Investor Letters
Letters through February 28, 2026
2 letters reporting on the period ending February 28, 2026, in each firm's own reckoning.
- Forager Funds Management Monthly Report February 2026 Forager Australian Shares Fund reduced holdings during the 2025 small-cap rally and has begun redeploying cash into Catapult, Bravura and Paragon Care. It attributes February’s broad share-price declines to a reversal in sentiment toward small-cap industrials, while several companies reported results that met or exceeded expectations. February 2026 EXP $45MIDPUF $618MNNCSF $583M
- Protean Funds Previously Unseen Levels Of Monitoring The Situation Protean Funds added selectively to Nordic small-cap holdings after pension-fund restructuring created forced selling, while reducing Select exposure and ending its EUR and DKK hedge. Small Cap sold Lundbeck, Asmodee, Kambi and Xano, and added Coffee Stain, Sinch and MTG while trimming Smartoptics. February 2026 7806 $2.1BACAST $615MARFA $62M
