Meeting Date: FRIDAY, 13 MARCH 2026
“CONVICTION, QUALITY & NAVIGATING MARKET DISRUPTION”
We are pleased to share a high-level summary of our latest Investment Committee Meeting, which focused on reviewing a global quality-focused investment strategy, discussing the evolving impact of artificial intelligence on markets, and continuing the development of our investment research and portfolio framework.
Key Discussion Highlights
1. Global Manager Review – Aoris Investment Management
The Committee welcomed the team from Aoris Investment Management, who presented their quality-first global equities strategy.
Key highlights:
- The strategy focuses on a concentrated portfolio of approximately 15 high-quality businesses with durable competitive advantages and long-term growth potential.
- The investment approach prioritises free cash flow generation, low capital intensity, and strong balance sheets.
- Current portfolio positioning reflects what the manager believes is the largest discount to fair value in the strategy’s eight-year history.
- The team emphasised maintaining discipline and patience during periods of market volatility.
2. Technology & Artificial Intelligence Implications
The discussion explored how artificial intelligence is reshaping technology and enterprise software markets.
Observations included:
- Businesses with proprietary data, mission-critical software, and strong enterprise relationships may be well positioned to benefit from AI adoption.
- Established global platforms such as Microsoft, SAP and Experian were highlighted as examples of companies with structural advantages in enterprise AI deployment.
- The Committee discussed the distinction between short-term market sentiment around AI and the long-term fundamentals of durable technology platforms.
3. Portfolio Strategy & Manager Positioning
The Committee reviewed how concentrated quality strategies may complement broader portfolio construction.
Key considerations included:
- The role of high-conviction global equity managers alongside diversified institutional strategies.
- Maintaining balance between direct equity exposure and managed investment strategies to serve different client preferences and risk profiles.
Continued monitoring of manager style alignment and relative performance across market cycles.
4. Market Observations & Structural Themes
The meeting also covered several macro and structural themes affecting markets:
- Ongoing market rotation driven by the AI investment cycle and technology sector repricing.
- Continued debate around productivity impacts from AI and potential labour market implications.
- Broader geopolitical and energy market developments influencing inflation dynamics.
Focus Areas Ahead
Key priorities for the coming period include:
- Continued due diligence and monitoring of global fund managers.
- Further development of the investment research library and knowledge hub.
- Ongoing refinement of model portfolios in line with the 2026 CIO Playbook.
- Enhancing portfolio monitoring and reporting processes as the platform continues to scale.
Our Commitment
Our Investment Committee meets regularly to review markets and refine strategy. We remain focused on disciplined decision-making and long-term outcomes for our clients.
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