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FCM

Forager Capital Management Portfolio holdings

AUM $266M
1-Year Est. Return 40%
This Fund
S&P 500
This Quarter Est. Return
+30.59%
1 Year Est. Return
+40%
3 Year Est. Return
+52.62%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$266M
AUM Growth
+$65.1M
Cap. Flow
+$8.41M
Cap. Flow %
3.16%
Top 10 Hldgs %
100%
Holding
11
New
1
Increased
4
Reduced
5
Closed
1
Avg Time Held
10.4 quarters
Top 10 Avg Time Held
8.3 quarters
Top 20 Avg Time Held
10.4 quarters

Top Buys

Rank Stock Value
1
ICFI icon
ICF International
ICFI
+$16.3M
2
RPAY icon
Repay Holdings
RPAY
+$6.48M
3
OPRT icon
Oportun Financial
OPRT
+$6.16M
4
IIIV icon
i3 Verticals
IIIV
+$5.94M
5
MLKN icon
MillerKnoll
MLKN
+$1.44M

Top Sells

Rank Stock Value
1
HOV icon
Hovnanian Enterprises
HOV
+$9.92M
2
VMD icon
Viemed Healthcare
VMD
+$6.78M
3
MCFT icon
MasterCraft Boat Holdings
MCFT
+$3.73M
4
RUSHA icon
Rush Enterprises Class A
RUSHA
+$3.16M
5
RM icon
Regional Management Corp
RM
+$2.6M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 34.11%
2 Technology 25.87%
3 Financials 24.38%
4 Healthcare 9.18%
5 Industrials 6.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
RPAY icon
1
Repay Holdings
RPAY
$327M
$46.6M 17.54%
11,106,548
+1,863,711
+20% +$6.48M
2025 Q4
2 quarters
RM icon
2
Regional Management Corp
RM
$317M
$39.1M 14.69%
948,458
-70,805
-7% -$2.6M
2021 Q4
18 quarters
MCFT icon
3
MasterCraft Boat Holdings
MCFT
$477M
$37.5M 14.09%
1,451,074
-160,203
-10% -$3.73M
2021 Q4
18 quarters
MLKN icon
4
MillerKnoll
MLKN
$1.48B
$32M 12.02%
1,561,841
+90,000
+6% +$1.44M
2021 Q4
18 quarters
OPRT icon
5
Oportun Financial
OPRT
$422M
$25.8M 9.69%
4,512,045
+1,150,319
+34% +$6.16M
2025 Q3
3 quarters
VMD icon
6
Viemed Healthcare
VMD
$366M
$24.4M 9.18%
2,141,184
-684,687
-24% -$6.78M
2022 Q4
14 quarters
HOV icon
7
Hovnanian Enterprises
HOV
$620M
$21.3M 8.01%
149,547
-86,768
-37% -$9.92M
2024 Q2
8 quarters
IIIV icon
8
i3 Verticals
IIIV
$289M
$18.5M 6.94%
864,574
+285,173
+49% +$5.94M
2024 Q4
6 quarters
ICFI icon
9
ICF International
ICFI
$1.57B
$17.2M 6.46%
+235,900
New +$16.3M
2026 Q2
0 quarters
IMXI icon
10
International Money Express
IMXI
$328M
$3.67M 1.38%
254,121
-112,053
-31% -$1.72M
2022 Q1
17 quarters
RUSHA icon
11
Rush Enterprises Class A
RUSHA
$5.19B
– –
-71,733
Closed -$3.16M –

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Forager Capital Management's Q2 2026 Portfolio in Review

As of Q2 2026, Forager Capital Management held 11 positions worth $266M, up 32% from $201M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Forager Capital Management deployed $8.41M of net new capital in Q2 2026, opening 1 new position and adding to 4 existing holdings. Its largest new stake was ICF International: 235,900 shares worth $17.2M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 34% of assets, down from 42% a quarter earlier, followed by Technology and Financials.

On the sell side, the largest reduction was Hovnanian Enterprises, an estimated $9.92M trimmed.

  • Forager Capital Management's largest Q2 2026 buy was ICF International: 235,900 shares worth $17.2M.
  • Forager Capital Management added most to Repay Holdings in Q2 2026, an estimated $6.48M increase.
  • Forager Capital Management's biggest Q2 2026 reduction was Hovnanian Enterprises, cutting an estimated $9.92M.
  • Forager Capital Management fully exited Rush Enterprises Class A in Q2 2026, selling an estimated $3.16M.
  • Forager Capital Management's ten largest holdings make up 100% of its $266M portfolio in Q2 2026.
  • Forager Capital Management opened 1 new position and closed 1 in Q2 2026.
  • Forager Capital Management's portfolio value rose 32% quarter-over-quarter to $266M.

Based on Forager Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.