Forager Capital Management, LLC

CIK

1802986

Location

BIRMINGHAM, AL

Portfolio Value

Small $206,033,697

Diversification

Diversified

Filing Date

Global Rank

#4,032 / 8,420 ▼ 33

Top Industry

Credit Services 26.5%

3Y Alpha vs SPY

-10.1%

Period ended 6 months ago

Filed Feb 17, 2026 · 4mo

17 quarters · since Dec 2021

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+35.7%

SPY

+76.3%

Annualised alpha

-10.1%

Max drawdown

−30.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

10 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

20.4%

+0.8 pts

Top 5

71.1%

−3.0 pts

Top 10

100.0%

0.0 pts

HHI

1,257

Diversified−69

Portfolio Trend

17 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Consumer Cyclical	46.9%	$96,666,937	4
Financial Services	26.5%	$54,637,747	2
Technology	16.5%	$34,029,992	3
Healthcare	10.0%	$20,699,021	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
OPRT	Oportun Financial Corp	+422,412	2,380,000	$12,590,200
MLKN	Millerknoll, Inc.	+95,000	1,561,841	$28,550,453
VMD	Viemed Healthcare, Inc.	+49,399	2,785,871	$20,699,021
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
IMXI	International Money Express, Inc.	−357,791	366,174	$5,624,432
IIIV	i3 Verticals, Inc.	−115,599	549,401	$13,839,411
MCFT	MasterCraft Boat Holdings, Inc.	−103,857	1,699,118	$32,130,321
HOV	Hovnanian Enterprises Inc	−7,042	236,315	$23,050,165
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
RPAY	Repay Holdings Corp	3,990,726	$14,566,149
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
GTX	Garrett Motion Inc.	166,095	$2,262,213
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

10 positions · $206,033,697 total · as of Dec 31, 2025

All sectors Consumer Cyclical Financial Services Healthcare Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
RM	Regional Management Corp. Financial Services	Held	1,085,098	0	$42,047,547	−0.5%	20.41%
MCFT	MasterCraft Boat Holdings, Inc. Consumer Cyclical	Reduced	1,699,118	-103,857	$32,130,321	−17.0%	15.59%
MLKN	Millerknoll, Inc. Consumer Cyclical	Added	1,561,841	+95,000	$28,550,453	+9.7%	13.86%
HOV	Hovnanian Enterprises Inc Consumer Cyclical	Reduced	236,315	-7,042	$23,050,165	−26.3%	11.19%
VMD	Viemed Healthcare, Inc. Healthcare	Reduced	2,785,871	-2,687,073	$20,699,021	−44.3%	10.05%
RPAY	Repay Holdings Corp Technology	NEW	3,990,726	NEW	$14,566,149	NEW	7.07%
IIIV	i3 Verticals, Inc. Technology	Reduced	549,401	-115,599	$13,839,411	−35.9%	6.72%
RUSHA	Rush Enterprises Inc \Tx\ Consumer Cyclical	Held	239,822	0	$12,935,998	+0.9%	6.28%
OPRT	Oportun Financial Corp Financial Services	Added	2,380,000	+422,412	$12,590,200	+4.2%	6.11%
IMXI	International Money Express, Inc. Technology	Reduced	366,174	-357,791	$5,624,432	−44.4%	2.73%