The Australian Shares Fund is listed on ASX (ASX:FOR) as a Listed Investment Trust.


The Portfolio

We specialise in small, unusual opportunities that many investors miss. Our investing approach means the Forager Australian Shares Fund is unique in a number of ways:

  • By using a concentrated, selective, flexible approach we have been able to deliver long-term returns.
  • Due to our concentrated, value driven approach the returns we deliver are unlikely to be correlated with any particular index, benchmark or asset class in the short-term.
  • We aim to maximise the Fund’s expected return whilst taking calculated risks. We focus on avoiding permanent capital losses although accept the risks of investing in deep value stocks.
  • The Fund is permitted to invest in any ASX-listed security and hold unlisted securities (up to 10%) and as much cash as we deem appropriate. This allows us to be patient, nimble and seek value wherever it arises.
  • The investment mix within the portfolio can change significantly and sometimes quickly. Ask your adviser or contact us for the latest investment mix and the size of the Australian Fund.

Market Price vs. NAV

Visit ASX (FOR) Investor Centre

Performance (net of all fees)

As at 30 September 2021 | Inception Date: 31/10/2009

1 year
11.67% p.a
3 year
8.92% p.a
5 Year

*All performance figures for this fund are based on the pre-tax Net Asset Value (NAV), not the market price. Past performance is not a reliable indicator of future performance. The Trust Co (RE Services) Limited and Forager Funds Management do not guarantee investment performance or distributions, and the value of your investment may rise or fall.

A fact sheet for the Forager Australian Shares Fund, which includes performance, is released monthly. At the end of each quarter, a more detailed Quarterly Report is published.

Prior to 30 June 2014, the Forager Australian Shares Fund was known as the Intelligent Investor Value Fund. Whilst this is the same fund and Chief Investment Officer, reports prior to that date use the former name.


Management & expense recovery fee
Performance fee (on returns over 8% p/a)
Establishment & withdrawal Fees

*Please refer to the Product Disclosure Statement for a detailed break down of fees and costs.

The performance fee in the Australian Shares Fund is 10% (inclusive of GST net of RITC) of the net return (excluding the impact of the performance fee) of the Fund in excess of 8% per annum (i.e. after the deduction of any fees (other than the performance fee), costs, expenses or taxes), calculated and paid semi-annually in arrears based on the average net asset value of the Fund over the relevant six month period.

All fees are accounted for in the calculation of the indicative NAV, announced daily on ASX.

Forager Australian Shares Fund Distribution Components 30 June 2020

Distribution components