Aoris International Fund Class D Hedged Active ETF (ASX:DAOR): Currency-Hedged Global Equity Conviction

Sonal Goyal

11 September 2026 07:39 PM AEST

Aoris International Fund Class D Hedged Active ETF (ASX:DAOR): Currency-Hedged Global Equity Conviction

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

• DAOR is the currency-hedged class of the Aoris International Fund, benchmarked against MSCI ACWI ex Australia 100% Hedged NR AUD.

• The fund holds the identical 16-stock portfolio as BAOR, with top 10 positions accounting for 74.10% of assets.

• Management fee of 1.15% per annum is slightly higher than the unhedged BAOR class at 1.10%, reflecting hedging costs.

The Aoris International Fund (Class D) Hedged Active ETF (ASX:DAOR) is the currency-hedged version of Aoris's concentrated global Equity strategy, listed on the ASX on 1 May 2023. The fund benchmarks against the MSCI ACWI ex Australia 100% Hedged NR AUD and aims to deliver annualised returns in excess of the benchmark after all fees and expenses, measured over a Market Cycle of seven years. Like its unhedged sibling BAOR, the fund holds a concentrated portfolio of international equities outside Australia, with currency exposure largely removed.

Currency Hedging and Fee Implications

The primary distinction between DAOR and BAOR is the currency hedge. DAOR neutralises the impact of foreign currency movements on portfolio returns, which can be a meaningful driver of return differentials between the two classes over time. The management fee for DAOR is 1.15% per annum, marginally above BAOR's 1.10%, reflecting the additional cost of maintaining currency hedges. For Australian investors with a view that the AUD may appreciate against major currencies — particularly the USD and GBP, which dominate the portfolio — DAOR offers a mechanism to insulate returns from this exposure.

Identical Underlying Portfolio

DAOR holds precisely the same 16 companies as BAOR, with Visa Inc. (8.47%), Compass Group PLC (8.16%), Diploma PLC (8.06%), Microsoft Corporation (7.83%), and InterContinental Hotels Group (7.45%) as the top five positions. The geographic split remains US (48.41%), UK (38.64%), Ireland (7.34%), and Germany (5.61%). The Industrials overweight at 40.52% versus a category average of 11.33% is an equally significant active bet in DAOR, and the same concentration risk applies.

Trading Volume and Distribution

DAOR has recorded higher recent trading volumes than BAOR, with five-day volumes including 167,900 and 146,500 units on consecutive days, and an average of 59,612 units. The July 2026 distribution of $0.088 per unit was the first recorded distribution for DAOR. The fund's Beta of 0.75 and Standard Deviation of 11.82 closely mirror BAOR's metrics, confirming that the hedging overlay does not materially alter the portfolio's fundamental risk characteristics on a market-relative basis.

Conclusion

DAOR provides the same high-conviction, concentrated global equity exposure as BAOR while insulating Australian investors from foreign currency fluctuations. The performance advantage over BAOR in the past one and three-year periods reflects the impact of a strengthening AUD during those periods. The management fee premium over BAOR is modest but represents a real additional cost. Investors choosing between BAOR and DAOR are essentially making a currency view decision rather than a portfolio selection one, as the underlying holdings are identical. The concentrated 16-stock portfolio continues to be the dominant driver of risk and return for both classes.

Frequently Asked Questions (FAQs)

FAQs

Q: What is the difference between DAOR and BAOR?

A: DAOR is the currency-hedged version of the Aoris International Fund, removing foreign currency risk. BAOR is unhedged, retaining full exposure to AUD versus the currencies of the underlying companies.

Q: Does DAOR hold different stocks to BAOR?

A: No. DAOR and BAOR hold the same 16 companies. The only difference is the currency hedging overlay in DAOR.

Q: What benchmark does DAOR use?

A: DAOR benchmarks against the MSCI ACWI ex Australia 100% Hedged NR AUD.

Q: What is DAOR's management fee?

A: DAOR charges 1.15% per annum, slightly above BAOR's 1.10%, to account for currency hedging costs.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.