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 International Fund highlighted Amphenol Corporation (NYSE:APH). Amphenol Corporation (NYSE:APH) is a leading manufacturer of electrical, electronic, and fiber optic connectors serving a broad range of end markets. On August 13, 2026, Amphenol Corporation (NYSE:APH) closed at $165.75 per share. One-month return of Amphenol Corporation (NYSE:APH) was 9.62%, and its shares gained 51.77% over the past 52 weeks. Amphenol Corporation (NYSE:APH) has a market capitalization of $204.37 billion.
Aoris International Fund stated the following regarding Amphenol Corporation (NYSE:APH) in its Q2 2026 investor letter:
“Amphenol Corporation (NYSE:APH): Amphenol is the leading global producer of interconnect devices, which transfer data and power in electrical systems, and sensors that convert physical signals to electrical data. It sells into a wide range of end markets including commercial aerospace, automotive, mobile devices, mobile networks, data centres, and defence.
How AI may benefit the business: Amphenol has been a clear beneficiary of the buildout in data centre infrastructure, which has grown to one-third of its revenue. AI data centres require more high-performance connectors and cables than conventional cloud infrastructure, and Amphenol has captured a meaningful share of this spending. In the March 2026 quarter, its data centre revenue grew 81% versus the prior year.
What investors are concerned about: The natural question is whether Amphenol’s current data centre revenue is sustainable. The major AI infrastructure companies continue to indicate that demand exceeds supply, but expectations are high and the market will be sensitive to any signs of slowing…” (Click here to read the full text)
