The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
Forager Australian Shares Fund gained 1.6% net of fees in the September 2026 quarter, outperforming the benchmark S&P/ASX Small Ordinaries Accumulation Index, which declined 0.5%. Over the trailing 12 months, the fund delivered -21.3% net of fees amid heavy drawdowns in smaller industrial companies and small-cap fund outflows. Portfolio cash increased to 11.7% by the end of September as the manager realized profits and exited re-rated positions like Cuscal and Bravura to bolster dry powder ahead of potential volatility. The macroeconomic landscape remains pressured by persistent domestic inflation, which drove four Reserve Bank rate hikes during the year and pushed Australian 10-year government bond yields to 5.3%. A cooling residential housing market has begun triggering distress across private credit funds with high commercial real estate exposure. Despite these domestic headwinds, the manager highlights that aggregate Australian household balance sheets retain low leverage and that the domestic equity market offers resilient corporate earnings insulated from localized consumer distress. Portfolio activity centered on taking advantage of the sharp valuation disconnect across out-of-favor software and niche industrials. The fund re-established its top position in Catapult Sports (7.2% portfolio weight) and initiated new stakes in Singaporean telecom challenger Tuas and enterprise software provider Hansen Technologies. Meanwhile, active takeover approaches have emerged across roughly 12% of portfolio holdings, including bids for OFX Group, IDP Education, and Tourism Holdings, reflecting deep intrinsic value across beaten-down small caps.
Exploit small-cap market inefficiencies and sentiment dislocations across ASX-listed companies possessing durable customer lock-in, structural pricing power, and resilient balance sheets.
The manager expects volatile, low-return broader index conditions over the coming decade driven by elevated bond yields and high starting multiples on large caps. However, disciplined portfolio allocation toward unloved small-cap stocks and non-US markets is expected to generate attractive prospective returns.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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