The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 27, 2026
The Aoris International Fund (Class A - Unhedged) generated a net return of 3.6% in the September quarter of 2026, outperforming the MSCI AC World Accumulation Index ex-Australia benchmark by 2.4% net of fees. The hedged Class C units delivered a 4.5% net return, exceeding its hedged benchmark by 3.1%. The fund maintains a strictly concentrated portfolio capped at 15 high-quality global businesses. Portfolio activity was deliberately inactive during the period, recording zero purchases and zero sales as capital remained fully deployed in existing compounders. From a macroeconomic perspective, the manager highlights the sharp rise in long-term interest rates to multi-decade highs across global economies, which threatens unprofitable, cash-hungry firms and over-leveraged capital structures. Concurrently, the artificial intelligence landscape is undergoing a critical paradigm shift: enterprise adoption is moving away from raw model capability toward verified data trust, governance, and measurable economic value, heavily favoring incumbent software and mission-critical data ecosystems. Performance during the quarter was anchored by outsized gains in Microsoft and SAP, each surging 37%, alongside steady advances in Cintas and Diploma. Detractors included Compass Group and Halma, though operational fundamentals across both holdings remained resilient. Median earnings per share growth across the portfolio reached 15%, underpinned by conservative balance sheets where every holding maintains net debt below 2.5x EBITDA.
We own a concentrated portfolio of high-quality, wealth-creating businesses run by prudent and capable management, with demanding quality criteria and conservative balance sheets to compound capital over a 5-7 year cycle.
Higher interest rates will continue to favor efficiently run, conservatively financed businesses that provide compelling value to their customers while pressuring cash-hungry competitors. The fund expects its concentrated portfolio of wealth-creating businesses to sustain double-digit earnings growth across the 5-7 year cycle.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Aoris International Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.