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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Forager locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays."
Forager Funds experienced a strong calendar year 2025, with the Australian Shares Fund up 24.77% and the International Shares Fund up 15.03%, despite a slight pullback in the final quarter. CIO Steve Johnson notes that while major indices look calm on the surface, extreme dispersion and momentum waves characterized the year. Forager took advantage of these waves by fully exiting high-performing tech holdings like Bravura, Catapult, and Nextpower as valuations became stretched, and raising cash. Portfolios are being refreshed with newly mispriced quality compounders (CDW, Builders FirstSource) and recovery plays like Australian tourism, while waiting for deeper pullbacks to deploy cash back into the tech sector.
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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 locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays....
Growth Outlook
Market outlook remains above average conviction: Forager locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays....
Risk Appetite
Risk appetite posture is above average conviction: Forager locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays....
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Forager locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays....
Forward Guidance
Forward guidance signal: Forager locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays....
Language Signal
Tone analysis indicates above average conviction language: Forager locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays....
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Forager locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays....
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Forager locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays....
Time Horizon
Investment time horizon reflects a high conviction orientation. Forager locked in strong 2025 gains by exiting fully-valued tech winners, building cash, and rotating into cheap, unloved quality compounders and tourism recovery plays....
