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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
Lakehouse Small Companies Fund pursues long-term capital appreciation by investing in high-conviction, high-quality growth businesses that feature pricing power, resilient balance sheets, and substantial reinvestment potential. For September 2026, the fund returned -4.8% net of fees, underperforming its benchmark, the S&P/ASX Small Ordinaries Accumulation Index, which delivered -2.3%. Macroeconomic volatility and persistent cross-asset valuation compression served as primary headwinds, with broad-based market weakness exacerbating markdowns in financial affiliates. Despite short-term pressure, portfolio positioning remains structurally concentrated across 17 companies, with cash held low at 2.5% and the five largest holdings comprising 47.3% of fund assets. Key detractors included Pinnacle Investment Management following property-linked markdowns at affiliate Metrics, while Cogstate contributed positively backed by clinical backlog expansion. Crucially, more than half of the underlying portfolio companies are currently trading near decade-low valuation multiples despite steady fundamentals. The manager views these suppressed valuations as a compelling foundation for future multi-year compounding.
Long-term outperformance is generated by maintaining high conviction in resilient, market-leading small businesses with pricing power and robust balance sheets when broader markets present severe valuation mispricings.
The investment manager expects attractive long-term returns to emerge from the current environment, driven by high-quality companies whose underlying earnings are set to expand significantly while trading at decade-low valuation multiples.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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