Investor Letters

Letters through July 31, 2025

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

Forager Funds Management Monthly Report | July 2025 Forager Australian Shares Fund discussed Johns Lyng’s agreed private-equity takeover after weather-related weakness in building restoration activity. It retained conviction in Catapult’s long-term sports-technology opportunity while cutting the position as its valuation rose, and pointed to Plenti’s record loan originations and improving bad debts. July 2025 CAT $703MPLT $98M