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
The Forager International Shares Fund gained 8.3% net of fees for the September 2026 quarter, outpacing the benchmark MSCI World SMID Net Index (in AUD), which declined 3.2%. The fund's annualized net return since inception stands at 12.3%. Outperformance was propelled by a sharp rebound in heavily sold-off software holdings and idiosyncratic strength across international small-and-mid-cap positions, particularly in Japan. Reflecting increased macro prudence amid escalating bond yields, the manager trimmed rallying positions and exited vulnerable holdings, driving cash balances up from 6.0% at the end of June to 14.7% by September 30, 2026. The manager's macro framework highlights growing fragility in developed markets driven by large sovereign debt deficits, resurgent inflation, and the return of bond vigilantes pushing US 10-year Treasury yields up to 5.3%. Higher benchmark borrowing costs have pressured asset valuations and triggered a sharp retrenchment in interest-sensitive sectors, especially residential housing construction and consumer discretionary spending. In response, the strategy is pivoting away from popular US mega-cap technology names and interest-rate-sensitive assets, refocusing on attractively priced international SMID-cap equities exhibiting pricing power and strong balance sheets. Key portfolio actions included the complete divestment of all US-based consumer discretionary holdings (such as Crocs and Yeti) and the liquidation of the fund's position in building products distributor Builders FirstSource as surging mortgage rates impaired its outlook. Software exposure remains a central pillar, featuring Wix.com, which rallied 45% post-investment following robust top-line execution and margin expansion at Base44. Top performers included Japanese IT modernization consultancy Northsand, which surged 90% over the quarter, alongside top portfolio allocations in Sage Group (5.7%), MTU Aero Engines (4.6%), and ING Groep (4.5%).
Outperformance in international small- and mid-cap equities can be generated by exploiting unwarranted market pessimism in deeply discounted, high-switching-cost businesses with robust balance sheets and secular pricing power while sidestepping expensive mega-caps.
The manager expects financial markets to navigate a more challenging, lower-return regime over the coming decade driven by elevated sovereign debt yields and expensive benchmark valuations. Forager intends to maintain an elevated cash reserve and high hurdle rates until broader sector pessimism surfaces, while seeking asymmetric returns in overlooked international SMID-cap equities positioned away from US mega-caps.
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
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Forager International Shares Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.