Investor Letters

Letters through October 31, 2025

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

Forager Funds Management Monthly Report | October 2025 Forager Australian Shares Fund sold Bravura Solutions after its outlook upgrade drove volatility, judging a material growth uplift necessary to support the valuation. It expects Caterpillar's acquisition of RPMGlobal to close in February and considers the bid fair, while Praemium and Aroa Biosurgery issued encouraging updates and OFX disappointed. October 2025 BVS $960M