Stocks Neat

Neat Reflection of 2025: Winners and Losers of the Passive Revolution

As the financial year wraps, Episode 37 of Stocks Neat takes a deep dive into the standout performance of Financial Year 25. Chief Investment Officer Steve Johnson is joined by Portfolio Managers, Gareth Brown and Alex Shevelev to discuss what drove results across Forager’s international and Australian funds — from Japanese software gems to ASX tech turnarounds and undervalued relics making quiet comebacks.The conversation covers how passive flows are reshaping the investing landscape, the importance of preparedness in a momentum-driven market, and why the team is finding fertile ground in small caps despite years of pessimism.“ We are generally looking for pessimism, for volatility, for extreme events…preferably not too extreme, but it’s our kind of market.” Whether you're curious about current positioning or where the next wave of opportunities may lie, this episode offers a candid look at the thinking behind the returns.

Special Episode | Inside the World of Alternative Assets with Navigator's Stephen Darke

Alternative assets are going mainstream — but are investors ready?In this special episode of Stocks Neat, Steve Johnson is joined by Stephen Darke, CEO of Navigator Global Investments, to unpack the ever-expanding world of alternative assets: from hedge funds and seeding strategies to manager selection and structural risks.With decades of experience allocating capital globally, Stephen shares what it takes to identify a repeatable edge, when to walk away, and why institutional lessons are now flowing into wealth channels.“You can't just get excess returns across all cycles without giving something up, and what are you giving up… Liquidity.”If you’ve ever wondered how alternatives can complement a core portfolio, or why liquidity isn’t always your friend, this episode delivers plenty of food for thought.

Trading the Tariff Tantrum

Markets are swinging wildly, and policy tweets aren’t helping. In this quarter’s podcast, Chief Investment Officer, Steve Johnson, and Forager International Shares Fund Portfolio Manager, Harvey Migotti, dive into the renewed tariff chaos sparked by Donald Trump’s latest announcements. They explore what it could mean for US exceptionalism, inflation expectations, and global investor sentiment.From the bond market's sharp reaction, to the larger than expected tariffs and broader questions around corporate confidence and earnings revisions, Steve and Harvey dissect the key themes shaping portfolios right now.

The Rise and Fall of Active Fund Giants: Lessons for Investors

In Episode 34 of Stocks Neat, Chief Investment Officer, Steve Johnson, and Portfolio Manager, Gareth Brown, take a deep dive into the challenges facing active fund management giants Magellan and Platinum, and the lessons for investors seeking long-term outperformance. They unpack what’s gone wrong, the rise of ETFs, and why small-cap opportunities remain a crucial edge for Forager.The discussion explores industry trends, the impact of fund size on performance, and how Forager stays nimble in an increasingly passive market. With insights on market dynamics and practical tips for identifying standout active managers, this episode is a must-listen for thoughtful investors.“Outperformance in active management is hard to find. It’s about being different and being right, which becomes increasingly difficult as funds grow larger and markets shift.”

Fifteen Years of Forager and that Fifty Basis Point US Rate Cut

As we approach Forager's 15th birthday, in Episode 33 of Stocks Neat, CIO Steve Johnson and Portfolio Manager Gareth Brown dive into the 50bps rate cut in the US and its impact on small-cap stocks. They unpack the latest market moves, spotlight companies like #Motorpoint and #Ferguson poised to benefit from lower rates, and share their strategies amidst ongoing volatility. The discussion explores resilient businesses, the correlation between rate cuts and small-cap outperformance, and how Forager has evolved over the past 15 years. Tune in as they reveal current opportunities and what the future may hold for investors navigating this changing landscape."Rate cuts, especially unexpected rate cuts, tend to benefit the more marginal businesses. Think heavily-geared businesses, cyclical industries, lower-margin businesses, companies that don't necessarily lead their markets of secondary and tertiary competitors."