Aoris Investment Management, a specialist international equity manager, released its Q1 2026 investor letter for "Aoris International Fund". A copy of the letter is available to download 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 March quarter, international equity markets, as represented by the MSCI AC World Accumulation Index ex Australia, decreased by 5.8% in AUD terms. In local currencies, the decline was 2.8%. The Portfolio's Class A (Unhedged) returned -13.7% after fees, underperforming its benchmark by 7.8%, while the Class C (Hedged) dropped 10.1%, 7.3% less than its benchmark. These results marked significant negative returns overall and against the benchmark. Investor concerns grew in the quarter, especially regarding how AI could impact the software, data, and services sectors. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its first-quarter 2026 investor letter, Aoris Investment Management highlighted stocks like Intel Corporation (NASDAQ:INTC). Intel Corporation (NASDAQ:INTC) is a leading semiconductor company that manufactures, and markets microprocessors, chipsets and other products. On June 22, 2026, Intel Corporation (NASDAQ:INTC) closed at $140.94 per share. One-month return of Intel Corporation (NASDAQ:INTC) was 14.10%, and its shares gained 525.01% over the past 52 weeks. Intel Corporation (NASDAQ:INTC) has a market capitalization of $708.36 billion.
Aoris Investment Management stated the following regarding Intel Corporation (NASDAQ:INTC) in its Q1 2026 investor letter:
"Customer needs evolve, and good businesses evolve with them. Those that don't are more vulnerable to technological change. Intel Corporation (NASDAQ:INTC) perhaps knew more about microprocessors than anyone two decades ago, but it was rigid and inflexible in its thinking. With its belief that what matters most is the computational power of its chips, it missed the rising importance of battery life and with it, the vast opportunity in mobile phones."
Intel Corporation (NASDAQ:INTC) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 112 hedge fund portfolios held Intel Corporation (NASDAQ:INTC) at the end of the first quarter, up from 96 in the previous quarter. While we acknowledge the potential of Intel Corporation (NASDAQ:INTC) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.