In this episode we discuss our recent visit to the headquarters of Cintas in Cincinnati, a company we own, whose strong corporate culture has contributed to its 95% client retention rate and strong growth. Cintas is America’s largest uniform rental company. For around $1.50 per worker per day Cintas’ will collect, clean and replace uniforms for organisations in industries such as lodging, entertainment, manufacturing and healthcare.
In this episode James and Stephen discuss the key reasons why local market real Earnings Per Share (EPS) growth has fallen so far short of GDP growth in emerging markets over the last decade. It’s counterintuitive, but GDP growth does not drive EPS growth in the way most people think.
In this episode we discuss the headlines over the last decade which left investors spooked and why the over-arching lesson is to stay the course.
In our first episode we discuss Kraft Heinz shares falling to a record low and concerns that years of cost-cutting have deteriorated the value of its household brand names.
Technological advancement is table stakes for any business wanting to keep pace in a digitally connected world. With investments to upgrade technology infrastructure accelerating, there is a company in the Aoris portfolio well positioned to benefit, without the risk attached to the success of a single technology, product, or brand.
Technological advancement is table stakes for any business wanting to keep pace in a digitally connected world. With investments to upgrade technology infrastructure accelerating, there is a company in the Aoris portfolio well positioned to benefit, without the risk attached to the success of a single technology, product, or brand.
Technological advancement is table stakes for any business wanting to keep pace in a digitally connected world. With investments to upgrade technology infrastructure accelerating, there is a company in the Aoris portfolio well positioned to benefit, without the risk attached to the success of a single technology, product, or brand.
It might surprise you that the top-performing global stock since 1990 isn't Berkshire Hathaway or a high-flying tech stock, but Jack Henry & Associates, a little-known business that we hold in the Aoris portfolio.
It might surprise you that the top-performing global stock since 1990 isn't Berkshire Hathaway or a high-flying tech stock, but Jack Henry & Associates, a little-known business that we hold in the Aoris portfolio.
It might surprise you that the top-performing global stock since 1990 isn't Berkshire Hathaway or a high-flying tech stock, but Jack Henry & Associates, a little-known business that we hold in the Aoris portfolio.
Portfolio Manager at Aoris, Alfred Tadros, spoke with The Australian Financial Review about why Nike looks undervalued, which opportunity Aoris added in the latest bout of volatility and his new favourite restaurant in Sydney.
Portfolio Manager at Aoris, Alfred Tadros, spoke with The Australian Financial Review about why Nike looks undervalued, which opportunity Aoris added in the latest bout of volatility and his new favourite restaurant in Sydney.
Portfolio Manager at Aoris, Alfred Tadros, spoke with The Australian Financial Review about why Nike looks undervalued, which opportunity Aoris added in the latest bout of volatility and his new favourite restaurant in Sydney.
Given the challenging conditions in financial markets, our CIO Stephen Arnold sat down to discuss the strengths of businesses in the Aoris portfolio as well as our views on the types of businesses which may struggle in the current environment.
Given the challenging conditions in financial markets, our CIO Stephen Arnold sat down to discuss the strengths of businesses in the Aoris portfolio as well as our views on the types of businesses which may struggle in the current environment.
Given the challenging conditions in financial markets, our CIO Stephen Arnold sat down to discuss the strengths of businesses in the Aoris portfolio as well as our views on the types of businesses which may struggle in the current environment.
Stephen Arnold speaks with Alan Kohler about how Aoris achieved a 40 per cent return in 2021 and what the investing strategy is for an environment of rising interest rates.
Stephen Arnold speaks with Alan Kohler about how Aoris achieved a 40 per cent return in 2021 and what the investing strategy is for an environment of rising interest rates.
Stephen Arnold speaks with Alan Kohler about how Aoris achieved a 40 per cent return in 2021 and what the investing strategy is for an environment of rising interest rates.
Labour shortages, supply chain chaos, headline-grabbing inflation, tightening monetary policy, potential war in Ukraine... Where to invest safely? Which companies will best deal with the daunting list of challenges that lie ahead in 2022? The answer may be those that powered through the headwinds of the last two years.
Labour shortages, supply chain chaos, headline-grabbing inflation, tightening monetary policy, potential war in Ukraine... Where to invest safely? Which companies will best deal with the daunting list of challenges that lie ahead in 2022? The answer may be those that powered through the headwinds of the last two years.
Labour shortages, supply chain chaos, headline-grabbing inflation, tightening monetary policy, potential war in Ukraine... Where to invest safely? Which companies will best deal with the daunting list of challenges that lie ahead in 2022? The answer may be those that powered through the headwinds of the last two years.
The problem that lies at the heart of active funds management is well-understood: very few will ever outperform the market over a long timeframe. It’s a problem that’s seen investors flock to passive funds and the fortunes of active managers sour in what has seemed to be a never-ending bull market, and one that Stephen Arnold, CIO of Aoris Investment Management, is trying to solve.
The problem that lies at the heart of active funds management is well-understood: very few will ever outperform the market over a long timeframe. It’s a problem that’s seen investors flock to passive funds and the fortunes of active managers sour in what has seemed to be a never-ending bull market, and one that Stephen Arnold, CIO of Aoris Investment Management, is trying to solve.
The problem that lies at the heart of active funds management is well-understood: very few will ever outperform the market over a long timeframe. It’s a problem that’s seen investors flock to passive funds and the fortunes of active managers sour in what has seemed to be a never-ending bull market, and one that Stephen Arnold, CIO of Aoris Investment Management, is trying to solve.
The top-performing global equity fund managers in 2021 just happen to have outstanding long-term performance numbers thanks to their disciplined approach to investing.
The top-performing global equity fund managers in 2021 just happen to have outstanding long-term performance numbers thanks to their disciplined approach to investing.
The top-performing global equity fund managers in 2021 just happen to have outstanding long-term performance numbers thanks to their disciplined approach to investing.
Many investors have an opinion on whether the stock market in aggregate is cheap or expensive. However, history shows that attempting to profit from the market’s zigs and zags along its upwards journey is far more likely to detract from investment returns than add to them.
Many investors have an opinion on whether the stock market in aggregate is cheap or expensive. However, history shows that attempting to profit from the market’s zigs and zags along its upwards journey is far more likely to detract from investment returns than add to them.
Many investors have an opinion on whether the stock market in aggregate is cheap or expensive. However, history shows that attempting to profit from the market’s zigs and zags along its upwards journey is far more likely to detract from investment returns than add to them.
As you work your way through Christmas parties, presents and an overdue vacation, you will likely also find yourself with an inbox full of confident predictions for what lies in store for equity markets in 2022. In this Livewire article our CIO Stephen Arnold explores what history tells us about the accuracy of these market outlooks.
As you work your way through Christmas parties, presents and an overdue vacation, you will likely also find yourself with an inbox full of confident predictions for what lies in store for equity markets in 2022. In this Livewire article our CIO Stephen Arnold explores what history tells us about the accuracy of these market outlooks.
As you work your way through Christmas parties, presents and an overdue vacation, you will likely also find yourself with an inbox full of confident predictions for what lies in store for equity markets in 2022. In this Livewire article our CIO Stephen Arnold explores what history tells us about the accuracy of these market outlooks.
Delian Entchev shares five characteristics of LVMH that have allowed it to prosper in the face of ever-changing consumer preferences, come out of Covid stronger than ever, and leave it well-positioned to deal with political sensitivities in China.
Delian Entchev shares five characteristics of LVMH that have allowed it to prosper in the face of ever-changing consumer preferences, come out of Covid stronger than ever, and leave it well-positioned to deal with political sensitivities in China.
Delian Entchev shares five characteristics of LVMH that have allowed it to prosper in the face of ever-changing consumer preferences, come out of Covid stronger than ever, and leave it well-positioned to deal with political sensitivities in China.
Central banks remain steadfast in their message that the current bump in inflation will prove short-lived. Companies are less sure. As investors, the best we can do is recognise the possibility of sustained higher inflation, and to own businesses that can prosper regardless of the course inflation takes. In this short Livewire piece our CIO Stephen Arnold explores three common features of inflation-proof businesses, illustrated with examples from the Aoris portfolio.
Central banks remain steadfast in their message that the current bump in inflation will prove short-lived. Companies are less sure. As investors, the best we can do is recognise the possibility of sustained higher inflation, and to own businesses that can prosper regardless of the course inflation takes. In this short Livewire piece our CIO Stephen Arnold explores three common features of inflation-proof businesses, illustrated with examples from the Aoris portfolio.
Central banks remain steadfast in their message that the current bump in inflation will prove short-lived. Companies are less sure. As investors, the best we can do is recognise the possibility of sustained higher inflation, and to own businesses that can prosper regardless of the course inflation takes. In this short Livewire piece our CIO Stephen Arnold explores three common features of inflation-proof businesses, illustrated with examples from the Aoris portfolio.
Delian Entchev, Senior Analyst, recently sat down with Chris Judd to talk all things LVMH.
Delian Entchev, Senior Analyst, recently sat down with Chris Judd to talk all things LVMH.
Delian Entchev, Senior Analyst, recently sat down with Chris Judd to talk all things LVMH.
From humble beginnings, Aoris Investment Management founder Stephen Arnold has always been fascinated with business. In this featured profile with the Financial Standard, he discusses how that fascination led him to build Aoris.
From humble beginnings, Aoris Investment Management founder Stephen Arnold has always been fascinated with business. In this featured profile with the Financial Standard, he discusses how that fascination led him to build Aoris.
From humble beginnings, Aoris Investment Management founder Stephen Arnold has always been fascinated with business. In this featured profile with the Financial Standard, he discusses how that fascination led him to build Aoris.
In this episode of The Australian Investors Podcast, Owen Rask chats to Aoris Portfolio Manager, Stephen Arnold, CFA, and Senior Analyst Delian Entchev, about 3 ways to beat the rise of inflation.
In this episode of The Australian Investors Podcast, Owen Rask chats to Aoris Portfolio Manager, Stephen Arnold, CFA, and Senior Analyst Delian Entchev, about 3 ways to beat the rise of inflation.
In this episode of The Australian Investors Podcast, Owen Rask chats to Aoris Portfolio Manager, Stephen Arnold, CFA, and Senior Analyst Delian Entchev, about 3 ways to beat the rise of inflation.
Stephen Arnold featured on the Australian Investors Podcast to chat about one of our holdings, L'Oréal.
Stephen Arnold featured on the Australian Investors Podcast to chat about one of our holdings, L'Oréal.
Stephen Arnold featured on the Australian Investors Podcast to chat about one of our holdings, L'Oréal.
Delian Entchev featured on the Australian Investors Podcast to chat about one of our holdings, Tractor Supply.
Delian Entchev featured on the Australian Investors Podcast to chat about one of our holdings, Tractor Supply.
Delian Entchev featured on the Australian Investors Podcast to chat about one of our holdings, Tractor Supply.
Sean Aylmer speaks to Stephen Arnold, founder and Chief Investment Officer at Aoris Investment Management, about the Aoris International Fund. They profile a number of the stocks held by the fund including Costco, Nike, LVMH and Tractor Supply.
Sean Aylmer speaks to Stephen Arnold, founder and Chief Investment Officer at Aoris Investment Management, about the Aoris International Fund. They profile a number of the stocks held by the fund including Costco, Nike, LVMH and Tractor Supply.
Sean Aylmer speaks to Stephen Arnold, founder and Chief Investment Officer at Aoris Investment Management, about the Aoris International Fund. They profile a number of the stocks held by the fund including Costco, Nike, LVMH and Tractor Supply.
Managing Director and CIO of Aoris Investment Management, Stephen Arnold, gives his view on the market & arguments for investing in traditional value stocks.
Managing Director and CIO of Aoris Investment Management, Stephen Arnold, gives his view on the market & arguments for investing in traditional value stocks.
Managing Director and CIO of Aoris Investment Management, Stephen Arnold, gives his view on the market & arguments for investing in traditional value stocks.
In what has been a challenging year for everyone, Stephen Arnold (CIO) sits down to discuss how 2020 played out for the Aoris International Fund. During this video Stephen addresses our 2020 performance, what we got right and what we got wrong, and how the portfolio is positioned going into 2021.
In what has been a challenging year for everyone, Stephen Arnold (CIO) sits down to discuss how 2020 played out for the Aoris International Fund. During this video Stephen addresses our 2020 performance, what we got right and what we got wrong, and how the portfolio is positioned going into 2021.
In what has been a challenging year for everyone, Stephen Arnold (CIO) sits down to discuss how 2020 played out for the Aoris International Fund. During this video Stephen addresses our 2020 performance, what we got right and what we got wrong, and how the portfolio is positioned going into 2021.
Stephen Arnold featured in the The Australian Financial Review on why he's on the sidelines with LVMH, why he's not buying Tesla (or Nikola), and where to eat for your next date night!
Stephen Arnold featured in the The Australian Financial Review on why he's on the sidelines with LVMH, why he's not buying Tesla (or Nikola), and where to eat for your next date night!
Stephen Arnold featured in the The Australian Financial Review on why he's on the sidelines with LVMH, why he's not buying Tesla (or Nikola), and where to eat for your next date night!
Stephen Arnold recently sat down with The Australian Investors Podcast to talk through his thesis on Jack Henry & Associates Inc (NASDAQ: JHKY), a banking software provider.
Stephen Arnold recently sat down with The Australian Investors Podcast to talk through his thesis on Jack Henry & Associates Inc (NASDAQ: JHKY), a banking software provider.
Stephen Arnold recently sat down with The Australian Investors Podcast to talk through his thesis on Jack Henry & Associates Inc (NASDAQ: JHKY), a banking software provider.
Stephen Arnold featured on the Australian Investors Podcast to chat about one of our holdings, Accenture (NYSE:ACN).
Stephen Arnold featured on the Australian Investors Podcast to chat about one of our holdings, Accenture (NYSE:ACN).
Stephen Arnold featured on the Australian Investors Podcast to chat about one of our holdings, Accenture (NYSE:ACN).
Stephen Arnold of Aoris Investment Management shared insights around his simplicity-led investment process and why he avoids sectors like banks, materials and utilities. Here, he delves into how he applies his strategy and why quality comes front and centre.
Stephen Arnold of Aoris Investment Management shared insights around his simplicity-led investment process and why he avoids sectors like banks, materials and utilities. Here, he delves into how he applies his strategy and why quality comes front and centre.
Stephen Arnold of Aoris Investment Management shared insights around his simplicity-led investment process and why he avoids sectors like banks, materials and utilities. Here, he delves into how he applies his strategy and why quality comes front and centre.
For Stephen Arnold Chief Investment Officer of Aoris Investment Management the best way to protect capital is to own ‘all weather’ stocks. These are those rare businesses that can increase in value no matter how bad the economic environment may be.
For Stephen Arnold Chief Investment Officer of Aoris Investment Management the best way to protect capital is to own ‘all weather’ stocks. These are those rare businesses that can increase in value no matter how bad the economic environment may be.
For Stephen Arnold Chief Investment Officer of Aoris Investment Management the best way to protect capital is to own ‘all weather’ stocks. These are those rare businesses that can increase in value no matter how bad the economic environment may be.
Aoris CIO, Stephen Arnold discusses how Aoris’ portfolio companies are widening the gap between their peers regardless of market conditions. Stephen shares what the investment team has learned in the recent reporting season, two new entrants into the portfolio and how our strategy is positioned to deliver on its long term return objectives.
Aoris CIO, Stephen Arnold discusses how Aoris’ portfolio companies are widening the gap between their peers regardless of market conditions. Stephen shares what the investment team has learned in the recent reporting season, two new entrants into the portfolio and how our strategy is positioned to deliver on its long term return objectives.
Aoris CIO, Stephen Arnold discusses how Aoris’ portfolio companies are widening the gap between their peers regardless of market conditions. Stephen shares what the investment team has learned in the recent reporting season, two new entrants into the portfolio and how our strategy is positioned to deliver on its long term return objectives.
"We believe the discount to fair value across our portfolio is somewhat larger today, which adds to the revaluation component of our expected return."
"We believe the discount to fair value across our portfolio is somewhat larger today, which adds to the revaluation component of our expected return."
"We believe the discount to fair value across our portfolio is somewhat larger today, which adds to the revaluation component of our expected return."
Stephen Arnold was one of 12 investors from around the world featured in the April edition of Value Investor Insight, titled Investing in Crisis. Other investors featured include James Montier (GMO), Mason Hawkins (Southeastern Asset Management), Bill Nygren (Harris Associates), Rob Arnott (Research Affiliates), Brian Kersmanc (GQG Partners), Peter Keefe (Avenir Corporation), and Chuck Akre (Akre Capital Management). With special permission of the publisher, the full issue is available to you.
Stephen Arnold was one of 12 investors from around the world featured in the April edition of Value Investor Insight, titled Investing in Crisis. Other investors featured include James Montier (GMO), Mason Hawkins (Southeastern Asset Management), Bill Nygren (Harris Associates), Rob Arnott (Research Affiliates), Brian Kersmanc (GQG Partners), Peter Keefe (Avenir Corporation), and Chuck Akre (Akre Capital Management). With special permission of the publisher, the full issue is available to you.
Stephen Arnold was one of 12 investors from around the world featured in the April edition of Value Investor Insight, titled Investing in Crisis. Other investors featured include James Montier (GMO), Mason Hawkins (Southeastern Asset Management), Bill Nygren (Harris Associates), Rob Arnott (Research Affiliates), Brian Kersmanc (GQG Partners), Peter Keefe (Avenir Corporation), and Chuck Akre (Akre Capital Management). With special permission of the publisher, the full issue is available to you.
Stephen discusses the COVID-19 pandemic and four key strengths to consider when evaluating business endurance through a downturn.
Stephen discusses the COVID-19 pandemic and four key strengths to consider when evaluating business endurance through a downturn.
Stephen discusses the COVID-19 pandemic and four key strengths to consider when evaluating business endurance through a downturn.
Stephen sat down with AFL Legend and Investor Chris Judd to discuss Aoris and what makes the company tick.
Stephen sat down with AFL Legend and Investor Chris Judd to discuss Aoris and what makes the company tick.
Stephen sat down with AFL Legend and Investor Chris Judd to discuss Aoris and what makes the company tick.
Stephen featured in Chris Judd's "Talk Ya Book" podcast discussing the Aoris portfolio and in particular a portfolio stock , Cintas Corporation.
Stephen featured in Chris Judd's "Talk Ya Book" podcast discussing the Aoris portfolio and in particular a portfolio stock , Cintas Corporation.
Stephen featured in Chris Judd's "Talk Ya Book" podcast discussing the Aoris portfolio and in particular a portfolio stock , Cintas Corporation.
If you own an equity, you are a part owner of a business. The value of what you own is a function of its income into perpetuity. If you don’t lose sight of this you will make better decisions and keep your head while others lose theirs.
If you own an equity, you are a part owner of a business. The value of what you own is a function of its income into perpetuity. If you don’t lose sight of this you will make better decisions and keep your head while others lose theirs.
If you own an equity, you are a part owner of a business. The value of what you own is a function of its income into perpetuity. If you don’t lose sight of this you will make better decisions and keep your head while others lose theirs.
Aoris was featured by The Australian Financial Review Chanticleer as the top-performing international equities value fund for the 2019 calendar year.
Aoris was featured by The Australian Financial Review Chanticleer as the top-performing international equities value fund for the 2019 calendar year.
Aoris was featured by The Australian Financial Review Chanticleer as the top-performing international equities value fund for the 2019 calendar year.
Stephen Arnold presents at Rask Australia's Investor Event 2019 - Sydney.
Stephen Arnold presents at Rask Australia's Investor Event 2019 - Sydney.
Stephen Arnold presents at Rask Australia's Investor Event 2019 - Sydney.
In an column for today’s The Australian Financial Review, Aoris Senior Analyst Swati Reddy discussed how the Aoris International Fund delivered 22.3% in the year to June 2019 and significantly outperformed the market with no FAANGs.
In an column for today’s The Australian Financial Review, Aoris Senior Analyst Swati Reddy discussed how the Aoris International Fund delivered 22.3% in the year to June 2019 and significantly outperformed the market with no FAANGs.
In an column for today’s The Australian Financial Review, Aoris Senior Analyst Swati Reddy discussed how the Aoris International Fund delivered 22.3% in the year to June 2019 and significantly outperformed the market with no FAANGs.
In the eyes of many investors the FAANGs operate in ‘winner-takes’-all’ markets and the winner has already been decided.They are all spending vast amounts of money trying to create their ‘next big thing’ but the chance of recreating past success is lower than many believe.
In the eyes of many investors the FAANGs operate in ‘winner-takes’-all’ markets and the winner has already been decided.They are all spending vast amounts of money trying to create their ‘next big thing’ but the chance of recreating past success is lower than many believe.
In the eyes of many investors the FAANGs operate in ‘winner-takes’-all’ markets and the winner has already been decided.They are all spending vast amounts of money trying to create their ‘next big thing’ but the chance of recreating past success is lower than many believe.
San Franciso's Bay Area might be the home of some of the world's richest companies, but fund manager Stephen Arnold's internal compass leads him faithfully to America's midwest where he is more comfortable walking the factory floor with the CEO of Graco.
San Franciso's Bay Area might be the home of some of the world's richest companies, but fund manager Stephen Arnold's internal compass leads him faithfully to America's midwest where he is more comfortable walking the factory floor with the CEO of Graco.
San Franciso's Bay Area might be the home of some of the world's richest companies, but fund manager Stephen Arnold's internal compass leads him faithfully to America's midwest where he is more comfortable walking the factory floor with the CEO of Graco.
Alan Kohler spoke to Stephen to find out more about how Aoris go about investing internationally and their approach to environmental, social and governance investing.
Alan Kohler spoke to Stephen to find out more about how Aoris go about investing internationally and their approach to environmental, social and governance investing.
Alan Kohler spoke to Stephen to find out more about how Aoris go about investing internationally and their approach to environmental, social and governance investing.
Stephen Arnold from Aoris Investment Management explains to Informed Investor his firm’s preference for proven and established businesses over the new hot stock on the block.
Stephen Arnold from Aoris Investment Management explains to Informed Investor his firm’s preference for proven and established businesses over the new hot stock on the block.
Stephen Arnold from Aoris Investment Management explains to Informed Investor his firm’s preference for proven and established businesses over the new hot stock on the block.
Utilities are often seen as defensive investments. Stephen outlines four reasons why they often fall short in this regard.
Utilities are often seen as defensive investments. Stephen outlines four reasons why they often fall short in this regard.
Utilities are often seen as defensive investments. Stephen outlines four reasons why they often fall short in this regard.
Stephen outlined in this article why it is extremely difficult to add value through market timing.
Stephen outlined in this article why it is extremely difficult to add value through market timing.
Stephen outlined in this article why it is extremely difficult to add value through market timing.
Stephen outlined some of the many fine attributes of Compass Group in this article.
Stephen outlined some of the many fine attributes of Compass Group in this article.
Stephen outlined some of the many fine attributes of Compass Group in this article.
In this article we show that the truly exceptional businesses defy the gravitational pull of reversion to the mean.
In this article we show that the truly exceptional businesses defy the gravitational pull of reversion to the mean.
In this article we show that the truly exceptional businesses defy the gravitational pull of reversion to the mean.
In this wide-ranging interview Alan Kohler spoke to Stephen about setting up Aoris, the types of companies we avoid, the many characteristics we look for in our investments and how we find the companies that end up in our portfolio.
In this wide-ranging interview Alan Kohler spoke to Stephen about setting up Aoris, the types of companies we avoid, the many characteristics we look for in our investments and how we find the companies that end up in our portfolio.
In this wide-ranging interview Alan Kohler spoke to Stephen about setting up Aoris, the types of companies we avoid, the many characteristics we look for in our investments and how we find the companies that end up in our portfolio.
Stephen has published an article on Livewire looking at the distribution of stock returns over time. The article draws on 90 years of US data.
Stephen has published an article on Livewire looking at the distribution of stock returns over time. The article draws on 90 years of US data.
Stephen has published an article on Livewire looking at the distribution of stock returns over time. The article draws on 90 years of US data.
