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| 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 |
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| 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 |
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| 2024 Q2 | Jun 30, 2024 | Oakmark Fund- International Small Cap | -3.1% | - | 1444.T, 3739.T, ANDINAB.SN, ATEA.OL, BRAV.ST, DOM.ST, GN.CO, KCR.HE, OML.AX, SCHB.OL, SMDS.L, STJ.L, SUN.SW, TMV.DE | consumer, Europe, industrials, international, Nordic, small caps, technology, value | The fund consistently adds to stocks that underperformed despite unchanged intrinsic value and reduces exposure where the gap to intrinsic value narrowed. New purchases like Bravida and Embotelladora Andina were made at discounts to estimated intrinsic value, with Andina trading near 15-year low multiples despite improving business quality. | AKO.B.SN BRAV.ST |
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| 2024 Q2 | Jun 30, 2024 | Devon Alpha Fund | -3.7% | - | AUB.AX, CEN.NZ, CHI.NZ, HSO.AX, IFT.NZ, JHX.AX, LNW, MCY.NZ, MET.NZ, MEZ.NZ, MQG.AX, NAB.AX, OML.AX, RIO.AX, RMD, SKC.NZ, SKI.AX, SUN.AX, TLS.AX, VGH.NZ, WEB.AX, WOW.AX | AI, Australia, Banking, dividends, infrastructure, insurance, New Zealand, technology | AI has been a dominant theme this year and has arguably driven the Fed to the back seat of investor considerations. US equity markets continued their bull run led by technology sector and AI-related names, with Nvidia surpassing US$3 trillion in market cap. Infratil performed well after raising capital to support investment in data centre operator CDC, with shift to cloud computing and artificial intelligence as key drivers to demand. | View | |
| 2025 Q1 | Mar 31, 2025 | Devon Alpha Fund | -6.3% | -6.3% | AIA.NZ, BHP.AX, CAR.AX, CEN.AX, CNU.AX, CWY.AX, HSO.AX, MET.NZ, MFT.NZ, NPH.NZ, NST.AX, OML.AX, ORI.AX, RHC.AX, RIO.AX, SEK.AX, SFI.AX, TLS.AX, VGL.AX, WFD.AX | Australia, China, commodities, equities, gold, New Zealand, tariffs, Trade Policy | Trump's escalating tariff regime dominated March markets, with 25% tariffs on Canada/Mexico briefly implemented, 20% tariffs on China maintained, and reciprocal tariffs on 180+ countries announced. The administration views tariffs as deficit reduction and debt payoff tools, though demand destruction and broader economic impacts remain uncertain. | View | |
| 2023 Q1 | Mar 31, 2023 | Devon Alpha Fund | 4.7% | 4.7% | ALL.AX, ANZ.AX, BHP.AX, BXB.AX, CEN.NZ, CWY.AX, HSO.AX, JHX.AX, MET.NZ, MPL.AX, MQG.AX, NAB.AX, NCM.AX, OML.AX, RMD, SIQ.AX, SUN.AX, TLS.AX, VGL.NZ, WFD.AX, WOW.AX | Australia, Banking, dividends, Mining, New Zealand, Telecommunications, value | Mining sector showed strength during March as China looks to stimulate their economy more aggressively while putting Covid behind them. BHP was added to portfolios as valuation became more attractive following price weakness. Economic data from China continues to be positive as they exit their Covid impacted period, with growth in steel production expected this year and a supportive iron ore price environment. | View | |
| 2024 Q4 | Dec 31, 2024 | Devon Alpha Fund | 0.4% | - | AIA.NZ, ALL.AX, ANZ.AX, BXB.AX, CAR.AX, CEN.AX, CWY.AX, GMG.AX, HSO.AX, MCY.NZ, MET.NZ, MFT.NZ, MWE.NZ, NPH.NZ, OML.AX, POT.NZ, RMD, SEK.AX, SPI.AX, VGL.NZ, WOW.AX | Australia, dividends, gaming, infrastructure, Logistics, New Zealand | Multiple infrastructure assets featured prominently including Contact Energy benefiting from new geothermal capacity commissioning, Port of Tauranga positioned for recovery in export shipments, and Auckland International Airport removing overhang through council stake sale. | View | |
| 2025 Q4 | Jan 12, 2026 | Devon Alpha Fund | 0.0% | 2.6% | CNI.NZ, CS.TO, FWD.AX, IFT.NZ, MET.NZ, OML.AX, SIQ.AX, SUM.NZ, VGL.NZ, WFD.AX | alpha, Australia, concentrated, Copper, infrastructure, New Zealand | Copper price continues to shift higher with structural advantages including challenges bringing new supply to market and degradation of mining grades at major mines. Global demand outlook strengthens from electric vehicles, renewable energy, digital infrastructure, and electricity grid upgrades. | View |
| 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. | ||||||||