What Makes ONE Gas (OGS) an Investment Bet?

Aoris Investment Management, a specialist international equity manager, released its “Aoris International Fund” Q3 2025 investor letter. A copy of the letter can be downloaded here. Global equity markets, represented by the MSCI AC World Accumulation Index ex Australia, rose by 6.5% in AUD for the September quarter. In local currencies, gains were 8.0%, but currency fluctuations reduced the AUD return by 1.5%. In the quarter, Portfolio’s Class A (Unhedged) returned -2.6% after fees compared to a 9.1% return for the benchmark. The fund’s Class C (Hedged) declined by 1.0% compared to a 9.0% return for the benchmark. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its third-quarter 2025 investor letter, Aristotle Small Cap Equity Fund highlighted stocks such as ONE Gas, Inc. (NYSE:OGS). ONE Gas, Inc. (NYSE:OGS) is a U.S.-based regulated natural gas distribution utility company. The one-month return for ONE Gas, Inc. (NYSE:OGS) was -4.92%, and its shares gained 14.73% over the last 52 weeks. On December 18, 2025, ONE Gas, Inc. (NYSE:OGS) stock closed at $78.84 per share, with a market capitalization of $4.72 billion.

Aristotle Small Cap Equity Fund stated the following regarding ONE Gas, Inc. (NYSE:OGS) in its third quarter 2025 investor letter:

"ONE Gas, Inc. (NYSE:OGS) 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. A favorable regulatory backdrop in each of their service territories should allow for continued operational consistency and regular modest dividend increases, creating an attractive total return opportunity for the Fund."

ONE Gas, Inc. (NYSE:OGS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 28 hedge fund portfolios held ONE Gas, Inc. (NYSE:OGS) at the end of the third quarter, up from 24 in the previous quarter. In the third quarter of 2025, ONE Gas, Inc. (NYSE:OGS) net income of $26.5 million or $0.44 per diluted share compared with $19.3 million or $0.34 in Q3 2024. While we acknowledge the potential of ONE Gas, Inc. (NYSE:OGS) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.