Forager International Shares Fund

Investor Summary

Founded in 2009 by Steve Johnson as Intelligent Investor Funds and rebranded to Forager Funds Management in 2014, this boutique Australian investment firm is privately owned with significant staff ownership, ensuring alignment through co-investment where management invests their own money alongside investors. Steve Johnson serves as Chief Investment Officer and founder, holding a Bachelor of Commerce from the University of New South Wales. The experienced investment team includes co-portfolio managers Gareth Brown, who has been with the firm since the fund's 2013 launch, and Harvey Migotti, along with Portfolio Manager Alex Shevelev and Senior Analyst Chloe Stokes. The firm manages approximately $470-475 million for over 2,000 long-term investors and emphasizes targeting investors who share their long-term, opportunistic outlook rather than simply increasing investor numbers.

Fund Strategy

Forager's investment philosophy centers on generating meaningful long-term returns from investments in unloved, under-researched and undervalued stocks. The fund employs a concentrated strategy of 20-40 underappreciated global stocks anticipated to outperform global equities over rolling 5-year periods. The approach focuses on blending small and mid cap ideas with larger more resilient businesses, predominantly investing in developed countries with stable political environments including the US, UK, Europe and Asia. The strategy emphasizes seizing opportunity in unpopular places while maintaining caution and discipline in stock selection.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11.53%	-12.72%	-12.72%

Executive Summary

Forager International Shares Fund returned -12.7% in Q1 2026, significantly underperforming benchmarks as software stocks experienced their largest markdowns in years during the so-called 'Saaspocalypse.' The fund views this broad selloff as creating attractive opportunities, having deployed cash into new investments including Sage Group and Auto Trader while increasing exposure to Japanese software companies. The investment thesis focuses on software businesses with defensive characteristics: low cost relative to value provided, high switching costs, and competitive advantages beyond code. Japanese holdings continue to deliver strong fundamentals with 22% expected revenue growth and 45% earnings growth, trading at attractive 20x forward multiples compared to expensive US peers. The fund believes AI disruption risks are real but overstated for quality incumbents, particularly those deeply embedded in customer workflows. With healthy cash levels and a focus on businesses that can return substantial value through cash flows over the next decade, the fund is positioned to capitalize on continued market volatility and attractive valuations in beaten-down quality businesses.

Core Thesis

The fund is capitalizing on the 'Saaspocalypse' by investing in high-quality software businesses with defensive characteristics - low cost relative to value provided, high switching costs, and competitive moats beyond software - that have been indiscriminately sold despite strong fundamentals.

Forward Outlook

The fund is positioned to take advantage of the software sector selloff, believing the narrative has shifted too sharply from 'structural superiority' to 'imminent disruption.' While some disruption risks are real, the opportunity lies in identifying businesses where risks are overstated or already reflected in price. The fund expects to continue deploying cash into attractive opportunities as markets provide them.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 15 2026	2026 Q1	3673.T, 4194.T, 5038.T, AUTO.L, BVS.AX, CAR.AX, FIX, SGE.L, XRO.AX	AI, Cash Deployment, disruption, Japan, software, technology, value	SGE.L AUTO.L	Forager is aggressively deploying cash into the software sector selloff, targeting high-quality businesses with defensive moats trading at attractive valuations. The 'Saaspocalypse' has created opportunities in companies like Sage Group and Japanese software providers that offer essential services with high switching costs. AI disruption risks are real but overstated for quality incumbents.
Jan 19 2026	2025 Q4	AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L	AI, global, Quality, small caps, technology, Travel, value	FISV NUTX NXT ZEG LN ARX AU	Strong 15% annual return despite volatile Q4, driven by AI infrastructure plays and active portfolio management. Major refresh underway targeting smaller-cap opportunities at attractive valuations. Technology selloff creating potential entry points though valuations remain elevated. Australian tourism recovery gaining momentum. Structural tailwinds for active managers continue with record passive inflows creating opportunities for differentiated strategies.
Oct 9 2025	2025 Q3	4194.T, 5038.T, BVS.AX, CAT.AX, CCL.AX, CLH, CRH, CSL.AX, CTD.AX, DMP.AX, EML.AX, FI, FIX, GTK.AX, HPG.AX, IEL.AX, INCH.L, INGA.AS, JHX.AX, LLOY.L, MTX.DE, NUTX, PPE.AX, PPS.AX, REH.AX, RUL.AX, TSCO.L, TSLA, ZEG.L	Australia, Discipline, gold, Japan, small caps, value	FIX US CRH US ZEG LN FI US VIS JP INCH LN	Forager's disciplined value approach delivered exceptional returns as small-caps recovered, highlighted by the successful Catapult exit after four years. However, rising valuations and macro warning signs including gold's 45% surge and persistent high bond yields signal caution ahead. The fund is adapting with more conservative positioning while finding new opportunities in reformed Japanese markets.
Jul 27 2025	2025 Q2	AMA.AX, BTH.AX, BVS.AX, CAT.AX, CHL.AX, CROX, EML.AX, EXP.AX, FIX, JLG.AX, MTO.AX, NUTX, NZX.NZ, OML.AX, PBH.AX, PPS.AX, PRN.AX, RDY.AX, THL.AX, TYR.AX	Australia, Passive flows, small caps, takeovers, technology, Tourism, value	PSI CN 3769 JP 4733 JP 4194 CN WISE LN FIX MTX GR FLUT TKO APG ZETA	Forager delivered 31.1% returns by exploiting passive fund dynamics in small-cap markets. Technology turnarounds led by Catapult and Bravura drove performance, while M&A activity provided additional returns. The fund capitalizes on forced selling when stocks become too small for institutional portfolios, creating opportunities for nimble active managers in an increasingly passive-dominated market.
Mar 31 2025	2025 Q1	4733.T, CAT, CLH, CRH, CROX, FI, FLTR.L, FOUR, INGA.AS, JD.L, LLOY.L, MOTR.L, NUTX, NXT, YETI, ZBRA	Cash, deployment, Europe, healthcare, small cap, tariffs, volatility	NUTX	Trump's tariff chaos triggered major market selloff, but Forager's defensive positioning with reduced US exposure and elevated cash proved prescient. Fund deployed capital selectively into quality opportunities like Nutex Health while European holdings provided resilience. Expecting US recession, manager continues measured deployment strategy with two portfolios of resilient businesses positioned for long-term outperformance despite near-term volatility.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 15 2026

2026 Q1

3673.T, 4194.T, 5038.T, AUTO.L, BVS.AX, CAR.AX, FIX, SGE.L, XRO.AX

AI, Cash Deployment, disruption, Japan, software, technology, value

SGE.L
AUTO.L

Forager is aggressively deploying cash into the software sector selloff, targeting high-quality businesses with defensive moats trading at attractive valuations. The 'Saaspocalypse' has created opportunities in companies like Sage Group and Japanese software providers that offer essential services with high switching costs. AI disruption risks are real but overstated for quality incumbents.

Jan 19 2026

2025 Q4

AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L

AI, global, Quality, small caps, technology, Travel, value

FISV
NUTX
NXT
ZEG LN
ARX AU

Strong 15% annual return despite volatile Q4, driven by AI infrastructure plays and active portfolio management. Major refresh underway targeting smaller-cap opportunities at attractive valuations. Technology selloff creating potential entry points though valuations remain elevated. Australian tourism recovery gaining momentum. Structural tailwinds for active managers continue with record passive inflows creating opportunities for differentiated strategies.

Oct 9 2025

2025 Q3

4194.T, 5038.T, BVS.AX, CAT.AX, CCL.AX, CLH, CRH, CSL.AX, CTD.AX, DMP.AX, EML.AX, FI, FIX, GTK.AX, HPG.AX, IEL.AX, INCH.L, INGA.AS, JHX.AX, LLOY.L, MTX.DE, NUTX, PPE.AX, PPS.AX, REH.AX, RUL.AX, TSCO.L, TSLA, ZEG.L

Australia, Discipline, gold, Japan, small caps, value

FIX US
CRH US
ZEG LN
FI US
VIS JP
INCH LN

Forager's disciplined value approach delivered exceptional returns as small-caps recovered, highlighted by the successful Catapult exit after four years. However, rising valuations and macro warning signs including gold's 45% surge and persistent high bond yields signal caution ahead. The fund is adapting with more conservative positioning while finding new opportunities in reformed Japanese markets.

Jul 27 2025

2025 Q2

AMA.AX, BTH.AX, BVS.AX, CAT.AX, CHL.AX, CROX, EML.AX, EXP.AX, FIX, JLG.AX, MTO.AX, NUTX, NZX.NZ, OML.AX, PBH.AX, PPS.AX, PRN.AX, RDY.AX, THL.AX, TYR.AX

Australia, Passive flows, small caps, takeovers, technology, Tourism, value

PSI CN
3769 JP
4733 JP
4194 CN
WISE LN
FIX
MTX GR
FLUT
TKO
APG
ZETA

Forager delivered 31.1% returns by exploiting passive fund dynamics in small-cap markets. Technology turnarounds led by Catapult and Bravura drove performance, while M&A activity provided additional returns. The fund capitalizes on forced selling when stocks become too small for institutional portfolios, creating opportunities for nimble active managers in an increasingly passive-dominated market.

Mar 31 2025

2025 Q1

4733.T, CAT, CLH, CRH, CROX, FI, FLTR.L, FOUR, INGA.AS, JD.L, LLOY.L, MOTR.L, NUTX, NXT, YETI, ZBRA

Cash, deployment, Europe, healthcare, small cap, tariffs, volatility

NUTX

Trump's tariff chaos triggered major market selloff, but Forager's defensive positioning with reduced US exposure and elevated cash proved prescient. Fund deployed capital selectively into quality opportunities like Nutex Health while European holdings provided resilience. Expecting US recession, manager continues measured deployment strategy with two portfolios of resilient businesses positioned for long-term outperformance despite near-term volatility.

QUARTER	THEMES	TAGS
2026 Q1	SaaS The fund is actively investing in software-as-a-service companies during the 'Saaspocalypse' selloff, focusing on businesses with high value at low cost, structural switching costs, and moats beyond software. Japanese software companies continue to show strong fundamentals despite share price declines.	Software Subscription Switching costs AI disruption Valuation
	AI Artificial intelligence is viewed as both a disruptive threat and opportunity for software businesses. The fund believes AI will compress margins for some incumbents while creating cost reduction opportunities and new revenue streams for others.	Disruption Automation Cost reduction Competitive advantage Innovation
	Value The fund is deploying cash into beaten-down opportunities, seeking companies trading at attractive valuations after significant price declines. Focus on businesses that can return substantial portions of market value through cash flows over the next decade.	Undervalued Cash deployment Contrarian Price declines Duration
2025 Q4	Valuation Price discipline and margin of safety are emphasized as key investment pillars. The manager focuses on implied real IRR as the best indicator of prospective returns, currently at 11.6% annually. Valuation asymmetry becomes more important during political uncertainty periods.	Price IRR Margin of Safety Discount Rate
	Brazil Brazilian equity market corrected 34% in 2025 after extreme pessimism in 2024. The manager views the 2026 elections as creating short-term noise but believes price remains more important than political timing for long-term returns.	Elections Political Risk Bovespa Institutional Risk
	Risk Management Time horizon is essential for capturing asymmetry when price diverges from value. The manager emphasizes constructing multiple scenarios, especially conservative ones, to assess investment resilience and reduce reliance on single favorable outcomes.	Time Horizon Scenario Analysis Asymmetry
2025 Q3	Small Caps Small companies are finally showing signs of a strong, broad-based recovery after years of struggling against high interest rates and passive flows into larger companies. The Australian S&P/ASX Small Ordinaries Index is up 22.8% for the calendar year, well in excess of the 11.5% return from the All Ordinaries. This small cap outperformance is supported by global small-cap strength, with the MSCI World Micro Cap Index up 18.8% in Australian dollars.	Small Caps Outperformance Recovery Value
	Gold Gold is having its best annual performance since 1979, surging more than 45% year-to-date to hit record highs above US$3,800 per ounce in September 2025. This surge is linked to the weakness of the US dollar and reflects declining global confidence in US monetary and fiscal policy. Gold's rise can be seen as a loss of trust in the value of government-backed money.	Gold Dollar Inflation Monetary Policy
	Japan Governance reforms, an ageing population and labour shortages are driving long-overdue change in Japan. Companies that once hoarded cash are investing in productivity and returning more to shareholders. Buybacks doubled to ¥20 trillion in 2024, and another ¥14 trillion has already been announced this year. Reform has encouraged activism and mergers and acquisitions, with foreign bidders lodging 157 takeover proposals in the first eight months of 2025.	Japan Buybacks Reform Demographics Productivity
	Value The transition from a market that offered plenty of value to one where many things are becoming expensive presents new challenges. Forager's excellent performance over the past three-year period has been rooted in exploiting the deep pessimism around small companies that characterised the years prior to 2025, when the asset class traded at historical valuation lows relative to large companies.	Value Valuation Discipline Process
2025 Q2	Small Caps Fund focuses on smaller companies that passive giants cannot efficiently own due to size constraints. Passive flows create opportunities through forced selling when stocks become too small for large portfolios. Fund benefits from being nimble enough to invest in smaller listed companies not accessible to many investment managers.	Small Cap Passive Flows Liquidity Index Inclusion Market Cap
	Technology Technology businesses delivered strong returns with Catapult tripling in value and Bravura delivering 114% gains. Fund targets unloved and underappreciated technology businesses, particularly those with recurring revenue models and global scale potential. Software businesses with strong margins and subscription models remain attractive.	Software SaaS Recurring Revenue Technology Digital Transformation
	Buybacks Japanese corporate governance reforms are driving increased buybacks and capital returns. Buybacks have doubled over the past 12 months in Japan as companies respond to Tokyo Stock Exchange pressure to improve capital efficiency and return capital to shareholders.	Share Buybacks Capital Returns Corporate Governance Japan Capital Allocation
	ETFs Passive funds and thematic ETFs create both challenges and opportunities. Thematic ETFs attract money near peaks and lose it at lows, creating buying opportunities. Index inclusion can significantly amplify profits from successful investments as passive funds need their share.	Passive Investing Index Funds Thematic ETFs Index Inclusion Passive Flows
2025 Q1	Trade Policy Trump's erratic tariff measures represent the largest upheaval to global trade since the Second World War. The unstructured, ad-hoc calculations behind which country gets whacked with what tariffs have erased confidence that there is a grand strategy in mind. These tariffs represent an enormous tax on already-struggling US consumers and are likely to cause a recession.	Tariffs Trade Recession Consumer Global
	Small Caps The Fund maintains a long-term tilt towards small and mid-cap companies—a structural feature that reflects a belief in their potential for long-run outperformance from earnings growth and less efficient pricing. However, this positioning has been a headwind in recent months with small-cap underperformance.	Small Cap Mid Cap Underperformance Pricing Growth
	Europe After years of being treated as a global investment backwater, the narrative has shifted with surprising speed. A clear rotation is underway, with capital flowing out of US equities and back into Europe. Economic data has surprised to the upside, and sentiment has improved on growing hopes of an eventual resolution to the war in Ukraine.	Rotation Capital Economic Sentiment Ukraine

QUARTER

THEMES

SaaS

The fund is actively investing in software-as-a-service companies during the 'Saaspocalypse' selloff, focusing on businesses with high value at low cost, structural switching costs, and moats beyond software. Japanese software companies continue to show strong fundamentals despite share price declines.

Software Subscription Switching costs AI disruption Valuation

AI

Artificial intelligence is viewed as both a disruptive threat and opportunity for software businesses. The fund believes AI will compress margins for some incumbents while creating cost reduction opportunities and new revenue streams for others.

Disruption Automation Cost reduction Competitive advantage Innovation

Value

The fund is deploying cash into beaten-down opportunities, seeking companies trading at attractive valuations after significant price declines. Focus on businesses that can return substantial portions of market value through cash flows over the next decade.

Undervalued Cash deployment Contrarian Price declines Duration

2025 Q4

Valuation

Price discipline and margin of safety are emphasized as key investment pillars. The manager focuses on implied real IRR as the best indicator of prospective returns, currently at 11.6% annually. Valuation asymmetry becomes more important during political uncertainty periods.

Price IRR Margin of Safety Discount Rate

Brazil

Brazilian equity market corrected 34% in 2025 after extreme pessimism in 2024. The manager views the 2026 elections as creating short-term noise but believes price remains more important than political timing for long-term returns.

Elections Political Risk Bovespa Institutional Risk

Risk Management

Time horizon is essential for capturing asymmetry when price diverges from value. The manager emphasizes constructing multiple scenarios, especially conservative ones, to assess investment resilience and reduce reliance on single favorable outcomes.

Time Horizon Scenario Analysis Asymmetry

2025 Q3

Small Caps

Small companies are finally showing signs of a strong, broad-based recovery after years of struggling against high interest rates and passive flows into larger companies. The Australian S&P/ASX Small Ordinaries Index is up 22.8% for the calendar year, well in excess of the 11.5% return from the All Ordinaries. This small cap outperformance is supported by global small-cap strength, with the MSCI World Micro Cap Index up 18.8% in Australian dollars.

Small Caps Outperformance Recovery Value

Gold

Gold is having its best annual performance since 1979, surging more than 45% year-to-date to hit record highs above US$3,800 per ounce in September 2025. This surge is linked to the weakness of the US dollar and reflects declining global confidence in US monetary and fiscal policy. Gold's rise can be seen as a loss of trust in the value of government-backed money.

Gold Dollar Inflation Monetary Policy

Japan

Governance reforms, an ageing population and labour shortages are driving long-overdue change in Japan. Companies that once hoarded cash are investing in productivity and returning more to shareholders. Buybacks doubled to ¥20 trillion in 2024, and another ¥14 trillion has already been announced this year. Reform has encouraged activism and mergers and acquisitions, with foreign bidders lodging 157 takeover proposals in the first eight months of 2025.

Japan Buybacks Reform Demographics Productivity

Value

The transition from a market that offered plenty of value to one where many things are becoming expensive presents new challenges. Forager's excellent performance over the past three-year period has been rooted in exploiting the deep pessimism around small companies that characterised the years prior to 2025, when the asset class traded at historical valuation lows relative to large companies.

Value Valuation Discipline Process

2025 Q2

Small Caps

Fund focuses on smaller companies that passive giants cannot efficiently own due to size constraints. Passive flows create opportunities through forced selling when stocks become too small for large portfolios. Fund benefits from being nimble enough to invest in smaller listed companies not accessible to many investment managers.

Small Cap Passive Flows Liquidity Index Inclusion Market Cap

Technology

Technology businesses delivered strong returns with Catapult tripling in value and Bravura delivering 114% gains. Fund targets unloved and underappreciated technology businesses, particularly those with recurring revenue models and global scale potential. Software businesses with strong margins and subscription models remain attractive.

Software SaaS Recurring Revenue Technology Digital Transformation

Buybacks

Japanese corporate governance reforms are driving increased buybacks and capital returns. Buybacks have doubled over the past 12 months in Japan as companies respond to Tokyo Stock Exchange pressure to improve capital efficiency and return capital to shareholders.

Share Buybacks Capital Returns Corporate Governance Japan Capital Allocation

ETFs

Passive funds and thematic ETFs create both challenges and opportunities. Thematic ETFs attract money near peaks and lose it at lows, creating buying opportunities. Index inclusion can significantly amplify profits from successful investments as passive funds need their share.

Passive Investing Index Funds Thematic ETFs Index Inclusion Passive Flows

2025 Q1

Trade Policy

Trump's erratic tariff measures represent the largest upheaval to global trade since the Second World War. The unstructured, ad-hoc calculations behind which country gets whacked with what tariffs have erased confidence that there is a grand strategy in mind. These tariffs represent an enormous tax on already-struggling US consumers and are likely to cause a recession.

Tariffs Trade Recession Consumer Global

Small Caps

The Fund maintains a long-term tilt towards small and mid-cap companies—a structural feature that reflects a belief in their potential for long-run outperformance from earnings growth and less efficient pricing. However, this positioning has been a headwind in recent months with small-cap underperformance.

Small Cap Mid Cap Underperformance Pricing Growth

Europe

After years of being treated as a global investment backwater, the narrative has shifted with surprising speed. A clear rotation is underway, with capital flowing out of US equities and back into Europe. Economic data has surprised to the upside, and sentiment has improved on growing hopes of an eventual resolution to the war in Ukraine.

Rotation Capital Economic Sentiment Ukraine

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 15, 2026	Fund Letters	Forager International Shares Fund	SGE.L	Sage Group PLC	Software - Application	Application Software	Bull	New York Stock Exchange	Accounting Software, AI integration, capital returns, defensive, Mid-market, Mission-Critical, Regulatory Tailwind, SaaS, UK, US	Login
Apr 15, 2026	Fund Letters	Forager International Shares Fund	AUTO.L	Auto Trader Group PLC	Internet Content & Information	Interactive Media & Services	Bull	New York Stock Exchange	Ai Risk, automotive, Capital-light, cash generation, Dominant platform, high margins, network effects, Online Classifieds, UK, value opportunity	Login
Jan 19, 2026	Fund Letters	Steve Johnson	ZEG LN	Zegona Communications plc	Communication Services	Telecommunication Services	Bull	New York Stock Exchange	Asset_Sales, deleveraging, Special_Situation, Telecom, turnaround	Login
Jan 19, 2026	Fund Letters	Steve Johnson	FISV	Fiserv, Inc.	Information Technology	Transaction & Payment Processing Services	Bull	New York Stock Exchange	management, Payments, rerating, turnaround, valuation	Login
Jan 19, 2026	Fund Letters	Steve Johnson	NUTX	Nutex Health, Inc.	Health Care	Health Care Facilities	Bull	NASDAQ	cashflow, Hospitals, Sentiment, Special_Situation, Volatility	Login
Jan 19, 2026	Fund Letters	Steve Johnson	NXT	Nextracker Inc.	Industrials	Electrical Equipment	Bull	NASDAQ	Execution, Policy, renewables, Solar, valuation	Login
Jan 19, 2026	Fund Letters	Steve Johnson	ARX AU	Aroa Biosurgery Limited	Health Care	Medical Devices	Bull	New York Stock Exchange	cashflow, Distribution, growth, Medtech, Operating_Leverage	Login
Oct 9, 2025	Fund Letters	Steve Johnson	INCH LN	Inchcape plc	Consumer Discretionary	Distributors	Bull	NYSE	Autos, buybacks, Distribution, diversification, Global, profitability, valuation	Login
Oct 9, 2025	Fund Letters	Steve Johnson	ZEG LN	Zegona Communications plc	Communication Services	Telecommunications	Bull	NYSE	—	Login
Oct 9, 2025	Fund Letters	Steve Johnson	FI US	Fiserv, Inc.	Information Technology	Transaction & Payment Processing Services	Bull	NASDAQ	—	Login
Oct 9, 2025	Fund Letters	Steve Johnson	FIX US	Comfort Systems USA, Inc.	Industrials	Building Products & Equipment	Bull	NYSE	AI, data centers, FCF, growth, HVAC, infrastructure, Margins, valuation	Login
Oct 9, 2025	Fund Letters	Steve Johnson	CRH US	CRH plc	Materials	Construction Materials	Bull	NYSE	—	Login
Oct 9, 2025	Fund Letters	Steve Johnson	VIS JP	Visional, Inc.	Other	Professional Services	Bull	NYSE	—	Login
Jul 27, 2025	Fund Letters	Steve Johnson	PSI CN	Pason Systems Inc.	Other	-	Bull	TSX	Automation, cashflow, Cyclicality, Drilling, energy	Login
Jul 27, 2025	Fund Letters	Steve Johnson	3769 JP	GMO Payment Gateway, Inc.	Information Technology	Software - Infrastructure	Bull	NYSE	Cashless, ecommerce, growth, Payments, Software	Login
Jul 27, 2025	Fund Letters	Steve Johnson	4733 JP	OBIC Business Consultants Co., Ltd.	Information Technology	Information Technology Services	Bull	NYSE	Accounting, Margins, Recurring, SMEs, Software	Login
Jul 27, 2025	Fund Letters	Steve Johnson	4194 CN	Visional, Inc.	Communication Services	Internet Content & Information	Bull	NYSE	compounding, growth, HR, Recruitment, Software	Login
Jul 27, 2025	Fund Letters	Steve Johnson	WISE LN	Wise plc	Other	-	Bull	NYSE	Digital, Fintech, Listings, Margins, Payments	Login
Jul 27, 2025	Fund Letters	Steve Johnson	FIX	Comfort Systems USA, Inc.	Industrials	Engineering & Construction	Bull	NYSE	backlog, construction, Datacentres, HVAC, Margins	Login
Jul 27, 2025	Fund Letters	Steve Johnson	MTX GR	MTU Aero Engines AG	Materials	Specialty Chemicals	Bull	-	Aerospace, aftermarket, Engines, growth, valuation	Login
Jul 27, 2025	Fund Letters	Steve Johnson	FLUT	Flutter Entertainment plc	Consumer Discretionary	Gambling	Bull	NYSE	Betting, Gaming, growth, Online, Regulation	Login
Jul 27, 2025	Fund Letters	Steve Johnson	TKO	TKO Group Holdings, Inc.	Communication Services	Entertainment	Bull	NYSE	Content, media, rights, sports, synergies	Login
Jul 27, 2025	Fund Letters	Steve Johnson	APG	APi Group Corporation	Industrials	Engineering & Construction	Bull	NYSE	cashflow, consolidation, Recurring, Safety, services	Login
Jul 27, 2025	Fund Letters	Steve Johnson	ZETA	Zeta Global Holdings Corp.	Information Technology	Software - Infrastructure	Bull	NYSE	Data, Marketing, SaaS, Software, valuation	Login
Mar 31, 2025	Fund Letters	Forager International Shares Fund	NUTX	Nutex Health Inc	Health Care	Health Care Facilities	Bull	NASDAQ	arbitration, Emergency Care, healthcare, Micro-hospitals, No Surprises Act, Reimbursement, turnaround, US	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 15, 2026

Fund Letters

Forager International Shares Fund

SGE.L

Sage Group PLC

Software - Application

Application Software

Bull

New York Stock Exchange

Accounting Software, AI integration, capital returns, defensive, Mid-market, Mission-Critical, Regulatory Tailwind, SaaS, UK, US

Apr 15, 2026

Fund Letters

Forager International Shares Fund

AUTO.L

Auto Trader Group PLC

Internet Content & Information

Interactive Media & Services

Bull

New York Stock Exchange

Ai Risk, automotive, Capital-light, cash generation, Dominant platform, high margins, network effects, Online Classifieds, UK, value opportunity

Jan 19, 2026

Fund Letters

Steve Johnson

ZEG LN

Zegona Communications plc

Communication Services

Telecommunication Services

Bull

New York Stock Exchange

Asset_Sales, deleveraging, Special_Situation, Telecom, turnaround

Jan 19, 2026

Fund Letters

Steve Johnson

FISV

Fiserv, Inc.

Information Technology

Transaction & Payment Processing Services

Bull

New York Stock Exchange

management, Payments, rerating, turnaround, valuation

Jan 19, 2026

Fund Letters

Steve Johnson

NUTX

Nutex Health, Inc.

Health Care

Health Care Facilities

Bull

NASDAQ

cashflow, Hospitals, Sentiment, Special_Situation, Volatility

Jan 19, 2026

Fund Letters

Steve Johnson

NXT

Nextracker Inc.

Industrials

Electrical Equipment

Bull

NASDAQ

Execution, Policy, renewables, Solar, valuation

Jan 19, 2026

Fund Letters

Steve Johnson

ARX AU

Aroa Biosurgery Limited

Health Care

Medical Devices

Bull

New York Stock Exchange

cashflow, Distribution, growth, Medtech, Operating_Leverage

Oct 9, 2025

Fund Letters

Steve Johnson

INCH LN

Inchcape plc

Consumer Discretionary

Distributors

Bull

NYSE

Autos, buybacks, Distribution, diversification, Global, profitability, valuation

Oct 9, 2025

Fund Letters

Steve Johnson

ZEG LN

Zegona Communications plc

Communication Services

Telecommunications

Bull

NYSE

—

Oct 9, 2025

Fund Letters

Steve Johnson

FI US

Fiserv, Inc.

Information Technology

Transaction & Payment Processing Services

Bull

NASDAQ

—

Oct 9, 2025

Fund Letters

Steve Johnson

FIX US

Comfort Systems USA, Inc.

Industrials

Building Products & Equipment

Bull

NYSE

AI, data centers, FCF, growth, HVAC, infrastructure, Margins, valuation

Oct 9, 2025

Fund Letters

Steve Johnson

CRH US

CRH plc

Materials

Construction Materials

Bull

NYSE

—

Oct 9, 2025

Fund Letters

Steve Johnson

VIS JP

Visional, Inc.

Other

Professional Services

Bull

NYSE

—

Jul 27, 2025

Fund Letters

Steve Johnson

PSI CN

Pason Systems Inc.

Other

Bull

TSX

Automation, cashflow, Cyclicality, Drilling, energy

Jul 27, 2025

Fund Letters

Steve Johnson

3769 JP

GMO Payment Gateway, Inc.

Information Technology

Software - Infrastructure

Bull

NYSE

Cashless, ecommerce, growth, Payments, Software

Jul 27, 2025

Fund Letters

Steve Johnson

4733 JP

OBIC Business Consultants Co., Ltd.

Information Technology

Information Technology Services

Bull

NYSE

Accounting, Margins, Recurring, SMEs, Software

Jul 27, 2025

Fund Letters

Steve Johnson

4194 CN

Visional, Inc.

Communication Services

Internet Content & Information

Bull

NYSE

compounding, growth, HR, Recruitment, Software

Jul 27, 2025

Fund Letters

Steve Johnson

WISE LN

Wise plc

Other

Bull

NYSE

Digital, Fintech, Listings, Margins, Payments

Jul 27, 2025

Fund Letters

Steve Johnson

FIX

Comfort Systems USA, Inc.

Industrials

Engineering & Construction

Bull

NYSE

backlog, construction, Datacentres, HVAC, Margins

Jul 27, 2025

Fund Letters

Steve Johnson

MTX GR

MTU Aero Engines AG

Materials

Specialty Chemicals

Bull

Aerospace, aftermarket, Engines, growth, valuation

Jul 27, 2025

Fund Letters

Steve Johnson

FLUT

Flutter Entertainment plc

Consumer Discretionary

Gambling

Bull

NYSE

Betting, Gaming, growth, Online, Regulation

Jul 27, 2025

Fund Letters

Steve Johnson

TKO

TKO Group Holdings, Inc.

Communication Services

Entertainment

Bull

NYSE

Content, media, rights, sports, synergies

Jul 27, 2025

Fund Letters

Steve Johnson

APG

APi Group Corporation

Industrials

Engineering & Construction

Bull

NYSE

cashflow, consolidation, Recurring, Safety, services

Jul 27, 2025

Fund Letters

Steve Johnson

ZETA

Zeta Global Holdings Corp.

Information Technology

Software - Infrastructure

Bull

NYSE

Data, Marketing, SaaS, Software, valuation

Mar 31, 2025

Fund Letters

Forager International Shares Fund

NUTX

Nutex Health Inc

Health Care

Health Care Facilities

Bull

NASDAQ

arbitration, Emergency Care, healthcare, Micro-hospitals, No Surprises Act, Reimbursement, turnaround, US

TICKER	COMMENTARY
XRO.AX	Accounting platforms such as Xero (ASX:XRO), MYOB and Sage (LSE:SGE) are clear examples. These products typically cost small businesses tens of dollars per month and sit at the centre of financial operations—handling invoicing, payroll, compliance and reporting. Xero has historically delivered strong revenue growth with gross margins above 80% and low churn.
SGE.L	Sage Group (LSE:SGE) is a good illustration. It provides accounting and financial management software and fits the preference for low-cost, mission-critical products with high switching costs. In the UK, Sage supports a large installed base of millions of small business users who are familiar with the product and tend to stay despite regular price increases. Sage has also been early in embedding AI into its products through Sage Copilot, helping customers automate workflows and reduce costs across a range of use cases. The Fund invested in late February, and it was a top-five holding by quarter end.
BVS.AX	Bravura Solutions (ASX:BVS) illustrates this dynamic. Its software underpins core functions for wealth managers and super funds—industries with complex regulatory requirements and low tolerance for operational failure. System replacement can take years and involve significant cost.
CAR.AX	CAR Group (ASX:CAR) provides a clear example. The company's current market capitalisation is north of $8bn, even after a significant share price retraction. Even if the project were run by the Australian Bureau of Meteorology, even in the days before AI coding, you could replicate cars.ies.com.au for a few tens of millions. The value is clearly not in the cost of the code. Cars.ies value instead lies in its position within the automotive ecosystem—connecting a large audience of buyers with a broad base of dealers and private sellers.
AUTO.L	Auto Trader (LSE:AUTO) is the dominant online classifieds platform for used cars in the UK. We know the business well, having followed it for a decade and owned it from 2018 to 2021. It has unusually attractive economics. For every pound of revenue, costs are roughly 30 to 35 pence, implying operating margins of around 65%. The share price for Auto Trader fell around 40% in the three months prior to our recent investment. The market is increasingly focused on AI risk - either as a direct competitor acting as a new intermediary between dealers and buyers, or indirectly as a traffic gatekeeper that captures more of the value chain than Google Search historically has.
4194.T	Visional (TSE:4194) beat March quarter estimates with 28% revenue growth and a 25% operating margin, anchored by its highly profitable job matching platform BizReach.
5038.T	Home-visit nursing software provider eWeLL (TSE:5038) maintained record profits for a seventh consecutive year, with management guiding for 26% revenue growth and a 45% operating margin in 2026.
3673.T	Meanwhile, Broadleaf (TSE:3673), which provides automotive aftermarket software, saw operating margins jump from 3.7% to 9.9% as its cloud transition accelerated, with a forecast 130% increase in operating profit this year.
FIX	The last of the Fund's investment in mechanical and electrical systems installer Comfort Systems (NYSE:FIX) was sold during the quarter. This business has been a sensational contributor to the Fund's performance, with the share price rising more than threefold since the investment was made during the 'Tariff Tuesday' sell-off of April 2025. While the business remains a high-quality operator, the valuation now reflects this progress.

TICKER

COMMENTARY

XRO.AX

Accounting platforms such as Xero (ASX:XRO), MYOB and Sage (LSE:SGE) are clear examples. These products typically cost small businesses tens of dollars per month and sit at the centre of financial operations—handling invoicing, payroll, compliance and reporting. Xero has historically delivered strong revenue growth with gross margins above 80% and low churn.

SGE.L

Sage Group (LSE:SGE) is a good illustration. It provides accounting and financial management software and fits the preference for low-cost, mission-critical products with high switching costs. In the UK, Sage supports a large installed base of millions of small business users who are familiar with the product and tend to stay despite regular price increases. Sage has also been early in embedding AI into its products through Sage Copilot, helping customers automate workflows and reduce costs across a range of use cases. The Fund invested in late February, and it was a top-five holding by quarter end.

BVS.AX

Bravura Solutions (ASX:BVS) illustrates this dynamic. Its software underpins core functions for wealth managers and super funds—industries with complex regulatory requirements and low tolerance for operational failure. System replacement can take years and involve significant cost.

CAR.AX

CAR Group (ASX:CAR) provides a clear example. The company's current market capitalisation is north of $8bn, even after a significant share price retraction. Even if the project were run by the Australian Bureau of Meteorology, even in the days before AI coding, you could replicate cars.ies.com.au for a few tens of millions. The value is clearly not in the cost of the code. Cars.ies value instead lies in its position within the automotive ecosystem—connecting a large audience of buyers with a broad base of dealers and private sellers.

AUTO.L

Auto Trader (LSE:AUTO) is the dominant online classifieds platform for used cars in the UK. We know the business well, having followed it for a decade and owned it from 2018 to 2021. It has unusually attractive economics. For every pound of revenue, costs are roughly 30 to 35 pence, implying operating margins of around 65%. The share price for Auto Trader fell around 40% in the three months prior to our recent investment. The market is increasingly focused on AI risk - either as a direct competitor acting as a new intermediary between dealers and buyers, or indirectly as a traffic gatekeeper that captures more of the value chain than Google Search historically has.

4194.T

Visional (TSE:4194) beat March quarter estimates with 28% revenue growth and a 25% operating margin, anchored by its highly profitable job matching platform BizReach.

5038.T

Home-visit nursing software provider eWeLL (TSE:5038) maintained record profits for a seventh consecutive year, with management guiding for 26% revenue growth and a 45% operating margin in 2026.

3673.T

Meanwhile, Broadleaf (TSE:3673), which provides automotive aftermarket software, saw operating margins jump from 3.7% to 9.9% as its cloud transition accelerated, with a forecast 130% increase in operating profit this year.

FIX

The last of the Fund's investment in mechanical and electrical systems installer Comfort Systems (NYSE:FIX) was sold during the quarter. This business has been a sensational contributor to the Fund's performance, with the share price rising more than threefold since the investment was made during the 'Tariff Tuesday' sell-off of April 2025. While the business remains a high-quality operator, the valuation now reflects this progress.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

SaaS

AI

Value

Valuation

Brazil

Risk Management

Small Caps

Gold

Japan

Value

Small Caps

Technology

Buybacks

ETFs

Trade Policy

Small Caps

Europe

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Steve Johnson Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On:

Subscribe to receive email notification and updates for:

Forager International Shares Fund