The contrarian case for small caps in 2023

DISCLAIMER:Forager Funds Management Pty Ltd (ABN 78 138 351 345). Australian Financial Services Licence (AFSL) No. 459312. PO Box R1848, Royal Exchange, NSW 1225. Ph: (02) 8277 4812. General advice only Forager Funds Management provides general information to help you understand our investment approach. Any financial advice we provide has not considered your personal circumstances and may not be suitable for you. Product Disclosure Statement: The Trust Company (RE Services) Limited (ABN 45 003 278 831 and AFSL No. 235150) is the Responsible Entity and the issuer of the Forager Australian Shares Fund (ARSN No. 139 641 491). Fundhost Limited (ABN 69 092 517 087 and AFSL No. 233045) is the Responsible Entity and the issuer of the Forager International Shares Fund (ARSN No. 161 843 778). Before deciding whether to acquire or continue to hold the product, you should read the relevant Product Disclosure Statement, any ASX notices, and seek advice from investment and taxation professionals to determine if the product is appropriate for your needs. The PDS for the Funds are available at Forager Funds. The Target Market Determination(TMD) is available for the Forager International Shares Fund from Fundhost’s website. The TMD for Forager Australian Shares Fund will be available from Forager Funds when required by law. Performance: Past performance is not a reliable indicator of future performance. The Trust Company (RE Services), Fundhost and Forager Funds Management do not guarantee investment performance or distributions, and the value of your investment may rise or fall. Total returns and estimated valuations have been calculated using the mid-point of unit prices, before taxation, after ongoing fees, and assuming reinvestment of distributions. We encourage you to think of investing as a long-term pursuit. Disclaimer: To the extent permitted by law, The Trust Company (RE Services), Fundhost and Forager Funds Management, their officers, employees, consultants, advisers and authorised representatives, are not liable for any loss or damage arising as a result of any reliance placed on this document. Information has been obtained from sources believed to be reliable, but we do not represent it as accurate or complete, and it should not be relied upon as such. The Responsible Entity of Forager Australian Shares Fund has determined that it will rely on ASIC CO 13/655 from 20 April 2022. Forward Looking Statements: Sometimes, forward-looking statements are made which reflect the expectations of Forager Funds Management about the future prospects of companies held within the portfolios of the funds. While Forager Funds Management considers its expectations to be based on reasonable grounds, there is no guarantee that those expectations will be met. Actual performance of the portfolio companies will be impacted by a variety of factors, including circumstances that cannot be foreseen, and could differ significantly from the expectations of Forager Funds Management. These statements should therefore not be relied upon as an accurate representation or prediction as to any future matters. Where portfolio companies do not perform in line with Forager Funds Management’s expectations, the funds could be adversely impacted.