30 Sep 2026Forager FundsOFXIncreasedForager Funds increased its position in OFX Group because it continues to believe the foreign exchange provider's client base, platform and global licences represent an attractive target for Equals Group and other potential acquirers. OFX agreed in July to an all-cash takeover proposal from UK-based Equals at $1.00 per share, but the due diligence and funding process, initially slated for four to eight weeks, has dragged out, with another extension to late October agreed alongside a downgraded operating outlook. The share price fell from a post-bid high of $0.83 to about $0.60, which Forager says implies a low probability of completion, prompting it to top up the holding.
30 Sep 2026Forager FundsCCLExitForager Funds sold its investment in Cuscal because the market has largely recognised the quality of the payments infrastructure provider, closing much of the valuation gap. Cuscal delivered a full-year result broadly in line with expectations, with transaction growth, the Indue acquisition and the Paymark deal reinforcing its recurring, volume-driven revenue base. Forager notes Cuscal sits behind Australia's payments system, giving it high switching costs and strong share among smaller banks. Strong share price performance from a $2.50 IPO in November 2024, growing broker coverage and ASX 300 inclusion brought new investors, and with the easier re-rating captured near $6.00, Forager exited in September.
Forager Funds Management is a Sydney-based boutique fund manager founded by Steve Johnson, specializing in deep-value, benchmark-unaware investing across Australian and international small and mid-cap equities. Forager applies old-fashioned fundamental analysis, seeking mispriced businesses that the broader market has overlooked or misunderstood, and is willing to hold concentrated positions and significant cash when opportunities are scarce. The firm is known for its highly transparent communication style, publishing detailed, often frank quarterly reports and investment theses for unitholders. Forager runs both an Australian shares fund and an international shares fund, appealing to investors seeking a genuinely active, contrarian alternative to index-based approaches.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
30 Sep 2026Forager FundsOFXIncreasedForager Funds increased its position in OFX Group because it continues to believe the foreign exchange provider's client base, platform and global licences represent an attractive target for Equals Group and other potential acquirers. OFX agreed in July to an all-cash takeover proposal from UK-based Equals at $1.00 per share, but the due diligence and funding process, initially slated for four to eight weeks, has dragged out, with another extension to late October agreed alongside a downgraded operating outlook. The share price fell from a post-bid high of $0.83 to about $0.60, which Forager says implies a low probability of completion, prompting it to top up the holding.
30 Sep 2026Forager FundsCCLExitForager Funds sold its investment in Cuscal because the market has largely recognised the quality of the payments infrastructure provider, closing much of the valuation gap. Cuscal delivered a full-year result broadly in line with expectations, with transaction growth, the Indue acquisition and the Paymark deal reinforcing its recurring, volume-driven revenue base. Forager notes Cuscal sits behind Australia's payments system, giving it high switching costs and strong share among smaller banks. Strong share price performance from a $2.50 IPO in November 2024, growing broker coverage and ASX 300 inclusion brought new investors, and with the easier re-rating captured near $6.00, Forager exited in September.
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