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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Aoris International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its highly disciplined approach to selling holdings."
In the September 2025 quarter, the Aoris International Fund (Class A) declined by 2.6%, underperforming the MSCI AC World Accumulation Index ex-Australia, which rose 6.5%. The performance was dragged down by notable decliners Accenture, Jack Henry, and RELX. The manager provides a robust defense for holding Accenture and RELX, explaining why fears of them being 'AI losers' are mispriced. On the portfolio front, Aoris initiated positions in SAP and IHG Hotels & Resorts while exiting Copart. The letter features a dedicated essay on their disciplined sell process, detailing the framework used to exit positions for either valuation or quality reasons, and highlighting how historical exits have generated positive relative performance by subsequently underperforming the index.
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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 International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its...
Growth Outlook
Market outlook remains above average conviction: Aoris International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its...
Risk Appetite
Risk appetite posture is moderate conviction: Aoris International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Aoris International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its...
Forward Guidance
Forward guidance signal: Aoris International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its...
Language Signal
Tone analysis indicates high conviction language: Aoris International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its...
Perceived Risk
Perceived risk level is evaluated as low conviction. Aoris International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Aoris International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its...
Time Horizon
Investment time horizon reflects a high conviction orientation. Aoris International Fund underperformed its benchmark in Q3 2025, declining 2.6%. The fund capitalized on market volatility by adding SAP and IHG, exiting Copart, and outlining its...
