| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10% | - | - |
The Lakehouse Global Growth Fund returned -36.1% net of fees for FY2026 versus 17.0% for its benchmark, as AI disruption fears and energy price spikes drove indiscriminate selling across software and internet businesses. The decline was almost entirely sentiment-driven multiple compression rather than deteriorating fundamentals, with portfolio companies growing revenue and earnings by approximately 24% and 28% year-on-year respectively. The manager views AI disruption fears as largely misplaced for incumbent enterprise platforms, which hold decisive advantages through proprietary data, distribution, and trust. ServiceNow's AI suite is tracking toward $1.5 billion in annual contract value, 50% above target. MercadoLibre accelerated revenue growth to 49% year-on-year while reinvesting for durable share gains. Alphabet's Cloud revenue surged 63% with backlog doubling to over $460 billion. The portfolio now trades at a weighted-average forward P/E of just 22x, a level rarely seen, creating what the manager believes is a compelling setup for patient investors. The Fund holds 15 positions with 10.3% cash, positioned to be opportunistic in volatile markets while maintaining conviction in businesses that continue to compound.
The Fund invests in entrenched, mission-critical enterprise platforms with durable competitive advantages including proprietary data, distribution at scale, and trusted security positions that position them to benefit from rather than be disrupted by AI adoption.
The manager expresses confidence that the current setup will generate attractive future returns for patient, long-term investors. With portfolio companies growing revenue and earnings by approximately 24% and 28% year-on-year respectively, and valuations compressed to a weighted-average forward P/E of just 22x, the divergence between price and fundamentals is viewed as exactly the kind of setup from which attractive returns tend to emerge. The manager believes their businesses will continue to compound and that future earnings power, not this year's market narrative, will be the ultimate driver of value over time.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 27 2026 | 2026 Q2 | 4443.T, ADYEN.AS, AMZN, GOOGL, KXS.TO, MELI, MSFT, NOW, V, VEEV, WK | AI, Cloud, E-Commerce, Enterprise Software, Latin America, payments, Reinvestment, valuation |
GOOGL VEEV V MELI ADYEN.AS WK |
The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. |
| 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. |
| Jun 30 2023 | 2023 Q4 | 3690 HK, 4443.T, AMZN, CSGP, CSU.TO, GOOGL, MC.PA, MELI, MSFT, NOW, SCHW, SPOT, V | global, growth, high conviction, long-term, secular trends, technology |
MELI 4443.T CSGP SCHW |
Lakehouse delivered 35.6% returns through concentrated exposure to secular growth leaders like MercadoLibre and CoStar Group. The 20-position portfolio targets companies with sustainable competitive advantages in cloud computing and e-commerce that can outperform regardless of macro conditions. Despite recession risks from rapid rate hikes, well-capitalized market leaders should benefit from share gains during economic stress. |
| Jun 30 2022 | 2022 Q4 | 0700.HK, 4443.T, AMZN, AVLR, CSGP, GOOGL, MC.PA, MELI, MKTX, MNST, NOW, PYPL, SCHW, V | Cloud, E-Commerce, global, growth, inflation, payments, technology |
MNST SCHW PYPL 4443.T MELI |
Lakehouse Global Growth Fund fell 34.3% in FY2022 as growth stocks sold off, but maintains conviction in its 20-company portfolio of secular growth leaders. Despite market volatility, portfolio companies grew revenue 21.4% with superior margins and pricing power. The fund deployed cash during downturns and expects strong long-term performance as secular trends endure. |
| Jun 30 2021 | 2021 Q4 | ADYEY, AMZN, CSU.TO, GOOGL, MELI, META, MKTX, MNST, PYPL, SCHW, TEAM, V | Covid recovery, digital transformation, global, growth, Networks, technology | - | Lakehouse delivered 33.2% returns through concentrated growth investing in digital transformation winners. Strong performance from payments companies PayPal and Adyen, plus interest rate beneficiary Charles Schwab. Manager views e-commerce and digital payments growth as structural, not cyclical. Reduced cash allocation while maintaining conviction in network effect businesses despite regulatory headwinds. |
| Jun 30 2020 | 2020 Q4 | ADYEY, AMZN, AVLR, BKNG, CSU.TO, GOOGL, IBKR, MELI, META, MKTX, PYPL, SCHW, V | COVID-19, E-Commerce, global, growth, Networks, payments, technology |
ADYEY PYPL 2413.T |
Lakehouse delivered 33.2% returns by backing network-effect companies that accelerated during COVID-19. The fund aggressively deployed cash during the March crash and benefited from structural shifts in e-commerce and digital payments through holdings like PayPal and Adyen. Their concentrated, high-conviction approach with asymmetric risk-reward profiles drove strong outperformance despite economic uncertainty. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe manager views AI disruption fears in enterprise software as largely misplaced. Incumbent platforms like ServiceNow hold decisive advantages through proprietary data, distribution, trust, and security. AI is expanding addressable markets through consumption-based pricing and outcome-based models. ServiceNow's Now Assist is tracking toward $1.5 billion in annual contract value, 50% above target. |
Enterprise Software ServiceNow Consumption Pricing Agents |
E-commerceMercadoLibre accelerated revenue growth to 49% year-on-year, its fastest pace in almost four years, with gross merchandise volume up 42%. The company is deliberately trading near-term margin for durable share gains through aggressive reinvestment, particularly in Brazil where items sold surged 56%. E-commerce penetration across Latin America remains low with a large underbanked population yet to be served. |
MercadoLibre Latin America Brazil Reinvestment | |
PaymentsVisa delivered its strongest net revenue growth since 2022 at 17% year-over-year, propelled by higher growth segments Commercial & Money Movement Solutions and Value-Added Services. The company is positioning its network to handle the future of money movement, capturing new growth in stablecoins and agentic commerce. Adyen's fastest-growing divisions, Unified Commerce and Platforms, grew revenue by roughly 24% and 35%. |
Visa Adyen Stablecoins Money Movement | |
CloudAlphabet's Cloud revenue growth accelerated to 63% year-over-year and crossed $20 billion in quarterly revenue for the first time, even as demand continued to outstrip available capacity. The backlog roughly doubled to over $460 billion, underpinned by a new TPU hardware revenue stream. As the only hyperscaler with a fully integrated AI stack spanning chips, infrastructure, models, data and distribution, Alphabet is exceptionally well placed. |
Alphabet Google Cloud TPU Hyperscaler | |
BiotechnologyVeeva Systems is the dominant, mission-critical software provider to the life sciences industry with more than 1,500 customers including 19 of the top 20 global pharmaceutical companies. AI in regulated industries requires governed data foundations, which Veeva has spent over a decade building with built-in audit trails and compliance workflows. The first Veeva AI agents went live in December with a new agentic platform, Falcon, targeting availability later this year. |
Veeva Life Sciences Regulatory Compliance | |
Enterprise SoftwareThe indiscriminate software selloff created meaningful opportunities for discerning investors. Incumbent enterprise platforms with multi-product platforms and complex workflows hold decisive advantages through proprietary data, distribution at scale, and trust in security perimeters. The cost of writing software was never the barrier to entry for mission-critical platforms; running it securely and reliably at enterprise scale was. Portfolio software companies are embedding AI and converting it into new revenue streams. |
ServiceNow Workiva SaaS Mission-Critical | |
SemiconductorsThe manager explicitly avoids semiconductor exposure despite the sector driving benchmark returns. Semiconductors, technology hardware, and energy rallied hard on AI infrastructure build-out, but these sectors are viewed as historically cyclical and commoditised at their core, with earnings hostage to supply cycles, capex swings, and pricing they do not control. The durability of growth and predictability of earnings on a three-to-five-year view is not there. |
Cyclical Commoditised Supply Cycles | |
ValuationsThe portfolio now trades at a weighted-average forward price-to-earnings multiple of just 22x even as underlying businesses continue to compound. This divergence between price and fundamentals has compressed valuations to levels rarely seen. The decline was almost entirely a story of sentiment and multiple compression rather than deteriorating fundamentals, with portfolio companies growing revenue and earnings by approximately 24% and 28% year-on-year respectively. |
Multiple Compression Valuation Sentiment | |
| 2026 Q1 |
QualityThe 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 |
CloudThe 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-commerceMercadoLibre 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 |
DividendsThe 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 AppetiteThe 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-commerceThe 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-commercePortfolio 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 |
AIAlphabet 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 | |
StreamingSpotify 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-commercePortfolio 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 PolicyFund 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 MarketsTradeweb 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-commerceThe 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 |
PaymentsThe 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-commerceThe 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 |
AIGenerative 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-commerceLatin 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 | |
CloudCloud 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 | |
StreamingSpotify 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-commerceThe 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 |
AIAlphabet 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 | |
CloudServiceNow 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 | |
PaymentsAdyen 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 | |
| 2023 Q4 |
E-commerceMercadoLibre was the Fund's strongest performer, crossing US$10 billion in net revenues and shipping over 1 billion items through its logistics business. The company continues to extend market leadership in Latin America, particularly in Brazil, with accelerated share gains. The combination of nascent e-commerce penetration and large underbanked population in Latin America provides excellent foundation for continued growth. |
MercadoLibre Marketplace Logistics Payments Brazil |
CloudThe fund owns secular growth companies benefiting from the shift towards cloud computing. ServiceNow is highlighted as a top holding with loyalty characteristics. The portfolio is positioned to benefit from ongoing secular trends including cloud adoption that will endure even in tough economic environments. |
ServiceNow SaaS Digital transformation Enterprise software | |
Commercial Real EstateCoStar Group showed strong momentum across all segments with core CoStar Suite growing at mid-teens rates. Contract renewal rates remained firm at 90%-plus, with customers who've been subscribers for five years showing 95%-plus renewal rates. Apartments.com reverted to roughly 20% pre-pandemic growth as multifamily vacancy rates normalized, creating robust advertising demand environment. |
CoStar Apartments.com LoopNet Multifamily Advertising | |
| 2022 Q4 |
InflationThe fund views its portfolio companies as well-positioned for inflationary environments due to pricing power, superior margin structures, and toll booth business models. Companies like Amazon have already demonstrated pricing flexibility by raising Prime membership costs 20% and adding fuel surcharges. |
Pricing Power Margins Input Costs |
E-commerceThe fund maintains strong conviction in e-commerce leaders like Amazon and MercadoLibre despite recent underperformance. MercadoLibre delivered 60%+ revenue growth while trading at historically low valuations, with the company improving delivery capabilities and maintaining strong buyer engagement. |
Digital Commerce Marketplaces Latin America | |
PaymentsThe fund experienced significant challenges with PayPal, which declined 73.8% and was the worst performer. However, they maintain that PayPal's two-sided platform continues to attract users and merchants, with the company now trading at much lower expectations after resetting guidance. |
Digital Payments Fintech Platform | |
CloudThe fund believes secular trends driving cloud computing adoption will endure even in recessionary environments. They view their cloud-focused companies as well-positioned to sustain above-average growth rates due to the ongoing shift toward cloud infrastructure. |
Software Infrastructure Digital Transformation | |
| 2021 Q4 |
E-commerceManager views e-commerce growth as structural rather than cyclical, noting cumulative growth from June 2019 to June 2021 was 95% despite June 2021 growth moderating to 8.3% year-over-year. The pull-forward in demand during Covid-19 for businesses offering superior value and convenience is viewed as permanent. |
Digital payments Online retail Consumer behavior |
PaymentsStrong conviction in digital payments infrastructure with major holdings in PayPal, Visa, and Adyen. PayPal had tremendous year with 50% growth in payment volume and 20.6% user growth. Adyen described as toll road with 99% client retention and growing margins. |
Digital payments Fintech Payment processing | |
Social MediaFacebook is the fund's largest holding despite regulatory scrutiny. Manager argues breaking up big tech companies that provide free, integrated services may not benefit consumers. 2.7 billion people use Facebook platforms daily, suggesting strong consumer value. |
Social platforms Network effects Regulatory risk | |
CloudAmazon Web Services mentioned as potential spin-off candidate that could enhance shareholder value due to conglomerate discount. Manager suggests forced spin-offs of cloud assets might actually benefit shareholders rather than harm them. |
Cloud computing Infrastructure Spin-offs | |
| 2020 Q4 |
E-commerceSocial distancing accelerated structural shifts toward e-commerce, with PayPal seeing 135% increase in daily new user additions and merchants forced to dive headlong into online channels. The fund benefited from this acceleration across multiple holdings including PayPal, Amazon, and Adyen. |
Digital payments Online retail Platform growth User acquisition Merchant adoption |
PaymentsDigital payments infrastructure saw massive acceleration during COVID-19, with PayPal gaining share of growing e-commerce and Adyen delivering 34% net revenue growth despite economic weakness. The fund views this as a structural shift with durable competitive advantages. |
Digital payments Payment processing Financial infrastructure Network effects Transaction growth | |
NetworksNetwork effects became more powerful during the pandemic as users and merchants found more counterparts on platforms, spinning flywheels faster. The fund emphasizes companies with strong network effects across multiple holdings including PayPal, Facebook, Amazon, and Visa. |
Network effects Platform dynamics User growth Flywheel effects Competitive moats | |
Healthcare ITM3 acted as key infrastructure in healthcare during COVID-19, with site visits increasing 42-129% across regions. The company enabled telehealth consultations and digital channels for medical representatives, with LINE Healthcare acquiring 5.5 million users by March. |
Digital health Telehealth Healthcare infrastructure Medical technology Digital transformation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 27, 2026 | Fund Letters | Lakehouse Global Growth Fund | GOOGL | Alphabet Inc. | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | AI infrastructure, Cloud computing, digital advertising, Equity, growth, hyperscaler, Interactive Media, search engine, semiconductors, TPU Hardware | Login |
| Jul 27, 2026 | Fund Letters | Lakehouse Global Growth Fund | VEEV | Veeva Systems Inc. | Health Information Services | Health Care Technology | Bull | New York Stock Exchange | AI agents, Clinical trials, Equity, growth, Health Care Technology, life sciences, Mission-Critical Software, Pharmaceutical, regulatory compliance, SaaS | Login |
| Jul 27, 2026 | Fund Letters | Lakehouse Global Growth Fund | V | Visa Inc. | Credit Services | Transaction & Payment Processing Services | Bull | New York Stock Exchange | digital payments, Equity, financial technology, Fraud Protection, growth, payment processing, stablecoins, Transaction Network, value-added services | Login |
| Jul 27, 2026 | Fund Letters | Lakehouse Global Growth Fund | MELI | MercadoLibre Inc. | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, e-commerce, Emerging markets, Equity, Fintech, growth, Latin America, marketplace, Reinvestment, Underbanked | Login |
| Jul 27, 2026 | Fund Letters | Lakehouse Global Growth Fund | ADYEN.AS | Adyen N.V. | Software - Infrastructure | Transaction & Payment Processing Services | Bull | - | AI companies, Customer loyalty, Equity, Fintech, growth, Netherlands, payment processing, Single Platform, Unified Commerce, Usage-Based Billing | Login |
| Jul 27, 2026 | Fund Letters | Lakehouse Global Growth Fund | WK | Workiva Inc. | Software - Application | Application Software | Bull | New York Stock Exchange | AI agents, Application Software, CFO Platform, Compliance, Enterprise software, Equity, ESG, Financial Reporting, growth, SaaS | Login |
| 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 |
| Jun 30, 2023 | Fund Letters | Lakehouse Global Growth Fund | MELI | MercadoLibre | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | e-commerce, Fintech, growth, Latin America, Logistics, marketplace, network effects, Payments | Login |
| Jun 30, 2023 | Fund Letters | Lakehouse Global Growth Fund | 4443.T | Sansan | Software - Application | Application Software | Bull | New York Stock Exchange | ARR growth, Contact Management, customer retention, Digital Billing, Enterprise software, Fintech, Japan, SaaS | Login |
| Jun 30, 2023 | Fund Letters | Lakehouse Global Growth Fund | CSGP | CoStar Group | Real Estate Services | Real Estate Services | Bull | NASDAQ | advertising, Apartments, Commercial Property, Data Analytics, Digital transformation, Online Marketplaces, Real Estate, SaaS | Login |
| Jun 30, 2023 | Fund Letters | Lakehouse Global Growth Fund | SCHW | Charles Schwab | Capital Markets | Investment Banking & Brokerage | Bull | New York Stock Exchange | asset management, Banking Crisis, contrarian, Cost leadership, Discount Brokerage, Flight to Safety, net interest income, Value | Login |
| Jun 30, 2022 | Fund Letters | Lakehouse Global Growth Fund | MNST | Monster Beverage Corporation | Beverages - Non-Alcoholic | Soft Drinks | Bull | NASDAQ | brand strength, consumer staples, defensive, Energy drinks, international expansion, operating leverage, Pricing power | Login |
| Jun 30, 2022 | Fund Letters | Lakehouse Global Growth Fund | SCHW | The Charles Schwab Corporation | Capital Markets | Investment Banking & Brokerage | Neutral | New York Stock Exchange | Account Retention, client assets, Cyclical, Discount Brokerage, financials, Interest Rate Hedge, TD Ameritrade Merger | Login |
| Jun 30, 2022 | Fund Letters | Lakehouse Global Growth Fund | PYPL | PayPal Holdings, Inc. | Credit Services | Data Processing & Outsourced Services | Bear | NASDAQ | COVID Comparisons, cross-border transactions, digital payments, Digital Wallet, Two-sided Platform, User growth, valuation compression | Login |
| Jun 30, 2022 | Fund Letters | Lakehouse Global Growth Fund | 4443.T | Sansan, Inc. | Software - Application | Application Software | Bull | New York Stock Exchange | Bill One, Business Card Management, Client Retention, Invoice Processing, Japan, Multi-Product Platform, network effects, SaaS | Login |
| Jun 30, 2022 | Fund Letters | Lakehouse Global Growth Fund | MELI | MercadoLibre, Inc. | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | Customer Engagement, digital payments, e-commerce, Emerging markets, Latin America, Logistics, marketplace, Underbanked population | Login |
| Jun 30, 2020 | Fund Letters | Lakehouse Global Growth Fund | ADYEY | Adyen | Software - Infrastructure | Data Processing & Outsourced Services | Bull | NASDAQ | digital payments, e-commerce, European, Fintech, growth, payment processing, Point of Sale, SaaS | Login |
| Jun 30, 2020 | Fund Letters | Lakehouse Global Growth Fund | PYPL | PayPal | Credit Services | Data Processing & Outsourced Services | Bull | NASDAQ | COVID Beneficiary, digital payments, e-commerce, Fintech, growth, network effects, platform, User growth | Login |
| Jun 30, 2020 | Fund Letters | Lakehouse Global Growth Fund | 2413.T | M3 | Health Information Services | Health Care Technology | Bull | New York Stock Exchange | COVID Beneficiary, digital health, Healthcare Information, Healthcare Technology, Japanese, Pharmaceutical Services, platform, telehealth | Login |
| TICKER | COMMENTARY |
|---|---|
| MELI | MercadoLibre is a case study in the year's central frustration: strong operating performance met with a weak share price. Revenue growth accelerated to 49% year-on-year, its fastest pace in almost four years, with gross merchandise volume up 42% to US$19.0 billion. Growth was broad-based across both segments and all major regions, led by Brazil, where items sold surged 56% following the company's decision to lower its free-shipping threshold. Investors, however, fixated on profitability. Operating margins compressed as the company reinvested aggressively behind that growth. The market commonly punishes temporary reinvestment stories, and this case has been no different. Crucially, this is a proven playbook for the company. Management is deliberately trading some near-term margin for durable share gains and a wider competitive moat. The underlying engagement metrics, including the fastest unique-buyer growth in Brazil in five years, show the spend is already paying off and we are fully supportive of the reinvestment. Zooming out, with e-commerce penetration across Latin America still low and a large underbanked population yet to be served, we believe MercadoLibre is investing from a position of strength with a long runway ahead. The shares now trade at their cheapest valuation since the GFC despite revenue growing at nearly 50%, and at current levels we see the risk/reward as heavily skewed in our favour. |
| NOW | Consider ServiceNow. It is true it's never been easier to vibe code a beautiful ticketing interface in an afternoon, but you cannot vibe code the 20 years of plumbing that make it a multi-billion-dollar platform. Its core isn't the buttons you click, it's the configuration management database, which maps millions of relationships between servers, software licenses, employees and cloud assets. It is, in effect, the central nervous system of an entire enterprise. ServiceNow is a case in point: it is steering customers toward premium tiers that command higher prices, while layering on a consumption-based 'Assist Pack' model that charges for AI-driven outcomes rather than seats. Again, ServiceNow is the clearest example: its AI suite, Now Assist, is tracking toward roughly $1.5 billion of annual contract value in 2026, some 50% above the target management set only nine months ago, and the number of customers spending over $1 million a year on Now Assist more than doubled in the most recent quarter. |
| ADYEN.AS | Adyen was our second largest detractor this year as revenue growth slipped below the long-expected 20% mark and the stock was punished for it. Fears of intensifying competition and flat near-term margins from stepped-up reinvestment added to the pressure. However, we think the market is missing the bigger picture. The vast majority of the world's payments are still handled by rigid, legacy incumbents. That leaves Adyen, with its modern single-platform architecture, a long runway to keep taking share, and the underlying momentum backs this up. Its fastest-growing divisions, Unified Commerce and Platforms, grew revenue by roughly 24% and 35% over the past year. We also expect margins to inflect higher from here as the business moves past its heavy reinvestment phase and operating leverage reasserts itself. Adyen has also started putting its strong balance sheet to work with two acquisitions. The first is Talon.One, which adds customer-loyalty tools that should make Adyen's platform even stickier. The more a merchant runs through Adyen, the better its data and rewards work, giving them a compelling reason to consolidate rather than split their business across competitors. The second is Orb, which handles usage-based billing, opening the door to fast-growing AI companies. Together, these deals defend the existing business and open new avenues to grow it. After a sharp fall in its share price, Adyen now trades at about 20x forward earnings, with roughly 11% of its market cap in cash. For a business still growing at healthy rates, we think that is a highly attractive price. We remain confident in the company's execution and long-term prospects, and we added to our position during the year. |
| GOOGL | Alphabet was our strongest performer as the market moved from fearing AI would cannibalise the Google Search business, to recognising the breadth of the company's AI advantages. Search re-accelerated through the year, driven by strength in retail and financial services. AI Overviews and the rapid scaling of AI Mode expanded the share of monetisable queries, reinforcing our view that Search is in an expansionary phase rather than facing cannibalisation. As encouraging as Search was, Cloud was the real standout. Revenue growth accelerated to 63% year-on-year and crossed US$20 billion in quarterly revenue for the first time. This came even as demand continued to outstrip available capacity. The backlog roughly doubled in the most recent quarter to over US$460 billion, underpinned in part by a new TPU hardware (Alphabet's own highly specialised AI chips) revenue stream. As the only hyperscaler with a fully integrated AI stack spanning chips, infrastructure, models, data and distribution, we believe Alphabet is exceptionally well placed to benefit from the ongoing adoption of AI and it remains a core holding in the portfolio. |
| V | Visa delivered an exceptional year as it continued transforming from a traditional consumer card network into a diversified financial technology company. A primary highlight of this transition is the company's recent quarterly performance, which generated its strongest net revenue growth since 2022 with a remarkable 17% increase year-over-year. This acceleration is being propelled by its higher growth segments, Commercial & Money Movement Solutions (CMS) and Value-Added Services (VAS), both of which are steadily scaling to represent an increasingly significant portion of the overall business. Impressively, this strength has come against a challenging macro backdrop. Despite rising oil prices and persistent inflation, global consumer spending has remained resilient. Looking ahead, Visa has a significant runway for growth beyond traditional credit and debit cards. The company is positioning its network to handle the future of money movement, capturing new growth in areas like stablecoins and agentic commerce. These new ways of transacting grow transaction volumes and create opportunities to layer on critical services such as identity and fraud protection. At 24x forward earnings, we remain patient holders and back the company to capitalise on its long-term growth opportunity. |
| VEEV | Veeva Systems, our second-largest contributor, was a position we established in March during the indiscriminate sell-off across software. The company is the dominant, mission-critical software provider to the life sciences industry, with a base of more than 1,500 customers including 19 of the top 20 global pharmaceutical companies using at least one Veeva product. Put simply, as pharmaceutical companies bring a drug from clinical trial through regulatory approval to commercial launch, nearly every step of that process happens on a Veeva product. This includes tracking trial documents, managing regulatory submissions, running quality and safety systems, and supporting sales representatives as they engage with doctors. Once embedded across these workflows, Veeva is exceptionally difficult to displace. Decades of industry-specific data and domain specialisation give Veeva a durable moat, and we believe they are best placed to leverage AI rather than be disrupted by it. The reason is structural: AI in a regulated industry is only as useful as the governed data foundation it sits on. Life sciences companies cannot responsibly deploy AI agents on ungoverned, unvalidated data given the severity of compliance and audit requirements in the industry. Veeva has spent over a decade building exactly that foundation, comprising built-in audit trails and compliance workflows designed to streamline the path to FDA approval. This gives Veeva's agentic products a credibility advantage in a highly regulated, risk-averse industry where trust is earned slowly and lost quickly. And Veeva is not standing still. The first Veeva AI agents went live in December and a new agentic platform, Falcon, is targeting availability later this year. In our view, the winner of the AI race in life sciences will be determined less by who deploys agents first and more by the richness and quality of the industry-specific data those agents will ultimately rely on, a race we think Veeva is well placed to win. |
| WK | Workiva had an excellent year as a business, even if its share price did not reflect it. Like much of the software sector, the stock came under pressure on fears of AI disruption. Fears that, in Workiva's case, we think are misplaced. Financial reporting leaves no room for error. Every number must be right, traceable and audit-ready. That makes it a poor fit for probabilistic large language models, which can produce fluent but unverifiable output. And it makes it an ideal fit for Workiva, the trusted platform for the office of the CFO and the guardian of the verified data those numbers depend on. That entrenchment shows in the numbers: a 97% gross retention rate and a 112% net retention rate. Better still, the company is already leveraging AI, releasing agents that automate the most tedious parts of company reporting, built on the very data the platform already safeguards. Meanwhile, their platform strategy is delivering. Its fastest-growing cohort is its largest enterprise accounts, those spending over US$500k, and close collaboration with top-tier channel partners is landing larger, multi-solution deals spanning financial reporting, risk and ESG. Management has also leaned hard into efficiency, with operating margins expanding 12 percentage points in the latest quarter and incremental EBIT margins reaching 98%. Yet despite an upgraded FY26 outlook and a business inflecting into deeper profitability, the shares trade at just 18x forward adjusted earnings. For a business of this quality with accelerating profitability, we think that is a compelling setup for patient investors. |
| MSFT | Microsoft is listed in the top 10 portfolio holdings table with strategic advantages of Loyalty, Networks, and IP. |
| AMZN | Amazon is listed in the top 10 portfolio holdings table with strategic advantages of Networks, Loyalty, and IP. |
| 4443.T | Sansan is listed in the top 10 portfolio holdings table with strategic advantages of Loyalty and Networks. |
| KXS.TO | Kinaxis is listed in the top 10 portfolio holdings table with strategic advantages of IP and Loyalty. |
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