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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Forager is capitalizing on a major small-cap recovery but raising warning flags about macro debt and valuations, prompting them to lock in profits from peak-valuation winners like Catapult and build cash."
Forager Funds experienced exceptional returns over the September 2025 quarter, with the flagship Australian Shares Fund achieving a 15.08% return and the International Shares Fund rising 2.93%. CIO Steve Johnson details how the long-awaited recovery in small-caps is playing out, yet warns of macro red flags including gold reaching US$3,800/oz and high long-term bond yields. True to their process, the funds are exiting successful positions that have reached peak valuations (such as Catapult and Gentrack), holding significant cash positions (14.2% in FASF, 8.5% in FISF), and shifting capital to lower-risk, highly-resilient compounders. Major portfolio updates cover successes like Cuscal (acquiror of Indue) and Japanese software plays (eWeLL, Visional), while addressing disappointments like Fiserv and accounting delays at Corporate Travel.
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