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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a coiled spring poised to drive attractive multi-year future returns."
In 2025, Aoris's Class A (Unhedged) fund returned 4.0%, underperforming its benchmark (13.7%) due to a widening gap between company fundamentals and lagging share prices. Intrinsic values of owned businesses grew by an estimated 13%, but the valuation gap detracted 5% from returns. Top performers included Amphenol (+82%), Halma (+37%), and L'Oréal (+15%). The fund exited two mistake positions: Atlas Copco and Copart. Underperforming positions Accenture and RELX were held based on the strong belief that they are mischaracterized as 'AI losers'. In 2025, Aoris executed four sales (MSCI, Fastenal, Atlas Copco, Copart) and added four new positions (Grainger, Jack Henry, IHG, SAP). Amazon was added to the reserve list. Heading into 2026, the portfolio is highly constructive due to an average valuation gap of 25%, representing a historic investment opportunity.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a...
Growth Outlook
Market outlook remains high conviction: Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a...
Risk Appetite
Risk appetite posture is moderate conviction: Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a...
Forward Guidance
Forward guidance signal: Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a...
Language Signal
Tone analysis indicates high conviction language: Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a...
Perceived Risk
Perceived risk level is evaluated as low conviction. Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a...
Time Horizon
Investment time horizon reflects a high conviction orientation. Aoris underperformed in 2025 due to a widening valuation gap despite strong underlying portfolio earnings. The manager is highly constructive, viewing the 25% average discount as a...
