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Aoris

Dec 2024 → Sep 2026 · Publishes quarterly · 2 funds

Our archive holds 10 letters from Aoris, behind 34 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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10
Letters
17
Companies
8
Moves
34
Theses

Performance

as of Jun 30, 2026 · net of fees · AUD · Class A (Unhedged – base fee option)

  • 1Y
    −11.6%
    index +17.2%
  • 5Y · /yr
    +10.5%
    index +12.9%
  • Inception · /yr
    +12.7%
    index +13.5%

Index: MSCI AC World Accum Index ex-Australia (AUD)

Disclaimer

These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 8 moves

  • New positionMoody's
    June 2026
    “Purchases Moody’s Moody’s provides credit opinions, data, and analytics tools to help its customers manage risk.”
    Read the letter
  • ExitedAccenture
    June 2026
    “We sold our position in Accenture late in the quarter.”
    Read the letter
  • AddedExperian
    June 2026
    “Over the last 12 months we have added to positions where we believe this mispricing is meaningful, including Experian, Jack Henry, Microsoft, RELX and SAP.”
    Read the letter
  • TrimmedHalma
    June 2026
    “Meanwhile, we have reduced our positions in Amphenol and Halma after strong share price performance narrowed their discount to our valuation.”
    Read the letter
  • ExitedL'Oréal
    June 2026
    “We sold L’Oréal from the portfolio, as we had become less confident of the company’s ability to grow revenue at the 6–7% rate we had assumed.”
    Read the letter
  • AddedMicrosoft
    June 2026
    “Over the last 12 months we have added to positions where we believe this mispricing is meaningful, including Experian, Jack Henry, Microsoft, RELX and SAP.”
    Read the letter
  • AddedRELX
    June 2026
    “Over the last 12 months we have added to positions where we believe this mispricing is meaningful, including Experian, Jack Henry, Microsoft, RELX and SAP.”
    Read the letter
  • AddedSAP
    June 2026
    “Over the last 12 months we have added to positions where we believe this mispricing is meaningful, including Experian, Jack Henry, Microsoft, RELX and SAP.”
    Read the letter

Companies held · 17

Every company Aoris has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 34

  • Amphenol
    September 2026

    Amphenol makes mission-critical interconnect, sensor and antenna products, and the fund highlights its decentralised model, customer-led innovation, disciplined incentives, value-adding growth and value-accretive bolt-on M&A as reasons to own it.

    Read the full thesis
  • Halma
    September 2026

    Halma runs niche safety, health and environmental businesses, and the fund cites structural tailwinds, decentralised execution, customer value creation and disciplined accretive M&A as the investment case.

    Read the full thesis
  • Diploma
    September 2026

    Diploma distributes specialised critical components and value-added services, with the fund emphasizing decentralisation, customer service, value-added growth and disciplined accretive bolt-on acquisitions.

    Read the full thesis
  • Cintas
    June 2026

    Cintas is a broad uniform and facility-services leader with technology-enabled efficiency gains and a large remaining market to penetrate.

    Read the full thesis
  • Microsoft
    June 2026

    Microsoft is a broad software leader with strong cloud positioning, embedded workflows, and multiple AI-related growth vectors.

    Read the full thesis
  • Bentley Systems
    June 2026

    Bentley Systems is a leading infrastructure software platform with embedded customer relationships, steady growth potential, and protection from AI disruption.

    Read the full thesis
  • SAP
    June 2026

    SAP is a dominant ERP system of record that can add AI-driven services and shift toward more valuable pricing models.

    Read the full thesis
  • Experian
    June 2026

    Experian is a dominant credit bureau whose proprietary data, workflow embedment, and fraud solutions are strengthened by AI.

    Read the full thesis
  • InterContinental Hotels Group (IHG)
    June 2026

    IHG is a global hotel franchisor whose technology and loyalty ecosystem can be strengthened by AI.

    Read the full thesis
  • Halma
    June 2026

    Halma is a diversified safety and technology group with structural growth from regulation and a major AI-linked business opportunity.

    Read the full thesis
  • Diploma
    June 2026

    Diploma is a specialist distributor with a fast-growing data-centre-linked business and resilient niches where service matters.

    Read the full thesis
  • Microsoft Corporation
    March 2026

    Microsoft is a diversified software leader with cybersecurity leadership, integrated product breadth, and strong customer value supporting long-term durability amid AI adoption.

    Read the full thesis

Letter archive · 10

2026

2025

2024

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