Forager Capital Management, LLC
Long book
$200.9M
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+29.1%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsForager Capital Management, LLC is a concentrated fundamental stock-picker, running a $200.9M US long book across 10 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: MASTERCRAFT BOAT HOLDINGS IN, REGIONAL MANAGEMENT CORP, HOVNANIAN ENTERPRISES-A, VIEMED HEALTHCARE INC, REPAY HOLDINGS CORP.
Over the last 9 quarters its long book ran on average 0.8pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-10.4%
Q2 2024
+12.5%
Q3 2024
-3.4%
Q4 2024
-12.7%
Q1 2025
+7.9%
Q2 2025
+19.6%
Q3 2025
-6.4%
Q4 2025
-2.9%
Q1 2026
+29.1%
Sector allocation
Industrials 30%
Financials 24%
Services media 15%
Healthcare 13%
Other 11%
Technology 6%
Consumer discretionary 2%
Long book by quarter
What does Forager Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MCFT MASTERCRAFT BOAT HOLDINGS IN | Industrials | 1.6M | $33.0M | 16.5% | -5.2% |
| RM REGIONAL MANAGEMENT CORP | Financials | 1.0M | $32.9M | 16.4% | -6.1% |
| HOV HOVNANIAN ENTERPRISES-A | Industrials | 236.3K | $26.2M | 13.0% | Held |
| VMD VIEMED HEALTHCARE INC | Healthcare | 2.8M | $26.0M | 13.0% | +1.4% |
| RPAY REPAY HOLDINGS CORP | Services media | 9.2M | $24.0M | 12.0% | +131.6% |
| MLKN MILLERKNOLL INC | Other | 1.5M | $21.3M | 10.6% | -5.8% |
| OPRT OPORTUN FINANCIAL CORP | Financials | 3.4M | $15.5M | 7.7% | +41.2% |
| IIIV I3 VERTICALS INC-CLASS A | Technology | 579.4K | $13.0M | 6.4% | +5.5% |
| IMXI INTERNATIONAL MONEY EXPRESS | Services media | 366.2K | $5.8M | 2.9% | Held |
| RUSHA RUSH ENTERPRISES INC-CL A | Consumer discretionary | 47.8K | $3.2M | 1.6% | -80.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 10 | $200.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 11 | $220.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 11 | $226.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 11 | $204.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 11 | $202.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 13 | $238.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Nov 18, 2024 | 13 | $254.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 13 | $248.0M | SEC ↗ | |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 14 | $233.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 12 | $259.0M | canonical | SEC ↗ |
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