Forager Funds Management

In this episode of Stocks Neat, Steve Johnson and Alex Shevelev discuss the challenges and opportunities in investing in small, less liquid stocks during a deteriorating economic environment. They explain that waiting for conditions to improve before investing can be a mistake, as significant price movements can occur with little liquidity once positive news emerges. Steve highlights the importance of establishing positions early, especially in businesses that have the potential to multiply in value if they navigate the tough economic period successfully, sharing optimism about these long-term investments and the ability to scale up positions as confidence grows. Listen to the full episode here: http://bit.ly/3Z0ctsM Steve Johnson, Alex Shevelev

In this episode of Stocks Neat, Alex Shevelev and Steve Johnson discuss the volatility in the Australian small-cap market, driven by factors like interest rate changes and political events. They highlight how reactions can be extreme, particularly with recent speculation around Trump's potential election victory, which led to significant market shifts, such as a sharp decline in Nextracker’s share price. Despite these moves, they suggest that the actual impact on company fundamentals may be modest, cautioning against overreacting to these broader macroeconomic and political developments. Listen to the full episode here: http://bit.ly/3Z0ctsM Steve Johnson, Alex Shevelev

The International Shares Fund delivered strong performance of 7.8% in July, outpacing the broader global market index, MSCI ACWI IMI, which was up 4.4%. The month saw a significant shift in market leadership, with smaller and mid-cap names outperforming the mega-cap stocks, particularly in the US. Despite recent market volatility, several of the fund's core holdings, including #CleanHarbors, #Fiserv, #Zebra and #Zeta, reported solid earnings and upgraded their full-year guidance, highlighting the resilience of the portfolio. The team continues to maintain a well-diversified exposure across sectors and geographies, positioning the fund to navigate the evolving market environment. Read the full report to find out more: Gareth Brown, Harvey Migotti, Isabella Foley, Chloe Stokes, CFA

The Australian Shares Fund started the new financial year on a positive note, with the portfolio delivering a solid return compared to the broader market index. Key highlights included a temporary share price decline in #RPMGlobal after the company fell short of earnings guidance, but the stock subsequently bounced back as the company's fundamentals remain intact. Meanwhile, #MotorcycleHolding had a share price rise of 25% as a forced seller was cleared in late June. The overall portfolio remained well-diversified, reflecting the team's disciplined approach to identifying undervalued opportunities. Read the full report to find out more: Steve Johnson, Alex Shevelev, Nicholas Plessas

As we closed out the 2024 financial year, in Episode 32 of Stocks Neat, CIO Steve Johnson, and Portfolio Manager Alex Shevelev, do a deep dive into the state of small-cap stocks and the latest market movements. They discuss recent market volatility, spotlight resilient companies with strong recurring revenue, and share their stock-picking strategies. The episode also covers risk management approaches and provides insights on future market trends. Tune in as they discuss current opportunities, from small-cap recovery to potential high-performing sectors. Discover where they are finding value amidst volatility and get insights into the evolving market landscape. "The small-cap market has been a challenging space, but within it, there are high-quality businesses with strong recurring revenue and free cash flows, presenting significant opportunities for investors." Listen to the full episode to find out more: https://lnkd.in/eH8zddwQ Steve Johnson, Alex Shevelev

Forager's June 2024 Financial Year performance report is now out. See our Chief Investment Officer, Steve Johnson's comments on the year in review below:

Our annual virtual investor roadshow is coming up next week! Register here if you'd like to attend. The team will cover: -Performance over the past year, including individual stock contributions -Stock picking in the current environment -Current portfolios and their outlook Secure your spot now:

In the latest episode of Stocks Neat, Gareth Brown and Steve Johnson discuss investor concerns relating to the current macroeconomic environment, particularly the political backdrop with this years’ upcoming elections. Gareth and Steve argue that investors tend to overweight political risks in terms of the broad market impact of policy shifts, and that news generally has a negative tilt that can induce irrational fears. Instead, they advocate the viewing of government policy consequences from a sector or company perspective. They also highlight the ability of the market to factor many of these political concerns into asset prices, before touching on the opportunities that lie ahead in an investing environment that’s not consensus optimism. Listen to the full episode here:  https://lnkd.in/gcM-_nUX