Forager Capital Management, LLC

CIK 0001802986 · Q2 2026

13F Equity AUM

$265.9M

+32.4% QoQ

Positions

0 QoQ

AUM Rank

#7,001

Top 56%

Skill Alpha (FF)

-12.8%/yr^ns

No Clear Edge

Rank #8,149 · Top 98%

vs S&P -11.6%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 68.0%Top 10: 100.0%Top 20: 100.0%

RPAY17.5%

RM14.7%

MCFT14.1%

MLKN12.0%

OPRT9.7%

VMD9.2%

HOV8.0%

IIIV6.9%

ICFI6.5%

IMXI1.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Cyclical34.1%

Technology25.9%

Financial Services24.4%

Healthcare9.2%

Industrials6.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 10Median: 9.43%Avg: 10.00%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

1(1.4%)

3–5%

0(0.0%)

5%+

9(98.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 10vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New1Increased4Decreased5Exited1

New Positions

ICFI6.5%

+236K

Increased

RPAY17.5%

+1.9M(+20%)

OPRT9.7%

+1.2M(+34%)

IIIV6.9%

+285K(+49%)

MLKN12.0%

+90K(+6%)

Decreased

VMD9.2%

-684,687(-24%)

MCFT14.1%

-160,203(-10%)

IMXI1.4%

-112,053(-31%)

HOV8.0%

-86,768(-37%)

RM14.7%

-70,805(-7%)

Exited

RUSHA

-47,822

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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