Investor Letters

Letters through July 31, 2024

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

Forager Funds Management Monthly Report | July 2024 Forager Australian Shares Fund discussed RPMGlobal’s earnings shortfall, attributing it to lower one-off licence fees and contract timing while noting growth in sticky subscription revenue. The fund participated after a forced seller exited Motorcycle Holdings, and cited continued growth at NZX in funds management and wealth technologies. July 2024 —