Aoris Investment Management has identified ONE Gas, Inc. (NYSE:OGS) as a noteworthy investment in its recent Q3 2025 investor letter. The letter, part of the Aoris International Fund, outlines the performance of global equity markets and highlights specific stocks that may offer growth potential. The MSCI AC World Accumulation Index, excluding Australia, saw a rise of 6.5% in Australian dollars (AUD) for the September quarter. However, currency fluctuations reduced this return to 8.0% in local currencies, impacting the portfolio’s Class A (Unhedged) return, which stood at -2.6% after fees, compared to a 9.1% return for the benchmark.
ONE Gas, Inc., a regulated natural gas distribution utility based in the United States, particularly serves territories in Oklahoma, Kansas, and Texas. As of December 18, 2025, shares of ONE Gas closed at $78.84, with a market capitalization of $4.72 billion. Over the past year, the company’s stock has gained approximately 14.73%, although it experienced a decline of -4.92% over the last month.
In its investor letter, the Aristotle Small Cap Equity Fund praised ONE Gas for its consistent performance. The letter states, “ONE Gas, Inc. is an Oklahoma-based, fully regulated gas utility company with service territories in Oklahoma, Kansas, and Texas. The company has a proven track record of consistent rate base increases driven by population growth and infrastructure investments.” The report suggests that a favorable regulatory environment in its service areas provides a stable foundation for ongoing operational consistency, alongside modest dividend increases, making it an attractive opportunity for investors.
Although ONE Gas is not included among the top 30 most popular stocks among hedge funds, interest in the company is growing. Data reveals that 28 hedge fund portfolios held shares of ONE Gas at the end of Q3 2025, an increase from 24 in the previous quarter. The company’s net income for Q3 2025 reached $26.5 million, or $0.44 per diluted share, compared to $19.3 million, or $0.34, in Q3 2024.
While Aoris acknowledges the investment potential of ONE Gas, they also express a preference for certain artificial intelligence (AI) stocks, which they believe may offer higher returns in a shorter timeframe. Investors interested in exploring alternative AI investments are encouraged to review Aoris’ findings on stocks with significant upside potential.
For further insights, Aoris Investment Management offers additional resources regarding hedge fund investor letters for Q3 2025, accessible through their website.
In summary, ONE Gas, Inc. has shown resilience and growth potential, earning a place in discussions about promising utility investments. As the market evolves, investors will need to weigh this alongside emerging sectors like AI to make informed decisions about their portfolios.
