Aoris Investment Management, a specialized international equity manager, published its “Aoris International Fund” investor letter for the third quarter of 2025. A copy of the letter can be downloaded here. Global equity markets, represented by the MSCI AC World Accumification Index excluding Australia, rose 6.5% in AUD during the September quarter. In local currencies, gains were 8.0%, but currency fluctuations reduced the AUD’s performance by 1.5%. For the quarter, the portfolio’s Class A (unhedged) returned -2.6% after fees, compared to a 6.5% return for the benchmark. The fund’s Class C (Hedged) fell 1.0% compared to a return of 8.0% for the benchmark index. Additionally, you can check out the fund’s top five holdings to determine your best picks for 2025.
In its Q3 2025 investor letter, Aoris International Fund highlighted stocks like SAP SE (NYSE:SAP). SAP SE (NYSE:SAP) is a leading provider of business solutions and enterprise applications. SAP SE (NYSE:SAP)’s monthly performance was 3.22% and its stock lost 1.45% of its value in the last 52 weeks. On December 19, 2025, SAP SE (NYSE:SAP) stock closed at $244.31 per share, with a market capitalization of $285.06 billion.
Aoris International Fund stated the following regarding SAP SE (NYSE:SAP) in its Q3 2025 investor letter:
“SAP SE (NYSE:SAP) is the world’s leading enterprise resource planning (ERP) software company, which is an integrated suite of applications in human resources, finance, manufacturing, supply chain management and customer relationship management. Of the 100 largest clients in the world, 99 use SAP and, surprisingly, 77% of global transactions every day touch a SAP system.