Investor Letters
Forager Funds Management
- Monthly Report July 2026 Forager International Shares Fund benefited as concern over AI spending reversed sentiment toward its software investments. OBIC Business Consultants raised prices after reporting profit growth, while Sage Group accelerated organic growth and Tetra Tech built a record engineering backlog, challenging the near-term AI-disruption thesis. July 2026 4733 $4.1BSGE $13BTTEK $9.3B
- Forager Australian Shares Fund Monthly Report | July 2026 Forager Australian Shares Fund cited Bravura’s earnings upgrade and cost discipline as evidence that established software providers can still expand margins and generate cash. It assessed OFX’s proposed acquisition of Equals Group and Experience Co’s planned sale of its Australasian skydive operations to Inflite as credible, though conditional, strategic outcomes. July 2026 BVS $1BEXP $52MOFX $138M
- Monthly Report | July 2026 Forager International Shares Fund benefited as investor concern over AI spending supported its software investments. OBIC Business Consultants raised prices after reporting profit growth, while Sage Group sustained accelerating organic growth and Tetra Tech built a record engineering backlog. July 2026 —
- Monthly Report July 2026 Forager Australian Shares Fund discussed Bravura’s upgraded cash-profit guidance and argued that stronger software incumbents can still expand margins through cost discipline. It reviewed OFX’s proposed acquisition of Equals Group and Experience Co’s potential sale of its Australasian skydive operations to Inflite. July 2026 BVS $1B
