Aoris Investment Management, a specialist international equity manager, released its Q2 2026 investor letter for "Aoris International Fund". A copy of the letter can be downloaded here. The fund invests in high-quality, wealth-generating businesses managed by prudent and capable teams, targeting an annual return of 8–12% after fees over a 5–7-year market cycle.
During the June quarter, international equity markets, as represented by the MSCI AC World Accumulation Index ex Australia, returned 13.8% in AUD terms. In local currencies, the return 15.1%. The Portfolio's Class A (Unhedged) returned 5.7% after fees, underperforming its benchmark by 8.1%, while the Class C (Hedged) gained 6.7%, 8.4% less than its benchmark.
The June quarter continued to reflect an unusual year, marked by significant share price increases among AI infrastructure companies, particularly semiconductor producers and data center suppliers. Economic sectors like banks and commodity producers saw gains, but the firm chose not to invest due to their cyclicality and low growth prospects. Conversely, concerns about enterprise software and data companies, challenged by AI, negatively impacted performance.
The letter outlined potential incremental opportunities for portfolio companies through AI. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026. In its Q2 2026 investor letter, Aoris International Fund highlighted Microsoft Corporation (NASDAQ:MSFT).
Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions, holding dominant positions in software, cloud infrastructure, generative AI, and gaming. On August 13, 2026, Microsoft Corporation (NASDAQ:MSFT) closed at $496.88 per share, reflecting a market capitalization of $3.69 trillion and a year‑to‑date gain of 14%. Microsoft Corporation (NASDAQ:MSFT) posted a one‑month return of 26.18%, while its shares lost 4.47% over the past 52 weeks." Aoris International Fund stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its Q2 2026 investor letter: "Microsoft Corporation (NASDAQ:MSFT) is the world's largest enterprise and consumer software company.
Its Azure cloud, AI and server products are its largest business at 40% of revenue. One-third of its revenue is from business applications like Microsoft Office and Dynamics ERP. The remainder comes from the Windows operating system, LinkedIn, Bing Search, and Xbox gaming.
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