Advertise on podcast: 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 demandWhy younger generations are drinking less, or not at allCannabis as a substitute and its impact on beerBeer vs wine economics and capital returnsThe rise of alcohol-free beer and Guinness ZeroWhat 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. “ 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.

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.”

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."

As we close out the 2024 financial year, in Episode 32 of Stocks Neat, CIO Steve Johnson, and Portfolio Manager Alex Shevelev, do a deep dive into the state of small-cap stocks and the latest market movements.  They discuss recent market volatility, spotlight resilient companies with strong recurring revenue, and share their stock-picking strategies. The episode also covers risk management approaches and provides insights on future market trends. Tune in as they discuss current opportunities, from small-cap recovery to potential high-performing sectors.  "The small-cap market has been a challenging space, but within it, there are high-quality businesses with strong recurring revenue and free cash flows, presenting significant opportunities for investors."

In episode 31 of Stocks Neat, Portfolio Manager Gareth Brown and CIO Steve Johnson discuss Nvidia’s unprecedented rise, the recent Guzman y Gomez IPO, current investor sentiment and macroeconomic concerns. They examine the future competitive landscape of the AI chip space and Guzman’s plans for global expansion. Moving onto the whiskey tasting, they then test a Glenturret whiskey from the "supposed" oldest distillery in Scotland. The episode also features a discussion of geopolitical risks and the implications of government policy. Rather than looking at any policy changes from a market wide perspective, they argue that investors should focus on how that change may affect specific sectors. Listen to the full episode to find out more. “If you can put aside the fear of missing out, there’s plenty to do in a world where investors are apathetic to 95% of stocks”.

In episode 30 of Stocks Neat, Portfolio Manager Harvey Migotti and CIO Steve Johnson discuss recent portfolio performance including which surprise sectors have started contributing in 2024. They cover a wide range of topics including AI related companies, China worries, and overlooked opportunities in sectors such as European financials. The conversation then moves to portfolio management and how changing market perceptions of companies can influence how to know when to let your winners run and when to bank profits. "I don't want AI to come and do art for me. I want to say, come and clean my house and help me do laundry. So, I can do art." Listen to the full episode to find out more.

In episode 29 of Stocks Neat Co-Portfolio Manager Gareth Brown and CIO Steve Johnson discuss several investing maxims, and how these might apply to portfolio positioning in prior and current markets.   Topics covered include cleaning portfolios to include only high conviction ideas, selling when you can, maintaining cash in the portfolio, how to deploy cash in a downturn, and identifying diversity breakdowns that result from cross-sector correlations.  Additionally, Gareth and Steve analyse some recent portfolio changes and the driving factors behind these shifts, before responding to a couple of questions sent in from listeners.  Listen to the full episode to find out more.  "I think you can deploy your cash first and then you can start thinking about recycling from more defensive, resilient businesses into some things that are offering higher prospective returns. Getting increasingly aggressive about that as you go through that part of the cycle.”