offering opportunity as supply and demand balance has shifted. Traditional institutions are over-allocated, distributions have dried up, and scarcity of capital gives patient liquidity providers leverage on price and terms. Launching a private markets fund in Q1 2026 to target these dislocations. |
Private Markets Illiquid Strategies Secondaries Real Estate Lower Middle Market | |
Commercial Real EstateReal estate presents opportunity where price and replacement cost have meaningfully diverged. Commercial real estate market down 20% since 2022 while construction costs rose 20-30%. Refinancing cliffs force motivated behavior creating opportunities to acquire assets at deep discounts below replacement cost. |
Real Estate Valuations Refinancing Construction Costs Distressed | |
| 2025 Q3 |
AIAI presents significant opportunities for portfolio companies like RELX, Accenture, and SAP. RELX leverages proprietary data to create AI-powered tools for legal and professional markets, with rapid customer adoption driving revenue acceleration. Accenture helps clients implement AI solutions and generated $2.7 billion in generative AI revenue. SAP's AI tools are seeing strong customer interest as part of cloud transitions. |
Artificial Intelligence Generative AI AI Tools AI Implementation AI Revenue |
CloudCloud migration continues to drive growth for enterprise software companies. SAP customers transitioning to cloud typically increase spending 2-3x as they adopt additional applications. Accenture helps clients move IT infrastructure to the cloud as part of digital transformation initiatives. The shift from on-premise to cloud computing creates ongoing opportunities for technology service providers. |
Cloud Migration Cloud Infrastructure Digital Transformation Enterprise Software Cloud Spending | |
QualityThe fund maintains focus on high-quality businesses with strong competitive positions and capable management. Portfolio companies demonstrate pricing power, market leadership, and ability to grow through economic cycles. The investment approach emphasizes businesses that create wealth and compound value over time, with disciplined selling when quality deteriorates. |
High Quality Competitive Moats Market Leadership Wealth Creation Business Quality | |
| 2025 Q2 |
AIMicrosoft's AI computing revenue rose rapidly with demand exceeding capacity. Copilot AI product experiencing very rapid growth, generating 3.7x returns on investment according to IDC. AI tools being applied to enhance productivity across software coding, customer enquiries, and sales preparation. |
Copilot Productivity Computing Azure Growth |
CloudMicrosoft Azure accounts for almost one-third of group revenue with 25% market share, gaining share consistently while Amazon AWS remained flat. Only one-quarter of SAP's customer base has moved applications to cloud, suggesting significant remaining opportunity for cloud migration. |
Azure Migration Infrastructure Computing Growth | |
Data CentersAmphenol's sales into data centre market more than doubled in the quarter as the company gained share in a strongly growing market. Data centres account for roughly one-third of Amphenol's revenue, driving exceptional 33% underlying revenue growth. |
Connectors Infrastructure Growth Capacity Demand | |
BeautyL'Oréal is the world's largest beauty company with 15% global market share, larger than its two closest peers combined. The company has outgrown its market in 18 of the last 20 years through diversification across categories, brands, channels, price points and geographies. |
Skincare Cosmetics Brands Global Growth | |
| 2025 Q1 |
QualityAoris focuses on high-quality, wealth-creating businesses with demanding quality criteria applied to a maximum of 15 companies. They emphasize resilient businesses that provide essential products and services to other businesses, helping customers improve efficiency and reduce costs. |
Quality Resilience Essential Services Efficiency Wealth Creation |
AIMicrosoft reported encouraging demand for AI services hosted in the cloud, with organizations using Microsoft Copilot doubling and average usage per user rising 60%. RELX showed encouraging uptake of its AI tool LexisNexis+ for the legal market, demonstrating how AI creates valuable productivity tools for customers. |
AI Cloud Productivity Microsoft Copilot LexisNexis | |
Trade PolicyTariffs and trade have been the predominant global issue since the start of the year, creating a highly uncertain environment with frequent changes in proposed tariff rates and implementation dates. The magnitude of proposed tariffs has created significant uncertainty for businesses and investors. |
Tariffs Trade Policy Uncertainty Government Policy International Trade | |
| 2024 Q4 |
QualityManager focuses on owning 15 high-quality, growing, wealth-creating businesses that are market leaders in established industries. Portfolio companies are selected for their strong competitive positions, consistent growth records, and ability to control their own destiny without being subject to government policy changes. |
Market Leaders Competitive Moats Established Industries Wealth Creation Consistent Growth |
ValueFund targets businesses trading below intrinsic value, expecting valuation to contribute about 5% annually as share prices appreciate to reflect growing intrinsic value. Manager exercises disciplined selling when stocks become fully valued, as demonstrated with Costco and Cintas sales. |
Intrinsic Value Valuation Discipline Fair Value Price Discovery Value Realization | |
Data CentersAmphenol benefited from rapid growth in data centre construction, which accounts for around a fifth of its sales and helped drive healthy revenue and earnings growth for the group. The company is well positioned for continued data center infrastructure expansion. |
Infrastructure Electronic Connectors Cloud Computing Data Infrastructure Technology Hardware | |
| 2024 Q3 |
QualityAoris focuses on high-quality, wealth-creating businesses with durable competitive advantages, conservative balance sheets, and strong customer value propositions. The manager emphasizes companies that continuously invest to enhance customer offerings and operate in industries with limited regulatory impact. |
Quality Competitive Advantages Conservative Value Creation Customer Focus |
Industrial DistributionThe fund highlights specialized distributors like Fastenal and Diploma that provide value-added services beyond simple distribution. These companies offer supply chain solutions, technical support, and inventory management that reduce customer costs and labor requirements. |
Distribution Supply Chain Value Added Technical Support Inventory Management | |
LaborThe manager identifies tightening labor markets as a key theme, noting that companies with strong employee value propositions and productivity solutions will benefit. The fund owns businesses that help customers manage labor scarcity through automation and outsourcing. |
Labor Shortage Productivity Training Retention Outsourcing | |
| 2024 Q2 |
AINVIDIA dominated markets with share price rising 33% in the quarter and 255% year-to-date, driven by generative AI applications. The company became the third largest globally by market value, adding $4.3 trillion since early 2023. Market concentration has increased significantly due to AI-driven performance. |
NVIDIA Generative AI Microprocessors Market Concentration |
QualityAoris focuses on owning high-quality, wealth-creating businesses with demanding quality criteria. The fund maintains a concentrated portfolio of maximum 15 companies, allowing for unusually stringent quality standards and selective pricing discipline. |
High Quality Wealth Creating Concentrated Portfolio Quality Criteria | |
ValueThe fund emphasizes being discerning on price paid and aims for evidence-based judgments about growth and profitability. MSCI was repurchased at a material discount to intrinsic value after being sold in 2021 for valuation reasons. |
Intrinsic Value Valuation Discipline Evidence Based Price Discerning | |
| 2024 Q1 |
QualityThe fund focuses on high-quality, wealth-creating businesses with strong competitive positions and proven management. They avoid unprofitable companies, highly indebted businesses, emerging market companies, and those with volatile earnings. The investment approach emphasizes conservative, fundamental analysis of market-leading businesses. |
Quality Conservative Market Leaders Profitable Balance Sheets |
AINVIDIA discussed as the world's leading producer of microprocessors for AI computing tasks, with share price rising 600% since 2023. The manager acknowledges NVIDIA's technological leadership but expresses caution about the sustainability of AI euphoria, preferring to watch from the sidelines rather than participate in what they view as speculative momentum. |
AI NVIDIA Semiconductors Technology Speculation | |
| 2023 Q4 |
QualityAoris focuses on high-quality, wealth-creating businesses with strong competitive positions, consistent profitability, and resilient characteristics. The portfolio consists of 15 companies that demonstrate superior growth, profitability, and balance sheet strength compared to market averages. |
Quality Wealth Creation Competitive Moats Profitability Balance Sheet |
ValueThe fund emphasizes buying businesses at attractive prices below intrinsic value. The average discount to intrinsic value across the portfolio is around 20% as of early 2024, with valuation expected to contribute around 4% annually to returns. |
Valuation Intrinsic Value Discount Price Matters Fair Value | |
ResilienceThe manager seeks all-weather businesses that are resilient to a wide range of operating conditions rather than those suited to specific environments. This approach helped performance through various global challenges including trade tensions, COVID-19, and geopolitical instability. |
All Weather Resilience Defensive Stability Durability | |
| 2023 Q1 |
QualityAoris focuses exclusively on high-quality businesses with strong competitive positions, high returns on invested capital, and conservative balance sheets. The fund owns only 15 companies maximum, applying unusually demanding quality criteria including strong profitability, low debt levels, and market leadership positions. |
ROIC Profitability Balance Sheet Market Leadership Competitive Advantages |
LuxuryLVMH is highlighted as a core holding representing the luxury goods sector. The manager emphasizes LVMH's portfolio of 75 luxury brands, strong heritage, decentralized structure, and family ownership alignment. The company's ability to maintain pricing power and market share gains is viewed positively. |
LVMH Brands Heritage Pricing Power Market Share | |
GrowthThe letter extensively analyzes consistent growth characteristics, defining businesses that grow above median rates in 8+ years out of 10 as superior investments. Only 12% of the largest 5000 companies achieved this consistent growth profile, making it a rare and valuable attribute. |
Consistent Growth Revenue Growth Compounding Long-term Above Average |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 3, 2025 | Fund Letters | Stephen Arnold | IHG | InterContinental Hotels Group plc | Consumer Discretionary | Hotels, Resorts & Leisure | Bull | NYSE | asset-light, Brand, cash flow, dividends, franchise, growth, hospitality, Loyalty, pipeline | Login |
| Nov 3, 2025 | Fund Letters | Stephen Arnold | SAP | SAP SE | Information Technology | Enterprise Software | Bull | - | AI, Automation, cloud, Enterprise software, ERP, Free Cash Flow, Margins, Predictive analytics, recurring revenue | Login |
| Nov 3, 2025 | Fund Letters | Stephen Arnold | ACN | Accenture plc | Information Technology | IT Consulting & Outsourcing | Bull | NYSE | AI, buybacks, Consulting, Digital transformation, EPS growth, Outsourcing, productivity, recurring revenue | Login |
| Nov 3, 2025 | Fund Letters | Stephen Arnold | ACN | Accenture plc | Information Technology | IT Consulting & Outsourcing | Bull | NYSE | AI, buybacks, Consulting, Digital transformation, EPS growth, Outsourcing, productivity, recurring revenue | Login |
| Nov 3, 2025 | Fund Letters | Stephen Arnold | REL | RELX plc | Industrials | Information & Analytics Services | Bull | NYSE | AI, Data Analytics, Europe, Fraud prevention, Legal Tech, Pricing power, recurring revenue, Scalability, Workflow | Login |
| Nov 3, 2025 | Fund Letters | Stephen Arnold | SAP | SAP SE | Information Technology | Enterprise Software | Bull | - | AI, Automation, cloud, Enterprise software, ERP, Free Cash Flow, Margins, Predictive analytics, recurring revenue | Login |
| Nov 3, 2025 | Fund Letters | Stephen Arnold | REL | RELX plc | Industrials | Information & Analytics Services | Bull | NYSE | AI, Data Analytics, Europe, Fraud prevention, Legal Tech, Pricing power, recurring revenue, Scalability, Workflow | Login |
| Mar 31, 2025 | Fund Letters | Aoris International Fund | REL.L | RELX PLC | Communication Services | Professional Services | Bull | LSE | AI technology, Data Analytics, Legal Tech, LexisNexis, margin expansion, professional services, SaaS | Login |
| Mar 31, 2025 | Fund Letters | Aoris International Fund | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI services, Azure, capital investment, Cloud computing, Copilot, data centers, Enterprise software | Login |
| Mar 31, 2025 | Fund Letters | Aoris International Fund | GWW | W.W. Grainger, Inc. | Industrials | Trading Companies & Distributors | Bull | NYSE | defensive, dividend aristocrat, Essential Products, Industrial Supplies, manufacturing, market share gains, MRO Distribution | Login |
| Mar 31, 2025 | Fund Letters | Aoris International Fund | ACN | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | AI implementation, Business Process, Digital transformation, diversification, government contracts, It consulting, Technology Services | Login |
| Mar 31, 2025 | Fund Letters | Aoris International Fund | V | Visa Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | B2B payments, Digital transformation, Fintech, Fraud prevention, growth, network effects, Payments | Login |
| Mar 31, 2025 | Fund Letters | Aoris International Fund | CPRT | Copart, Inc. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Insurance, Land Ownership, network effects, Online auctions, Salvage Vehicles, secular growth, technology platform | Login |
| Mar 31, 2025 | Fund Letters | Aoris International Fund | EXPN.L | Experian plc | Industrials | Research & Consulting Services | Bull | LSE | Consumer credit, Credit Bureaus, Data Analytics, financial services, Identity Protection, oligopoly, recurring revenue | Login |
| Sep 30, 2024 | Fund Letters | Aoris International Fund | FAST | Fastenal | Industrials | Trading Companies & Distributors | Bull | NASDAQ | B2B Services, Employee Retention, Industrial distribution, inventory management, Labor Savings, Midwest, supply chain management, Value-Added Distribution, Vending Solutions | Login |
| Sep 30, 2024 | Fund Letters | Aoris International Fund | DPLM.L | Diploma PLC | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | Bolt-on Acquisitions, customization, data centers, Industrial automation, Mission-Critical Products, robotics, Specialty Distribution, Technical Support, UK, value-added services | Login |
| Jun 30, 2024 | Fund Letters | Aoris International Fund | MSCI | MSCI Inc | Financials | Financial Exchanges & Data | Bull | NYSE | analytics software, Benchmarking, ETF, financial data, High retention, Index Provider, Intellectual Property, risk management, scalable business model, subscription revenue | Login |
| Jun 30, 2024 | Fund Letters | Aoris International Fund | V | Visa Inc | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Cashless Society, digital payments, Fintech, global scale, high margins, Merchant Acceptance, Mobile payments, network effects, Payment Network, Transaction Processing | Login |
| Mar 31, 2024 | Fund Letters | Aoris International Fund | V | Visa Inc | Information Technology | Data Processing & Outsourced Services | Bull | New York Stock Exchange | digital payments, e-commerce, Equity, Fintech, growth, network effects, Payments Network, US | Login |
| Mar 31, 2024 | Fund Letters | Aoris International Fund | ATCO-A.ST | Atlas Copco AB | Industrials | Industrial Machinery | Bull | Stockholm Stock Exchange | Compressors, Equity, high-ROIC, Industrial Equipment, manufacturing, services revenue, Swedish, Vacuum Technology | Login |
| Mar 31, 2024 | Fund Letters | Aoris International Fund | CPG.L | Compass Group PLC | Consumer Discretionary | Restaurants | Bull | London Stock Exchange | Contract Catering, customer retention, Equity, Foodservice, Outsourcing, Post-Pandemic Recovery, UK | Login |
| Dec 31, 2023 | Fund Letters | Aoris International Fund | COST | Costco Wholesale Corporation | Consumer Staples | Hypermarkets & Super Centers | Bull | NASDAQ | global growth, inflation hedge, Member Loyalty, membership model, Record Renewals, value proposition, Warehouse Retail | Login |
| Dec 31, 2023 | Fund Letters | Aoris International Fund | OR.PA | L'Oréal S.A. | Consumer Staples | Personal Products | Bull | Euronext Paris | Acquisitions, Aesop, beauty products, Brand Building, Cosmetics, Distribution Channels, global scale, market share gains, product innovation | Login |
| Dec 31, 2023 | Fund Letters | Aoris International Fund | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, Azure, Cloud computing, innovation, product development, Software, Teams, technology, value creation | Login |
| Dec 31, 2023 | Fund Letters | Aoris International Fund | CPRT | Copart Inc | Industrials | Commercial Services & Supplies | Bull | NASDAQ | Auto auctions, Dominant Position, Insurance Services, market share gains, network effects, Salvage Vehicles, value-added services | Login |
| Dec 31, 2023 | Fund Letters | Aoris International Fund | ATCO-A.ST | Atlas Copco AB | Industrials | Industrial Machinery | Bull | NASDAQ Stockholm | Compressors, high-ROIC, industrial machinery, Niche markets, Power Tools, semiconductor equipment, Swedish, Through-the-Cycle Growth, Vacuum Pumps, Variable cost model | Login |
| Dec 31, 2023 | Fund Letters | Aoris International Fund | REL.L | RELX PLC | Communication Services | Professional Services | Bull | London Stock Exchange | Academic, Auto Insurance, Decision Tools, Embedded Solutions, financial services, Legal Services, Professional Data, recurring revenue, Workflow Integration | Login |
| Dec 31, 2023 | Fund Letters | Aoris International Fund | FAST | Fastenal Company | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Customer Service Innovation, Fasteners, Industrial distribution, Manufacturing Supplies, market share, On-Site Solutions, PPE, Vending Machines | Login |
| Mar 31, 2023 | Fund Letters | Aoris International Fund | MC.PA | LVMH | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Consumer Discretionary, Europe, family ownership, fashion, growth, high margins, Luxury goods, premium brands, retail, vertical integration | Login |
| Mar 31, 2023 | Fund Letters | Aoris International Fund | GGG | Graco | Industrials | Industrial Machinery | Bull | NYSE | Cost control, Fluid Handling, Industrial Equipment, Long-term Management, manufacturing, market share gains, R&D, Specialized Technology, US Manufacturing, vertical integration | Login |
| TICKER | COMMENTARY |
|---|---|
| CTAS | This company was Cintas, one of the best-performing stocks of the past 42 years. By the end of 2025, $1 invested at the initial public offering had become $288. Today, Cintas has earned roughly 30% of the US uniform rental market. Earnings have grown at an attractive rate through all manner of recessions, rate rises, and wave after wave of competition. Cintas operates in a competitive market. Customers are free to choose from many uniform rental providers, so Cintas has to offer something superior to win them. It's improved its reliability, broadened its range of uniforms, and turned each customer visit into a chance to provide more services, like restocking soaps, towels, doormats, and first aid kits. Cintas' value proposition is so compelling that its average customer stays for 25 years. Today, Cintas still only has 30% of the US uniform rental market. Today, two-thirds of Cintas' new customers are companies that are new to renting uniforms from an external provider. |
| TLS.AX | When Telstra became publicly listed in the late 1990s, it was insulated from competition. Over the next two decades, Telstra became one of the least trusted brands in Australia, known for its high prices and poor customer service. When the NBN was announced, threatening Telstra's infrastructure advantage, it was too late for the business to meaningfully rebuild its reputation with customers. Telstra's fixed market share, which was 68% in the late 1990s, fell to 34% by 2025. Over the past 20 years, its EPS has nearly halved. |
| IBM | IBM's story differs from Telstra in that it wasn't born a monopoly. Instead, IBM worked hard over decades to achieve its dominant position in enterprise computing. By the 1990s, it had a strong data centre infrastructure offering and deep enterprise relationships. In the early 2000s, it was among the first to recognise the potential of cloud computing. Despite recognising the opportunity early, IBM failed to turn that insight into leadership. By the early 2000s, IBM already had a large installed base of enterprise clients, where its products were deeply embedded. With minimal effort, it earned excellent recurring revenue. IBM's dominant position protected it from competition, but it also allowed complacency to creep in. The focus of the business shifted towards improving margins and maintaining the status quo. By the time the company raised the alarm that it was being left behind by the market's shift to cloud infrastructure, it was too late. |
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