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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Dec 31, 2025 | EQUAM Global Value Fund | 0.0% | 6.6% | ACAD.ST, ALLFG.L, AMREST.WA, BFSA.MC, CELL.MI, DALATA.I, DFS.L, DOM.L, HOTEL.MC, IBER.LS, INCH.L, MN.MI, NOEJ.DE, OIZ.L, PSG.MC, RHI.L, SESA.MI, TGS.OL, XPRO | Europe, oil, Restructuring, small caps, underperformance, value | European small-cap segment continues to be forgotten by investors despite historically generating superior returns. The fund focuses on European Small & Mid Cap arena where many companies trade at valuations significantly below intrinsic value due to limited capital flows and lack of investor interest. Fund employs value investing methodology, seeking to compound capital through long-term investment in companies with solid businesses acquired at discount to intrinsic value. Portfolio trades at very attractive valuations significantly below main European and US indices with estimated upside potential of 106%. Oil sector maintains approximate 10% weighting in portfolio but has performed poorly due to doubts about future oil demand evolution. Companies in this sector continue showing solid financial performance and robust balance sheets while trading at very attractive valuations. | EAT WSE |
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| 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 |
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| 2025 Q4 | Jan 19, 2026 | Forager International Shares Fund | -2.0% | 15.0% | AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L | AI, global, Quality, small caps, technology, Travel, value | AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. 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 a problem even for the best businesses, resulting in years of no returns or significant derating. | ARX AU ZEG LN NXT NUTX FISV |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||