Investor Letters

Letters through July 31, 2023

1 letter reporting on the period ending July 31, 2023, in each firm's own reckoning.

Forager Funds Management Forager Australian Shares Fund Monthly Report July 2023 PointsBet became a new value case after agreeing to sell its US operation and return much of the proceeds, leaving investors with its Australian and Canadian businesses at a low implied valuation. RPMGlobal reported rising subscription revenue and sharply higher profits, while Whispir and Catapult benefited from encouraging updates and cost actions. July 2023 PBH $193M