Corporate Travel Management Ltd

• FF Forager Funds Management Annual Report June 2026 ↗ Forager argues that the AI capital-spending boom has become a sector-specific bubble while neglected software and value businesses offer better prospective value. The firm sold Fiserv after its turnaround failed, exited richly valued Comfort Systems and Zegona, added to selected Japanese software holdings, and retained conviction in operating progress at companies including Cuscal and IDP Education. 2026 financial year 5038 $209MAMA $151MBVS $1B +13
• FF Forager Funds Management Monthly Report | November 2025 ↗ Corporate Travel disclosed extensive overcharging on European contracts, requiring refunds and prompting the manager to cut its valuation further. Forager held substantial cash as speculative small-cap shares sold off, but argued that many prices remained insufficiently attractive. November 2025 CTD $328M

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