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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Aoris International Fund outpaced its benchmark in Q2 2025."
For the June 2025 quarter, the Aoris International Fund (Class A - Unhedged) returned 8.2%, outperforming its benchmark by 2.2%, while Class C (Hedged) returned 10.1%, outperforming by 0.8%. Key positive contributors included Amphenol (+42.5%), Microsoft, Diploma, and Halma (each rising around 25%). Detractors included Copart (-14.5%) and Accenture (-5.6%). Reflecting their active 'Patience vs. Urgency' approach, the fund purchased Jack Henry and sold Atlas Copco during the quarter, and subsequently exited Copart in mid-July due to shifting market dynamics. The report's feature essay outlines five core psychological and operational paradoxes—Confidence vs. Humility, Patience vs. Urgency, Trust vs. Scepticism, Insights vs. Information, and Diversity vs. Decisiveness—that the investment team manages to optimize long-term capital preservation and compound growth.
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