Patience. Process. Humility. How Aoris is investing in the current climate

Please note, this interview was recorded Wednesay 28 January, 2026

The recent 30% and 10% plunges in silver and gold, respectively, are a timely reminder that markets can put the blinkers on, trades can become crowded, and when momentum breaks, the destruction can be swift.

But those moments also tend to reveal something else. When capital and attention are sucked into the latest shiny new thing, other parts of the market can be left starved of interest, even when the underlying businesses continue to execute.

As Stephen Arnold, Chief Investment Officer at Aoris Investment Management, puts it, “There are periods where the market is myopically focused on a theme,” and those periods can leave high-quality businesses mispriced.

For Arnold, that dynamic reinforces the importance of patience, process and humility, particularly when fundamentals improve but share prices fail to respond. Rather than chasing whichever narrative is attracting hot money, he remains focused on owning a small number of high-quality global companies capable of compounding value over time.

In the discussion above, Arnold explains why narrow market focus rarely lasts, how artificial intelligence may strengthen rather than undermine select businesses, and the stocks he believes are being overlooked as investors continue to view markets through too narrow a lens.

INTERVIEW SUMMARY

Patience, process and humility as an edge

Arnold believes patience is the defining requirement for investing through periods of market dislocation, especially when share prices stop reflecting improving fundamentals.

“I think the most important lesson to be applying in the current environment is patience,” he says. 

“But patience by itself is not enough. It’s got to be paired with process… and humility to recognise that maybe you’re wrong and the market’s right.”

At Aoris, every stock must earn its place in a highly-selective, 15-stock portfolio. That means knowing why a business is owned, what success looks like, and being prepared to reassess if the facts change.

L’Oréal and the danger of narrow focus

L’Oréal is a clear example of how a myopic market lens can distort valuations. In 2024, investor attention was heavily centred on a single market, which accounted for around 17% of the company’s revenue.

“The market’s myopic focus was all about China,” Arnold explains.

As attention broadened to include strong growth across other emerging markets such as Eastern Europe, South America and the Middle East, alongside resilience in developed markets, L’Oréal was reappraised and became one of Aoris’ stronger performers in 2025.

AI as an amplifier, not a destroyer

Arnold rejects the idea that companies can be neatly categorised as AI winners or losers. In his view, artificial intelligence often strengthens the competitive position of high-quality businesses.

Accenture is a case in point. While AI tools appear simple at an individual level, Arnold argues enterprise adoption is far more complex.

“For the large organisations that are Accenture’s clients, it’s very different,” he says, pointing to the challenge of integrating AI across thousands of systems, large workforces and strict regulatory frameworks.

That complexity plays directly to Accenture’s strengths, reinforcing its role as a trusted partner as enterprises modernise, manage risk and deploy AI at scale rather than experiment at the edges.

RELX and irreplaceable data

RELX is another business Arnold believes the market has mischaracterised. Concerns that AI will commoditise data overlook the value of proprietary datasets embedded deep within customer workflows.

“AI without data is nothing,” Arnold says.

He highlights exclusive auto insurance databases and fraud-detection tools used by major banks worldwide. Rather than undermining RELX’s economics, Arnold believes AI enhances the value of that data as new premium tools gain traction across legal and professional markets.

InterContinental Hotels Group and structural compounding

Aoris added InterContinental Hotels Group late in 2025, attracted by its asset-light franchise model and expanding competitive advantages.

“IHG has 4% of all hotel rooms globally, but 10% of the pipeline,” Arnold says.

Strong brands, loyalty programs and sophisticated reservation systems make the group increasingly attractive to hotel owners and guests alike, supporting long-term profitability.

Valuations favour the patient

Looking ahead, Arnold believes valuations across the portfolio are supportive, particularly for businesses that have been neglected as capital concentrates around narrow themes.

“We feel very good about the quality of the businesses we own and the valuations we own them at,” he says.

As market focus inevitably broadens, Arnold expects many of these companies to be reappraised.