Investor Letters

Letters through February 29, 2024

1 letter reporting on the period ending February 29, 2024, in each firm's own reckoning.

Forager Funds Management Forager Australian Shares Fund Monthly Report February 2024 Forager Australian Shares Fund added Bravura Solutions after its management-led cost reset and sold Lovisa Holdings following a sharp rerating. RPMGlobal and Hipages were supported by revenue growth and operating leverage, while Fineos, Bigtincan, Seven West Media and Motorcycle Holdings faced weak execution or demand conditions. February 2024 BVS $999MFCL $424MHPG $81M