Key Facts

Index Used: ASX 200 Total Return Discretionary/Quantitative: Discretionary
Peer Group: Equity Long - Small/Mid Cap - Australia FUM (millions): AU$ 159.2m
Investment Style: Value Fund Inception Date: October 2009
Geographic Mandate: Australia Latest Return Date: February 2024
Investor Type: Retail Status: Open
Minimum Investment: AU$ 20,000 Investment Frequency: Weekly

Manager Details

Forager Funds Management was launched by Steven Johnson in 2009 as Intelligent Investor Funds Management, as part of the Intelligent Investor group which provided value investing advice to retail investors through a subscription based publishing business for the previous 10 years.

In 2014 the Intelligent Investor publication was sold to new management, and the investment manager was renamed Forager Funds Management. The investment manager has grown and has six investment staff across both the Australian fund (which is listed on the ASX) and the Global fund.

Steven Johnson, Forager's Chief Investment Officer has been a director and shareholder of Forager since inception and was previously a director and shareholder of Intelligent Investor. Prior to that he worked at Macquarie Group and UBS. Steven has a Bachelor of Economics (Econometrics and Finance) from the University of New South Wales and is a CFA charter holder. His experience is focused on value investing, and includes writing research and providing investment recommendations for Intelligent Investor, and as Chief Investment Officer of Forager Funds Management since inception.
Forager Funds Management was launched by Steven Johnson in 2009 as Intelligent Investor Funds Management, as part of the Intelligent Investor group which provided value investing advice to retail investors through a subscription based publishing business for the previous 10 years.

Strategy Description

The Fund is permitted to invest in any ASX-listed security and hold unlisted securities (up to 10%) and as much cash as is deemed appropriate.

The aim to maximise the Fund's expected return whilst taking calculated risks. There is a focus on avoiding permanent capital losses although accept that there are risks of investing in deep value stocks when undertaking research.

The Fund is a concentrated portfolio of 20-30 stocks and is structured as an LIT.
The Fund is permitted to invest in any ASX-listed security and hold unlisted securities (up to 10%) and as much cash as is deemed appropriate.

The aim to maximise the Fund's expected return whilst taking calculated risks. There is a focus on avoiding permanent capital losses although accept that there are risks of investing in deep value stocks when undertaking research.

The Fund is a concentrated portfolio of 20-30 stocks and is structured as an LIT.

Fund Fees

Management Fee: 1% Performance Fee: 10%
Buy Spread: 0.25% Sell spread: 0.25%
High Water Mark: Yes Hurdle: 8% per annum before the deduction of any fees, costs, expenses or taxes

Fund Structure

Offshore/Onshore: Onshore Fund Structure: LIC
Share Classes: AU$ Trustee/RE: The Trust Company (RE Services)
Administrator: White Outsourcing Prime Broker: N/A
Custodian: White Outsourcing Legal: MinterEllison

Ratings & Availability

Research Ratings

None.

Platform Availability

No Data.

Performance Review

The Forager Australian Shares Fund (ASX: FOR) has a track record of 14 years and 4 months and has outperformed the ASX 200 Total Return benchmark since inception in November 2009, providing investors with an annualised return of 9.45% compared with the benchmark's return of 8.05% over the same period.

The Manager has delivered these returns with 6.76% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.45 since inception. The fund has provided positive monthly returns 76% of the time in rising markets and 29% of the time during periods of market decline, contributing to an up-capture ratio since inception of 74% and a down-capture ratio of 91%.

The Forager Australian Shares Fund (ASX: FOR) rose by +4.43% in February, an outperformance of +3.64% compared with the ASX 200 Total Return benchmark which rose by +0.79%. Over the past 12 months, the fund's best monthly return was +7.14% compared with the benchmark's best return of +7.26%, and its worst monthly return was -6.45% vs the benchmark's worst return over the same period of -3.78%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
2024-1.074.43NANANANANANANANANANA3.31
20235.95-4.62-3.852.610.340.344.181.51-0.54-6.454.767.1410.86
2022-7.55-7.482.86-7.29-9.60-12.3012.281.67-6.537.585.75-3.87-24.54
2021-3.054.071.2113.230.261.625.012.580.451.57-1.352.8131.31
20202.46-10.97-39.7120.5718.04-2.163.7018.802.007.7913.223.5621.62
20190.984.46-0.95-2.02-3.97-1.466.67-1.094.381.54-3.22-1.503.27
2018-0.57-3.18-2.642.77-0.971.91-0.52-1.90-2.19-6.16-3.78-3.68-19.30
20177.201.291.601.161.161.002.32-0.952.690.950.214.0624.92
2016-1.332.704.402.481.51-3.926.993.254.50-1.99-4.651.7616.08
20150.943.384.87-2.423.13-2.347.94-4.46-1.3812.87-2.970.2220.06
20141.050.48-1.28-3.441.28-0.156.702.56-1.23-2.06-0.21-1.152.21
20135.834.864.511.412.65-0.6910.451.134.772.50-0.110.3844.21
20121.538.905.022.17-0.51-2.648.700.442.83-3.074.570.3331.20
20111.580.47-1.493.40-5.39-0.83-1.00-2.61-7.209.89-0.02-4.62-8.55
2010-1.660.08-0.344.60-4.27-4.404.97-2.40-2.80-1.543.126.591.19
2009NANANANANANANANANANA-0.692.521.81

Only seven years of data shown. Click here to view all data.

Annual Returns

Over the past 12 months, the fund has risen by +13.34% compared with the benchmark which has returned +10.64%, for a difference of +2.7%. Since inception in November 2009, the fund has returned +9.45% per annum, a difference of +1.4% relative to the benchmark which has returned +8.05% on an annualised basis over the same period.

Cumulative Returns

On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $364. The same amount invested in the benchmark over the same period would have become $303.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 12.77% vs the index's 10.7%. The annualised volatility of the fund's returns since inception in November 2009 is 20.19% vs the index's 13.43%. Over all other periods, the fund's returns have been more volatile than the benchmark.

Sharpe Ratio

The fund's Sharpe ratio has ranged from a high of 0.74 for performance over the most recent 12 months to a low of -0.01 over the latest 24 months, and is 0.45 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since November 2009 is 0.48.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in November 2009 in the months where the market was positive, the fund has provided positive returns 76% of the time, contributing to an up-capture ratio for returns since inception of 74.22%. Over all other periods, the fund's up-capture ratio has ranged from a high of 197.45% over the most recent 48 months to a low of 107.45% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.

Performance in Negative Markets

Since inception in November 2009 in the months where the market was negative, the fund has provided positive returns 29% of the time, contributing to a down-capture ratio for returns since inception of 91.36%. Over all other periods, the fund's down-capture ratio has ranged from a high of 144.37% over the most recent 24 months to a low of 91.69% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.

Average Return in +ve Market %

 

Average Return in -ve Market %

 

Sortino Ratio

The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.06 for performance over the most recent 12 months to a low of -0.16 over the latest 24 months, and is 0.49 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since November 2009 is 0.57.

Drawdown

Over the past 12 months, the fund's largest drawdown was -6.96% vs the index's -7.19%, and since inception in November 2009 the fund's largest drawdown was -54.17% vs the index's maximum drawdown over the same period of -26.75%.

Sortino Ratio

 

Drawdown%

 
Fund Index Peer group

Quintile Ranking vs. Average Equity Long - Small/Mid Cap - Australia as of February 2024

The performance of the Forager Australian Shares Fund (ASX: FOR) ranked it in the first or second quintile for all KPIs except Volatility and Downside Deviation over 1 year.

Over the past 12 months, the fund has risen by +13.34% compared with the peer group which has returned an average of +9.72%, for a difference of +3.62%.

The fund's returns over the past 12 months have been achieved with a volatility of 12.77% vs the peer group's average volatility of 11.08%. The annualised volatility of the fund's returns since inception in November 2009 is 20.19% vs the peer group's 14.54%. Over all other periods, the fund's returns have been more volatile than the peer group.

1 Year
3 Year
5 Year
7 Year
Forager Australian Shares Fund (ASX: FOR)
ASX200 Total Return
Quintile Rankings display Key Performance Indicators (KPI's) against the fund's Peer Group. Each green square ranks the fund in one quintile (or 20%) of its peer group - five green squares indicate the fund is in the best quintile for each KPI. The performance of the peer group's underlying index is shown by a red dot.