Concerns About Huge Capital Expenditure on Data Centers Weighed on Microsoft’s (MSFT) Performance

Aoris Investment Management, a specialist international equity manager, released its “Aoris International Fund” Q4 2025 investor letter. A copy of the letter can be downloaded here. The fund focuses on investing in high-quality, wealth-creating businesses run by prudent and capable management and aims to deliver a return of 8–12% p.a. after fees over a 5–7-year market cycle. International equity markets, represented by the MSCI AC World Accumulation Index ex Australia, rose by 2.7% in AUD for the December quarter. In local currencies, equity market gains were 3.7%. In the quarter, Portfolio’s Class A (Unhedged) returned –0.5% after fees compared to a 2.7% return for the benchmark. The fund’s Class C (Hedged) gained 0.1%, 3.6% less than its benchmark. In addition, you can check the Fund’s top 5 holdings to determine its best picks for 2025.

In its fourth-quarter 2025 investor letter, Aoris Investment Management highlighted stocks like Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions. On March 11, 2026, Microsoft Corporation (NASDAQ:MSFT) stock closed at $404.88 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was 0.76%, and its shares gained 6.89% over the past 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $3.009 trillion.

Aoris Investment Management stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its fourth quarter 2025 investor letter:

“The major detractors from returns in the quarter were RELX, Experian and Microsoft Corporation (NASDAQ:MSFT). RELX declined by 16%, reducing performance by 1.2%. Microsoft fell by 8.6%, while Experian was down 8%, reducing the portfolio return by 0.7% and 0.8% respectively.