Investor Letters

Letters through April 30, 2026

3 letters reporting on the period ending April 30, 2026, in each firm's own reckoning.

Forager Funds Management Monthly Report April 2026 Forager Australian Shares Fund deployed cash amid volatility, reducing its cash position as smaller industrials lagged while resources and technology rallied. Cuscal’s Paymark acquisition was viewed as a logical, accretive use of capital, while EML Payments cut expectations and Hipages and Aroa reported favourable operating updates. April 2026 CCL $841M
QuantStreet Capital May 2026 Update QuantStreet retained its gold exposure on a gradual de-dollarization thesis and added a small materials allocation through XLB, citing AI-driven demand for copper, steel, industrial gases and aggregates. The firm argues that AI is moving from experimentation into productive commercial use, supporting technology, utility-grid investment and labor demand in some professional services. April 2026 —
Protean Funds The Rashomon Effect Protean reversed its Vend view and initiated a long position, arguing that the market now overstates near-term AI disruption while buybacks, simplification and valuation support the shares. The funds also began building Yubico, added Absolent and Luotea to Small Cap, and exited NCAB over concerns about a developing boom-bust demand pattern. April 2026 YUBCF $1.1BABSO $219MCOFFEE-B $415M