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Aoris Investment Management has published the June 2026 monthly performance update for the Aoris International Fund, a focused global equity portfolio traded on the ASX under ticker DAOR. Both the hedged Class C and Class D units recorded net returns of -1.8% for June 2026, while the MSCI AC World Accumulation Index ex-Australia (100% AUD Hedged) remained flat at 0.0%. This performance continues a trend of short-term underperformance versus the benchmark, despite the fund’s positive longer-term returns since inception. Investors and analysts will be closely monitoring whether the fund’s quality-first, value-driven strategy can narrow the performance gap against a rising global benchmark.
Key Points
- Aoris International Fund (ASX:DAOR) is managed by Aoris Investment Management Pty Ltd, a fully staff-owned Sydney-based firm established in 2017
- In June 2026, both Class C and Class D units (hedged, AUD) posted net returns of -1.8%, underperforming the MSCI AC World ex-Australia benchmark, which returned 0.0%
- Since inception on 28 September 2018, annualised net returns stand at 10.4% for Class C and 10.3% for Class D; Aoris manages $1.8 billion across all strategies, with $1.3 billion in the International Fund
- Investors should observe whether the fund’s concentrated 15-stock portfolio of high-quality global companies can regain relative performance aligned with its 8–12% annual return target
June 2026 Monthly Returns of Aoris International Fund Versus Benchmark
The June 2026 performance report reveals that both Class C (Base fee) and Class D (Performance fee) units of the Aoris International Fund delivered net returns of -1.8% on a hedged AUD basis. The MSCI AC World Accumulation Index ex-Australia (100% AUD Hedged) returned 0.0% during the same period, resulting in a monthly excess return of -1.8% for both classes. This contrasts with the prior three months, where the fund returned 6.7% (Class C) and 6.8% (Class D) compared to the benchmark’s 15.1%, equating to three-month excess returns of -8.4% and -8.3% respectively.
Over the one-year period, the disparity widens: Class C posted -4.9% and Class D -4.5% net of fees, while the benchmark surged 25.4%. The one-year excess returns were -30.4% for Class C and -29.9% for Class D, reflecting a challenging environment for the fund’s concentrated, quality-focused portfolio amid broad market gains. Despite this short-to-medium term underperformance, the fund’s long-term track record remains above its stated objectives, which may influence investor confidence in the strategy.
Long-Term Annualised Returns Since Fund Inception in September 2018
Examining the longer-term performance, the Aoris International Fund’s since-inception annualised net returns as of 30 June 2026 are 10.4% per annum for Class C and 10.3% per annum for Class D, both exceeding the fund’s target range of 8–12% net of fees over a 5–7 year horizon. Over seven years, both classes returned 9.4% per annum net of fees, trailing the benchmark’s 12.6% by 3.2%. The five-year net returns were 7.5% per annum for both classes versus the benchmark’s 10.9%, with excess returns of -3.4% (Class C) and -3.5% (Class D). Over three years, Class C and D returned 7.7% and 8.0% respectively, compared to the benchmark’s 19.3%. The company did not provide forward guidance, distribution details, or attribution of returns to specific holdings in the update.
Portfolio Composition: 15-Stock Concentrated Holdings as of June 2026
The Aoris International Fund maintains a concentrated portfolio capped at 15 stocks. As of June 2026, the portfolio held 15 positions spanning global businesses mainly domiciled in the US and UK. The fund’s philosophy focuses on owning "growing, highly profitable, market-leading businesses" that are durable and resilient to economic and competitive pressures. This approach combines a quality-first investment style with a value discipline, branding the fund as a "Quality First, Value Investor."
The current holdings include: Amphenol (US, IT), Bentley Systems (US, IT), Cintas (US, Business Services), Compass Group (UK, Business Services), Diploma (UK, Industrials), Experian (UK, Business Services), Grainger (US, Industrials), Halma (UK, Industrials), IHG (UK, Business Services), Jack Henry (US, IT), Microsoft (US, IT), Moody's (US, Business Services), RELX (UK, Business Services), SAP (EUR, IT), and Visa (US, Business Services). These span Information Technology, Business Services, and Industrials sectors, with geographic concentration in US and UK-listed companies, plus one European holding in SAP.
Geographic Revenue Exposure Breakdown
The fund’s revenue exposure is predominantly to the United States, accounting for 61%, making US economic and corporate earnings conditions a key performance driver. The Europe, Middle East and Africa (EMEA) region contributes 23%, reflecting UK-listed holdings such as Compass Group, Experian, RELX, Halma, Diploma, IHG, and the European SAP. Asia-Pacific exposure stands at 11%, with the remaining 5% from other regions. This distribution highlights the global revenue streams of portfolio companies despite their listing locations.
Aoris Investment Management: Ownership, Fee Structure, and Assets Under Management
Founded in 2017, Aoris Investment Management Pty Ltd is a 100% staff-owned firm headquartered at Suite 27.04, Level 27, 25 Martin Place, Sydney NSW 2000. It manages a single concentrated global equity strategy across multiple unit classes. The Aoris International Fund (hedged) manages approximately $1.3 billion, contributing to total assets under management of $1.8 billion across all strategies as of June 2026.
The fund offers two unit classes: Class C (APIR PIM8433AU) with a 1.55% per annum all-inclusive fee (inclusive of GST, administration, custody, and trading costs) and no performance fee; and Class D (APIR PIM1812AU, ASX ticker DAOR) with a 1.15% all-inclusive fee plus a 15% performance fee on returns exceeding the benchmark, subject to clawback of prior underperformance. Both classes have a 0.05% buy/sell spread. The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) acts as the fund’s responsible entity.
Investment Philosophy: Quality-First with Value Discipline in Global Equities
Aoris Investment Management’s philosophy centers on three pillars: owning "growing, highly profitable, market-leading businesses"; ensuring these companies are durable and resilient to economic and competitive challenges; and applying a valuation discipline that emphasizes "price matters." This results in a concentrated portfolio limited to 15 stocks, reflecting the manager’s view that only a select few companies meet both quality and valuation criteria at any time. The fund targets an 8–12% net annual return over a 5–7 year horizon, consistent with this patient, long-term approach. The portfolio’s sector allocation across IT, Business Services, and Industrials aligns with companies exhibiting high returns on capital and scalable models. No changes to this philosophy or portfolio construction were disclosed in the June 2026 update.
Short-Term Underperformance Versus MSCI AC World Benchmark: Analysis
Over the year ending June 2026, the Aoris International Fund’s underperformance against the MSCI AC World Accumulation Index ex-Australia (100% AUD Hedged) is notable. The benchmark returned 25.4%, while Class C and D units declined by -4.9% and -4.5% net of fees, respectively, resulting in roughly -30% excess return. This reflects challenges for concentrated, quality-value portfolios during periods dominated by broad market gains led by large-cap technology and momentum stocks that may not meet the fund’s valuation criteria. The June 2026 update did not attribute the performance gap to specific holdings or market factors, nor did it indicate portfolio adjustments. Investors are encouraged to consider the fund’s long-term performance and stated 5–7 year investment horizon when evaluating these results.
Growth of AUD 100,000 Investment Since Inception for Class C Units
The June 2026 report includes a chart depicting the growth of a hypothetical AUD 100,000 investment in Class C units since inception on 28 September 2018, compared to the MSCI AC World Accumulation Index ex-Australia (100% AUD Hedged). With a 10.4% annualised net return for Class C units, the fund has compounded positively over approximately seven and a half years. The benchmark’s 11.5% annualised return over the same period resulted in a -1.1% per annum excess return for Class C units. The announcement did not provide specific end-period portfolio values. Total returns account for all fees and assume reinvested distributions, excluding entry fees and taxation as noted in the fund’s disclosures.
Third-Party Ratings for Aoris International Fund
The June 2026 update reports that the fund holds ratings from three independent research firms. Zenith Investment Partners (ABN 27 103 132 672, AFSL 226872) assigned a rating in November 2025, limited to General Advice under section 766B of the Corporations Act 2001 (Cth) for Wholesale clients. Details on Zenith’s methodology and compliance are available on their website. Lonsec also rated the fund, with disclosures accessible via the Lonsec logo page. Additionally, Genium Investment Partners Pty Ltd (ABN 13 165 099 785), a Corporate Authorised Representative of Genium Advisory Services Pty Ltd (ABN 94 304 403 582, AFSL 246580), issued a rating in May 2026. Specific rating levels from Lonsec and Genium were not disclosed. These ratings may be relevant for wholesale and institutional investors conducting due diligence.
