Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Andvari Associates. This analysis is provided for institutional research purposes only and is not investment advice.
"Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Copco and Copart."
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.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Co...
Growth Outlook
Market outlook remains above average conviction: Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Co...
Risk Appetite
Risk appetite posture is moderate conviction: Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Co...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Co...
Forward Guidance
Forward guidance signal: Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Co...
Language Signal
Tone analysis indicates above average conviction language: Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Co...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Co...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Co...
Time Horizon
Investment time horizon reflects a high conviction orientation. Aoris International Fund outpaced its benchmark in Q2 2025, returning 8.2% (Class A) and active changes were executed, including the purchase of Jack Henry and the sale of Atlas Co...
