Investor Letters

Letters through May 31, 2025

1 letter reporting on the period ending May 31, 2025, in each firm's own reckoning.

Forager Funds Management Australian Shares Fund Monthly Report, May 2025 Forager Australian Shares Fund focused on Catapult’s recurring-revenue growth, operating leverage and expanding adoption across professional sports. It also backed AMA Group’s operational recovery after a stronger third-quarter result and guidance suggesting the improvement could endure. May 2025 AMA $159MCAT $703M