Stocks Neat

Not long ago, market commentators declared the death of software-as-a-service (SaaS). The rise of generative AI sparked widespread anxiety that traditional software incumbents would be disrupted overnight by AI-native competitors or users writing custom code on demand.

However, as recent earnings results revealed, reports of the sector's demise were exaggerated.

In the latest episode of Forager Funds' Stocks Neat podcast, Chief Investment Officer Steve Johnson and co-host Gareth Brown unpack why the "SaaSpocalypse" narrative is beginning to unravel.

Has AI brought Judgment Day for SaaS, or just created a new hunting ground for investors willing to be selective? 

In this episode of Stocks Neat, Steve Johnson and Gareth Brown explore the sell-off across global software, the businesses most exposed to disruption, and the ones they believe remain sticky, embedded and undervalued.

 With contributions from portfolio manager Alex Shevelev on the Australian market and analyst Bella Foley on Japan, the episode sets out the framework Forager is using to separate disruption from opportunity.

Built to Last

From navigating market cycles to building a more resilient financial firm, MA Financial co-CEO Julian Biggins joins Steve Johnson for a special episode of Stocks Neat.

Julian reflects on what makes businesses endure when conditions get tougher, and why long-term success comes not from chasing every opportunity, but from surviving the cycle.

As he puts it: “You don’t need to win everywhere. You just need to survive the cycle.”

Episode 40: The Business of Booze: Can “Zero” Be Diageo's Comeback Story? 

Alcohol has long been seen as a reliable, cash-generative industry. But in this episode of Stocks Neat, Steve Johnson and Gareth Brown explore why that assumption is being challenged and whether the sector can adapt.

Drawing on Gareth’s recent meetings in London, including discussions with global drinks giant Diageo (LON:DGE), the conversation digs into falling consumption and generational shifts in drinking habits. Added to this is the growing impact of substitutes like cannabis. The hosts unpack why beer has been hit harder than spirits, how premiumisation once masked declining volumes, and why the economics of alcohol brands are changing fast.

A key focus of the episode is the surprising rise of alcohol-free products, particularly Guinness Zero. Gareth shares observations from UK pubs where Guinness appears to be everywhere and explains why zero-alcohol beer could help brands defend both relevance and profitability in a more health-conscious world. The episode even features a blind taste test to see just how close Guinness Zero comes to the original.

“You are now entering soft drink economics with alcohol prices.” - Gareth Brown

Topics covered include:

• Global alcohol consumption trends and post-COVID demand
• Why younger generations are drinking less, or not at all
• Cannabis as a substitute and its impact on beer
• Beer vs wine economics and capital returns
• The rise of alcohol-free beer and Guinness Zero
• What all this means for investors
  
  

High Performance In and Out of the Pool

From Olympic gold to the ASX 200, Generation Development CEO Grant Hackett joins Steve Johnson for a special episode of Stocks Neat.

They discuss Grant’s journey from elite sport to business leadership, the importance of purpose beyond success, and how lessons from swimming translate into building a $3 billion company.

As Grant shares: “You’re retired to something, not from something.”

The conversation also dives into Generation Development’s core businesses, from investment bonds and annuities to Lonsec and the rise of managed accounts, and how the company is navigating growth, regulation, and leadership under pressure.

Make sure to stick around to the end of the podcast, for a candid talk between Steve and Grant.

In the latest Stocks Neat episode, Steve Johnson, Gareth Brown and Isabella Foley dive into Japan’s corporate transformation — from shareholder returns and buybacks to digitisation and the demographic shifts reshaping opportunities.

“It’s been like a snowball that’s been pushing across a flat surface for a long period of time. It’s finally started to gather some momentum.” – Steve Johnson

With Japan now a significant part of the international portfolio, the team shares where they’re finding value and why some of the most interesting ideas are hiding in plain sight. 

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.

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.

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.

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.

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.”