Highlights

  • BAOR provides concentrated international Equity exposure through an unhedged unit class.
  • Industrials accounted for 40.03% and technology 29.51% of sector exposure.
  • The ten largest holdings represented 75.96% of the reported portfolio.
  • The United States and United Kingdom represented 48.92% and 38.89% of geographic exposure.

Aoris International Fund Class B Unhedged Active ETF (ASX:BAOR) provides actively managed exposure to a concentrated portfolio of international shares outside Australia. Its unhedged structure leaves foreign currency movements relevant to Australian dollar outcomes. At the time of writing on 6 November 2026, BAOR was trading at AUD 2.55, up 0.39% during the session. Industrials and technology dominate the sector mix, with a small number of large positions accounting for much of the portfolio.

Concentration defines the international equity mandate

The fund describes an Investment approach centred on a small portfolio of international companies. The reported portfolio contained sixteen holdings. That reported count describes the investments shown, while concentration is better understood by considering the weight assigned to each position.

Equities represented 99.39% of Assets and cash 0.61%. Companies above AUD 1 billion accounted for 89.82% of the Market Capitalisation breakdown, with 10.18% in the AUD 500 million to AUD 1 billion band. The fund therefore combines a compact company list with exposure primarily to larger businesses. Individual company developments can matter materially within this structure.

Industrial and technology holdings carry substantial weights

Industrials represented 40.03% of sector exposure and technology 29.51%. Consumer cyclical companies accounted for 17.17% and financial services 13.28%. The sector mix is consequently concentrated as well as the company allocation. It does not represent a broad allocation to every part of global equity markets.

Visa was the largest holding at 9.18%, followed by InterContinental Hotels Group at 8.59%, Compass Group at 8.46%, Diploma at 8.35% and Amphenol at 7.67%. Experian, RELX, Microsoft, Jack Henry & Associates and Halma completed the ten largest positions. Their combined 75.96% weight leaves a smaller share of the portfolio outside these leading holdings.

Unhedged exposure and geographic distribution

The United States accounted for 48.92% of geographic exposure, the United Kingdom 38.89%, Ireland 7.33% and Germany 4.86%. Those classifications describe the portfolio and do not establish the location of every underlying sale or operating asset. International businesses can earn Revenue across several countries.

The unhedged class leaves changes in exchange rates as an additional influence alongside share prices. Concentration in leading companies and sectors can also connect the portfolio to common Earnings and valuation developments. Holding several businesses spreads individual company exposure, but the size of each position remains central to assessing the allocation.

Management fees and costs were listed at 1.10%. Fund size was AUD 134.55 million.

Key Insights

BAOR combines a concentrated international company portfolio with substantial industrial and technology exposure. Its unhedged structure and strong United States and United Kingdom representation add currency and geographic considerations to the leading company weights.