# FOR - Forager Australian Shares Fund



## So_Cynical (9 December 2016)

The Forager Australian Shares Fund - Offering investors exposure to a unique portfolio of undervalued Australian shares, specialising in small, unusual opportunities that many other investors miss...due to list on Friday the 16th Dec.

https://foragerfunds.com/australian-fund-summary/

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Steve Johnson of Forager Funds discusses with Ticky Fullerton of the ABC's Business program the intended closure of the Forager Australian Shares Fund to new investments and the plans to then list on the ASX.


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These guys are good mangers, im keen to get some, fund is listed because its getting to big, no capital raising and no new shares or options to be issued...just for something different.

Fund Manager Performance - September 2016 Quarterly Video.


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## JTLP (14 December 2016)

So Cynical - did you get some in the float or waiting for the 1st day? They sound interesting and have a decent track record...I'll be watching.


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## ReXXar (14 December 2016)

Despite my aversion to anyone that manage other people's money, I do agree Forager is one of the better ones.  

I remembered they wrote an excellent article when Dick Smith first launched their IPO, they pointed out that the PE firm that took them public must've raped its inventory through write-downs and massive fire sale in order to pump up the sales growth just before the IPO.  And they correctly predicted that in doing so Dick Smith must spend significant cash at the new shareholders' expense to re-stock inventory, 12 months later, Dick Smith went bust when they ran out of cash..

It also seems more often than not when I look at some obscure stock that has taken a hammering, Forager would make a sizeable investment, so it appears they're contrarian investors.


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## So_Cynical (14 December 2016)

JTLP said:


> So Cynical - did you get some in the float or waiting for the 1st day? They sound interesting and have a decent track record...I'll be watching.




There was no float ~ the fund has been running for about 5 years, due to list on Friday and as per usual im in 2 minds, tempted to just buy regardless on the first day, and the flip side to wait for a lower entry down the track a little, arguably it would only take a bad ann from one of their holdings to see some volatility.



ReXXar said:


> It also seems more often than not when I look at some obscure stock that has taken a hammering, Forager would make a sizeable investment, so it appears they're contrarian investors.




I wouldn't call them pure contrarian, they buy stocks trading at below fair value and sell them when they trade at fair value, they bought Whitehaven in the middle of that coal rout just based on fair value, looks contrarian but probably isn't.


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## So_Cynical (15 December 2016)

Listing at 11am tomorrow, top 20 hold just 23%, 1624 shareholders in total, 87,640,000 shares, fund is suppose to be worth about 180 million so should be trading at about $2 per share...lets see.


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## So_Cynical (16 December 2016)

So_Cynical said:


> Listing at 11am tomorrow, top 20 hold just 23%, 1624 shareholders in total, 87,640,000 shares, fund is suppose to be worth about 180 million so should be trading at about $2 per share...lets see.




NTA of $1.58 ~ the buyers had to go to the sellers at way above NTA, share price kept dropping as the day wore on, light volume as expected, closed still well above NTA, well done to the Forager management team and holders.
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## So_Cynical (1 May 2017)

5 Months later and once again visiting the $2 top, NTA $1.79, higher lows for the last 2 months. wish i had bought that low soon after listing, i had a buy order for $1.565 but it didn't get filled..2 or 3 cents in it from memory.
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## So_Cynical (29 August 2018)

August 2018 Forager roadshow video, runs over an hour.
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