Aoris Investment Management, a specialist international equity manager, released its “Aoris International Fund” Q3 2025 investor letter. A copy of the letter can be downloaded here. Global equity markets, represented by the MSCI AC World Accumulation Index ex Australia, rose by 6.5% in AUD for the September quarter. In local currencies, gains were 8.0%, but currency fluctuations reduced the AUD return by 1.5%. In the quarter, 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) declined by 1.0% compared to an 8.0% return for the benchmark. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its third-quarter 2025 investor letter, Aoris International Fund highlighted stocks such as SAP SE (NYSE:SAP). SAP SE (NYSE:SAP) is a leading enterprise application and business solutions provider. The one-month return of SAP SE (NYSE:SAP) was 3.22%, and its shares lost 1.45% of their value over 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 third quarter 2025 investor letter:
“SAP SE (NYSE:SAP) is the world’s leading enterprise resource planning (ERP) software company, which is an integrated set of applications across HR, finance, manufacturing, supply chain management and customer relationship management. Of the world’s 100 largest customers, 99 use SAP and, remarkably, 77% of the world’s transactions each day touch an SAP system.
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