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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Forager Australian Shares Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Forager Australian Shares fell 10.8% as the AI bubble inflated and the fund avoided overvalued tech. The manager sees this as a 2000-style sector bubble creating opportunities in ignored value stocks."
The Forager Australian Shares Fund fell 10.8% in FY2026 as the AI bubble inflated and the fund maintained discipline by avoiding overvalued technology stocks. The manager argues this is a sector-specific bubble like 2000, not an everything bubble like 2007, with AI euphoria sucking capital away from sensible businesses. Major detractors included EML Payments and IDP Education, which faced operational challenges and anti-immigration headwinds respectively. One mistake, adding to EML as it fell, cost significantly more than the largest winners. Payments infrastructure provider Cuscal was the top contributor, up 68% on strong fundamentals and M&A activity. The fund actively cleared positions, banking profits from winners like RPMGlobal and Johns Lyng while exiting mistakes. Japanese software holdings suffered from the global SaaSpocalypse despite strong fundamentals, prompting the manager to increase positions. The portfolio is now concentrated in indiscriminately dumped software stocks and cash-generative value businesses, positioned to outperform when the AI bubble bursts.
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