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Forager Australian Shares Fund

Fund Manager: Forager Funds Management
Inception Date: Dec 16, 2016

Listed investment trust resonates with SMSFs

Self Managed Super - Dec 19, 2016

Forager Funds Management’s flagship listed investment trust (LIT), the Australian Shares Fund, commenced trading on the Australian Securities Exchange (ASX) last Friday at a market cap of $138 million, with more than half of its units held by SMSFs. Like other closed-end structures, such as a listed investment company, the number of units on issue in the LIT was fixed, meaning the fund would not be required to set aside liquidity to meet any potential redemption requests, Forager said. One of Australia’s few LITs, the unique vehicle was selected due to its suitability for the fund’s style of investing and had captured the attention of SMSF investors, Forager chief investment officer Steve Johnson noted. [More]

Forager Australian Share Fund (FOR) today launched on the ASX, with a market cap of around $140m and $160m invested by Forager in the overall strategy, becoming the 5th Listed Investment Company (it’s actually a Listed Investment Trust, but more on this later) to list on the ASX for 2016. This listing is a little different to usual, with the fund converting from a regular managed fund to a listed investment, rather than the typical LIC listing where capital is raised for a new investment v ... [More]

Steve Johnson is more than comfortable being an outsider in the funds management world. After moving from country NSW to play rugby league for Canterbury Bankstown and study civil engineering in Sydney, he didn’t excel at either, but eventually got a foot in the door at UBS — sorting mail. He later worked in project finance at Macquarie, and then bought into Intelligent Investor along with fellow Warren Buffet fanatic, Greg Hoffman, in 2004. It was a natural progression to found the deep-value Forager Funds Management in 2009. Ahead of Friday’s ASX float of Forager’s $136 million Australia Shares Fund, the CIO told The Australian that he sees some advantages in being on the outside of the “private school” set. [More]

Forager pursues ASX listing

AFR - Dec 13, 2016

Forager Funds Management is taking its Australian equity fund to the ASX, with the outspoken and contrarian fund manager citing the challenges of running a closed-end fund as a key consideration for the change. Forager chief investment officer Steve Johnson said that unit holders voted to convert the unlisted fund to a listed investment trust – as opposed to a listed investment company – and he expected the vehicle to commence trading on Friday. "This is a structure that is right for us. We are not looking at what anyone else is doing," Mr Johnson said. [More]

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