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Forager Capital Management, LLC

CIK:0001802986
Hedge Fund
$205M AUM
11 holdings
Birmingham, AL, US
Founded:2020
2 employees
Latest filing:Jun 30, 2025

Forager Capital Management, LLC is an investment management firm headquartered in Birmingham, Alabama. The firm acts as a hedge fund manager, providing institutional asset management services. Operating since at least 2020, Forager manages public equity portfolios and proprietary funds, serving institutional investors such as pensions, endowments, family offices, and high-net-worth individuals. They consistently file SEC Form 13F-HR reports indicating an active presence in US equity markets.

Investment Strategy

Forager Capital Management, LLC primarily invests in US public equities using a fundamental, research-driven approach. Their portfolios tend to be concentrated, targeting undervalued mid- and small-cap companies with potential for significant appreciation. Forager seeks alpha through deep analysis, focusing on dislocations and inefficiencies that larger managers might overlook. Typical holdings span industrials, consumer products, and financial services, suggesting a multi-sector strategy with an opportunistic philosophy.

Latest 13F Filing Activity

Forager Capital Management, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 11 equity positions with a total 13F market value of $205M. The fund increased holdings in Regional MGMT Corp., Mastercraft Boat HLDGS Inc., Hovnanian Enterprises Inc. among other positions. Forager Capital Management, LLC reduced exposure to Willdan Group Inc., Quipt Home Medical Corp., I3 Verticals Inc. among others.

Top Buys
R
RMREGIONAL MGMT CORP
+$4.6M
M
MCFTMASTERCRAFT BOAT HLDGS INC
+$4.3M
H
HOVHOVNANIAN ENTERPRISES INC
+$3.8M
R
RUSHARUSH ENTERPRISES INC
+$3.8M
M
MLKNMILLERKNOLL INC
+$2.7M
Top Sells
W
WLDNWILLDAN GROUP INC
-$15.3M
M
MCFTMASTERCRAFT BOAT HLDGS INC
+$4.3M
H
HOVHOVNANIAN ENTERPRISES INC
+$3.8M
R
RUSHARUSH ENTERPRISES INC
+$3.8M
M
MLKNMILLERKNOLL INC
+$2.7M

Top Holdings

M
MCFTMASTERCRAFT BOAT HLDGS INC
+16.4%$33.5M
R
RMREGIONAL MGMT CORP
+15.5%$31.7M
M
MLKNMILLERKNOLL INC
+12.4%$25.3M
H
HOVHOVNANIAN ENTERPRISES INC
+12.2%$25.0M
I
IMXIINTERNATIONAL MNY EXPRESS IN
+9.6%$19.6M

Equity Positions (11)

TickerSecurityWeightMarket ValueSharesAvg CostPriceChange (QoQ)
MASTERCRAFT BOAT HLDGS INC16.38%$33.5M1,802,975$22.52$18.58+$4.3M
REGIONAL MGMT CORP15.50%$31.7M1,085,098$37.68$29.21+$4.6M
MILLERKNOLL INC12.36%$25.3M1,301,841$25.90$19.42+$2.7M
HOVNANIAN ENTERPRISES INC12.24%$25.0M239,500$131.16$104.55+$3.8M
INTERNATIONAL MNY EXPRESS IN9.60%$19.6M1,946,174$17.24$10.09+$818.3K

Industry Allocation

PERSONAL CREDIT INSTITUTIONS
+18.7%
SHIP & BOAT BUILDING & REPAIRING
+17.1%
SERVICES-BUSINESS SERVICES, NEC
+14.0%
OPERATIVE BUILDERS
+13.8%
SERVICES-MISC HEALTH & ALLIED SERVICES, NEC
+13.0%