In theory, it shouldn't matter, however AIOs are not completely devoid of air pockets meaning air locks from bubbles can exist. If you want to try and prevent this, mount so the tubes are at the bottom or facing down (such as a radiator mounted on the 'ceiling' or top of a case).
This isn't a 100% foolproof method, but it reduces the chances a bit. It also isn't 100% that other mounting orientations are that much worse by comparison...just minimal. Airlocks can be dislodged by tapping on the pump head, tapping the tubing and rotating the radiator with the pump running.