| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 14.6% | - | - |
| 2025 | 2024 |
|---|---|
| -8.5% | 45.7% |
The Lakehouse Global Growth Fund returned -2.1% net in December versus -0.6% for its benchmark, bringing year-to-date returns to -8.5% compared to +13.6% for the benchmark. Since inception in December 2017, the fund has delivered 14.6% annualized returns versus 12.6% for the benchmark. The portfolio maintains 17 concentrated positions with the top 10 holdings representing 67.6% of assets and cash at 6.1%. The fund focuses on global growth companies with sustainable competitive advantages through networks, loyalty, and intellectual property. Holdings span e-commerce (MercadoLibre), enterprise software (Workiva, Sansan, Constellation Software), payments (Adyen, Tradeweb), and technology platforms (Amazon, Pinterest, Wix). Geographic diversification is strong with 54.5% of portfolio company revenues generated outside the US. December performance was driven by Wix.com gaining 6.8% on AI coding concerns while Workiva declined 8.4% on no material news. The managers expect increased activity in January as companies report quarterly results.
The fund invests in global growth companies with sustainable competitive advantages through networks, loyalty, and intellectual property, focusing on technology-enabled businesses with strong moats.
January will be a busier period for the Fund as businesses gear up after the holiday break. Many of our portfolio companies will report their quarterly results which we look forward to updating investors on in next month's letter.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 14 2026 | 2025 Q4 | 4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK | global, growth, Networks, software, technology | - | The fund holds MercadoLibre, a leading Latin American e-commerce platform with network effects and loyalty advantages. The company represents one of the top holdings in… |
| Oct 14 2025 | 2025 Q3 | - | digital transformation, Global Equities, Network Effects, Platform, technology | WIX IL | The portfolio of globally diversified digital leaders faced short-term drawdowns amid AI-related volatility. Holdings like Wix and MercadoLibre highlight competitive advantages through network effects and… |
| Jul 27 2025 | 2025 Q2 | GOOG, HEM SS, MC FP, MELI, SE, SPOT | Global Growth, innovation, ROIC, scalability, secular trends |
SE MELI GOOG |
The commentary focuses on long-term global growth opportunities driven by innovation, secular demand, and scalable business models. Management emphasizes patience through short-term macro disruptions. High… |
| Mar 31 2025 | 2025 Q1 | SE, TW | - | - | - |
| Dec 31 2024 | 2024 Q4 | - | - | - | - |
| Sep 30 2024 | 2024 Q3 | MELI, SE | - | - | - |
| Jul 29 2024 | 2024 Q2 | AMZN, CSGP, DOCS, MC FP, MELI, SPOT | - | - | - |
| May 15 2024 | 2024 Q1 | ADYEN, GOOG, NOW, SE | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
E-commerceSeveral investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. |
Marketplaces Competition Network Effects Asia Latin America |
PaymentsWise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. |
Cross-border Fintech Infrastructure Platform SME | |
SoftwareTeamViewer was the top detractor after reporting underwhelming results and lowering annual recurring revenue guidance due to general weakness and integration challenges with its 1E acquisition. Despite temporary headwinds, the company is trading at an extremely attractive valuation according to the managers. |
Application Software ARR Digital Employee Experience Software Integration Valuation | |
| 2025 Q3 |
GrowthGrowth retained a narrow edge for the full year in large caps despite underperforming in Q4. Technology and Communication Services delivered exceptional longer-term returns, though near-term leadership may remain more evenly distributed. A sustained Growth resurgence will likely depend on renewed confidence in AI-driven earnings. |
Growth Technology AI Communication Services Mega-cap |
Platform Economics |
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Technology |
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| 2025 Q2 |
Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| CSU.TO | Broad pressure on the stocks of software companies enabled us to initiate a position in Constellation Software. This is a unique business we had on our radar for a long time but were never able to purchase due to its high valuation. At its core, the company is a permanent capital vehicle designed to acquire 'vertical market software' (VMS) businesses and hold them indefinitely. |
| MELI | E-commerce Volatility: turbulence in our e-commerce portfolio companies, Sea Ltd (Southeast Asia) and MercadoLibre (Latin America), amidst aggressive price wars. |
| PINS | Pinterest Inc., an image-based social media company, pulled back by -20%. The company reported an inline quarter, however, guidance for fourth quarter revenue and profits was slightly below Street expectations. Pinterest has been pleased with the adoption of new functionality by advertisers as they strive to gain higher returns on advertising spend. User engagement trends have also been solid with monthly active user growth increasing solidly, notably in international markets. |
| TW | Tradeweb -1.4% |
| WIX | Wix.com Ltd. is a leading provider of cloud-based web-development platform for micro-businesses. Shares of Wix declined 41.5% during the fourth quarter and ended the year down 51.9% due to a quarterly earnings report that emphasized greater-than-expected investment behind their new acquisition, the vibe-coding startup, Base44. |
| WK | the largest detractor was Workiva (-8.4%), which fell on no material news. The global reporting and compliance platform is one of the most recent additions to our portfolio |
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