CELH - Forager CIO's Quarterly Letter - September 2020

• With ~$320M of funds under management and a focus on long-term investing, Forager Funds is a unique Australian asset management company. Forager is a sustainable business but is nimble enough to invest in smaller listed companies not accessible to many investment managers.
• The Australian and International Funds delivered quarterly returns of 26% and 13%, respectively.
• Firstly, your time horizon is crucial. If you need to sell your shares next week, then stock price variability is a significant risk for you. But if you have the capacity and intent to hold an investment for five or 10 years, what happens next week doesn’t matter.
• The Australian government’s net debt position is expected to peak at around 50% of GDP, a level most Western governments would be envious of prior to the pandemic.

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