BVS-AX

BVS-AX

BVS-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Forager Australian Shares Fund	11.5%	10.5%	AMA.AX, BVS.AX, CAT.AX, CHL.AX, CROX, EML.AX, EXP.AX, JLG.AX, MTO.AX, NUTX, NZX.NZ, OML.AX, PBH.AX, PPS.AX, PRN.AX, PSI.TO, RDY.AX, SOWG, THL.AX, TYR.AX	Australia, Passive flows, small caps, takeovers, technology, value	Forager focuses on smaller companies that passive funds cannot or will not own due to size constraints. The fund benefits from forced selling when stocks become too small for large portfolios and from identifying companies that will eventually attract passive buying as they grow.	EXP AU MTO AU AMA AU NZX NZ EML AU OML AU	View
2025 Q2	Jul 27, 2025	Forager International Shares Fund	17.6%	14.1%	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	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.	ZETA APG TKO FLUT MTX GR FIX WISE LN 4194 CN 4733 JP 3769 JP PSI CN	View
2026 Q1	Apr 15, 2026	Forager International Shares Fund	-12.7%	-12.7%	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		AUTO.L SGE.L	View
2026 Q1	Apr 15, 2026	Forager Australian Shares Fund	-19.5%	-19.5%	3673.T, 4194.T, 5038.T, AUTO.L, BVS.AX, CAR.AX, CAT.AX, CCL.AX, EML.AX, FIX, HSN.AX, IEL.AX, MAH.AX, NAN.AX, NWL.AX, PPS.AX, RDY.AX, SGE.L, TNE.AX, XRO.AX	AI, Australia, small caps, software, technology, value			View
2026 Q1	Apr 14, 2026	Ganes Focused Value Fund	-12.4%	-12.4%	ARB.AX, AUB.AX, BVS.AX, LOV.AX, PWH.AX, RDX.AX	AI, Australia, retail, technology, value, volatility		BVS.AX AUB.AX LOV.AX	View
2025 Q3	Oct 9, 2025	Forager Australian Shares Fund	15.1%	-	4194.T, 5038.T, BVS.AX, CAT.AX, CCL.AX, CLH, CRH, CTD.AX, FI, FIX, HPG.AX, IEL.AX, INCH.L, INGA.AS, LLOY.L, MTX.DE, NUTX, PPE.AX, TSCO.L, ZEG.L	Australia, Discipline, gold, Japan, small caps, value	Small companies are finally showing signs of 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. Global small-cap strength is also evident with the MSCI World Micro Cap Index up 18.8% in Australian dollars.	PPE AU CCL AU IEL AU CAT AU	View
2025 Q3	Oct 9, 2025	Forager International Shares Fund	2.9%	-	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	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.	INCH LN VIS JP FI US ZEG LN CRH US FIX US	View
2025 Q3	Oct 21, 2025	TAMIM Fund Australia Small Cap Income	-	-	BVS.AX, EHL.AX, SYL.AX	AI, Australia, Bull Market, interest rates, Outperformance, small caps	Small and mid caps continue to play catchup and are outperforming large caps. For small caps to catchup to their historical relative performance, there's another 20% of upside to play out next 12 months. Small caps have underperformed large caps since 2022 and are now in a fierce catchup rally.		View
2025 Q4	Jan 9, 2026	Ganes Focused Value Fund	-6.7%	0.0%	APE.AX, ARB.AX, AUB.AX, BVS.AX, DDR.AX, FID.AX, LOV.AX, MFF.AX, NHC.AX, PWH.AX, RDX.AX	Australia, Automotive, Founders, software, value	Eagers Automotive made a $1 billion investment in Canadian dealership CanadaOne, acquiring 65% stake. The Canadian market is less competitive with only 36 car brands versus 75 in Australia, and CanadaOne covers fixed costs through service departments before selling cars. Bravura Solutions provides mission-critical software to financial institutions globally with high switching costs. The company was acquired by interests connected to Constellation Software's playbook of buying sticky software businesses.		View
2025 Q4	Jan 19, 2026	Forager Australian Shares Fund	-1.9%	24.8%	ARX.AX, BVS.AX, CAT.AX, CCL.AX, CRH, EML.AX, FISV, FIX, IEL.AX, INCH.L, INGA.AS, LNR.TO, MAH.AX, NUTX, NXT, NZX.NZ, OFX.AX, PLT.AX, PPS.AX, WISE.L, ZEG.L	Australia, dispersion, Mining, Quality, small caps, technology, Tourism, value	Small cap stocks significantly outperformed large caps in 2025, with the Small Ordinaries returning almost 25% versus 10% for the All Ordinaries. Small resources companies drove much of this outperformance with a 73% return, while small industrials delivered a more modest 9% return. Mining services investments like Macmahon benefited from enthusiasm for gold, silver and copper, with the company's share price almost doubling in 2025 after almost a decade of mediocre returns. New contracts for civil infrastructure acquisition Decmil position the company well for future revenue guidance. Australian tourism is finally showing signs of recovery with international arrivals hitting 97% of 2019 levels in recent months. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Tourism stocks remain very cheap on recovered earnings expectations. AI enthusiasm drove strong performance in tech-heavy indices, but also created concerns about software companies' competitive moats. The theory that AI diminishes software value through 'vibe coding' is one the manager is willing to bet against at the right price, particularly for established platforms with security and reliability advantages. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became problematic even for the best businesses, resulting in years of no returns while earnings catch up or significant derating if both earnings and multiples come into question.	MAH AU PLT AU OFX AU ARX AU	View
2024 Q4	Jan 31, 2025	Hurdle Rate	-	-	AVT.T, BVS.AX, FNX.AX, ORCH.L, PBEE.L, PPE.AX, SWF.AX	active management, global, small caps, software, Specialty Finance, value	Manager focuses on purchasing securities at attractive valuations, often trading below book value or at low earnings multiples. Multiple investments were made based on companies trading at significant discounts to intrinsic value, such as Orchard Funding at 0.5 times tangible book value despite 9% average ROE.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 15, 2026	Fund Letters	Ganes Focused Value Fund	Bravura Solutions	Software - Application	Software	Bull	Australian Securities Exchange	AI disruption, Compliance Risk, defensive, Embedded Software, financial software, Regulated Environment, Special dividend	View Pitch

BSD Shareholders of BVS-AX

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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