Aoris Investment Management’s Post

The Aoris International Fund proudly concluded the year 2023 with an outstanding return of 30.8% (net of fees) for our valued investors, surpassing the benchmark performance of 21.6%. In our 2023 Annual Investor Letter, penned by CIO Stephen Arnold, we delve into an analysis of our portfolio contributions and changes. The letter also highlights our approach to navigating challenging market conditions. Moreover, we explore the nuanced realm of investing judgments versus knowledge, and shed light on the opportunities arising from the dispersion of equity returns. ------------------------------------------------------------- This information has been prepared and issued by Aoris Investment Management Pty Ltd ABN 11 621 586 552 / AFSL 507281 (Aoris) as the investment manager of the Aoris International Fund (Fund). The Trust Company (RE Services) Limited ABN 45 003 278 831 is the responsible entity and the issuer of units in the Fund. For general advice only and does not take into account the objectives, financial situation or needs of investors. Read the PDS and Target Market Determination (TMD) available at https://lnkd.in/gMCKKEVU to see if the product is right for you. All investments contain risk and may lose value

Some pearls of investment wisdom from the Aoris Investment Management Annual Letter 2023. 1) Investing for the long term, and not trying to optimise outcomes over single-year periods. 2) Seeking to own all-weather businesses; those resilient to a wide range of operating conditions, rather than those suited to the current or anticipated environment. 3) Attaching a high weight to management and corporate culture. 4) Investing is about judgements, not knowledge. Greater information won't creates better investment outcomes. Fewer but better decisions should be the goal. 5) The dispersion of returns creates the opportunity for individual investment managers to generate performance outcomes significantly different from that of the market. #InvestmentFramework #Markets #Investing

In 2023, the Aoris International Fund returned more than 30% to investors and the major contributors were not growthy tech-centric. How did we do it? Our style is 'Quality First, Value Investing' and Its incredibly simple. Quality First: We seek to own unusually high-quality businesses that have endured many cycles and are proven market leaders, consistently profitable, competitively advantaged, lead by strong management, and have conservative capital structures not burdened by debt. Value Investing: We then purchase these businesses at discounts to their intrinsic value.

This blog piece also discusses #tailrisk management and #diversification. #GARP

Pengana Capital Group has been nominated as a finalist in the 'Best Alternative Asset Manager' category for the Australian Wealth Management Awards 2024. Thank you to Momentum Media for highlighting the recent innovation and leadership in the sector, including our position as provider of Australia's only truly diversified global private equity listed investment trust (ASX:PE1). To find out more about our latest upcoming product launch in this space, you can access our offer page for the Pengana Global Private Credit Trust (ASX: PCX) here: https://hubs.li/Q02wCL150 #alternativeasset #manager #investing #privatecredit #LIT #portfolio #alternative #asset #finalist

The Capital Markets Authority (CMA) has introduced new regulations for Alternative Investment Funds (AIFs) in Kenya. These rules require AIFs to seek approval from the CMA and meet specific eligibility criteria, enhancing investor protection and promoting transparency. The regulations apply to private equity, hedge funds, and similar investment schemes to safeguard investors from scams and fraud. This move marks a significant step towards fostering economic growth and aligning with the CMA's strategic goals. More in the link below; https://lnkd.in/duCXGhnz #Investment #Regulation #EconomicDevelopment

💡 On January 24th, 2024, CySEC issued Circular C617 to inform Investment Fund Managers about Recommendation 2022/9. Based on the Recommendation, CySEC introduces a #new reporting requirement. All investment fund managers (AIFMs & UCITs) are required to complete and submit the newly introduced Form CRE – IF, by the 23rd of February 2024, via the CySEC Transaction Reporting System (TRS). 🔎 It is highlighted that all investment fund managers are obliged to submit a separate Form for every sub-fund/fund under their management, authorised/registered by CySEC until the 30th of June 2023. 📧 Contact us at compliance@salvusfunds.com should you need any assistance with completing the Form CRE – IF. Read more on how to complete the form 👉 https://lnkd.in/drBeK7HH #salvusfunds #stayahead #regulatorycompliance #CySEC #AIFM

In this changing landscape Equilibrium can help advisers navigate questions like: Is the below-average long-term returns delivered by the local equity market cyclical or a structural shift in the opportunity set for the asset class? How does the increased offshore allowance for Regulation 28 compliant portfolios impact local asset classes and the investment industry? #investments #dfm https://lnkd.in/dRGkQ6nF

SEBI has now issued an Informal guidance clarifying that AIFs cannot invest in mutual funds as a part of their investment strategy but can invest only in select mutual funds for temporary investments https://lnkd.in/dt398Mn8 #aif #sebi #alternativeinvestfunds #mutualfunds

Valuation framework for Alternative Investment Funds One of the key aspects of SEBI (Alternative Investment Funds) Regulations is the standardization of the approach to carry out valuation of investment portfolios. AIFs are required to carry out the valuation of their investments in the manner specified by SEBI from time to time. In the case of securities for which valuation norms have already been prescribed under SEBI (Mutual Funds) Regulations, 1996 (‘MF Regulations’), the valuation shall be carried out as per the norms prescribed under the MF Regulations. For securities that are not covered under the MF Regulations, valuation guidelines endorsed by any SEBI recognized AIF industry association, which represents at least 33% of the number of SEBI registered AIFs, shall be taken into account. The guidelines must be endorsed after taking into account recommendations of Alternative Investment Policy Advisory Committee of SEBI. Investment Managers of AIFs are also required to disclose in the Private Placement Memorandum (PPM), the details of the valuation methodology and approach adopted under the relevant guidelines for each asset class of the scheme of the AIF. To ensure the integrity of these valuation processes, investment managers bear significant responsibilities. Responsibilities of Investment managers Include: 1.    To ensure that the independent valuer computes and carries out the valuation of the investments of the schemes of the AIFs in the manner as specified by the board. 2.    To deviate from the established valuation policies and procedures only in exceptional circumstances when it is determined that such deviation is necessary to achieve a fair and appropriate valuation. The Investment Manager shall provide rationale for such deviation. 3.    To inform the investors of reasons/ factors for deviation of more than 20% between two consecutive valuations or deviations of more than 33% in a financial year. 4.    To comply with the relevant process in case of any material change in the valuation methodology and approach for the valuation of investments of the scheme of AIF. The AIF must appoint an independent valuer with at least three years of experience in the valuation of unlisted securities. The independent valuer shall not be an associate of the manager, sponsor, or trustee of the AIF. The independent valuer shall comply with the criteria specified by SEBI. The Investment Manager of AIF shall submit a report on compliance with the provisions of the circular on the SEBI Intermediary Portal in the format as specified. Investment managers must adhere to the valuation standards and leverage independent expertise to safeguard investor interests. ANB Legal #AIFs #Valuation #SEBI