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.