- Forager Funds is a unique Australian asset management company, with ~$400M of funds under management and a focus on long-term investing. Forager is a sustainable business but remains nimble enough to invest in smaller listed companies not accessible to many investment managers. Key investment staff are strongly aligned with investors through co-investment and equity in the Forager business.
- The Forager International Shares Fund returned positive 38.3% for the year. In absolute terms, that is an outlier. The Forager Australian Shares Fund’s 21.6% return is less of an outlier.
- The lockdowns have hit a small percentage of the population hard but, as a whole, the savings rate in Australia soared to more than 20% of disposable income, a level unprecedented in RBA records.
- Investors are using low long-term interest rates, based on a lack of inflation concerns, to justify sky-high prices for property, infrastructure assets and Tesla shares.
- We do not know what 2021 will bring. But if the market continues to race higher, the portfolio will continue to get more defensive. Incricketing parlance, more blocks and singles, fewer boundaries.
For further details see:
Forager CIO's Quarterly Letter - December 2020