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 RELX PLC (NYSE:RELX). RELX PLC (NYSE:RELX) is a British-based information ****** ytics and decision solutions provider for professional and business customers. On August 21, 2026, RELX PLC (NYSE:RELX) stock closed at $35.91 per share. One-month return of RELX PLC (NYSE:RELX) was 0.73%, and its shares lost 24.86% over the past 52 weeks. RELX PLC (NYSE:RELX) has a market capitalization of $62.03 billion.
Aoris Investment Management stated the following regarding RELX PLC (NYSE:RELX) in its Q2 2026 investor letter:
"RELX PLC (NYSE:RELX) provides data, ****** ytics and decision-making tools for professional users in the science, academia, legal, risk and insurance industries. One-third of its revenue comes from scientific content and research tools, one-third comes from risk management solutions like identity verification and anti-money laundering, 20% comes from content and tools for the legal industry, and 10% comes from running trade exhibitions.
RELX owns and curates large bodies of proprietary and authoritative content, which has become more valuable as the internet is largely exhausted as a training resource for AI models. Legal work is especially well-suited to generative AI because it's language-intensive, but also an area where accuracy matters. RELX's AI products help lawyers research, draft and conduct due diligence faster, while remaining anchored to trusted legal content. Just two and a half years after launch, around half of its legal customers have subscribed to its premium AI offering. AI is also making frau