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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustments including exiting Copart and Atlas Copco, and adding Jack Henry."
In the quarterly report ending June 30, 2025, the Aoris International Fund (Class A Unhedged) achieved a solid return of 8.2%, outperforming its benchmark, the MSCI AC World Accumulation Index ex-Australia, which rose by 6.0%. The Class C Hedged option gained 10.1%, outperforming its respective benchmark by 0.8%. Key positive contributors to this strong quarterly performance included Amphenol, which surged 42.5%, as well as Microsoft, Diploma, and Halma, which each gained approximately 25%. Conversely, Copart and Accenture detracted from returns. Copart faced notable headwinds from a rising population of uninsured US drivers and tougher competition from IAA Inc, leading the fund to completely sell its position in mid-July. During the quarter, the fund also sold its position in Atlas Copco due to a lack of observable self-help initiatives under soft market conditions, while initiating a purchase of Jack Henry at a highly attractive valuation multiple. Additionally, Portfolio Manager Delian Entchev shared a detailed essay on navigating key investment paradoxes, outlining the fund's rigorous, collaborative, and long-term process to manage behavioral biases.
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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: The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustme...
Growth Outlook
Market outlook remains high conviction: The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustme...
Risk Appetite
Risk appetite posture is high conviction: The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustme...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustme...
Forward Guidance
Forward guidance signal: The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustme...
Language Signal
Tone analysis indicates high conviction language: The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustme...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustme...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustme...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Aoris International Fund delivered robust outperformance in Q2 2025, returning 8.2% (Class A) through its concentrated, quality-focused portfolio while making tactical adjustme...
