Investor Letters

Letters through January 31, 2024

1 letter reporting on the period ending January 31, 2024, in each firm's own reckoning.

Forager Funds Management Forager Australian Shares Fund Monthly Report January 2024 Perenti and Macmahon faced selling pressure after lithium and nickel price declines threatened mine activity, but Forager argues Perenti’s expected earnings base makes the share-price reaction excessive. Resmed reported strong December-quarter revenue and operating-profit growth, supporting the view that GLP-1 concerns do not diminish its long-term opportunity. January 2024 PRN $1.3BRMD $33B