Top 3 lessons from Aoris’ Annual Letter to investors
Aoris Investment Management CIO, Stephen Arnold, shares his views on markets and the Aoris process in his Annual Letter to investors.
There has been plenty written on how 2022 was a tough year for most investors. The world exited a long period of cheap money, the Russian invasion of Ukraine caused energy prices to soar, and Covid continues to torment the world’s second largest economy, China.
As business conditions became incrementally more challenging, we observed that the best companies continued to outperform their peers, both in revenue growth and profitability.
In our annual letter to clients, we noted that in difficult conditions the best businesses increase their market share and improve their relative competitive position, thereby enhancing their long-term earnings power and intrinsic value.
This observation about the best businesses, and our desire to identify and invest in them, is embedded in our investment process via three factors:
- Seeking to invest in companies that exhibit competitive mean aversion;
- An insistence on conservative balance sheets; and
- Valuation discipline.
More information on each of these three learnings and the full annual letter is available to download below.
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Stephen has been investing in global markets for over 30 years, making him one of Australia’s most experienced international investors.
He is the Founder and Chief Investment Officer of Aoris Investment Management, an independent, Sydney-based firm dedicated to a single strategy: a highly selective global equity portfolio.
Since its inception in March 2018 through to the end of April 2025, the Aoris strategy has ranked in the top 5% over 3 years, 5 years, and since inception, relative to a broad peer group of international equity funds (Morningstar). The firm currently manages just under $2 billion in assets.
Prior to founding Aoris in 2017, Stephen was Head of International Equities at Evans & Partners.

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