Investor Letters

Letters through April 30, 2023

1 letter reporting on the period ending April 30, 2023, in each firm's own reckoning.

Forager Funds Management Forager Australian Shares Fund Monthly Report April 2023 Forager Australian Shares Fund focused on improving demand conditions for Hipages, Integral Diagnostics and Healthia as healthcare visits and allied-health activity recovered. It criticised Whispir’s deteriorating cash position while citing Fineos’s cash inflow, tighter spending and reduced balance-sheet concerns. April 2023 FCL $433MHPG $82MIDX $548M