Forager Funds Management

What Forager Funds Management does

Forager Funds Management Pty Ltd is a privately held boutique Australian fund manager founded in 2009 and headquartered in Sydney. The firm manages two actively managed open-ended unit trust funds — the Forager Australian Shares Fund (FASF, launched 2009) and the Forager International Shares Fund (FISF, launched 2015) — employing a long-term, valuations-based investment philosophy that targets meaningful returns from unloved, under-researched, and undervalued equities. Portfolios are concentrated, with a stated small/mid-cap focus and deliberate fund-size discipline to preserve nimbleness and opportunism. The firm serves retail and wholesale investors including self-managed super fund (SMSF) clients in Australia and New Zealand, with minimum investments of A$20,000 lump sum or A$1,000 per month via direct channels, and lower minimums available through select platform partners.

The business model is asset-management-fee based, generating revenue through (1) management fees charged as a percentage of funds under management, and (2) performance fees charged when fund returns exceed defined thresholds, with full terms disclosed in each fund's Product Disclosure Statement. Distribution is conducted via direct online applications, the Automic-hosted investor portal, and platform reseller channels, supported by an investor-engagement program comprising monthly reports, quarterly webinars, the "Stocks Neat" podcast, and an annual roadshow. The Responsible Entity for both funds is The Trust Company (RE Services) Limited (part of the Perpetual Group), with Automic Group providing registry services and Apex Group serving as fund administrator.

Operationally, Forager maintains a lean team (11–50 employees) and reports 15-year since-inception annualised returns of 9.60% for FASF and 11.62% for FISF, though recent 1-year performance is negative across both funds. The firm has adopted AI tooling in a limited, support-capacity role for investor-data analytics (engagement scoring, contact segmentation) and process automation, with all outputs subject to human review. The funds are available only to Australian and New Zealand investors, and the management company itself is independent, with no disclosed private equity, venture capital, or institutional ownership.

Name

Forager Funds Management

Legal name

Forager Funds Management Pty Ltd

Website

https://foragerfunds.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Forager Funds Management is a privately held Sydney-based boutique fund manager operating two actively managed equity funds — the Forager Australian Shares Fund and Forager International Shares Fund — for retail and wholesale investors in Australia and New Zealand, employing a long-term, small/mid-cap value strategy and earning revenue from management and performance fees.

Ownership category

akta.pro rank

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management Fees: Charged as a percentage of funds under management. Full details outlined in the PDS for each Fund.
2. Performance Fees: Charged when fund performance exceeds a certain threshold. Full details outlined in the PDS for each Fund.

Pricing tiers

Distribution channels4 records

Marketing channels5 records

Core offering

Forager Funds Management is a boutique Australian fund manager that runs two actively managed, open-ended unit trust equity funds: the Forager Australian Shares Fund (FASF) and the Forager International Shares Fund (FISF). Both funds pursue meaningful long-term returns by investing in concentrated portfolios of unloved, under-researched, and undervalued companies, primarily in the small and mid-cap segment, and offer daily applications and redemptions to retail and wholesale investors in Australia and New Zealand.

Product overview

Forager Funds Management is a boutique Australian fund manager offering two actively managed equity funds: the Forager Australian Shares Fund (FASF) and the Forager International Shares Fund (FISF). Both funds operate as open-ended unit trusts with daily liquidity. FASF focuses on Australian-listed companies, primarily small and micro-caps, while FISF invests in global equities outside Australia, primarily small and mid-caps. The firm employs a long-term, valuation-based investment philosophy seeking undervalued companies where the market is mispricing them.

Differentiator

Problem solved

Functional benefit

Brands

• Forager Australian Shares Fund (FASF): Concentrated ASX stock portfolio with a small-cap focus and proven track record of finding undervalued gems. Open-ended unit trust structure with daily applications and redemptions.
• Forager International Shares Fund (FISF)

Products and services

• Forager Australian Shares Fund (FASF) A concentrated ASX-listed equity portfolio with a small-cap focus, targeting meaningful long-term returns from unloved, under-researched and undervalued Australian companies. Open-ended unit trust structure with daily applications and redemptions, available to retail and wholesale investors.
• Forager International Shares Fund (FISF) A concentrated global equities portfolio combining small and medium-sized businesses with larger, more resilient companies, focused on unloved, under-researched, and undervalued non-Australian listings. Open-ended unit trust structure with daily applications and redemptions, available to retail and wholesale investors.

Quantifiable outcome

• 9.60% Since Inception Annualised (Australian Shares Fund)
• +1 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Perpetual (The Trust Company (RE Services) Limited)coreOthersPerpetual serves as the Responsible Entity and issuer of both the Forager Australian Shares Fund (ARSN No. 139 641 491) and the Forager International Shares Fund (ARSN No. 161 843 778). Perpetual is a major Australian financial services company providing fund oversight and compliance.
• Automic Group Pty LtdcoreTechnology or IntegrationAutomic serves as the registry for both Forager funds, processing applications, redemptions, and managing investor records. They also provide the investor portal platform where unitholders can access their investment information and documents.
• Apex GroupminorOthersApex Group serves as the Administrator for the funds, handling fund administration services.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• WAM Capital (Wilson Asset Management): Sydney-based boutique active manager with multiple listed investment companies focused on Australian small-cap value investing. Comparable boutique philosophy and small-cap value orientation, though delivered via LIC structure.
• Antipodes Partners: Sydney-based boutique active global equity manager applying a value-led, contrarian philosophy across listed equities. Comparable boutique scale, concentrated portfolio construction and Australian retail/institutional distribution.
• Airlie Funds Management: Boutique Australian active equity manager with a long-term, valuation-driven approach investing in Australian and select global equities. Directly comparable boutique size, philosophy and product positioning.
• Allan Gray Australia: Australian affiliate of the South African-based Allan Gray, running concentrated active equity strategies with a long-term, valuation-driven philosophy. Comparable boutique-style active equity approach and Australian retail/institutional distribution.
• Platinum Asset Management: Australian active global equity manager employing a value-driven, contrarian investment approach targeting undervalued companies. Directly comparable active management philosophy and global small/mid-cap orientation.
• NAOS Asset Management: Australian boutique active manager investing in undervalued listed small/mid-cap companies via LIC and managed fund structures. Closely comparable boutique philosophy, scale and Australian small/mid-cap value focus.
• Spheria Asset Management: Boutique Australian active equity manager specialising in small and mid-cap Australian and New Zealand companies. Directly comparable boutique scale and small/mid-cap value orientation.
• Loftus Peak: Australian boutique active manager running concentrated global equity portfolios with a focus on disruptive and resilient businesses. Comparable concentrated fund structure and active Australian distribution.
• Magellan Asset Management: Sydney-based active equity manager running concentrated global and Australian equity strategies for retail and institutional investors. Closely comparable business model, product structure and Australasian distribution footprint, although at materially larger scale.

Broad incumbents

• Perpetual Limited: Major Australian financial services group operating as Responsible Entity for Forager's funds and offering its own extensive active and passive investment products. Comparable Australian fund management footprint at significantly larger scale across multiple asset classes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@foragerfundsmanagement5034
• Xx.com/ForagerFunds

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forager Funds Management