Aoris International Fund Sold Copart (CPRT) in Q3

Group 1: Aoris International Fund Performance - Aoris International Fund's Class A (Unhedged) returned -2.6% after fees in Q3 2025, while the benchmark MSCI AC World Accumulation Index ex Australia rose by 6.5% in AUD [1] - The fund's Class C (Hedged) declined by 1.0%, compared to an 8.0% return for the benchmark [1] - Global equity markets experienced an 8.0% gain in local currencies, but currency fluctuations reduced the AUD return by 1.5% [1] Group 2: Copart, Inc. Overview - Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services company, with a market capitalization of $37.966 billion as of December 18, 2025 [2] - The stock's one-month return was -3.71%, and it lost 32.63% of its value over the last 52 weeks [2] Group 3: Competitive Landscape and Investment Decision - Aoris International Fund expressed concerns about Copart's competitive strengths and long-term growth prospects due to IAA Inc. regaining market share after improving its operating performance [3] - As a result, Aoris sold Copart from its portfolio in early July 2025 [3] - The fund noted that while Copart has investment potential, certain AI stocks are perceived to offer greater upside potential and less downside risk [4]