The Forager Australian Shares Fund was launched in 2009 and is managed by Forager Funds Management Pty Ltd. The Fund is based on a long-only, high conviction Australian equities mandate and is managed by a small, but capable and proven investment team. The portfolio is overwhelmingly comprised of small market capitalisation / ex S&P/ASX 100 stocks. This is the segment the Manager believes it has a competitive advantage and where alpha generation potential is generally higher than the large to mid-cap sectors. The portfolio is concentrated (15-25 stocks) and unconstrained by benchmark considerations. The investment philosophy and process has a particular focus on asset plays, turnaround stories and under-appreciated /valued small caps. The Manager has a strong track-record of returns, with the Fund consistently outperforming the benchmark on both returns and risk metrics and doing so by a significant degree (12.5% p.a. alpha over 5 years to 31 October 2017). The same degree of alpha has been recorded relative to the small cap LIC peer group, as monitored by IIR. Overall, IRR rates the Forager Australian Shares Fund RECOMMENDED PLUS.