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 Accenture plc (NYSE:ACN). Accenture plc (NYSE:ACN) provides strategy and consulting, industry X, song, and technology and operation services across Americas and internationally. On August 13, 2026, Accenture plc (NYSE:ACN) closed at $178.49 per share. One-month return of Accenture plc (NYSE:ACN) was 22.05% and its shares lost 35.40% over the past 52 weeks. Accenture plc (NYSE:ACN) has a market capitalization of $109.23 billion.
Aoris International Fund stated the following regarding Accenture plc (NYSE:ACN) in its Q2 2026 investor letter:
“We sold our position in Accenture plc (NYSE:ACN) late in the quarter. Our investment in Accenture over the last few years has been a costly mistake. Its share price declined by 58% over the last 12 months, negatively impacting portfolio returns for the year by 5.2%, which included a heavy sell-off in June in response to a disappointing quarterly earnings result. It is important that we share with you why we see this investment as a mistake and what we have learned from it.
Our misjudgement was to assume Accenture’s underlying revenue growth would return to the 6–7% rate it achieved over the period 2011 to 2019. After particularly strong years in 2021 and 2022, revenue growth since 2024 has been stuck at around 1–4%. We had assumed this was a cyclical lull, but it now appears to be longer lasting. Further, management is responding to this demand softness by making larger and more expensive acquisitions; a concerning departure from the company’s history.…” (Click here to read the full text)
Accenture plc (NYSE:ACN) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Accenture plc (NYSE:ACN) at the end of the first quarter which was 71 in the previous quarter. While we acknowledge the risk and potential of Accenture plc (NYSE:ACN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Accenture plc (NYSE:ACN) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Accenture plc (NYSE:ACN) and shared Diamond Hill Capital Large Cap Strategy’s insight on the company. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
