Investor Letters

Letters through April 30, 2024

2 letters reporting on the period ending April 30, 2024, in each firm's own reckoning.

Forager Funds Management Forager Australian Shares Fund Monthly Report April 2024 Forager Australian Shares Fund criticised Macmahon’s proposed acquisition of loss-making Decmil, arguing cash returns would better serve shareholders. The fund added materially to Experience Co during its sell-off and retained Pointsbet, expecting its Australian and Canadian operations to support a higher eventual sale value. April 2024 EXP $45MMAH $1.4BPBH $174M
Quercus Fund 2024 Second Letter to Shareholders Quercus Fund argues that patience is essential when owning deeply undervalued businesses through market volatility. It details Tianjin Development Holdings’ indirect exposure to Otis China’s expanding service portfolio and China Sanjiang Fine Chemicals’ new plant, improving volumes and insider share purchases. 2024 (Jan-Apr) 0882 $264MOTIS $30B