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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Aoris underperformed in Q2 as markets favored AI infrastructure and cyclicals over quality compounders. The manager sold Accenture after a costly 58% decline, acknowledging excessive patience with deteriorating fundamentals."
The Aoris International Fund returned 5.7% in Q2 2026, underperforming its benchmark by 8.1% as markets favored AI infrastructure plays and economically sensitive sectors while showing disdain for quality compounders. The quarter was marked by massive appreciation in semiconductor companies and data center suppliers, with limited portfolio participation through Amphenol and Halma. The manager sold Accenture after a 58% decline, acknowledging a costly mistake in assuming revenue growth would return to historical norms. The position was too patient with disconfirming evidence. L'Oréal was also sold due to reduced confidence in growth prospects. New purchases included Moody's and Bentley Systems. The manager believes the market is overestimating disruption risk to mission-critical data and software businesses, adding to positions in Experian, Jack Henry, Microsoft, RELX and SAP. The portfolio remains focused on established market leaders where AI is likely to strengthen rather than weaken competitive advantages. The fund aims to deliver 8-12% annual returns over a 5-7 year market cycle through concentrated ownership of high-quality businesses.
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