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Aoris Investment Management, a specialist international equity manager, released its Q2 2026 investor letter for "Aoris International Fund". A copy of the letter can be downloaded 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 June quarter, international equity markets, as represented by the MSCI AC World Accumulation Index ex Australia, returned 13.8% in AUD terms. In local currencies, the return 15.1%. The Portfolio's Class A (Unhedged) returned 5.7% after fees, underperforming its benchmark by 8.1%, while the Class C (Hedged) gained 6.7%, 8.4% less than its benchmark. The June quarter continued to reflect an unusual year, marked by significant share price increases among AI infrastructure companies, particularly semiconductor producers and data center suppliers. Economic sectors like banks and commodity producers saw gains, but the firm chose not to invest due to their cyclicality and low growth prospects. Conversely, concerns about enterprise software and data companies, challenged by AI, negatively impacted performance. The letter outlined potential incremental opportunities for portfolio companies through AI. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.

In its Q2 2026 investor letter, Aoris Investment Management highlighted W.W. Grainger, Inc. (NYSE:GWW). W.W. Grainger, Inc. (NYSE:GWW) is leading supplier of maintenance, repair, and operating products and services, serving customers across industries. On August 21, 2026, W.W. Grainger, Inc. (NYSE:GWW) closed at $1,312.24 per share, reflecting a market capitalization of $61.81 billion. W.W. Grainger, Inc. (NYSE:GWW) posted a one‑month return of -6.20%, while its shares gained 29.48% over the past 52 weeks.

Aoris Investment Management stated the following regarding W.W. Grainger, Inc. (NYSE:GWW) in its Q2 2026 investor letter:

"W.W. Grainger, Inc. (NYSE:GWW) is a leading distributor of maintenance, repair and operating (MRO) supplies in North America and Japan. Around 80% of its revenue comes from high-touch service for large and complex organisations, while the remainder comes from an online-only offering for smaller purchases.

Grainger is using AI to improve the search functionality and depth of product information on its e-commerce platform, helping customers find the right part faster and with more certainty. Internally it's using AI to improve the speed and resolution of customer service queries and the effectiveness of its salespeople.…" (Click here to read the full text)

W.W. Grainger, Inc. (NYSE:GWW) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held W.W. Grainger, Inc. (NYSE:GWW) at the end of the first quarter, which was 41 in the previous quarter. While we acknowledge the potential of W.W. Grainger, Inc. (NYSE:GWW) 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.

In another article we discussed W.W. Grainger, Inc. (NYSE:GWW) and presented a bullish thesis on the company. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.