Forager International Shares Fund
31 May 2024
Key Facts
| Index Used: | All Countries World Index (AUD) | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Mid/Small Cap - Global | FUM (millions): | AU$ 228.4m |
| Investment Style: | Growth | Fund Inception Date: | February 2013 |
| Geographic Mandate: | Global | Latest Return Date: | May 2024 |
| Investor Type: | Retail | Status: | Open |
| Minimum Investment: | AU$ 20,000 | Investment Frequency: | Weekly |
Manager Details
In 2014 the Intelligent Investor publication was sold to new management, and the investment manager was renamed Forager Funds Management. The investment manager has grown and has six investment staff across both the Australian fund (which is listed on the ASX) and the Global fund.
Steven Johnson, Forager's Chief Investment Officer has been a director and shareholder of Forager since inception and was previously a director and shareholder of Intelligent Investor. Prior to that he worked at Macquarie Group and UBS. Steven has a Bachelor of Economics (Econometrics and Finance) from the University of New South Wales and is a CFA charter holder. His experience is focused on value investing, and includes writing research and providing investment recommendations for Intelligent Investor, and as Chief Investment Officer of Forager Funds Management since inception.
Strategy Description
The aim is to provide the best risk adjusted returns possible over a long-term time horizon from the world's stockmarkets. The research team seek undervalued and underappreciated businesses and invest where they believe the best opportunities are at that time. The Fund holds a mix of large liquid companies, and smaller less well known businesses. It is these small cap stocks that have historically delivered returns in this fund.
The Fund holds 20-40 stocks in the portfolio and seeks to manage these holdings such that there is not a substantial exposure to any one country or identifiable risk.
The currency exposure that arises from owning foreign stocks is not hedged back to Australian dollars.
The Fund holds 20-40 stocks in the portfolio and seeks to manage these holdings such that there is not a substantial exposure to any one country or identifiable risk.
Fund Fees
| Management Fee: | 1.25% | Performance Fee: | 12.53% |
| Buy Spread: | 0.2% | Sell spread: | 0.2% |
| High Water Mark: | Yes | Hurdle: | MSCI ACWI IMI |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Fundhost |
| Administrator: | Fundhost | Prime Broker: | N/A |
| Custodian: | National Australia Bank | Legal: | N/A |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Forager International Shares Fund has a track record of 11 years and 4 months and has underperformed the All Countries World (AUD) benchmark since inception in February 2013, providing investors with an annualised return of 12.8% compared with the benchmark's return of 13.74% over the same period.
The Manager has delivered these returns with 3.93% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.78 since inception. The fund has provided positive monthly returns 83% of the time in rising markets and 29% of the time during periods of market decline, contributing to an up-capture ratio since inception of 89% and a down-capture ratio of 99%.
The Forager International Shares Fund rose by +4.16% in May, an outperformance of +2.7% compared with the All Countries World (AUD) benchmark which rose by +1.46%. Over the past 12 months, the fund's best monthly return was +8.07% compared with the benchmark's best return of +5.32%, and its worst monthly return was -3.73% vs the benchmark's worst return over the same period of -3.27%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2.13 | 5.38 | 3.90 | -2.57 | 4.16 | NA | NA | NA | NA | NA | NA | NA | 13.48 |
| 2023 | 7.00 | 1.88 | 1.57 | 2.04 | 1.21 | 2.51 | 3.03 | 0.94 | -3.73 | -3.41 | 3.59 | 8.07 | 26.90 |
| 2022 | -6.24 | -6.32 | -7.29 | -6.24 | -1.50 | -5.98 | 4.46 | 0.80 | -5.91 | 8.57 | -0.52 | -5.13 | -28.22 |
| 2021 | 2.07 | 6.56 | 2.20 | 8.05 | 1.41 | 7.75 | -4.21 | -0.03 | -3.57 | -1.79 | 1.27 | -4.61 | 14.98 |
| 2020 | 3.62 | -6.03 | -15.53 | 9.78 | 12.60 | -0.22 | 1.36 | 10.05 | 1.63 | 2.36 | 10.85 | 5.98 | 38.30 |
| 2019 | 5.11 | 5.19 | -4.03 | 4.79 | -2.68 | 1.85 | 0.07 | -1.92 | 3.09 | 0.95 | 4.83 | 4.73 | 23.60 |
| 2018 | 0.97 | -1.78 | -1.22 | 4.64 | 0.97 | 1.21 | -0.55 | 1.50 | 2.22 | -6.62 | -5.49 | -3.66 | -8.10 |
| 2017 | -0.64 | -0.13 | 2.25 | 5.52 | 1.16 | -4.26 | -0.76 | -0.43 | 3.99 | 2.31 | 1.62 | -2.76 | 7.72 |
| 2016 | -5.08 | 3.36 | 0.08 | 3.64 | 5.84 | -6.36 | 4.55 | 3.84 | 1.91 | 0.52 | 4.65 | 5.56 | 23.94 |
| 2015 | 1.33 | 3.59 | 1.47 | 2.84 | 4.55 | -2.17 | 5.61 | -0.29 | -2.07 | 2.54 | -3.19 | -2.74 | 11.56 |
| 2014 | 1.40 | 1.92 | -4.64 | 1.85 | 1.46 | -0.16 | -1.81 | -0.82 | 1.47 | -2.94 | 2.43 | 3.63 | 3.53 |
| 2013 | NA | -0.26 | -0.62 | 2.88 | 8.74 | 3.47 | 3.58 | 1.11 | -1.27 | 4.59 | 6.58 | 2.82 | 35.98 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +25.94% compared with the benchmark which has returned +21.18%, for a difference of +4.76%. Since inception in February 2013, the fund has returned +12.8% per annum, a difference of -0.94% relative to the benchmark which has returned +13.74% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $391. The same amount invested in the benchmark over the same period would have become $430.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 12.02% vs the index's 10.52%. The annualised volatility of the fund's returns since inception in February 2013 is 14.71% vs the index's 10.78%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 1.65 for performance over the most recent 12 months to a low of -0.12 over the latest 36 months, and is 0.78 for performance since inception. By contrast, the All Countries World (AUD) Index's Sharpe for performance since February 2013 is 1.09.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in February 2013 in the months where the market was positive, the fund has provided positive returns 83% of the time, contributing to an up-capture ratio for returns since inception of 88.61%. Over all other periods, the fund's up-capture ratio has ranged from a high of 126.23% over the most recent 60 months to a low of 74.07% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
Performance in Negative Markets
Since inception in February 2013 in the months where the market was negative, the fund has provided positive returns 29% of the time, contributing to a down-capture ratio for returns since inception of 99.19%. Over all other periods, the fund's down-capture ratio has ranged from a high of 135.92% over the most recent 36 months to a low of 98.17% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 3.06 for performance over the most recent 12 months to a low of -0.28 over the latest 36 months, and is 1.13 for performance since inception. By contrast, the All Countries World (AUD) Index's Sortino for performance since February 2013 is 1.8.
Drawdown
Over the past 12 months, the fund's largest drawdown was -7.01% vs the index's -6.22%, and since inception in February 2013 the fund's largest drawdown was -38.63% vs the index's maximum drawdown over the same period of -16.02%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Mid/Small Cap - Global as of May 2024
The performance of the Forager International Shares Fund ranked it in the first or second quintile for all KPIs except Volatility and Largest Drawdown over 7 years, while over 5 years the fund ranked in the first quintile for Total Return and Sortino and second quintile for Sharpe and over 1 year it ranked in the first or second quintile for all KPIs.
Over the past 12 months, the fund has risen by +25.94% compared with the peer group which has returned an average of +15.47%, for a difference of +10.47%.
The fund's returns over the past 12 months have been achieved with a volatility of 12.02% vs the peer group's average volatility of 10.81%. The annualised volatility of the fund's returns since inception in February 2013 is 14.71% vs the peer group's 13.04%. Over all other periods, the fund's returns have been more volatile than the peer group.