Investor Letters

Letters through April 30, 2025

1 letter reporting on the period ending April 30, 2025, in each firm's own reckoning.

Forager Funds Management Monthly Report | April 2025 The Forager Australian Shares Fund retained a small position in Tourism Holdings despite weaker vehicle sales and slowing US rental bookings following tariff uncertainty. Plenti and Wisr reported growing customer bases, controlled bad debts and expanding loan books, which the manager expects to translate into rising profits with limited overhead growth. April 2025 PLT $97MTHL WZR $40M