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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
+16.33%
1 Year Est. Return
+40%
3 Year Est. Return
+52.62%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$227M
AUM Growth
+$22.2M
Cap. Flow
-$10.2M
Cap. Flow %
-4.49%
Top 10 Hldgs %
99%
Holding
12
New
1
Increased
3
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
OPRT icon
Oportun Financial
OPRT
+$12.6M
2
VMD icon
Viemed Healthcare
VMD
+$4.06M
3
MLKN icon
MillerKnoll
MLKN
+$3.34M
4
HOV icon
Hovnanian Enterprises
HOV
+$514K

Top Sells

Rank Stock Value
1
IMXI icon
International Money Express
IMXI
+$15.1M
2
WLDN icon
Willdan Group
WLDN
+$10.5M
3
GTX icon
Garrett Motion
GTX
+$5.06M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 49%
2 Financials 23.98%
3 Technology 13.99%
4 Healthcare 13.03%
5 Industrials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RM icon
1
Regional Management Corp
RM
$300M
$42.3M 18.65%
1,085,098
– –
MCFT icon
2
MasterCraft Boat Holdings
MCFT
$579M
$38.7M 17.07%
1,802,975
– –
HOV icon
3
Hovnanian Enterprises
HOV
$760M
$31.3M 13.8%
243,357
+3,857
+2% +$514K
MLKN icon
4
MillerKnoll
MLKN
$1.58B
$26M 11.48%
1,466,841
+165,000
+13% +$3.34M
IIIV icon
5
i3 Verticals
IIIV
$293M
$21.6M 9.52%
665,000
– –
VMD icon
6
Viemed Healthcare
VMD
$336M
$18.6M 8.2%
2,736,472
+600,000
+28% +$4.06M
RUSHA icon
7
Rush Enterprises Class A
RUSHA
$8.27B
$12.8M 5.66%
239,822
– –
OPRT icon
8
Oportun Financial
OPRT
$338M
$12.1M 5.33%
+1,957,588
New +$12.6M
QIPT
9
DELISTED
Quipt Home Medical
QIPT
$11M 4.84%
4,199,562
– –
IMXI icon
10
International Money Express
IMXI
$437M
$10.1M 4.46%
723,965
-1,222,209
-63% -$15.1M
GTX icon
11
Garrett Motion
GTX
$4.97B
$2.26M 1%
166,095
-400,000
-71% -$5.06M
WLDN icon
12
Willdan Group
WLDN
$1.34B
– –
-167,957
Closed -$10.5M

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I
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SSA
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BCA
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WFA
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HBS
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Forager Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Forager Capital Management held 12 positions worth $227M, up 11% from $205M the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Forager Capital Management withdrew a net $10.2M in Q3 2025, closing 1 position and reducing 2 holdings. Its most notable exit was Willdan Group, an estimated $10.5M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 49% of assets, down from 50% a quarter earlier, followed by Financials and Technology.

Against the trend, Forager Capital Management opened a new position in Oportun Financial worth $12.1M.

  • Forager Capital Management's largest Q3 2025 buy was Oportun Financial: 1,957,588 shares worth $12.1M.
  • Forager Capital Management added most to Viemed Healthcare in Q3 2025, an estimated $4.06M increase.
  • Forager Capital Management's biggest Q3 2025 reduction was International Money Express, cutting an estimated $15.1M.
  • Forager Capital Management fully exited Willdan Group in Q3 2025, selling an estimated $10.5M.
  • Forager Capital Management's ten largest holdings make up 99% of its $227M portfolio in Q3 2025.
  • Forager Capital Management opened 1 new position and closed 1 in Q3 2025.
  • Forager Capital Management's portfolio value rose 11% quarter-over-quarter to $227M.

Based on Forager Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.