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 Bentley Systems, Incorporated (NASDAQ:BSY). Headquartered in Exton, Pennsylvania, Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure engineering software solutions provider. On August 13, 2026, Bentley Systems, Incorporated (NASDAQ:BSY) closed at $36.56 per share. The one-month return of Bentley Systems, Incorporated (NASDAQ:BSY) was 12.59%, and its shares lost 32.09% over the past 52 weeks. Bentley Systems, Incorporated (NASDAQ:BSY) has a market capitalization of $11.04 billion.
Aoris International Fund stated the following regarding Bentley Systems, Incorporated (NASDAQ:BSY) in its Q2 2026 investor letter:
“Bentley Systems, Incorporated (NASDAQ:BSY) is the global leader in software for the design and lifetime operations of infrastructure assets. These assets include airports, bridges, roads, water and wastewater systems, power systems, buildings, railways and tunnels. Its software is used by engineers to create their design models, simulate how physical and environmental forces might affect an asset, and for project management and collaboration. Bentley has an industry-leading position in the majority of disciplines it serves.
We believe Bentley Systems can continue to grow revenue and earnings at a healthy rate by providing meaningful productivity benefits to labour-constrained engineering firms. The broad sell-off of software businesses over the last 18 months has provided an opportunity for us to invest in this resilient, steady-growth business at an unusually attractive discount to our fair value…(Click here to read the full text)
Bentley Systems, Incorporated (NASDAQ:BSY) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 38 hedge fund portfolios held Bentley Systems, Incorporated (NASDAQ:BSY) at the end of the first quarter, up from 34 in the previous quarter. While we acknowledge the risk and potential of Bentley Systems, Incorporated (NASDAQ:BSY) 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 Bentley Systems, Incorporated (NASDAQ:BSY) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Bentley Systems, Incorporated (NASDAQ:BSY) and shared a list of overlooked tech stocks to invest. 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.
