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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap value opportunities."
Forager's Q4 2025 Quarterly Report highlights strong calendar-year performance, with the Forager Australian Shares Fund returning 24.77% and the Forager International Shares Fund returning 15.03%, outperforming their respective benchmarks. CIO Steve Johnson emphasizes extreme market dispersion throughout 2025, culminating in a sharp year-end selloff in previously expensive tech and high-quality software stocks. The International Fund capitalized on this volatility by executing a substantial portfolio refresh—fully exiting eight stocks (including successful plays Nextpower and Zegona) and initiating seven new positions. The Australian Fund took a disciplined approach by selling out of fully valued tech holdings Bravura and Catapult, building cash to wait for better entry points. Notable positive contributors across both portfolios included Nutex Health, Cuscal, ING Groep, and Plenti.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap...
Growth Outlook
Market outlook remains above average conviction: Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap...
Risk Appetite
Risk appetite posture is above average conviction: Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap...
Forward Guidance
Forward guidance signal: Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap...
Language Signal
Tone analysis indicates above average conviction language: Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap...
Time Horizon
Investment time horizon reflects a high conviction orientation. Forager wrapped up a successful 2025 with strong returns (+24.8% Aus, +15.0% Int) and is actively recycling capital from expensive tech/special situations into unloved, smaller-cap...
