Lakehouse Global Growth Fund

Investor Summary

The investment team includes founders and portfolio managers Donny Buchanan, CFA, and Nick Thomson, supported by portfolio managers Erwin Tan, analysts Vincent Cheng and Jeffrey Lau Kwet Sin, and operations manager Felix Sun overseeing fund administration and compliance. Donny Buchanan is the co-founder and Chief Investment Officer of Lakehouse Capital. Nicholas Thomson serves as Portfolio Manager for the Global Growth Fund. The team maintains a patient investment approach, holding companies for years rather than months, with personal investments across both funds ensuring alignment with client interests.

Fund Strategy

Lakehouse takes a long-term, high-conviction approach with a core focus on seeking asymmetric outcomes. The firm believes a long time horizon provides a structural advantage in equity markets and invests in companies for years, not months. They back the best businesses by running a concentrated strategy, typically holding 20 investments at a time. They seek asymmetric opportunities with multiple ways to win and few ways to lose. The investment team is personally invested across both Funds, ensuring their commitment is fully aligned with clients. In a world where investors increasingly seek to compete on how quickly they can react, Lakehouse competes on patience. Industry leaders capture an outsized share of industry profits. Pricing power is the financial distillation of a business' competitive position.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
10%	-	-

Executive Summary

Lakehouse Global Growth Fund focuses on high-quality, competitively advantaged businesses that can thrive regardless of macro concerns. The fund returned -0.9% in March versus -3.4% for its benchmark, outperforming despite broader market volatility driven by escalating war in Iran and oil crisis concerns. The portfolio holds 17 concentrated positions with 75% in top 10 holdings, maintaining global diversification with 64% of revenue from outside the US. While market values have declined over the past year, fundamental growth remains healthy with portfolio companies collectively growing earnings at 20%-plus rates. This has led to significant multiple compression, with several companies trading at all-time-low valuations. Key contributor Kinaxis delivered strong quarterly results with 16% revenue growth acceleration, while Sea Limited was the largest detractor due to emerging market pressure. The managers view current risk/reward as very compelling and maintain conviction in their quality-focused approach as companies prepare to report quarterly results in April.

Core Thesis

The fund focuses on owning high-quality, competitively advantaged businesses with clear market leadership, resilient earnings, and superior economics that can thrive regardless of macro concerns, believing these companies are better positioned to weather turbulence while continuing strong fundamental growth.

Forward Outlook

April will be a busier period for the Fund as many portfolio companies report their quarterly results. The managers express confidence in their quality-focused approach and view current valuations as compelling given the fundamental growth continuing at 20%-plus earnings growth rates.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 9 2026	2026 Q1	KXS.TO, SE	earnings, global, growth, Quality, software, technology, Valuations	KXS.TO	Lakehouse focuses on high-quality, competitively advantaged businesses growing earnings at 20%-plus rates despite market volatility. The concentrated 17-position portfolio outperformed in March amid Iran war concerns. Multiple compression has created compelling valuations with several holdings at all-time lows. Strong fundamental growth continues while market values have declined, creating attractive risk/reward opportunities.
Jan 14 2026	2025 Q4	4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK	global, growth, Networks, software, technology	-	Lakehouse Global Growth Fund focuses on concentrated positions in technology companies with network effects and intellectual property moats. Despite December underperformance and challenging 2025 returns, the fund maintains strong long-term track record with 14.6% annualized returns since inception. Portfolio spans global e-commerce, enterprise software, and payments platforms with strong competitive positioning.
Oct 14 2025	2025 Q3	4443.T, ADYEN.AS, AMZN, GOOGL, KXS.TO, MELI, PINS, SCHW, SE, WIX	global, growth, Networks, Quality, technology	WIX IL	Lakehouse Global Growth Fund underperformed in September but maintains strong long-term track record with quality growth companies exhibiting network effects and market leadership. Despite macro headwinds and recession risks, management remains optimistic about 2026 performance given portfolio companies' superior economics and competitive positioning across global markets.
Jul 27 2025	2025 Q2	4443.T, ADYEN.AS, AMZN, GOOGL, HEM.ST, KXS.TO, MC.PA, MELI, PINS, SCHW, SE, SPOT, WIX	AI, E-Commerce, global, growth, Streaming, technology	SE MELI GOOG SE MELI SPOT GOOGL	Lakehouse delivered 33.4% returns led by e-commerce winners Sea Limited and MercadoLibre, both showing accelerating growth and improving profitability. The concentrated 18-position portfolio benefits from strong operating momentum with companies growing earnings 34% year-over-year. Portfolio positioning in software and services provides protection against tariff risks while maintaining long-term growth exposure.
Mar 31 2025	2025 Q1	4443.T, ADYEN.AS, AMZN, GOOGL, MELI, SCHW, SE, TW, V, WIX	E-Commerce, Electronic Trading, global, growth, Networks, technology, Trade Policy	SE TW	Lakehouse's concentrated growth portfolio faced March headwinds from trade policy uncertainty, returning -7.4% versus benchmark's -4.2%. Strong underlying fundamentals persist with portfolio companies growing revenue 20% and earnings 26% year-over-year. Tradeweb's electronic trading gains and Sea Limited's e-commerce momentum highlight quality positioning despite near-term volatility from geopolitical risks.
Dec 31 2024	2024 Q4	4443.T, ADYEN.AS, AMZN, GOOGL, HEMN.ST, MELI, NOW, SCHW, SE, WIX	E-Commerce, global, growth, Networks, technology	-	Lakehouse delivered 2.8% in December, maintaining a concentrated 20-stock portfolio focused on businesses with network effects, IP, and loyalty gaining market share. Amazon led performance on e-commerce strength while MercadoLibre lagged on dollar strength. The fund remains confident in positioning despite quiet fundamental news flow, anticipating busier earnings season ahead.
Sep 30 2024	2024 Q3	4443.T, AMZN, CSU.TO, GOOGL, MELI, NOW, SE, SPOT, WIX	E-Commerce, global, growth, Networks, software, technology	-	Lakehouse Global Growth Fund returned 0.9% in September, outperforming its benchmark through concentrated holdings in companies with network effects, intellectual property, and loyalty characteristics. The fund maintains global diversification despite US headquarters concentration, with Sea Limited driving performance through e-commerce market share gains while remaining positioned for long-term outperformance regardless of macro conditions.
Jul 29 2024	2024 Q2	4443.T, AMZN, CRM, CSGP, CSU.TO, DOCS, GOOGL, MC.PA, MELI, NOW, SCHW, SPOT, V, WDAY	AI, Cloud, E-Commerce, global, growth, long-term, technology	AMZN SPOT MELI CSGP	Lakehouse delivered 25.5% returns through concentrated exposure to high-quality growth companies with network effects and secular tailwinds. Amazon led performance with margin expansion, while Spotify achieved cost optimization breakthrough. The fund deployed cash from 10.1% to 4.9% and maintains conviction in AI facilitators, cloud providers, and e-commerce leaders despite macro uncertainties.
May 15 2024	2024 Q1	4443.T, ADYEN.AS, AMZN, CSU.TO, GOOGL, MELI, NOW, SCHW, SE, SPOT, V	AI, E-Commerce, global, growth, payments, software, technology	GOOGL NOW ADYEN	Lakehouse's global growth strategy targets companies with network effects, IP, and loyalty moats. April saw rational e-commerce competition emerge in Southeast Asia while AI infrastructure advantages became evident at Alphabet. Despite short-term volatility in payments processor Adyen, the fund maintains conviction in quality software and platform businesses delivering consistent growth at scale.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 9 2026

2026 Q1

KXS.TO, SE

earnings, global, growth, Quality, software, technology, Valuations

KXS.TO

Lakehouse focuses on high-quality, competitively advantaged businesses growing earnings at 20%-plus rates despite market volatility. The concentrated 17-position portfolio outperformed in March amid Iran war concerns. Multiple compression has created compelling valuations with several holdings at all-time lows. Strong fundamental growth continues while market values have declined, creating attractive risk/reward opportunities.

Jan 14 2026

2025 Q4

4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK

global, growth, Networks, software, technology

Lakehouse Global Growth Fund focuses on concentrated positions in technology companies with network effects and intellectual property moats. Despite December underperformance and challenging 2025 returns, the fund maintains strong long-term track record with 14.6% annualized returns since inception. Portfolio spans global e-commerce, enterprise software, and payments platforms with strong competitive positioning.

Oct 14 2025

2025 Q3

4443.T, ADYEN.AS, AMZN, GOOGL, KXS.TO, MELI, PINS, SCHW, SE, WIX

global, growth, Networks, Quality, technology

WIX IL

Lakehouse Global Growth Fund underperformed in September but maintains strong long-term track record with quality growth companies exhibiting network effects and market leadership. Despite macro headwinds and recession risks, management remains optimistic about 2026 performance given portfolio companies' superior economics and competitive positioning across global markets.

Jul 27 2025

2025 Q2

4443.T, ADYEN.AS, AMZN, GOOGL, HEM.ST, KXS.TO, MC.PA, MELI, PINS, SCHW, SE, SPOT, WIX

AI, E-Commerce, global, growth, Streaming, technology

SE
MELI
GOOG
SE
MELI
SPOT
GOOGL

Lakehouse delivered 33.4% returns led by e-commerce winners Sea Limited and MercadoLibre, both showing accelerating growth and improving profitability. The concentrated 18-position portfolio benefits from strong operating momentum with companies growing earnings 34% year-over-year. Portfolio positioning in software and services provides protection against tariff risks while maintaining long-term growth exposure.

Mar 31 2025

2025 Q1

4443.T, ADYEN.AS, AMZN, GOOGL, MELI, SCHW, SE, TW, V, WIX

E-Commerce, Electronic Trading, global, growth, Networks, technology, Trade Policy

SE
TW

Lakehouse's concentrated growth portfolio faced March headwinds from trade policy uncertainty, returning -7.4% versus benchmark's -4.2%. Strong underlying fundamentals persist with portfolio companies growing revenue 20% and earnings 26% year-over-year. Tradeweb's electronic trading gains and Sea Limited's e-commerce momentum highlight quality positioning despite near-term volatility from geopolitical risks.

Dec 31 2024

2024 Q4

4443.T, ADYEN.AS, AMZN, GOOGL, HEMN.ST, MELI, NOW, SCHW, SE, WIX

E-Commerce, global, growth, Networks, technology

Lakehouse delivered 2.8% in December, maintaining a concentrated 20-stock portfolio focused on businesses with network effects, IP, and loyalty gaining market share. Amazon led performance on e-commerce strength while MercadoLibre lagged on dollar strength. The fund remains confident in positioning despite quiet fundamental news flow, anticipating busier earnings season ahead.

Sep 30 2024

2024 Q3

4443.T, AMZN, CSU.TO, GOOGL, MELI, NOW, SE, SPOT, WIX

E-Commerce, global, growth, Networks, software, technology

Lakehouse Global Growth Fund returned 0.9% in September, outperforming its benchmark through concentrated holdings in companies with network effects, intellectual property, and loyalty characteristics. The fund maintains global diversification despite US headquarters concentration, with Sea Limited driving performance through e-commerce market share gains while remaining positioned for long-term outperformance regardless of macro conditions.

Jul 29 2024

2024 Q2

4443.T, AMZN, CRM, CSGP, CSU.TO, DOCS, GOOGL, MC.PA, MELI, NOW, SCHW, SPOT, V, WDAY

AI, Cloud, E-Commerce, global, growth, long-term, technology

AMZN
SPOT
MELI
CSGP

Lakehouse delivered 25.5% returns through concentrated exposure to high-quality growth companies with network effects and secular tailwinds. Amazon led performance with margin expansion, while Spotify achieved cost optimization breakthrough. The fund deployed cash from 10.1% to 4.9% and maintains conviction in AI facilitators, cloud providers, and e-commerce leaders despite macro uncertainties.

May 15 2024

2024 Q1

4443.T, ADYEN.AS, AMZN, CSU.TO, GOOGL, MELI, NOW, SCHW, SE, SPOT, V

AI, E-Commerce, global, growth, payments, software, technology

GOOGL
NOW
ADYEN

Lakehouse's global growth strategy targets companies with network effects, IP, and loyalty moats. April saw rational e-commerce competition emerge in Southeast Asia while AI infrastructure advantages became evident at Alphabet. Despite short-term volatility in payments processor Adyen, the fund maintains conviction in quality software and platform businesses delivering consistent growth at scale.

QUARTER	THEMES	TAGS
2026 Q1	Quality The fund focuses on high-quality, competitively advantaged businesses with clear market leadership, resilient earnings, superior underlying economics and clean balance sheets. These businesses are better positioned to weather potential periods of turbulence and continue growing earnings at 20%-plus rates despite market volatility.	Market Leadership Resilient Earnings Clean Balance Sheets Competitive Advantages Superior Economics
	Cloud The portfolio includes significant exposure to cloud and enterprise software companies like ServiceNow, Workday, and Microsoft. These companies benefit from loyalty advantages and recurring subscription revenue models that provide predictable growth.	Enterprise Software SaaS Subscription Revenue Recurring Revenue Software
	E-commerce MercadoLibre represents the fund's exposure to e-commerce growth, particularly in Latin American markets. The company benefits from network effects, loyalty advantages, and intellectual property that create competitive moats.	Marketplaces Latin America Network Effects Digital Payments Online Commerce
2025 Q4	Dividends The Fund invests approximately 50% of its assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks, known as the 'Dogs of the Dow' strategy. This systematic approach focuses on dividend yield as the primary selection criterion for equity investments.	Dividend Yield Dogs of the Dow Income DJIA Yield
	Risk Appetite The Fund limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with maturity of less than one year. This balanced approach aims to provide both capital appreciation and current income while managing downside risk.	Risk Management Treasury Securities Balanced Volatility Diversification
2025 Q3	E-commerce The portfolio includes major e-commerce platforms like MercadoLibre and Amazon, which exhibit clear market leadership and superior underlying economics. These businesses are positioned to thrive regardless of economic conditions due to their network effects and loyalty advantages.	Marketplaces Networks Digital Commerce
2025 Q2	E-commerce Portfolio heavily weighted toward e-commerce leaders MercadoLibre and Sea Limited, both delivering strong growth. MercadoLibre grew net revenues 38% year-over-year to $22.4 billion with accelerating buyer growth. Sea Limited's Shopee platform emerged stronger with 30% revenue growth and improved profitability as regulatory pressures in Indonesia abated.	Marketplaces Digital Growth Emerging Markets Platform
	AI Alphabet facing competitive pressure from AI alternatives like ChatGPT and Perplexity threatening search dominance. However, company successfully rolled out AI Overviews reaching 1.5 billion monthly users, monetizing at same rate as regular search ads. Manager believes Alphabet remains well-positioned through massive user distribution and AI leadership.	Search Competition Innovation Distribution Monetization
	Streaming Spotify demonstrated ability to convert product leadership into solid economics, growing revenue 18% to €15.7 billion and turning €311 million operating loss into €1.4 billion profit. Strong operational performance drove share price up more than fivefold from November 2022 lows, prompting full exit on valuation grounds.	Audio Profitability Monetization Valuation Exit
2025 Q1	E-commerce Portfolio includes major e-commerce platforms like MercadoLibre and Amazon, with Sea Limited's Shopee showing strong growth momentum. Shopee delivered 37% revenue growth and 28% GMV increase, demonstrating pricing power through improved take rates despite fee hikes.	Marketplaces GMV Take Rates Pricing Power Digital Commerce
	Trade Policy Fund acknowledges uncertainty around Trump's trade policy as a key market driver, noting potential risks of higher inflation and growth slowdown from trade wars. Portfolio positioned with limited exposure to businesses manufacturing internationally and exporting to US.	Trade War Tariffs Manufacturing Export Risk Policy Uncertainty
	Capital Markets Tradeweb continues strengthening its electronic trading platform across asset classes, securing top position in US high-grade credit with 17.8% market share. Company benefits from structural shift toward market electronification amid ongoing volatility.	Electronic Trading Market Share Electronification Trading Protocols Fixed Income
2024 Q4	E-commerce The fund maintains significant exposure to e-commerce through Amazon, which showed relative strength during the month due to sustained growth in e-commerce. Amazon was the biggest contributor to performance with an 11.0% gain.	Amazon Growth Digital Commerce
	Payments The fund holds payment processing companies including Adyen and has exposure to financial technology through companies that facilitate digital transactions and commerce.	Adyen Digital Payments FinTech
2024 Q3	E-commerce The fund holds significant positions in e-commerce leaders including MercadoLibre and Amazon. Sea Limited showed strong performance with a 17.8% gain during the month, capitalizing on leading market share and increasing take rates across Southeast Asian e-commerce markets. The ongoing increases in industry take rates may signal a more favorable industry structure ahead.	Marketplaces Take Rates Market Share Southeast Asia Revenue Growth
2024 Q2	AI Generative AI represents a transformative technology with foundational models trained on massive data sets that can be adapted for various applications. The best investment opportunities are in facilitators like cloud providers (AWS, Azure, GCP) and companies with proprietary first-party data that can build unique models with durable advantages. The technology is still in early build phase with many unknowns about how it will play out.	Generative AI Cloud Computing Data Enterprise Software Foundational Models
	E-commerce Latin American e-commerce continues to show strong growth with MercadoLibre extending its track record of impressive performance, gaining share of the rapidly growing market. The business grew net revenues 36% year-on-year while expanding operating margins, demonstrating resilience despite macro challenges in Argentina. Long runway for growth remains due to relatively nascent e-commerce penetration in the region.	Latin America Marketplace Fintech Digital Payments
	Cloud Cloud computing benefits from exponential rise in demand driven by computationally intensive AI models. The three dominant cloud providers - Amazon AWS, Microsoft Azure, and Alphabet GCP - are well positioned to capitalize on this trend. Cloud represents a key facilitator for the AI revolution with strong structural advantages.	AWS Azure Infrastructure Computing Power
	Streaming Spotify had a transformative year with significant positive shift towards cost optimization while maintaining robust user growth to over 600 million monthly active users. The platform demonstrated pricing power with multiple price increases having minimal impact on churn, while achieving first period of positive free cash flow through rigorous cost management including workforce reductions.	Audio Subscription Content User Growth Monetization
2024 Q1	E-commerce The fund sees mounting evidence of more rational competitive behavior from dominant players in Southeast Asia's e-commerce market, particularly as both Shopee and TikTok Shop raised take-rates meaningfully across several countries. This signals a more favorable industry structure ahead for the sector.	Marketplaces Southeast Asia Take-rates Competition
	AI Alphabet demonstrated meaningful progress in AI infrastructure with 5th generation TPUs, high performance data center architecture, and AI models that are 100x more efficient versus 18 months ago. The company is well positioned for the AI opportunity ahead with significant infrastructure advantages.	TPUs Data Centers Infrastructure Efficiency
	Cloud ServiceNow continued its consistent track record of 20%-plus revenue growth with subscription revenues growing 25% year-on-year to $2.5 billion. The company's platform model is increasingly resonating with customers, evidenced by 1,933 customers generating over $1 million in Annual Contract Value.	SaaS Subscription Platform Enterprise Software
	Payments Adyen reported processed payment volume growth of 46% with over 80% of volume growth derived from existing clients and volume churn less than 1%. Management emphasized focus on increasing net revenue growth rather than take rates, with the company's relatively fixed cost base benefiting margins as revenue grows.	Payment Processing Volume Growth Client Retention Margins

QUARTER

THEMES

Quality

The fund focuses on high-quality, competitively advantaged businesses with clear market leadership, resilient earnings, superior underlying economics and clean balance sheets. These businesses are better positioned to weather potential periods of turbulence and continue growing earnings at 20%-plus rates despite market volatility.

Market Leadership Resilient Earnings Clean Balance Sheets Competitive Advantages Superior Economics

Cloud

The portfolio includes significant exposure to cloud and enterprise software companies like ServiceNow, Workday, and Microsoft. These companies benefit from loyalty advantages and recurring subscription revenue models that provide predictable growth.

Enterprise Software SaaS Subscription Revenue Recurring Revenue Software

E-commerce

MercadoLibre represents the fund's exposure to e-commerce growth, particularly in Latin American markets. The company benefits from network effects, loyalty advantages, and intellectual property that create competitive moats.

Marketplaces Latin America Network Effects Digital Payments Online Commerce

2025 Q4

Dividends

The Fund invests approximately 50% of its assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks, known as the 'Dogs of the Dow' strategy. This systematic approach focuses on dividend yield as the primary selection criterion for equity investments.

Dividend Yield Dogs of the Dow Income DJIA Yield

Risk Appetite

The Fund limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with maturity of less than one year. This balanced approach aims to provide both capital appreciation and current income while managing downside risk.

Risk Management Treasury Securities Balanced Volatility Diversification

2025 Q3

E-commerce

The portfolio includes major e-commerce platforms like MercadoLibre and Amazon, which exhibit clear market leadership and superior underlying economics. These businesses are positioned to thrive regardless of economic conditions due to their network effects and loyalty advantages.

Marketplaces Networks Digital Commerce

2025 Q2

E-commerce

Portfolio heavily weighted toward e-commerce leaders MercadoLibre and Sea Limited, both delivering strong growth. MercadoLibre grew net revenues 38% year-over-year to $22.4 billion with accelerating buyer growth. Sea Limited's Shopee platform emerged stronger with 30% revenue growth and improved profitability as regulatory pressures in Indonesia abated.

Marketplaces Digital Growth Emerging Markets Platform

AI

Alphabet facing competitive pressure from AI alternatives like ChatGPT and Perplexity threatening search dominance. However, company successfully rolled out AI Overviews reaching 1.5 billion monthly users, monetizing at same rate as regular search ads. Manager believes Alphabet remains well-positioned through massive user distribution and AI leadership.

Search Competition Innovation Distribution Monetization

Streaming

Spotify demonstrated ability to convert product leadership into solid economics, growing revenue 18% to €15.7 billion and turning €311 million operating loss into €1.4 billion profit. Strong operational performance drove share price up more than fivefold from November 2022 lows, prompting full exit on valuation grounds.

Audio Profitability Monetization Valuation Exit

2025 Q1

E-commerce

Portfolio includes major e-commerce platforms like MercadoLibre and Amazon, with Sea Limited's Shopee showing strong growth momentum. Shopee delivered 37% revenue growth and 28% GMV increase, demonstrating pricing power through improved take rates despite fee hikes.

Marketplaces GMV Take Rates Pricing Power Digital Commerce

Trade Policy

Fund acknowledges uncertainty around Trump's trade policy as a key market driver, noting potential risks of higher inflation and growth slowdown from trade wars. Portfolio positioned with limited exposure to businesses manufacturing internationally and exporting to US.

Trade War Tariffs Manufacturing Export Risk Policy Uncertainty

Capital Markets

Tradeweb continues strengthening its electronic trading platform across asset classes, securing top position in US high-grade credit with 17.8% market share. Company benefits from structural shift toward market electronification amid ongoing volatility.

Electronic Trading Market Share Electronification Trading Protocols Fixed Income

2024 Q4

E-commerce

The fund maintains significant exposure to e-commerce through Amazon, which showed relative strength during the month due to sustained growth in e-commerce. Amazon was the biggest contributor to performance with an 11.0% gain.

Amazon Growth Digital Commerce

Payments

The fund holds payment processing companies including Adyen and has exposure to financial technology through companies that facilitate digital transactions and commerce.

Adyen Digital Payments FinTech

2024 Q3

E-commerce

The fund holds significant positions in e-commerce leaders including MercadoLibre and Amazon. Sea Limited showed strong performance with a 17.8% gain during the month, capitalizing on leading market share and increasing take rates across Southeast Asian e-commerce markets. The ongoing increases in industry take rates may signal a more favorable industry structure ahead.

Marketplaces Take Rates Market Share Southeast Asia Revenue Growth

2024 Q2

AI

Generative AI represents a transformative technology with foundational models trained on massive data sets that can be adapted for various applications. The best investment opportunities are in facilitators like cloud providers (AWS, Azure, GCP) and companies with proprietary first-party data that can build unique models with durable advantages. The technology is still in early build phase with many unknowns about how it will play out.

Generative AI Cloud Computing Data Enterprise Software Foundational Models

E-commerce

Latin American e-commerce continues to show strong growth with MercadoLibre extending its track record of impressive performance, gaining share of the rapidly growing market. The business grew net revenues 36% year-on-year while expanding operating margins, demonstrating resilience despite macro challenges in Argentina. Long runway for growth remains due to relatively nascent e-commerce penetration in the region.

Latin America Marketplace Fintech Digital Payments

Cloud

Cloud computing benefits from exponential rise in demand driven by computationally intensive AI models. The three dominant cloud providers - Amazon AWS, Microsoft Azure, and Alphabet GCP - are well positioned to capitalize on this trend. Cloud represents a key facilitator for the AI revolution with strong structural advantages.

AWS Azure Infrastructure Computing Power

Streaming

Spotify had a transformative year with significant positive shift towards cost optimization while maintaining robust user growth to over 600 million monthly active users. The platform demonstrated pricing power with multiple price increases having minimal impact on churn, while achieving first period of positive free cash flow through rigorous cost management including workforce reductions.

Audio Subscription Content User Growth Monetization

2024 Q1

E-commerce

The fund sees mounting evidence of more rational competitive behavior from dominant players in Southeast Asia's e-commerce market, particularly as both Shopee and TikTok Shop raised take-rates meaningfully across several countries. This signals a more favorable industry structure ahead for the sector.

Marketplaces Southeast Asia Take-rates Competition

AI

Alphabet demonstrated meaningful progress in AI infrastructure with 5th generation TPUs, high performance data center architecture, and AI models that are 100x more efficient versus 18 months ago. The company is well positioned for the AI opportunity ahead with significant infrastructure advantages.

TPUs Data Centers Infrastructure Efficiency

Cloud

ServiceNow continued its consistent track record of 20%-plus revenue growth with subscription revenues growing 25% year-on-year to $2.5 billion. The company's platform model is increasingly resonating with customers, evidenced by 1,933 customers generating over $1 million in Annual Contract Value.

SaaS Subscription Platform Enterprise Software

Payments

Adyen reported processed payment volume growth of 46% with over 80% of volume growth derived from existing clients and volume churn less than 1%. Management emphasized focus on increasing net revenue growth rather than take rates, with the company's relatively fixed cost base benefiting margins as revenue grows.

Payment Processing Volume Growth Client Retention Margins

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 9, 2026	Fund Letters	Lakehouse Global Growth Fund	KXS.TO	Kinaxis Inc	Software - Application	Application Software	Bull	New York Stock Exchange	AI, Canada, Enterprise software, growth, SaaS, Software, subscription model, supply chain management	Login
Oct 14, 2025	Fund Letters	Nick Thomson	WIX IL	Wix.com Ltd.	Information Technology	Application Software	Bull	NYSE	Digital, growth, Israel, Margins, platform, SaaS, Software, Subscription	Login
Jul 27, 2025	Fund Letters	Nick Thomson	SE	Sea Limited	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	e-commerce, Fintech, Gaming, Garena, profitability, Shopee, Southeast Asia, turnaround	Login
Jul 27, 2025	Fund Letters	Nick Thomson	MELI	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Argentina, e-commerce, Fintech, growth acceleration, Latin America, market share	Login
Jul 27, 2025	Fund Letters	Nick Thomson	GOOG	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, Competitive Advantage, Distribution, Search, tech giants, valuation	Login
Jun 30, 2025	Fund Letters	Lakehouse Global Growth Fund	SE	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	Digital Financial Services, e-commerce, Emerging markets, Fintech, Gaming, growth, Southeast Asia	Login
Jun 30, 2025	Fund Letters	Lakehouse Global Growth Fund	MELI	MercadoLibre	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Argentina, Brazil, e-commerce, Fintech, growth, Latin America, marketplace, Mexico	Login
Jun 30, 2025	Fund Letters	Lakehouse Global Growth Fund	SPOT	Spotify Technology S.A.	Communication Services	Interactive Media & Services	Neutral	NYSE	Audio Streaming, media, Music, Podcasts, Subscription, technology, valuation	Login
Jun 30, 2025	Fund Letters	Lakehouse Global Growth Fund	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, Artificial Intelligence, Cloud computing, digital advertising, Internet, Search, technology	Login
Mar 31, 2025	Fund Letters	Lakehouse Global Growth Fund	SE	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Digital Entertainment, e-commerce, Fintech, Gmv Growth, marketplace, Pricing power, Southeast Asia, Take rate	Login
Mar 31, 2025	Fund Letters	Lakehouse Global Growth Fund	TW	Tradeweb Markets	Financials	Capital Markets	Bull	NASDAQ	Credit markets, Electronic Trading, Electronification, fixed income, Government Bonds, market share, Portfolio Trading, Trading Protocols	Login
Jun 30, 2024	Fund Letters	Lakehouse Global Growth Fund	AMZN	Amazon	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	advertising, AWS, Cloud computing, e-commerce, Logistics, margin expansion, operating leverage, Subscriptions, Value	Login
Jun 30, 2024	Fund Letters	Lakehouse Global Growth Fund	SPOT	Spotify	Communication Services	Interactive Media & Services	Bull	NYSE	Audio Streaming, Audiobooks, cost optimization, Free Cash Flow, Music, Pricing power, Subscription, turnaround, User growth	Login
Jun 30, 2024	Fund Letters	Lakehouse Global Growth Fund	MELI	MercadoLibre	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Argentina, Brazil, e-commerce, Emerging markets, Fintech, growth, Latin America, marketplace, Mexico, network effects	Login
Jun 30, 2024	Fund Letters	Lakehouse Global Growth Fund	CSGP	CoStar Group	Real Estate	Real Estate Services	Neutral	NASDAQ	Apartments, commercial real estate, customer retention, Data Analytics, marketplace, Real Estate, Residential, SaaS, Zillow Competition	Login
Apr 30, 2024	Fund Letters	Lakehouse Global Growth Fund	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Artificial Intelligence, cash-rich, Cloud computing, digital advertising, operating leverage, search engine, technology platform, TPU Chips, YouTube	Login
Apr 30, 2024	Fund Letters	Lakehouse Global Growth Fund	NOW	ServiceNow Inc.	Information Technology	Systems Software	Bull	NYSE	Enterprise software, Federal Government, Free Cash Flow, High Renewal Rates, Platform Model, SaaS, subscription revenue, workflow automation	Login
Apr 30, 2024	Fund Letters	Lakehouse Global Growth Fund	ADYEN	Adyen N.V.	Information Technology	Data Processing & Outsourced Services	Bull	Euronext Amsterdam	Client Retention, Enterprise Payments, Fintech, Fixed Cost Base, Merchant Services, Netherlands, payment processing, Take-rates	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 9, 2026

Fund Letters

Lakehouse Global Growth Fund

KXS.TO

Kinaxis Inc

Software - Application

Application Software

Bull

New York Stock Exchange

AI, Canada, Enterprise software, growth, SaaS, Software, subscription model, supply chain management

Oct 14, 2025

Fund Letters

Nick Thomson

WIX IL

Wix.com Ltd.

Information Technology

Application Software

Bull

NYSE

Digital, growth, Israel, Margins, platform, SaaS, Software, Subscription

Jul 27, 2025

Fund Letters

Nick Thomson

Sea Limited

Communication Services

Interactive Media & Services

Bull

New York Stock Exchange

e-commerce, Fintech, Gaming, Garena, profitability, Shopee, Southeast Asia, turnaround

Jul 27, 2025

Fund Letters

Nick Thomson

MELI

MercadoLibre, Inc.

Consumer Discretionary

Broadline Retail

Bull

NASDAQ

Argentina, e-commerce, Fintech, growth acceleration, Latin America, market share

Jul 27, 2025

Fund Letters

Nick Thomson

GOOG

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI, Competitive Advantage, Distribution, Search, tech giants, valuation

Jun 30, 2025

Fund Letters

Lakehouse Global Growth Fund

Sea Limited

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NYSE

Digital Financial Services, e-commerce, Emerging markets, Fintech, Gaming, growth, Southeast Asia

Jun 30, 2025

Fund Letters

Lakehouse Global Growth Fund

MELI

MercadoLibre

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

Argentina, Brazil, e-commerce, Fintech, growth, Latin America, marketplace, Mexico

Jun 30, 2025

Fund Letters

Lakehouse Global Growth Fund

SPOT

Spotify Technology S.A.

Communication Services

Interactive Media & Services

Neutral

NYSE

Audio Streaming, media, Music, Podcasts, Subscription, technology, valuation

Jun 30, 2025

Fund Letters

Lakehouse Global Growth Fund

GOOGL

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI, Artificial Intelligence, Cloud computing, digital advertising, Internet, Search, technology

Mar 31, 2025

Fund Letters

Lakehouse Global Growth Fund

Sea Limited

Communication Services

Interactive Media & Services

Bull

NYSE

Digital Entertainment, e-commerce, Fintech, Gmv Growth, marketplace, Pricing power, Southeast Asia, Take rate

Mar 31, 2025

Fund Letters

Lakehouse Global Growth Fund

Tradeweb Markets

Financials

Capital Markets

Bull

NASDAQ

Credit markets, Electronic Trading, Electronification, fixed income, Government Bonds, market share, Portfolio Trading, Trading Protocols

Jun 30, 2024

Fund Letters

Lakehouse Global Growth Fund

AMZN

Amazon

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

advertising, AWS, Cloud computing, e-commerce, Logistics, margin expansion, operating leverage, Subscriptions, Value

Jun 30, 2024

Fund Letters

Lakehouse Global Growth Fund

SPOT

Spotify

Communication Services

Interactive Media & Services

Bull

NYSE

Audio Streaming, Audiobooks, cost optimization, Free Cash Flow, Music, Pricing power, Subscription, turnaround, User growth

Jun 30, 2024

Fund Letters

Lakehouse Global Growth Fund

MELI

MercadoLibre

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

Argentina, Brazil, e-commerce, Emerging markets, Fintech, growth, Latin America, marketplace, Mexico, network effects

Jun 30, 2024

Fund Letters

Lakehouse Global Growth Fund

CSGP

CoStar Group

Real Estate

Real Estate Services

Neutral

NASDAQ

Apartments, commercial real estate, customer retention, Data Analytics, marketplace, Real Estate, Residential, SaaS, Zillow Competition

Apr 30, 2024

Fund Letters

Lakehouse Global Growth Fund

GOOGL

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

Artificial Intelligence, cash-rich, Cloud computing, digital advertising, operating leverage, search engine, technology platform, TPU Chips, YouTube

Apr 30, 2024

Fund Letters

Lakehouse Global Growth Fund

NOW

ServiceNow Inc.

Information Technology

Systems Software

Bull

NYSE

Enterprise software, Federal Government, Free Cash Flow, High Renewal Rates, Platform Model, SaaS, subscription revenue, workflow automation

Apr 30, 2024

Fund Letters

Lakehouse Global Growth Fund

ADYEN

Adyen N.V.

Information Technology

Data Processing & Outsourced Services

Bull

Euronext Amsterdam

Client Retention, Enterprise Payments, Fintech, Fixed Cost Base, Merchant Services, Netherlands, payment processing, Take-rates

TICKER	COMMENTARY
KXS.TO	Kinaxis delivered a strong quarter that underscored its leading position in supply chain orchestration and growing relevance in a world of increasing supply and demand volatility. Revenue growth accelerated to 16%, a 5-percentage point acceleration compared to the previous quarter. This was fuelled by a record number of new business wins and performance across all regions. To better capture the value of its evolving architecture and AI product offering, the company introduced a new usage-based pricing model on top of recurring subscription fees. The new pricing model creates potential for further revenue growth acceleration while keeping costs constant, which bodes well for the company's outlook on profitability. With a record pipeline and a win rate exceeding 60% against legacy competitors, Kinaxis remains well positioned to lead the transition toward agentic supply chain management.
SE	Meanwhile, the largest detractor was Sea Limited (-20.6%), which sold off on broader macro concerns as emerging market stocks came under pressure.

TICKER

COMMENTARY

KXS.TO

Kinaxis delivered a strong quarter that underscored its leading position in supply chain orchestration and growing relevance in a world of increasing supply and demand volatility. Revenue growth accelerated to 16%, a 5-percentage point acceleration compared to the previous quarter. This was fuelled by a record number of new business wins and performance across all regions. To better capture the value of its evolving architecture and AI product offering, the company introduced a new usage-based pricing model on top of recurring subscription fees. The new pricing model creates potential for further revenue growth acceleration while keeping costs constant, which bodes well for the company's outlook on profitability. With a record pipeline and a win rate exceeding 60% against legacy competitors, Kinaxis remains well positioned to lead the transition toward agentic supply chain management.

Meanwhile, the largest detractor was Sea Limited (-20.6%), which sold off on broader macro concerns as emerging market stocks came under pressure.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Quality

Cloud

E-commerce

Dividends

Risk Appetite

E-commerce

E-commerce

AI

Streaming

E-commerce

Trade Policy

Capital Markets

E-commerce

Payments

E-commerce

AI

E-commerce

Cloud

Streaming

E-commerce

AI

Cloud

Payments

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Nick Thomson Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Lakehouse Global Growth Fund