Aoris International Fund Class B Unhedged Active ETF (ASX:BAOR): A Concentrated Global Growth Play

Sonal Goyal

11 September 2026 07:39 PM AEST

Aoris International Fund Class B Unhedged Active ETF (ASX:BAOR): A Concentrated Global Growth Play

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Key Highlights

• BAOR holds only 16 companies, with the top 10 positions accounting for 74.10% of the fund.

• Fund size stands at $124.11 million with 55,903,411 units outstanding as of the latest data.

• Industrials is the largest sector allocation at 40.52%, far exceeding the category average of 11.53%.

The Aoris International Fund (Class B) Unhedged Active ETF (ASX:BAOR) is an ASX-listed active ETF admitted on 1 May 2023, offering Australian investors access to a concentrated portfolio of international equities outside of Australia. Managed by Aoris Investment Management, the fund holds a deliberately narrow portfolio of 10 to 15 stocks — currently 16 companies — drawn from global Equity markets. The fund manages $124.11 million in Assets and benchmarks against the MSCI ACWI Ex Australia NR AUD index.

Concentration as a Strategy

BAOR's defining characteristic is its concentrated approach. The top 10 holdings account for 74.10% of the portfolio, with the remaining 25.90% spread across six additional positions. The top holding, Visa Inc., comprises 8.47% of the fund, followed by Compass Group PLC at 8.16% and Diploma PLC at 8.06%. Microsoft Corporation, InterContinental Hotels Group, Experian PLC, RELX PLC, and Halma PLC round out the top eight positions, all between 7.18% and 7.83%. This level of concentration means individual stock performance has an outsized impact on overall fund returns compared to more diversified peers.

Geographic and Sector Allocation

BAOR is geographically concentrated in the United States (48.41%) and United Kingdom (38.64%), with Ireland (7.34%) and Germany (5.61%) comprising the remainder. This Anglo-American focus is a distinctive feature of the portfolio relative to the MSCI ACWI ex Australia benchmark, where the US represents 63.45% and the UK only 5.08%. From a sector perspective, Industrials dominates at 40.52% — more than triple the category average of 11.53%. Technology is the second-largest sector at 31.41%, below the category average of 33.44%.

Fees, Distributions, and Risk Metrics

BAOR charges a management fee of 1.10% per annum. The last distribution of $0.206 per unit was paid in July 2025, with a $0.217 distribution in July 2024. No distribution has been declared for July 2026 based on available data. The fund's Beta of 0.76 and Standard Deviation of 11.71 suggest a below-market level of broad market sensitivity, though the concentrated portfolio means idiosyncratic (stock-specific) risk is elevated. A cash allocation of 1.43% reflects modest defensive positioning at the portfolio level.

Conclusion

BAOR is a high-conviction, concentrated fund that takes meaningful sector and geographic tilts relative to its benchmark. The Industrials overweight and UK concentration are active bets that can drive meaningful performance divergence from the index. Investors assessing BAOR should have a clear understanding of the individual companies in the portfolio and be comfortable with the inherent Volatility of a concentrated approach over short to medium time horizons.

Frequently Asked Questions (FAQs)

FAQs

Q: How many stocks does BAOR hold?

A: BAOR holds 16 companies, making it one of the most concentrated active ETFs available on the ASX.

Q: What is BAOR's largest sector exposure?

A: Industrials is the largest sector at 40.52%, significantly above the category average of 11.53%.

Q: What is the difference between BAOR and DAOR?

A: BAOR is the unhedged class of the Aoris International Fund, meaning it does not hedge its foreign currency exposure. DAOR is the currency-hedged version.

Q: What is the management fee for BAOR?

A: BAOR charges a management fee of 1.10% per annum.

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