Investor Letters

Letters through October 31, 2023

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

Forager Funds Management Forager Australian Shares Fund Monthly Report October 2023 Forager Australian Shares Fund increased its Tyro Payments stake after the investor-day selloff, arguing that continued growth and cost control support the existing valuation. The fund backed Whispir’s capital raise while pressing for leadership change, and cited RPMGlobal’s upgraded earnings guidance, cash generation and buyback as support for the largest holding. October 2023 TYR $245M