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 Jack Henry & Associates, Inc. (NASDAQ:JKHY).
Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a financial technology company that offers solutions and payment processing services for community banks and credit unions. On August 13, 2026, Jack Henry & Associates, Inc. (NASDAQ:JKHY) closed at $155.86 per share, reflecting a market capitalization of $11.07 billion. Jack Henry & Associates, Inc. (NASDAQ:JKHY) posted a one‑month return of 1.42%, while its shares lost 4.09% over the past 52 weeks.
Aoris International Fund stated the following regarding Jack Henry & Associates, Inc. (NASDAQ:JKHY) in its Q2 2026 investor letter: "Jack Henry & Associates, Inc. (NASDAQ:JKHY) provides mission-critical software to American banks and credit unions, with 83% of US financial institutions using at least one of its products. Its revenue is split equally across three product groups:– Core software, which is the main system of record for a bank's accountholder information and deposit, loan and accounting transactions.– Solutions that help financial institutions process payments and transfer funds.– Other ancillary products that help financial institutions operate more efficiently, reduce fraud and offer a better customer experience. Jack Henry is using AI internally to improve its developer productivity, customer service and contract renewals.
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