Steve Johnson, Chief Investment Officer at Forager Funds, recently sat down for an interview with Andrew Page, aka “Strawman”, a financial video blogger focused on in-depth interviews with people in the investment world. The discussion touched on a number of subjects, ranging from investment strategies to current market trends.
Steve began by delving into his background and the genesis of Forager Funds Management. He shared the story of his early years in finance, his passion for investing, and the specific events and inspirations that led him to create Forager Funds. He detailed the lessons he learned along the way and the principles that have guided him in building a successful investment firm. The conversation also covered his time at Macquarie Bank and how it helped shape his investment style.
A portion of the interview was dedicated to discussing the listed investment trust structure of the Forager Australian Shares Fund (FOR). Steve explained the benefits of this structure, and why it was originally chosen over a more common Listed Investment Company (LIC). They discussed the fact that FOR currently trades at a discount, and the current views about it within the investment team at Forager.
Another section of the interview focused on Steve’s belief that small cap stocks are currently undervalued. He explained his view that the smaller end of the market is currently trading at a historical discount when compared with large cap stocks, the opportunity he believes this presents, and how Forager Funds uses thorough research and analysis to identify and invest in these undervalued small cap stocks.
Watch the full interview here:
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