About us

With more than $350 million of funds under management and a focus on long-term investing, Forager Funds is a unique Australian asset management company.

Following a strong eight-year track record, Forager is a sustainable business but is nimble enough to invest in smaller listed companies not accessible to many investment managers.

The company is majority owned by staff and Forager’s external shareholders support the desire to place performance before revenue. That means capping the size of funds before too much money becomes an impediment to performance.

Key investment staff are strongly aligned with investors through co-investment and equity in the Forager business.

Performance (net of all fees)

Australian Shares Fund Performance Summary

As at 31 October 2017 | Inception Date: 31/10/2009

16.23%
1 year
18.10% p.a
3 year
20.89% p.a
5 Year

International Shares Fund Performance Summary

As at 31 October 2017 | Inception Date: 08/02/2013

20.42%
1 year
12.79% p.a
2 year
16.96% p.a
3 Year

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

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 mispricing. 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

Forager's HistoryForager's History

Over 15 years ago, John Addis and Robert Carey founded a stock-market newsletter called The Intelligent Investor. The aim was to make the opaque and conflicted world of investing accessible to a growing army of DIY investors. They were joined by value investing fanatic Greg Hoffman in 2001 and, in 2004, Greg roped his childhood friend and fellow value investing fanatic Steve Johnson into a buyout of the company.

In 2009, Steve launched a funds management business, Intelligent Investor Funds Management. The aim was to provide subscribers to Intelligent Investor access to the smaller, sometimes more complicated investment opportunities still associated with the Forager Australian Shares Fund.

The business grew and the International Shares Fund was established in early 2013. In 2014, the publishing business, along with the Intelligent Investor brand, was sold to ASX-listed company Australasian Wealth Investments.

Intelligent Investor Funds Management, still owned by Steve, Greg and the other shareholders, was renamed Forager in July 2014.

Alignment with InvestorsAlignment with Investors

Our commitments to investors are as follows. First, we invest our money alongside yours. Second, we plan to restrict the amount of money we accept so that we can stay small and nimble. Third, we will communicate in a clear and transparent way.

It’s our belief that, along with tried and true value investing principles, these commitments give us the best possible chance of success.

Forager’s staff invest a significant portion of their wealth alongside you. And we have committed to limiting the funds to a size that allows them to remain invested in small to medium sized stocks.

One of our competitive advantages is an aligned and patient investor base.

At Forager, attracting the right sort of investor is more important than attracting investors per se.

New to value investing? Visit our education page to find out more

VALUE INVESTING EDUCATION