Forager
Forager Funds (Australian Shares Fund and International Shares Fund)
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 12 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Forager for every strategy.
Performance
as of Sep 30, 2026 · net of fees · AUD
- 1Y−21.3%index −6.7%
- 3Y · /yr+10.3%index +10.4%
- 5Y · /yr+1.9%index +2.2%
- 10Y · /yr+5.4%index +6.1%
- Inception · /yr+9.3%index +4.8%
Index: Small Ordinaries Accumulation Index
| 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Forager Funds (Australian Shares Fund and International Shares Fund) | −21.3% | +10.3% | +1.9% | +5.4% | +9.3% |
| Small Ordinaries Accumulation Index | −6.7% | +10.4% | +2.2% | +6.1% | +4.8% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We continue to believe that OFX’s client base, platform and global licenses represent an attractive target for Equals and other would-be acquirers and have topped up the Fund’s holding.
After last month’s strong result propelled the business back to fuller valuations, we sold the stock once again.
Wix shares are up 45% since the Fund first invested at the beginning of July, and 78% from the June low.
By September, the Fund had sold its remaining shares.
The Fund has also made a new investment in Hansen (ASX:HSN), a billing and customer management software provider for utilities and telecommunications companies which the Fund has owned in years past.
With the easier re-rating largely captured and the stock trading at about $6.00 per share, the Fund exited the investment during September.
Also held
Its investment theses
- Wix.com Ltd.Sep 2026Wix.com builds no-code websites and is seen as having higher prospective returns, with strong revenue growth and improving margins from Base44.
- NorthsandSep 2026Northsand helps Japanese companies modernize legacy IT systems and is benefiting from a long runway of growth and severe labor shortages.
- Broadleaf Co., Ltd.Sep 2026Broadleaf supplies software to Japanese car repair shops and benefits from pricing power, labour shortages and still-attractive valuations.
- Crocs, Inc.Sep 2026Crocs sells footwear and delivered record revenue, but the fund is cautious after the easy gains and margin pressure from tariffs.
- YETI Holdings, Inc.Sep 2026YETI sells outdoor gear and coolers, but valuation is currently too rich despite solid sales growth.
- Builders FirstSource, Inc.Sep 2026Builders FirstSource distributes building materials to US home builders and is tied to the housing cycle and interest rates.
- Motorcycle Holdings LimitedSep 2026Motorcycle Holdings distributes CF Moto motorcycles in Australia and New Zealand and looks attractive on growth, earnings momentum and valuation.
- Catapult Sports LtdSep 2026Catapult Sports provides wearable technology and software for elite sports teams, supported by low churn, strong free cash flow and expansion potential.
- OFX Group LimitedSep 2026OFX provides foreign exchange services and is viewed as an attractive acquisition target because of its client base, platform and global licenses.
- IDP Education LimitedSep 2026IDP Education runs a global student placement platform and IELTS testing business, with strategic value still evident despite a difficult cycle.