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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
-4.61%
1 Year Est. Return
+40%
3 Year Est. Return
+52.62%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$221M
AUM Growth
-$5.8M
Cap. Flow
+$6.34M
Cap. Flow %
2.87%
Top 10 Hldgs %
97.45%
Holding
12
New
1
Increased
3
Reduced
4
Closed
1

Top Buys

Rank Stock Value
1
RPAY icon
Repay Holdings
RPAY
+$16M
2
OPRT icon
Oportun Financial
OPRT
+$2.23M
3
MLKN icon
MillerKnoll
MLKN
+$1.55M
4
VMD icon
Viemed Healthcare
VMD
+$338K

Top Sells

Rank Stock Value
1
IMXI icon
International Money Express
IMXI
+$5.37M
2
IIIV icon
i3 Verticals
IIIV
+$3.25M
3
GTX icon
Garrett Motion
GTX
+$2.26M
4
MCFT icon
MasterCraft Boat Holdings
MCFT
+$2.05M
5
HOV icon
Hovnanian Enterprises
HOV
+$830K

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 43.77%
2 Financials 24.74%
3 Healthcare 16.08%
4 Technology 15.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RM icon
1
Regional Management Corp
RM
$300M
$42M 19.04%
1,085,098
– –
MCFT icon
2
MasterCraft Boat Holdings
MCFT
$579M
$32.1M 14.55%
1,699,118
-103,857
-6% -$2.05M
MLKN icon
3
MillerKnoll
MLKN
$1.58B
$28.6M 12.93%
1,561,841
+95,000
+6% +$1.55M
HOV icon
4
Hovnanian Enterprises
HOV
$760M
$23.1M 10.44%
236,315
-7,042
-3% -$830K
VMD icon
5
Viemed Healthcare
VMD
$336M
$20.7M 9.37%
2,785,871
+49,399
+2% +$338K
QIPT
6
DELISTED
Quipt Home Medical
QIPT
$14.8M 6.71%
4,199,562
– –
RPAY icon
7
Repay Holdings
RPAY
$310M
$14.6M 6.6%
+3,990,726
New +$16M
IIIV icon
8
i3 Verticals
IIIV
$293M
$13.8M 6.27%
549,401
-115,599
-17% -$3.25M
RUSHA icon
9
Rush Enterprises Class A
RUSHA
$8.27B
$12.9M 5.86%
239,822
– –
OPRT icon
10
Oportun Financial
OPRT
$338M
$12.6M 5.7%
2,380,000
+422,412
+22% +$2.23M
IMXI icon
11
International Money Express
IMXI
$437M
$5.62M 2.55%
366,174
-357,791
-49% -$5.37M
GTX icon
12
Garrett Motion
GTX
$4.97B
– –
-166,095
Closed -$2.26M

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MH
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VF
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I
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SSA
SSA Swiss Advisors Zurich $266M AUM 24.57% 1-Year Est. Return
BCA
Ballentine Capital Advisors Greenville, South Carolina $265M AUM 18.67% 1-Year Est. Return
WFA
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HBS
Howard Bailey Securities Fort Wayne, Indiana $267M AUM 15.68% 1-Year Est. Return

Forager Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Forager Capital Management held 12 positions worth $221M, down 2.6% from $227M the previous quarter. Its ten largest holdings account for 97% of the portfolio.

Forager Capital Management's Q4 2025 filing shows 1 new, 3 increased, 4 reduced and 1 closed positions. Its largest new stake was Repay Holdings: 3,990,726 shares worth $14.6M. The largest sale was International Money Express, an estimated $5.37M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 44% of assets, down from 49% a quarter earlier, followed by Financials and Healthcare.

  • Forager Capital Management's largest Q4 2025 buy was Repay Holdings: 3,990,726 shares worth $14.6M.
  • Forager Capital Management added most to Oportun Financial in Q4 2025, an estimated $2.23M increase.
  • Forager Capital Management's biggest Q4 2025 reduction was International Money Express, cutting an estimated $5.37M.
  • Forager Capital Management fully exited Garrett Motion in Q4 2025, selling an estimated $2.26M.
  • Forager Capital Management's ten largest holdings make up 97% of its $221M portfolio in Q4 2025.
  • Forager Capital Management opened 1 new position and closed 1 in Q4 2025.
  • Forager Capital Management's portfolio value fell 2.6% quarter-over-quarter to $221M.

Based on Forager Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.