We seek meaningful long-term returns from investments in unloved, under-researched and undervalued stocks.

Forager is a boutique Australian fund manager, investing $380 million in listed shares on behalf of more than 2000 long-term investors. Over our 15-year journey, we’ve carved out a niche by focusing on smaller listed companies and capitalising on market distress and investor panic. As a privately owned company, with significant staff ownership and co-investment in our Funds, staff, shareholders and investors are all strongly aligned.

Investment Strategy

Our investment strategy focuses on uncovering undervalued opportunities worldwide, from promising small businesses to resilient mid and large-cap stocks. We aim to acquire shares below their true value, relying on 15 years of Forager history, thorough research, patience and bouts of investor panic.


Forager Inception & Start of Australian Fund


International Fund Inception


Forager Funds Management established as a standalone company


Listing FASF on ASX


Delisting FASF on ASX


Forager’s journey began in 2009 when Steve Johnson set up Intelligent Investor Funds, to take advantage of niche opportunities in Australia. This type of investment is still a feature of the Australian Shares Fund today. The International Shares Fund was established in 2013, and in 2014 the company became Forager Funds Management. In 2024 Forager turns 10, and is proud to have many investors from back in 2009 still invested today.

Investor Alignment

Our promise to investors is straightforward: we invest our own money right alongside yours. We're committed to keeping our fund size manageable, ensuring we remain agile and true to our values. Communication will always be clear and transparent. We believe these principles, coupled with our tried-and-tested investing approach, give us the best chance of success. At Forager, attracting the right kind of investor, those who share our long-term, opportunistic outlook, is more crucial than just increasing our investor numbers.


There is inherent volatility within the Forager investment universe because they’re investing at the smaller end of the market. I like volatility, I’m used to it in my day job, it’s not always pleasant but it doesn’t worry me. I think where Forager wins for me is they seem to have a real curiosity, which in my experience you don’t get with other funds that seem more mechanical.

Craig, Regional NSW

I’ve trusted Forager and have confidence in them to deliver results for me over a long period of time. It’s not a conventional addition, but it’s a complement to my portfolio. The team communicates with me about where they’ve got it wrong and how they’re getting it right. In my experience, they’re not your typical funds management team – they’re open and honest with how they approach investing and how they plan to grow my portfolio over time.

Gavin, WA