Overview

The Aoris International Fund delivered a mixed result in November 2025, reflecting short-term market volatility across global equities, while continuing to demonstrate strong long-term performance since inception.

November Performance Overview

  • Class A (Unhedged) declined 1.0% for the month, compared with a 0.1% fall in the MSCI AC World Index (ex-Australia, AUD).
  • Hedged strategies also faced headwinds:
    • Class C (Hedged – Base Fee) returned -1.2%
    • Class D (Hedged – Performance Fee) returned -1.2%
  • By comparison, the MSCI AC World Index (100% AUD Hedged) rose 0.1% over the same period.

While November detracted from short-term relative performance, Aoris continues to deliver positive excess returns over longer time horizons, particularly since inception.

Long-Term Performance Snapshot (to 30 November 2025)

Since inception (p.a., net of fees):

  • Class A (Unhedged): 15.1%
  • Class B (Unhedged, performance fee): 14.9%
  • Class C (Hedged): 11.8%
  • Class D (Hedged, performance fee): 11.7%

This compares favourably to benchmark returns of:

  • 13.7% p.a. (MSCI AC World ex-Australia, AUD – unhedged)
  • 10.6% p.a. (MSCI AC World ex-Australia, AUD – hedged)

Investment Philosophy & Portfolio Construction

Founded in 2017, Aoris Investment Management is 100% staff owned and manages a single, concentrated global equity portfolio, typically holding no more than 15 high-quality companies.

Aoris follows a Quality First, Value-aware investment philosophy, focusing on:

  • Highly profitable, market-leading businesses
  • Strong competitive advantages and resilient earnings
  • Businesses capable of compounding value through economic cycles
  • Disciplined valuation, where price matters

The Fund’s stated objective is to achieve 8–12% per annum after fees over a 5–7 year investment horizon.

Portfolio Holdings & Geographic Exposure

The portfolio is diversified across global leaders such as Microsoft, Visa, Accenture, L’Oréal, SAP, Experian, and Sherwin-Williams, spanning sectors including Information Technology, Business Services, Industrials, and Consumer Staples.

Revenue exposure by region:

  • United States: 56%
  • Europe, Middle East & Africa: 23%
  • Asia-Pacific: 15%
  • Rest of World: 6%

This global exposure reflects Aoris’ bottom-up stock selection process rather than top-down regional allocation.

Fund Structure & Fees (Hedged)

  • Class C (Base Fee Option)
    • Management fee: 1.55% p.a. (incl. GST)
    • No performance fee
    • APIR: PIM8433AU
  • Class D (Performance Fee Option)
    • Management fee: 1.15% p.a. (incl. GST)
    • Performance fee: 15% of excess returns above benchmark (subject to recovery of prior underperformance)
    • APIR: PIM1812AU | ASX: DAOR

Buy/sell spread: 0.05% / 0.05%

Access the Reports

If you would like to discuss how the Aoris International Fund may complement your broader investment strategy, please contact the team at Pacific Private Asset Management.