Investor Letters

Letters through August 31, 2025

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

Forager Funds Management Australian Shares Fund Monthly Report, August 2025 Cuscal became the fund’s largest holding after reporting results consistent with its prospectus and announcing the cash acquisition of Indue. Forager expects customer migration onto Cuscal’s infrastructure to create material cost efficiencies, while Hipages, Macmahon, Experience Co and Tyro Payments also benefited from supportive results or corporate interest. August 2025 CCL $898M