About us

With $330 million of funds under management and an exclusive focus on long-term investing, Forager Funds is a unique Australian asset management company.

After seven years of performance driven growth, we have a sustainable business but are still small and nimble enough to invest in those small listed companies not accessible to most firms.

We will stay that way. The company is majority owned by staff, and our external shareholders support our desire to place performance before revenue. That means capping the size of our funds before too much money becomes an impediment to performance.

Strategy

Forager concentrates on buying shares in businesses at prices substantially less than their underlying value. Then we wait for the market to correct the miss-pricing. That is the essence of value investing – buying dollar coins for 50 cents.

This is more difficult than it sounds, which is why many smart investors pay us to do it for them. Businesses change and stock valuation is an inexact science, so we only invest in stocks where the gap between our estimate of value and the current share price is large enough to compensate for the uncertainty.

The RHG Success Story

The RHG Success Story

4:05
Valuation vs Speculation

Valuation vs Speculation

1:47
Understanding Uncertainty

Understanding Uncertainty

3:22
Three Characteristics of a Successful Investor

Three Characteristics of a Successful Investor

4:16
The Psychological Pitfalls

The Psychological Pitfalls

3:39
Shortcuts, Ratios and Mental Models

Shortcuts, Ratios and Mental Models

3:22

Performance (net of all fees)

Australian Shares Fund Performance Summary

As at 30 June 2017 | Inception Date: 31/10/2009

25.16%
1 year
18.39% p.a
3 year
21.74% p.a
5 Year

International Shares Fund Performance Summary

As at 30 June 2017 | Inception Date: 08/02/2013

27.42%
1 year
13.13% p.a
2 year
13.44% p.a
3 Year

*Past performance is not a reliable indicator of future performance. Fundhost and Forager Funds Management do not guarantee investment performance or distributions, and the value of your investment may rise or fall.

Where Value Investing Come From?Where Value Investing Come From?

The modern school of value investing was founded by Benjamin Graham, who, along with David Dodd, wrote Security Analysis and The Intelligent Investor. Graham’s approach was simple. He bought stocks that were trading at a significant discount to their liquidation value, which he calculated – conservatively – from the balance sheet.

Warren Buffett studied under Graham and embraced value investing with gusto. But he became less interested in Graham’s numbers-based approach. He wanted to know what really made one business better than another. Buffett soon realised it came down to those businesses with a strong ‘franchise’ and excellent management. Graham would buy any business if it was cheap enough; Buffett prefers to buy only quality businesses with excellent management.

Despite their different approaches, Graham and Buffett always assessed their investments in a business-like fashion, ensuring a considerable margin of safety in their purchases.

Why Value Investing Works.Why Value Investing Works.

If value investing works so well, why doesn’t everyone do it? Because, whilst the concepts are easy to grasp, putting them into practice is hard.

Most investors view falling share prices as a bad thing, a signal that a company is failing in some way.

Successful value investors need to see through the negativity and put the opinions of the crowd to one side, looking at a situation with cool-eyed dispassion.

But because humans are hard-wired to follow the crowd, most can’t do that. Value investing works because most investors are not psychologically equipped to practice it.

That is why Forager’s loyal investors let us do the hard work for them. They get the benefits of an investment team naturally wired to buy when others are panicking and sell when the crowd is euphoric, and avoid the emotional trauma of trying to do everything themselves.

Investment team

Steve Johnson

Chief Investment Officer

Steve Johnson is Forager’s Chief Investment Officer. He has a Bachelor of Economics (Econometrics and Finance) from the University of New South Wales and is a CFA® charterholder. He enjoys marathon running in his spare time and lives with his wife in Sydney, Australia. Steve has a monthly column in the Australian Financial Review and regularly appears on Sky Business, the ABC and CNBC.

Steve Johnson

Chief Investment Officer

Steve Johnson is Forager’s Chief Investment Officer. He has a Bachelor of Economics (Econometrics and Finance) from the University of New South Wales and is a CFA® charterholder. He enjoys marathon running in his spare time and lives with his wife in Sydney, Australia. Steve has a monthly column in the Australian Financial Review and regularly appears on Sky Business, the ABC and CNBC.

Alex Shevelev

Senior Analyst

Alex joined Forager in July 2017 and is the Senior Analyst working with Steve, responsible for the Forager Australian Shares Fund. He is of the classic Forager mould, he loves the under-rated, the undiscovered and an outright bargain.

Before Forager Alex was employed by Glennon Capital, Eight Investment Partners Group and Cadence. In between he gained valuable experience starting his own funds management venture. 

He has a Bachelor of Commerce (Finance and Econometrics) from the University of Sydney and is both a CFA Charterholder and CAIA Charterholder

Alex Shevelev

Senior Analyst

Alex joined Forager in July 2017 and is the Senior Analyst working with Steve, responsible for the Forager Australian Shares Fund. He is of the classic Forager mould, he loves the under-rated, the undiscovered and an outright bargain.

Before Forager Alex was employed by Glennon Capital, Eight Investment Partners Group and Cadence. In between he gained valuable experience starting his own funds management venture. 

He has a Bachelor of Commerce (Finance and Econometrics) from the University of Sydney and is both a CFA Charterholder and CAIA Charterholder

Gareth Brown

Senior Analyst

After seven years at Commonwealth Bank, initially in risk management and then on the trading floor, Gareth joined Intelligent Investor in 2002 and spent the next 10 years as a senior member of the analyst team. Whilst working at CBA, he completed a Bachelor of Business degree, majoring in Finance, at University of Technology, Sydney.

Gareth’s healthy scepticism and willingness to ask the questions no one wants to ask make for lively team discussions – especially at the odd hours required to co-ordinate Sydney, New York and Vienna, where he lives with his wife and son. He is an avid traveller and is unmatched in his knowledge of world geography (in our office at least), something put to good use as he scours the world looking for opportunities. Gareth focuses on European stock opportunities.

Gareth Brown

Senior Analyst

After seven years at Commonwealth Bank, initially in risk management and then on the trading floor, Gareth joined Intelligent Investor in 2002 and spent the next 10 years as a senior member of the analyst team. Whilst working at CBA, he completed a Bachelor of Business degree, majoring in Finance, at University of Technology, Sydney.

Gareth’s healthy scepticism and willingness to ask the questions no one wants to ask make for lively team discussions – especially at the odd hours required to co-ordinate Sydney, New York and Vienna, where he lives with his wife and son. He is an avid traveller and is unmatched in his knowledge of world geography (in our office at least), something put to good use as he scours the world looking for opportunities. Gareth focuses on European stock opportunities.

Kevin Rose

Senior Analyst

Kevin Rose, one of our senior analysts, graduated with a Bachelor of Arts in Economics cum laude from Vanderbilt University in 2000, after which he joined US investment bank Salomon Smith Barney in New York. Following a stint with Atari Inc, Kevin pursued his passion for value investing in 2008, completing an MBA from the Columbia Business School in New York where he was a member of the Applied Value Investing Program through the prestigious Heilbrunn Center for Graham & Dodd Investing.

In 2009, Kevin joined Freshford Capital Management, a US hedge fund with more than $US600m under management. Kevin joined Forager Funds Management in 2013 and has primary responsibility for researching and recommending North American stocks for the International Fund. He lives in New York with his wife.

Kevin Rose

Senior Analyst

Kevin Rose, one of our senior analysts, graduated with a Bachelor of Arts in Economics cum laude from Vanderbilt University in 2000, after which he joined US investment bank Salomon Smith Barney in New York. Following a stint with Atari Inc, Kevin pursued his passion for value investing in 2008, completing an MBA from the Columbia Business School in New York where he was a member of the Applied Value Investing Program through the prestigious Heilbrunn Center for Graham & Dodd Investing.

In 2009, Kevin joined Freshford Capital Management, a US hedge fund with more than $US600m under management. Kevin joined Forager Funds Management in 2013 and has primary responsibility for researching and recommending North American stocks for the International Fund. He lives in New York with his wife.

Alvise Peggion

Analyst

Alvise joined Forager in 2013 and works on both the Australian Fund and International Fund. Whilst working at Forager, Alvise completed all 3 levels of the CFA program and is now a CFA® charterholder. Alvise has a degree in Finance (Honours) from the University of Adelaide and is fluent in Italian, Chinese (Mandarin) and English.

Alvise Peggion

Analyst

Alvise joined Forager in 2013 and works on both the Australian Fund and International Fund. Whilst working at Forager, Alvise completed all 3 levels of the CFA program and is now a CFA® charterholder. Alvise has a degree in Finance (Honours) from the University of Adelaide and is fluent in Italian, Chinese (Mandarin) and English.

Chris Ten-Berge

Research Intern

Chris Ten-Berge

Research Intern

Business & Operations

Jeff Weeden

Chief Executive Officer

Jeff joined the Manager in 2016 as the Chief Executive Officer. One of the key reasons for Jeff joining the Manager was to allow Steve Johnson to dedicate more time to the investment focussed parts of the Manager’s business. Prior to joining the Manager, Jeff had an extensive career in the investment banking and finance industry, specifically equity markets and specialist funds. Jeff has a Bachelor of Economics degree from Sydney University.

Jeff Weeden

Chief Executive Officer

Jeff joined the Manager in 2016 as the Chief Executive Officer. One of the key reasons for Jeff joining the Manager was to allow Steve Johnson to dedicate more time to the investment focussed parts of the Manager’s business. Prior to joining the Manager, Jeff had an extensive career in the investment banking and finance industry, specifically equity markets and specialist funds. Jeff has a Bachelor of Economics degree from Sydney University.

Alex Larkman

Business Development Manager

Alex joined the Manager in 2014 as the Business Development Manager and is responsible for marketing, investor communications and business operations for the Manager. Prior to joining the Manager, Alex worked for investment banks in both London and Sydney. Alex has a Bachelor of Science (Hons) from Nottingham University and she is a CIMA Chartered Management Accountant.

Alex Larkman

Business Development Manager

Alex joined the Manager in 2014 as the Business Development Manager and is responsible for marketing, investor communications and business operations for the Manager. Prior to joining the Manager, Alex worked for investment banks in both London and Sydney. Alex has a Bachelor of Science (Hons) from Nottingham University and she is a CIMA Chartered Management Accountant.

Fiona Ali

Client Services & Support

Fiona Ali

Client Services & Support

Kenn Savvas

Marketing Support (Intern)

Kenn Savvas

Marketing Support (Intern)

Annika Bradley

RISK & COMPLIANCE (Lodrino Consulting)

Annika Bradley

RISK & COMPLIANCE (Lodrino Consulting)

John Nunan

PRODUCT CONTROL & STRUCTURING (Lodrino Consulting)

John Nunan

PRODUCT CONTROL & STRUCTURING (Lodrino Consulting)