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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Concentrated global equity fund holding 15 market-leading, profitable businesses using quality-first value approach. Strong track record with 15.5% annualized returns since 2018 inception, outperforming benchmark by 4.7% annually."
Aoris International Fund operates a concentrated global equity strategy holding 10-15 stocks of highly profitable, growing, market-leading businesses. The fund applies a quality-first, value investment approach, focusing on established, durable companies that have weathered many cycles. With a return objective of 8-12% annually after fees, the portfolio demonstrates strong performance with 15.5% annualized returns since inception in March 2018, significantly outperforming the MSCI AC World Index. The current portfolio includes 15 holdings across diverse sectors including technology (Microsoft, Amphenol), business services (Accenture, CDW, Cintas), industrials (Copart, Graco, Halma), retail (Costco, Tractor Supply), and luxury consumer goods (LVMH, L'Oréal). Geographic exposure is primarily US-focused at 65%, with meaningful European exposure at 16% and smaller allocations to Asia-Pacific and other regions. The fund maintains disciplined position sizing with maximum 10% single stock weighting and up to 10% cash allocation, operating with unhedged currency exposure.
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