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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 28, 2025 | Harry Qelm Baabsman Ltd | - | 9.7% | ADBE, CRM, GOOG, LIGHT NA, NVDA, NXT, PUM GR, SEDG, VWSB GR, ZAL GR, ZM | dislocation, Intrinsic Value, long-term, valuation gaps, volatility | The letter discusses extreme market dislocations caused by speculative behavior in AI-linked mega caps and short-term trading dominance. Management warns that pricing volatility has decoupled from fundamentals, creating opportunities in undervalued sustainable energy, technology, and consumer businesses. The outlook favors patient capital, intrinsic value discipline, and long holding periods. | ADBE PUM GR VWSB GR NXT ZAL GR ZM CRM |
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| 2025 Q1 | Mar 31, 2025 | Forager International Shares Fund | -3.0% | -3.0% | 4733 JP, FI, FOUR, NUTX, NXT | - | View | ||
| 2024 Q4 | Feb 19, 2025 | Harry Qelm Baabsman Ltd | - | -8.5% | ADBE, CRM, HFG GR, LIGHT NA, NXT, PUM GR, SEDG, ZAL GR, ZM | - | 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 |
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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 |
|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Fund Letters | Steve Johnson | Nextracker Inc. | Industrials | Electrical Equipment | Bull | NASDAQ | Execution, Policy, renewables, Solar, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Mr. Damir Babanazarov | Nextracker Inc. | Industrials | Electrical Components & Equipment | Bull | NASDAQ | growth, renewable energy, Solar, spin-off, Tracking Systems | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Brewvestor Insights | Nextracker | Energy | Solar | Bull | NASDAQ | — | View Pitch |
| 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. | ||||||||