Aoris Investment Management, a specialist international equity manager, released its Q2 2026 investor letter for “Aoris International Fund”. A copy of the letter can be downloaded here. The fund invests in high-quality, wealth-generating businesses managed by prudent and capable teams, targeting an annual return of 8–12% after fees over a 5–7-year market cycle. During the June quarter, international equity markets, as represented by the MSCI AC World Accumulation Index ex Australia, returned 13.8% in AUD terms. In local currencies, the return 15.1%. The Portfolio’s Class A (Unhedged) returned 5.7% after fees, underperforming its benchmark by 8.1%, while the Class C (Hedged) gained 6.7%, 8.4% less than its benchmark. The June quarter continued to reflect an unusual year, marked by significant share price increases among AI infrastructure companies, particularly semiconductor producers and data center suppliers. Economic sectors like banks and commodity producers saw gains, but the firm chose not to invest due to their cyclicality and low growth prospects. Conversely, concerns about enterprise software and data companies, challenged by AI, negatively impacted performance. The letter outlined potential incremental opportunities for portfolio companies through AI. Additionally, reviewing the Fund’s top five holdings could help identify its best picks for 2026.
In its Q2 2026 investor letter, Aoris Investment Management highlighted SAP SE (NYSE:SAP). Headquartered in Walldorf, Germany, SAP SE (NYSE:SAP) is a leading enterprise application and business solutions provider. On August 21, 2026, SAP SE (NYSE:SAP) closed at $218.68 per share, reflecting a market capitalization of $256.39 billion. SAP SE (NYSE:SAP) posted a one-month return of 27.88%, while its shares lost 19.09% over the past 52 weeks.
Aoris Investment Management stated the following regarding SAP SE (NYSE:SAP) in its Q2 2026 investor letter:
“SAP SE (NYSE:SAP) is the world’s leading enterprise resource planning (ERP) software company. ERP systems run core business processes such as finance, human resources, manufacturing, supply chain management and customer relationship management. SAP is a core system of record for many of the world’s largest organisations. Of the world’s 100 largest organisations, 99 use SAP’s solutions, and 80% of all the world’s transactions touch an SAP system.
The value of SAP’s systems should increase, because AI is only useful when it can access accurate data, business context and established workflows. AI is providing opportunities for SAP to layer on additional services which the company believes can add 20% or more to a customer’s spending. Examples include its Business Data Cloud, which brings together SAP and non-SAP data for real-time analysis, and its Joule AI agent, which can automate work with an understanding of customers’ existing data structures and processes…” (Click here to read the full text)