Forager Capital Management, LLC

CIK 0001802986 · Q1 2026

13F Equity AUM

$200.9M

-9.1% QoQ

Positions

-1 QoQ

AUM Rank

#7,381

Top 59%

Skill Alpha (FF)

-11.4%/yr^ns

No Clear Edge

Rank #8,026 · Top 98%

vs S&P -16.2%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 70.8%Top 10: 100.0%Top 20: 100.0%

MCFT16.4%

RM16.4%

HOV13.1%

VMD13.0%

RPAY12.0%

MLKN10.6%

OPRT7.7%

IIIV6.5%

IMXI2.9%

RUSHA1.6%

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

Sector Allocation

Consumer Cyclical41.7%

Financial Services24.1%

Technology21.3%

Healthcare13.0%

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

Position Sizing

Positions: 10Median: 11.28%Avg: 10.00%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

2(4.5%)

3–5%

0(0.0%)

5%+

8(95.5%)

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

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Portfolio Overlap

Shared: 10Unique: 0vs 20 funds

0.1%Low

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

0.3%

VANGUARD CAPITAL MANAGEMENT LLC

0.3%

STATE STREET CORP

0.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.4%

GEODE CAPITAL MANAGEMENT, LLC

0.3%

MORGAN STANLEY

0.2%

BANK OF AMERICA CORP /DE/

0.2%

FMR LLC

0.1%

JPMORGAN CHASE & CO

0.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New0Increased4Decreased4Exited1

Increased

RPAY12.0%

+5.3M(+132%)

OPRT7.7%

+982K(+41%)

VMD13.0%

+40K(+1%)

IIIV6.5%

+30K(+5%)

Decreased

RUSHA1.6%

-192,000(-80%)

MLKN10.6%

-90,000(-6%)

MCFT16.4%

-87,841(-5%)

RM16.4%

-65,835(-6%)

Exited

QIPT

-4,199,562

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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