Aoris International Fund Reports 1.3% June 2026 Return; Seven-Year Annualized Gain Hits 11.1%

June 2026 Monthly Returns: Aoris International Fund vs. Benchmark

In June 2026, the Aoris International Fund posted net returns of 1.3% for Class A (Base fee) and 1.4% for Class B (Performance fee), both after all fees. The MSCI AC World Accumulation Index ex-Australia (AUD) benchmark returned 3.1%, resulting in a monthly excess return of -1.7% for both classes. While short-term underperformance is common in a focused, quality-driven global equity strategy, this continues a trend of near-term lagging that investors and advisors are closely watching.

Over the three months ending 30 June 2026, Class A and Class B returned 5.7% and 5.8% respectively, compared to the benchmark’s 13.8%, yielding excess returns of -8.1% and -8.0%. The one-year figures reveal a wider gap: Class A had a net return of -11.6%, Class B -11.2%, while the benchmark gained 17.2%. This equates to one-year excess returns of -28.7% for Class A and -28.3% for Class B, highlighting a performance challenge the fund’s management aims to address to meet its 8–12% annual return target over five to seven years.

Strong Long-Term Performance Since Inception

Despite recent shortfalls, the fund’s long-term performance remains robust. Since its launch on 26 March 2018, Class A has delivered a net annualized return of 12.7%, slightly below the benchmark’s 13.5%, an excess return of -0.8% per annum. Class B, launched on 26 April 2018, posted a 12.5% net annualized return compared to the benchmark’s 13.3%, also an excess return of -0.8% annually. These returns account for all fees and assume reinvestment of distributions, excluding entry fees and taxes.

Over five years to 30 June 2026, Class A returned 10.5% per annum and Class B 10.3%, versus the benchmark’s 12.9%, with excess returns of -2.4% and -2.5%. Over seven years, Class A achieved 11.1% and Class B 11.0%, compared to the benchmark’s 13.6%, representing excess returns of -2.5% and -2.6%. Three-year returns show Class A at 7.8% and Class B at 8.1%, trailing the benchmark’s 18.2%, with excess returns of -10.4% and -10.2%. These longer-term results align with the fund’s stated 8–12% annual return goal, depending on the timeframe.

Portfolio Composition: Concentrated 15-Stock Holdings as of June 2026

The Aoris International Fund maintains a focused portfolio capped at 15 stocks. As of 30 June 2026, the fund held exactly 15 positions spanning three major sectors and multiple regions. Information Technology holdings include Amphenol, Bentley Systems, Jack Henry, Microsoft, and SAP. Business Services positions comprise Cintas, Compass Group, Experian, IHG (InterContinental Hotels Group), Moody’s, RELX, and Visa. Industrials holdings are Diploma, Grainger, and Halma.

Geographically, the portfolio is primarily weighted toward the United States and the United Kingdom, with additional European exposure through SAP. Revenue exposure is 61% from the USA, 23% from Europe, Middle East, and Africa, 11% from Asia-Pacific, and 5% from other regions. This distribution reflects the fund’s emphasis on large, globally diversified companies generating revenues across multiple markets, even when listed in the US or UK. The investment philosophy focuses on companies described as "growing, highly profitable, market-leading," and "durable and resilient to economic stress and competitive challenges."

Aoris Investment Management’s Quality-First, Value-Oriented Strategy

Founded in 2017 and fully staff-owned, Aoris Investment Management aligns its team’s interests with investors by managing a single concentrated global equity portfolio applied across the Aoris International Fund and related vehicles. The fund’s maximum holding limit is 15 stocks at any time. Its target return is 8–12% per annum after fees over a five-to-seven-year horizon, reflecting a long-term, patient approach to global equities.

The investment approach is built on three pillars: owning growing, highly profitable, market-leading companies; selecting durable businesses resilient to economic and competitive pressures; and applying a quality-first, value-driven methodology emphasizing price discipline. The fund’s unhedged unit classes do not employ currency hedging, so Australian dollar fluctuations impact reported returns. As of June 2026, Aoris manages approximately $1.3 billion in the International Fund, with total assets under management across the strategy reaching about $1.8 billion.

Fee Structures for Class A and Class B Units

The fund offers two unit classes with distinct fee models to suit investor preferences. Class A (Base fee) charges a total annual fee of 1.50% inclusive of GST, administration, custody, and trading commissions, without a performance fee. Class B (Performance fee) charges a lower base fee of 1.10% inclusive of GST and related charges but adds a 15% performance fee on returns exceeding the benchmark, subject to prior underperformance recovery.

Both classes have a buy/sell spread of 0.05% applied during unit transactions, excluded from the management expense ratio. Class B’s APIR code is PIM0058AU and is listed on the ASX under ticker BAOR. Class A’s APIR code is PIM3513AU. The fund’s responsible entity is The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150), with Aoris Investment Management Pty Ltd (ABN 11 621 586 552, AFSL No 507281) as the investment manager. Prospective investors should consult the Product Disclosure Statement (PDS) before investing.

Fund Ratings from Zenith, Lonsec, and Genium Investment Partners

The June 2026 report references ratings from three Australian investment research firms. Zenith Investment Partners (ABN 27 103 132 672, AFSL 226872) rated the fund in November 2025, noting the rating is limited to General Advice under section 766B of the Corporations Act 2001 (Cth) and applicable to Wholesale clients only. Specific rating details were not disclosed.

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), assigned a rating in May 2026. A Lonsec rating is also mentioned, though no detailed rating outcomes are included in the report. Investors are advised to review each research house’s disclosures for full context. These ratings may be relevant for advisers and platforms requiring rated products for recommendations or listings.

Global Revenue Exposure of the Portfolio’s Holdings

As of 30 June 2026, the portfolio’s revenue exposure highlights its global diversification despite US and UK listings. Sixty-one percent of revenue comes from the United States, reflecting holdings such as Amphenol, Cintas, Grainger, Jack Henry, Microsoft, Moody’s, and Visa. Europe, Middle East, and Africa contribute 23%, linked to UK-listed companies like Compass Group, Diploma, Experian, Halma, IHG, RELX, and European-listed SAP.

Asia-Pacific accounts for 11% of revenue, with the remaining 5% from other regions. This distribution underscores a tilt toward developed markets, particularly the US and UK, with moderate Asia-Pacific exposure through global operations. Since the fund is unhedged, Australian investors face currency risk from fluctuations in the AUD against the USD, GBP, EUR, and other currencies, which can affect AUD-denominated returns independently of stock performance.

Growth of $100,000 Investment Since March 2018 Inception

The June 2026 report includes a performance chart showing the hypothetical growth of a $100,000 AUD investment in Class A since its 26 March 2018 inception, compared to the MSCI AC World Accumulation Index ex-Australia in AUD. With a net annualized return of 12.7% per annum, the fund has grown investor capital substantially, although the benchmark’s 13.5% annualized return has outpaced it over the full period.

This visual aids investors in understanding long-term compounding beyond short-term percentages. The report emphasizes that past performance is not indicative of future results and that total returns consider all ongoing fees and reinvested distributions, excluding entry fees and taxes. The seven-year net return of 11.1% per annum for Class A aligns with the fund’s stated 8–12% return objective.

Risks Associated with Aoris International Fund’s Concentrated Global Strategy

The fund’s concentrated portfolio of up to 15 stocks introduces specific risks compared to broadly diversified global equity or index funds. Concentration risk means underperformance in a few holdings can disproportionately impact overall returns, as seen in Class A’s one-year net return of -11.6% versus the benchmark’s 17.2%. This divergence is an inherent feature of the fund’s investment philosophy.

Currency risk is significant due to the unhedged structure; appreciation of the Australian dollar against major currencies can reduce AUD returns even if underlying holdings perform well locally. Additionally, the focus on high-quality, often highly valued companies means market rotations away from quality or growth stocks can negatively affect relative performance. The fund emphasizes price discipline as central to its approach, and investors should ensure alignment with their financial goals and time horizons before investing. Public information does not clearly indicate immediate share price impacts.