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Forager

Dec 2024 → Aug 2026 · Publishes quarterly · 4 funds

Our archive holds 9 letters from Forager, behind 14 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.

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Forager’s own letters page
9
Letters
10
Companies
0
Moves
14
Theses

3 strategies

Forager publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Also filed under Forager Funds.

Companies held · 10

Every company Forager has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 14

  • Sage Group
    March 2026

    Sage Group is an accounting and financial management software company with sticky, low-cost products, strong cash generation and shareholder returns.

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  • Auto Trader
    March 2026

    Auto Trader is the dominant UK used-car classifieds platform with high margins, minimal capital needs and strong cash returns to shareholders.

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  • Bravura Solutions
    March 2026

    Bravura Solutions provides core software for wealth managers and super funds, with high switching costs and durable customer inertia.

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  • CAR Group
    March 2026

    CAR Group operates a network-effect classifieds platform for cars, where value comes from ecosystem position rather than the code itself.

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  • Broadleaf
    March 2026

    Broadleaf provides automotive aftermarket software and is benefiting from cloud migration, margin expansion and structural digital transformation tailwinds.

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  • TechnologyOne
    March 2026

    TechnologyOne provides mission-critical software to government and education customers, supported by high switching costs and trusted long-term relationships.

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  • Aroa Biosurgery
    December 2025

    Aroa Biosurgery is a regenerative tissue company with high-margin partner sales and accelerating direct distribution that is driving operating leverage and cash generation.

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  • ReadyTech
    June 2025

    ReadyTech is a resilient vertical software business with strong recurring revenue and low churn, though growth has moderated and its share price has declined, presenting a potential acquisition opportunity.

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  • RPMGlobal
    June 2025

    With a rapidly growing subscription business, strategic positioning for sale, and clear acquisition comparables, RPMGlobal stands out as a prime software asset likely to attract a premium bid.

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  • Tyro Payments
    June 2025

    With strong financial momentum, strategic infrastructure, and renewed acquisition interest—including from global player Stripe—Tyro Payments appears primed for a potential takeover.

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  • Nutex Health
    March 2025

    Nutex is transforming from a struggling company facing challenges in the healthcare sector to a potentially profitable business with strong cash flow and growth prospects, despite ongoing risks and market volatility.

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  • Nanosonics
    March 2025

    With dominant market share, razor-blade economics, and a high-margin growth engine in Trophon, Nanosonics offers strong fundamentals—while Coris adds a powerful long-term kicker.

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Letter archive · 9

2026

2025

2024

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