Lakehouse Small Companies Fund

Investor Summary

Founded in 2016, Lakehouse Capital is led by Donny Buchanan, a CFA charterholder with over 15 years of experience in financial services, including roles at QIC and QSuper. The team includes Nick Thomson as Portfolio Manager leading global investment analysis, and Erwin Tan as Senior Investment Analyst and Deputy Portfolio Manager. The firm operates from Sydney with AFSL No. 526842, focusing on boutique investment management with a concentrated, high-conviction approach to small-cap investing across Australia and New Zealand markets.

Fund Strategy

Lakehouse Capital employs a long-term, high-conviction approach that prioritizes patience over rapid reaction, seeking asymmetric opportunities with multiple ways to win and few ways to lose. The firm believes that a long time horizon provides a structural advantage in equity markets and invests in companies for years, not months. They target industry leaders that capture an outsized share of industry profits with durable competitive advantages such as loyalty, network effects, unique intellectual property, and pricing power. The strategy focuses on businesses with experienced management and sound capital allocation, backing well-capitalized companies with reasonable valuation to skew outcomes favorably.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
10.1%	-	-

Executive Summary

The Lakehouse Small Companies Fund returned -6.3% in March 2026, outperforming the benchmark's -11% decline during a month marked by geopolitical tensions from escalating conflict involving Iran. The Fund maintains a concentrated approach with 21 holdings, 3.8% cash, and top 5 positions representing 38.6% of the portfolio. Key contributors included Magellan (+16%) following its merger announcement with Barrenjoey Capital Partners. SiteMinder (-20.6%) was the largest detractor due to travel sentiment concerns from geopolitical events, though management maintains conviction based on the company's proven resilience. Fineos held an investor day confirming financial guidance and highlighting AI-driven demand for modern insurance platforms. Catapult provided positive trading updates with 27-28% ACV growth expected. The manager focuses on businesses with strategic advantages and conservative balance sheets, believing current market valuations offer attractive opportunities for disciplined investors despite ongoing geopolitical volatility affecting global markets.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 9 2026	2026 Q1	CAT.AX, CGS.AX, FCL.AX, MFG.AX, PNI.AX, SDR.AX	Australia, Geopolitical, insurance, small caps, software, technology	FIN.AX CAT.AX	Lakehouse Small Companies Fund outperformed during March's geopolitical volatility, returning -6.3% versus benchmark's -11%. The concentrated portfolio benefits from Magellan's merger announcement while SiteMinder faced travel headwinds. Management maintains conviction in quality businesses with strong fundamentals, viewing current market valuations as attractive for disciplined investors despite ongoing Iran-related tensions.
Jan 14 2026	2025 Q4	CAT.AX, CGS.AX, FCL.AX, MFG.AX, OBJ.AX, SDR.AX	Australia, concentrated, growth, small caps, value	MFG AU CGS AU	Lakehouse Small Companies Fund fell 7.5% in December due to concentrated portfolio volatility but maintains strong long-term track record. Magellan contributed positively as Barrenjoey investment bank reaches profitability. Cogstate showed strong contract growth despite timing issues. Managers actively added to positions during weakness, maintaining concentrated approach with 5.4% cash for opportunities.
Oct 14 2025	2025 Q3	CAT, CAT.AX, FCL.AX, OBJ.AX, PNI.AX, RUL.AX, SDR.AX	Australia, growth, small caps, technology, Travel	SMM AU	Lakehouse Small Companies Fund returned 1.7% in September, driven by RPM Global's takeover-related gains offset by Pinnacle's private credit headwinds. SiteMinder's strong unit economics and Smart Platform opportunity highlight the fund's focus on quality technology businesses with scalable growth models and sustainable competitive advantages in the Australian small-cap market.
Jul 27 2025	2025 Q2	AD8.AX, ARB.AX, BAP.AX, CAT.AX, DHG.AX, FDV.AX, NAN.AX, OBJ.AX, PME.AX, PNI.AX, REA.AX, REX.AX, SDR.AX, TNE.AX, TYR.AX, XRO.AX	Australia, Compounding, healthcare, long-term, small caps, technology	ARB AU TNE AU CAT AU PNI AU PME AU AD8 AU RDX AU	Lakehouse Small Companies Fund delivered 25.7% returns, outperforming its benchmark by 13.4%. The concentrated 19-stock portfolio focuses on quality Australian small-caps with strong competitive positions. Top performers Catapult, Pro Medicus, and Pinnacle demonstrated exceptional business fundamentals. Despite some detractors, the fund maintains conviction in its long-term compounding strategy through patient capital deployment.
Mar 31 2025	2025 Q1	CAT.AX, FCL.AX, NAN.AX, PNI.AX, RUL.AX, SDR.AX	Australia, growth, healthcare, small caps, software, technology, Trade Policy	FCL.AX PNI.AX CAT.AX NAN.AX RUL.AX	Australian small-cap fund delivered -7.7% in March amid trade policy volatility but maintains strong long-term track record with 12.5% annualized returns since inception. Portfolio concentrated in technology, healthcare, and financial services companies with strong market positions and growth potential. Recent activity included new FINEOS position and continued focus on software businesses with recurring revenue models.
Dec 31 2024	2024 Q4	CAT.AX, NWL.AX, PNI.AX, RDX.AX, SDR.AX, XRO.AX	Australia, financials, healthcare, small caps, technology	-	Lakehouse Small Companies Fund delivered 36.0% returns in 2024 versus 8.4% benchmark, focusing on Australian small caps with competitive moats. The concentrated portfolio emphasizes technology, financials and healthcare. Management increased cash to 10.6% after trimming winners, positioning for half-year reporting season opportunities. Strong long-term track record with 14.2% annualized returns since inception.
Sep 30 2024	2024 Q3	NWL.AX, PNI.AX, PXA.AX, SDR.AX, TYR.AX, XRO.AX	Australia, growth, monetary policy, small caps, technology	-	Lakehouse Small Companies Fund outperformed significantly in September on Fed rate cuts, with concentrated exposure to quality Australian small caps. SiteMinder drove performance with new product launch targeting underpenetrated revenue management market. Portfolio remains focused on technology, financials, and healthcare sectors with strong competitive moats, maintaining long-term conviction despite macro uncertainties.
Jul 29 2024	2024 Q2	AD8.AX, ALU.AX, CGS.AX, CTT.AX, IPD.AX, NAN.AX, NWL.AX, PME.AX, PNI.AX, SDR.AX, XRO.AX	Australia, growth, healthcare, long-term, Quality, small caps, technology	PME.AX ALU.AX AD8.AX NAN.AX IPD.AX CGS.AX	Lakehouse delivered 26.8% returns focusing on quality small companies with extreme customer loyalty like Xero and Pro Medicus. The concentrated 22-stock portfolio emphasizes long-term growth over short-term noise, with heavy technology and healthcare weightings. Despite healthcare headwinds affecting Nanosonics and Impedimed, the patient capital approach and quality focus continue driving outperformance versus the materials-heavy benchmark.
May 15 2024	2024 Q1	AD8.AX, NWL.AX, PME.AX, PNI.AX, SDR.AX	Australia, financials, healthcare, small caps, technology	NWL.AX SDR.AX	Australian small cap fund with 22 well-capitalised holdings, 19 with net cash positions. Concentrated in technology, financials, and healthcare sectors offering defensive characteristics and growth potential. Despite April volatility from inflation concerns, the fund outperformed its benchmark and maintains strong long-term track record with 12.2% annualized returns since inception versus 6.7% benchmark.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 9 2026

2026 Q1

CAT.AX, CGS.AX, FCL.AX, MFG.AX, PNI.AX, SDR.AX

Australia, Geopolitical, insurance, small caps, software, technology

FIN.AX
CAT.AX

Lakehouse Small Companies Fund outperformed during March's geopolitical volatility, returning -6.3% versus benchmark's -11%. The concentrated portfolio benefits from Magellan's merger announcement while SiteMinder faced travel headwinds. Management maintains conviction in quality businesses with strong fundamentals, viewing current market valuations as attractive for disciplined investors despite ongoing Iran-related tensions.

Jan 14 2026

2025 Q4

CAT.AX, CGS.AX, FCL.AX, MFG.AX, OBJ.AX, SDR.AX

Australia, concentrated, growth, small caps, value

MFG AU
CGS AU

Lakehouse Small Companies Fund fell 7.5% in December due to concentrated portfolio volatility but maintains strong long-term track record. Magellan contributed positively as Barrenjoey investment bank reaches profitability. Cogstate showed strong contract growth despite timing issues. Managers actively added to positions during weakness, maintaining concentrated approach with 5.4% cash for opportunities.

Oct 14 2025

2025 Q3

CAT, CAT.AX, FCL.AX, OBJ.AX, PNI.AX, RUL.AX, SDR.AX

Australia, growth, small caps, technology, Travel

SMM AU

Lakehouse Small Companies Fund returned 1.7% in September, driven by RPM Global's takeover-related gains offset by Pinnacle's private credit headwinds. SiteMinder's strong unit economics and Smart Platform opportunity highlight the fund's focus on quality technology businesses with scalable growth models and sustainable competitive advantages in the Australian small-cap market.

Jul 27 2025

2025 Q2

AD8.AX, ARB.AX, BAP.AX, CAT.AX, DHG.AX, FDV.AX, NAN.AX, OBJ.AX, PME.AX, PNI.AX, REA.AX, REX.AX, SDR.AX, TNE.AX, TYR.AX, XRO.AX

Australia, Compounding, healthcare, long-term, small caps, technology

ARB AU
TNE AU
CAT AU
PNI AU
PME AU
AD8 AU
RDX AU

Lakehouse Small Companies Fund delivered 25.7% returns, outperforming its benchmark by 13.4%. The concentrated 19-stock portfolio focuses on quality Australian small-caps with strong competitive positions. Top performers Catapult, Pro Medicus, and Pinnacle demonstrated exceptional business fundamentals. Despite some detractors, the fund maintains conviction in its long-term compounding strategy through patient capital deployment.

Mar 31 2025

2025 Q1

CAT.AX, FCL.AX, NAN.AX, PNI.AX, RUL.AX, SDR.AX

Australia, growth, healthcare, small caps, software, technology, Trade Policy

FCL.AX
PNI.AX
CAT.AX
NAN.AX
RUL.AX

Australian small-cap fund delivered -7.7% in March amid trade policy volatility but maintains strong long-term track record with 12.5% annualized returns since inception. Portfolio concentrated in technology, healthcare, and financial services companies with strong market positions and growth potential. Recent activity included new FINEOS position and continued focus on software businesses with recurring revenue models.

Dec 31 2024

2024 Q4

CAT.AX, NWL.AX, PNI.AX, RDX.AX, SDR.AX, XRO.AX

Australia, financials, healthcare, small caps, technology

Lakehouse Small Companies Fund delivered 36.0% returns in 2024 versus 8.4% benchmark, focusing on Australian small caps with competitive moats. The concentrated portfolio emphasizes technology, financials and healthcare. Management increased cash to 10.6% after trimming winners, positioning for half-year reporting season opportunities. Strong long-term track record with 14.2% annualized returns since inception.

Sep 30 2024

2024 Q3

NWL.AX, PNI.AX, PXA.AX, SDR.AX, TYR.AX, XRO.AX

Australia, growth, monetary policy, small caps, technology

Lakehouse Small Companies Fund outperformed significantly in September on Fed rate cuts, with concentrated exposure to quality Australian small caps. SiteMinder drove performance with new product launch targeting underpenetrated revenue management market. Portfolio remains focused on technology, financials, and healthcare sectors with strong competitive moats, maintaining long-term conviction despite macro uncertainties.

Jul 29 2024

2024 Q2

AD8.AX, ALU.AX, CGS.AX, CTT.AX, IPD.AX, NAN.AX, NWL.AX, PME.AX, PNI.AX, SDR.AX, XRO.AX

Australia, growth, healthcare, long-term, Quality, small caps, technology

PME.AX
ALU.AX
AD8.AX
NAN.AX
IPD.AX
CGS.AX

Lakehouse delivered 26.8% returns focusing on quality small companies with extreme customer loyalty like Xero and Pro Medicus. The concentrated 22-stock portfolio emphasizes long-term growth over short-term noise, with heavy technology and healthcare weightings. Despite healthcare headwinds affecting Nanosonics and Impedimed, the patient capital approach and quality focus continue driving outperformance versus the materials-heavy benchmark.

May 15 2024

2024 Q1

AD8.AX, NWL.AX, PME.AX, PNI.AX, SDR.AX

Australia, financials, healthcare, small caps, technology

NWL.AX
SDR.AX

Australian small cap fund with 22 well-capitalised holdings, 19 with net cash positions. Concentrated in technology, financials, and healthcare sectors offering defensive characteristics and growth potential. Despite April volatility from inflation concerns, the fund outperformed its benchmark and maintains strong long-term track record with 12.2% annualized returns since inception versus 6.7% benchmark.

QUARTER	THEMES	TAGS
2026 Q1	Travel Geopolitical conflict involving Iran weighed on short-term travel sentiment, impacting SiteMinder. However, the company has demonstrated proven resilience through disruptions, most notably during the pandemic.	Hotels Online Travel Resilience
	AI Insurance carriers need to move off fragmented legacy systems to leverage AI effectively, providing a demand tailwind for modern platforms like Fineos. This technological shift is driving adoption of cloud-based insurance solutions.	Cloud Enterprise Software Insurance
2025 Q4	Biotechnology Healthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry.	Life Science Tools Pharmaceuticals CRO & CDMO Healthcare Research
	Capital Markets Exchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values.	Exchanges Nasdaq CBOE Trading Fees Market Data
2025 Q3	Travel SiteMinder's Investor Day confirmed strong growth momentum in the hospitality technology sector. The company demonstrated robust unit economics with customer lifetime value to customer acquisition cost exceeding 5 times across all core regions, indicating healthy growth and strong product-market fit. The Smart Platform represents significant opportunity to increase value capture from 0.3% to 1.5% of gross booking value over time.	Hospitality Technology Platform Booking Hotels
2025 Q2	Technology The fund holds multiple technology companies including Catapult (sports technology), Pro Medicus (radiology imaging), Audinate (digital audio), and SiteMinder (hotel technology). These businesses demonstrate strong recurring revenue models, high retention rates, and significant growth runways in their respective markets.	SaaS Cloud Enterprise Software Healthcare Software Sports Technology
	Healthcare Pro Medicus continues to cement its leadership in radiology imaging through cloud-enabled technology and premium products. The company has expanded into cardiology and is evolving into a comprehensive enterprise imaging platform with growing AI algorithm distribution potential.	Medical Devices Healthcare IT Imaging AI Cloud
	Small Caps The fund focuses exclusively on small-cap Australian companies, maintaining 19 holdings with a concentrated approach. The strategy emphasizes long-term compounding through patient capital deployment in quality businesses with strong competitive positions.	Small Caps Australia Concentration Long-term Compounding
2025 Q1	Enterprise Software Fund holds multiple software companies including FINEOS (insurance software), Catapult (sports analytics), and RPM Global (mining software). FINEOS serves major insurers and is transitioning to subscription revenue model. Catapult aims to scale from $100M to $1B in annual contract revenue with significant market penetration opportunity.	SaaS Subscription Insurance Software Sports Analytics Mining Software
	Healthcare Nanosonics received FDA clearance for CORIS system focused on endoscope cleaning. The automated cleaning process delivers superior outcomes with high-margin consumables. Company leverages existing hospital relationships and sales network for adoption.	Medical Devices FDA Approval Endoscope Hospital Equipment Consumables
	Trade Policy Market volatility driven by uncertainty around Trump's trade policy. Fund acknowledges risks of drawn-out trade war including higher inflation and growth slowdown, but believes portfolio has limited exposure to businesses manufacturing internationally and exporting to US.	Trade War Tariffs International Manufacturing Export Risk
2024 Q4	Small Caps The fund focuses exclusively on Australian small cap companies, with the S&P/ASX Small Ordinaries as its benchmark. The fund significantly outperformed this benchmark in 2024, returning 36.0% versus 8.4% for the index.	Small Cap Australia Outperformance
2024 Q3	Small Caps The fund focuses exclusively on small-cap Australian companies, with the benchmark being the S&P/ASX Small Ordinaries Accumulation Index. The manager notes that historically, an environment of easing monetary policy has favoured both small-cap and growth stocks. The fund holds 22 companies with concentrated exposure to their highest conviction small-cap ideas.	Small Cap Growth Australian Monetary Policy Concentration
2024 Q2	Healthcare Healthcare positions faced challenges with Nanosonics declining 36.9% due to tougher hospital budgets, Impedimed experiencing board overhaul and sales difficulties, and new position Cogstate providing exposure to Alzheimer's research as a picks and shovels approach to the growing treatment development pipeline.	Medical Devices Clinical Trials Alzheimer's Hospital Equipment Diagnostics
	Cloud Pro Medicus demonstrated strong cloud adoption with all new contracts being cloud implementations, benefiting from pandemic-driven acceptance that cloud is more secure than on-premise solutions. This cloud transition extends Pro Medicus' market leadership as rivals have yet to deliver full cloud implementations.	Cloud Infrastructure Medical Imaging SaaS Digital Transformation Healthcare IT
	Quality The fund focuses on business quality through extreme customer loyalty, with companies like Xero demonstrating 90% retention rates versus competitors at 80%, creating exponential differences in customer lifetime value. This quality focus steers away from cyclical, commoditised, and capital-hungry industries.	Customer Retention Recurring Revenue Competitive Moats Business Models Long-term Value
2024 Q1	Small Caps The fund focuses exclusively on Australian small cap companies, holding 22 positions with strong balance sheets. 19 of the 22 holdings maintain net cash positions, providing defensive characteristics and offensive capabilities during economic downturns.	Small Cap Australia Net Cash Defensive Opportunistic

QUARTER

THEMES

Travel

Geopolitical conflict involving Iran weighed on short-term travel sentiment, impacting SiteMinder. However, the company has demonstrated proven resilience through disruptions, most notably during the pandemic.

Hotels Online Travel Resilience

AI

Insurance carriers need to move off fragmented legacy systems to leverage AI effectively, providing a demand tailwind for modern platforms like Fineos. This technological shift is driving adoption of cloud-based insurance solutions.

Cloud Enterprise Software Insurance

2025 Q4

Biotechnology

Healthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry.

Life Science Tools Pharmaceuticals CRO & CDMO Healthcare Research

Capital Markets

Exchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values.

Exchanges Nasdaq CBOE Trading Fees Market Data

2025 Q3

Travel

SiteMinder's Investor Day confirmed strong growth momentum in the hospitality technology sector. The company demonstrated robust unit economics with customer lifetime value to customer acquisition cost exceeding 5 times across all core regions, indicating healthy growth and strong product-market fit. The Smart Platform represents significant opportunity to increase value capture from 0.3% to 1.5% of gross booking value over time.

Hospitality Technology Platform Booking Hotels

2025 Q2

Technology

The fund holds multiple technology companies including Catapult (sports technology), Pro Medicus (radiology imaging), Audinate (digital audio), and SiteMinder (hotel technology). These businesses demonstrate strong recurring revenue models, high retention rates, and significant growth runways in their respective markets.

SaaS Cloud Enterprise Software Healthcare Software Sports Technology

Healthcare

Pro Medicus continues to cement its leadership in radiology imaging through cloud-enabled technology and premium products. The company has expanded into cardiology and is evolving into a comprehensive enterprise imaging platform with growing AI algorithm distribution potential.

Medical Devices Healthcare IT Imaging AI Cloud

Small Caps

The fund focuses exclusively on small-cap Australian companies, maintaining 19 holdings with a concentrated approach. The strategy emphasizes long-term compounding through patient capital deployment in quality businesses with strong competitive positions.

Small Caps Australia Concentration Long-term Compounding

2025 Q1

Enterprise Software

Fund holds multiple software companies including FINEOS (insurance software), Catapult (sports analytics), and RPM Global (mining software). FINEOS serves major insurers and is transitioning to subscription revenue model. Catapult aims to scale from $100M to $1B in annual contract revenue with significant market penetration opportunity.

SaaS Subscription Insurance Software Sports Analytics Mining Software

Healthcare

Nanosonics received FDA clearance for CORIS system focused on endoscope cleaning. The automated cleaning process delivers superior outcomes with high-margin consumables. Company leverages existing hospital relationships and sales network for adoption.

Medical Devices FDA Approval Endoscope Hospital Equipment Consumables

Trade Policy

Market volatility driven by uncertainty around Trump's trade policy. Fund acknowledges risks of drawn-out trade war including higher inflation and growth slowdown, but believes portfolio has limited exposure to businesses manufacturing internationally and exporting to US.

Trade War Tariffs International Manufacturing Export Risk

2024 Q4

Small Caps

The fund focuses exclusively on Australian small cap companies, with the S&P/ASX Small Ordinaries as its benchmark. The fund significantly outperformed this benchmark in 2024, returning 36.0% versus 8.4% for the index.

Small Cap Australia Outperformance

2024 Q3

Small Caps

The fund focuses exclusively on small-cap Australian companies, with the benchmark being the S&P/ASX Small Ordinaries Accumulation Index. The manager notes that historically, an environment of easing monetary policy has favoured both small-cap and growth stocks. The fund holds 22 companies with concentrated exposure to their highest conviction small-cap ideas.

Small Cap Growth Australian Monetary Policy Concentration

2024 Q2

Healthcare

Healthcare positions faced challenges with Nanosonics declining 36.9% due to tougher hospital budgets, Impedimed experiencing board overhaul and sales difficulties, and new position Cogstate providing exposure to Alzheimer's research as a picks and shovels approach to the growing treatment development pipeline.

Medical Devices Clinical Trials Alzheimer's Hospital Equipment Diagnostics

Cloud

Pro Medicus demonstrated strong cloud adoption with all new contracts being cloud implementations, benefiting from pandemic-driven acceptance that cloud is more secure than on-premise solutions. This cloud transition extends Pro Medicus' market leadership as rivals have yet to deliver full cloud implementations.

Cloud Infrastructure Medical Imaging SaaS Digital Transformation Healthcare IT

Quality

The fund focuses on business quality through extreme customer loyalty, with companies like Xero demonstrating 90% retention rates versus competitors at 80%, creating exponential differences in customer lifetime value. This quality focus steers away from cyclical, commoditised, and capital-hungry industries.

Customer Retention Recurring Revenue Competitive Moats Business Models Long-term Value

2024 Q1

Small Caps

The fund focuses exclusively on Australian small cap companies, holding 22 positions with strong balance sheets. 19 of the 22 holdings maintain net cash positions, providing defensive characteristics and offensive capabilities during economic downturns.

Small Cap Australia Net Cash Defensive Opportunistic

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 9, 2026	Fund Letters	Lakehouse Small Companies Fund	FIN.AX	Fineos	Other Industrial Metals & Mining	Application Software	Bull	Australian Securities Exchange	AI platform, cloud migration, Insurance Technology, Legacy Modernization, Premium Volume, SaaS, System Integration	Login
Apr 9, 2026	Fund Letters	Lakehouse Small Companies Fund	CAT.AX	Catapult	Scientific & Technical Instruments	Application Software	Bull	Australian Securities Exchange	acquisition integration, Annual Contract Value, Free Cash Flow, Performance Analytics, Rule of 40, SaaS, Sports Analytics	Login
Jan 14, 2026	Fund Letters	Donny Buchanan	MFG AU	Magellan Financial Group Ltd	Financials	Asset Management	Bull	New York Stock Exchange	Assetmanagement, buybacks, Capital, Sumofparts, valuation	Login
Jan 14, 2026	Fund Letters	Donny Buchanan	CGS AU	Cogstate Limited	Health Care	Health Care Technology	Bull	New York Stock Exchange	backlog, Clinicaltrials, Cognition, growth, Healthcaretechnology	Login
Oct 14, 2025	Fund Letters	Donny Buchanan	SMM AU	SiteMinder Ltd.	Materials	Application Software	Bull	Australian Securities Exchange	Australia, growth, Margins, platform, SaaS, Scalability, Software, Travel	Login
Jul 27, 2025	Fund Letters	Donny Buchanan	RDX AU	Redox Limited	Materials	Chemicals	Bull	New York Stock Exchange	chemical distribution, Cost Reset, Family-Led, market share, operating leverage, valuation	Login
Jul 27, 2025	Fund Letters	Donny Buchanan	ARB AU	ARB Corporation Limited	Consumer Discretionary	Auto Components	Bear	New York Stock Exchange	Automotive Accessories, exit, macro headwinds, supply chain, tariffs	Login
Jul 27, 2025	Fund Letters	Donny Buchanan	TNE AU	Technology One Limited	Information Technology	Software	Bear	New York Stock Exchange	capital allocation, Enterprise software, exit, SaaS, valuation	Login
Jul 27, 2025	Fund Letters	Donny Buchanan	CAT AU	Catapult Group International Ltd	Information Technology	Software	Bull	New York Stock Exchange	cross-selling, profitability inflection, Retention, SaaS, Sports tech, valuation, Wearables	Login
Jul 27, 2025	Fund Letters	Donny Buchanan	PNI AU	Pinnacle Investment Management Group Limited	Financials	Capital Markets	Bull	New York Stock Exchange	Acquisitions, asset management, capital allocation, global expansion, Multi-Affiliate Model, organic growth	Login
Jul 27, 2025	Fund Letters	Donny Buchanan	PME AU	Pro Medicus Limited	Health Care	Health Care Technology	Bull	New York Stock Exchange	Cloud software, contract wins, high margins, quality compounder, Radiology It, valuation	Login
Jul 27, 2025	Fund Letters	Donny Buchanan	AD8 AU	Audinate Group Limited	Information Technology	Electronic Equipment, Instruments & Components	Bull	New York Stock Exchange	Av Technology, Inventory Cycle, market dominance, network effect, turnaround, valuation, Video Expansion	Login
Mar 31, 2025	Fund Letters	Lakehouse Small Companies Fund	CAT.AX	Catapult Group International	Information Technology	Technology Hardware, Storage & Peripherals	Bull	ASX	analytics, Geographic Expansion, growth, market leader, profitability inflection, SaaS, Sports Technology, Wearables	Login
Mar 31, 2025	Fund Letters	Lakehouse Small Companies Fund	NAN.AX	Nanosonics	Health Care	Health Care Equipment	Bull	ASX	Biofilm, Consumables, Endoscopes, FDA approval, healthcare, Hospital Equipment, Infection Prevention, Medical devices	Login
Mar 31, 2025	Fund Letters	Lakehouse Small Companies Fund	RUL.AX	RPM Global Holdings	Information Technology	Application Software	Bull	ASX	capital allocation, divestiture, Enterprise software, founder-led, M&A Target, Mining Software, Mining Technology, Share Buybacks	Login
Mar 31, 2025	Fund Letters	Lakehouse Small Companies Fund	FCL.AX	FINEOS Corporation	Information Technology	Application Software	Bull	ASX	Enterprise software, founder-led, health insurance, Insurance-software, Ireland, life insurance, SaaS, subscription revenue, turnaround	Login
Mar 31, 2025	Fund Letters	Lakehouse Small Companies Fund	PNI.AX	Pinnacle Investment Management	Financials	Asset Management & Custody Banks	Bull	ASX	alternative assets, asset management, Australia, capital allocation, Debt Funds, Diversified Financials, Korea Investment, Private Credit	Login
Jun 30, 2024	Fund Letters	Lakehouse Small Companies Fund	PME.AX	Pro Medicus	Health Care	Health Care Technology	Bull	ASX	Cloud software, debt-free, growth, Healthcare Technology, high margins, market leader, medical imaging, North America, SaaS	Login
Jun 30, 2024	Fund Letters	Lakehouse Small Companies Fund	AD8.AX	Audinate	Information Technology	Communications Equipment	Bull	ASX	Analog to digital, Av Technology, Dante Platform, Digital Audio, market leader, Network Solutions, recurring revenue, SaaS Transition, Video Segment	Login
Jun 30, 2024	Fund Letters	Lakehouse Small Companies Fund	NAN.AX	Nanosonics	Health Care	Health Care Equipment	Bull	ASX	CORIS, Cyclical, Endoscope Cleaning, Geographic Expansion, healthcare, Hospital Equipment, Infection Prevention, Medical devices, Trophon	Login
Jun 30, 2024	Fund Letters	Lakehouse Small Companies Fund	ALU.AX	Altium	Information Technology	Application Software	Bull	ASX	growth, Japan, Long-term holding, PCB Design Software, Semiconductor, takeover, technology, Volatility	Login
Jun 30, 2024	Fund Letters	Lakehouse Small Companies Fund	CGS.AX	Cogstate	Health Care	Life Sciences Tools & Services	Bull	ASX	Aging Population, Alzheimer's disease, Clinical trials, Cognitive Testing, FDA approval, Healthcare Technology, Neuroscience, Pharmaceutical Research, Picks and shovels	Login
Jun 30, 2024	Fund Letters	Lakehouse Small Companies Fund	IPD.AX	Impedimed	Health Care	Health Care Equipment	Neutral	ASX	Bioimpedance, cash flow, Device Retention, execution risk, healthcare, medical technology, pre-revenue, Reimbursement, US market	Login
Apr 30, 2024	Fund Letters	Lakehouse Small Companies Fund	SDR.AX	SiteMinder Limited	Information Technology	Application Software	Bull	ASX	Hospitality Technology, Hotel Commerce, network effects, Online Travel, platform, profitability inflection, recurring revenue, SaaS	Login
Apr 30, 2024	Fund Letters	Lakehouse Small Companies Fund	NWL.AX	Netwealth Group Limited	Financials	Asset Management & Custody Banks	Bull	ASX	Australia, Funds Under Administration, Net Inflows, network effects, platform, recurring revenue, Structural Growth, wealth management	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 9, 2026

Fund Letters

Lakehouse Small Companies Fund

FIN.AX

Fineos

Other Industrial Metals & Mining

Application Software

Bull

Australian Securities Exchange

AI platform, cloud migration, Insurance Technology, Legacy Modernization, Premium Volume, SaaS, System Integration

Apr 9, 2026

Fund Letters

Lakehouse Small Companies Fund

CAT.AX

Catapult

Scientific & Technical Instruments

Application Software

Bull

Australian Securities Exchange

acquisition integration, Annual Contract Value, Free Cash Flow, Performance Analytics, Rule of 40, SaaS, Sports Analytics

Jan 14, 2026

Fund Letters

Donny Buchanan

MFG AU

Magellan Financial Group Ltd

Financials

Asset Management

Bull

New York Stock Exchange

Assetmanagement, buybacks, Capital, Sumofparts, valuation

Jan 14, 2026

Fund Letters

Donny Buchanan

CGS AU

Cogstate Limited

Health Care

Health Care Technology

Bull

New York Stock Exchange

backlog, Clinicaltrials, Cognition, growth, Healthcaretechnology

Oct 14, 2025

Fund Letters

Donny Buchanan

SMM AU

SiteMinder Ltd.

Materials

Application Software

Bull

Australian Securities Exchange

Australia, growth, Margins, platform, SaaS, Scalability, Software, Travel

Jul 27, 2025

Fund Letters

Donny Buchanan

RDX AU

Redox Limited

Materials

Chemicals

Bull

New York Stock Exchange

chemical distribution, Cost Reset, Family-Led, market share, operating leverage, valuation

Jul 27, 2025

Fund Letters

Donny Buchanan

ARB AU

ARB Corporation Limited

Consumer Discretionary

Auto Components

Bear

New York Stock Exchange

Automotive Accessories, exit, macro headwinds, supply chain, tariffs

Jul 27, 2025

Fund Letters

Donny Buchanan

TNE AU

Technology One Limited

Information Technology

Software

Bear

New York Stock Exchange

capital allocation, Enterprise software, exit, SaaS, valuation

Jul 27, 2025

Fund Letters

Donny Buchanan

CAT AU

Catapult Group International Ltd

Information Technology

Software

Bull

New York Stock Exchange

cross-selling, profitability inflection, Retention, SaaS, Sports tech, valuation, Wearables

Jul 27, 2025

Fund Letters

Donny Buchanan

PNI AU

Pinnacle Investment Management Group Limited

Financials

Capital Markets

Bull

New York Stock Exchange

Acquisitions, asset management, capital allocation, global expansion, Multi-Affiliate Model, organic growth

Jul 27, 2025

Fund Letters

Donny Buchanan

PME AU

Pro Medicus Limited

Health Care

Health Care Technology

Bull

New York Stock Exchange

Cloud software, contract wins, high margins, quality compounder, Radiology It, valuation

Jul 27, 2025

Fund Letters

Donny Buchanan

AD8 AU

Audinate Group Limited

Information Technology

Electronic Equipment, Instruments & Components

Bull

New York Stock Exchange

Av Technology, Inventory Cycle, market dominance, network effect, turnaround, valuation, Video Expansion

Mar 31, 2025

Fund Letters

Lakehouse Small Companies Fund

CAT.AX

Catapult Group International

Information Technology

Technology Hardware, Storage & Peripherals

Bull

ASX

analytics, Geographic Expansion, growth, market leader, profitability inflection, SaaS, Sports Technology, Wearables

Mar 31, 2025

Fund Letters

Lakehouse Small Companies Fund

NAN.AX

Nanosonics

Health Care

Health Care Equipment

Bull

ASX

Biofilm, Consumables, Endoscopes, FDA approval, healthcare, Hospital Equipment, Infection Prevention, Medical devices

Mar 31, 2025

Fund Letters

Lakehouse Small Companies Fund

RUL.AX

RPM Global Holdings

Information Technology

Application Software

Bull

ASX

capital allocation, divestiture, Enterprise software, founder-led, M&A Target, Mining Software, Mining Technology, Share Buybacks

Mar 31, 2025

Fund Letters

Lakehouse Small Companies Fund

FCL.AX

FINEOS Corporation

Information Technology

Application Software

Bull

ASX

Enterprise software, founder-led, health insurance, Insurance-software, Ireland, life insurance, SaaS, subscription revenue, turnaround

Mar 31, 2025

Fund Letters

Lakehouse Small Companies Fund

PNI.AX

Pinnacle Investment Management

Financials

Asset Management & Custody Banks

Bull

ASX

alternative assets, asset management, Australia, capital allocation, Debt Funds, Diversified Financials, Korea Investment, Private Credit

Jun 30, 2024

Fund Letters

Lakehouse Small Companies Fund

PME.AX

Pro Medicus

Health Care

Health Care Technology

Bull

ASX

Cloud software, debt-free, growth, Healthcare Technology, high margins, market leader, medical imaging, North America, SaaS

Jun 30, 2024

Fund Letters

Lakehouse Small Companies Fund

AD8.AX

Audinate

Information Technology

Communications Equipment

Bull

ASX

Analog to digital, Av Technology, Dante Platform, Digital Audio, market leader, Network Solutions, recurring revenue, SaaS Transition, Video Segment

Jun 30, 2024

Fund Letters

Lakehouse Small Companies Fund

NAN.AX

Nanosonics

Health Care

Health Care Equipment

Bull

ASX

CORIS, Cyclical, Endoscope Cleaning, Geographic Expansion, healthcare, Hospital Equipment, Infection Prevention, Medical devices, Trophon

Jun 30, 2024

Fund Letters

Lakehouse Small Companies Fund

ALU.AX

Altium

Information Technology

Application Software

Bull

ASX

growth, Japan, Long-term holding, PCB Design Software, Semiconductor, takeover, technology, Volatility

Jun 30, 2024

Fund Letters

Lakehouse Small Companies Fund

CGS.AX

Cogstate

Health Care

Life Sciences Tools & Services

Bull

ASX

Aging Population, Alzheimer's disease, Clinical trials, Cognitive Testing, FDA approval, Healthcare Technology, Neuroscience, Pharmaceutical Research, Picks and shovels

Jun 30, 2024

Fund Letters

Lakehouse Small Companies Fund

IPD.AX

Impedimed

Health Care

Health Care Equipment

Neutral

ASX

Bioimpedance, cash flow, Device Retention, execution risk, healthcare, medical technology, pre-revenue, Reimbursement, US market

Apr 30, 2024

Fund Letters

Lakehouse Small Companies Fund

SDR.AX

SiteMinder Limited

Information Technology

Application Software

Bull

ASX

Hospitality Technology, Hotel Commerce, network effects, Online Travel, platform, profitability inflection, recurring revenue, SaaS

Apr 30, 2024

Fund Letters

Lakehouse Small Companies Fund

NWL.AX

Netwealth Group Limited

Financials

Asset Management & Custody Banks

Bull

ASX

Australia, Funds Under Administration, Net Inflows, network effects, platform, recurring revenue, Structural Growth, wealth management

TICKER	COMMENTARY
CGS.AX	Cogstate is the Fund's largest holding at month end, accounting for the top position in the portfolio allocation.
CAT.AX	Catapult provided a positive trading update ahead of its FY26 results in May, alongside an investor day that reinforced management's long-term ambitions, including a pathway to US$1 billion in ACV. FY26 ACV is expected to grow 27–28% to US$133–134 million on a constant currency basis, inclusive of the recently acquired IMPECT. Having recently inflected to free cash flow positive, the second half appears softer from a cash flow perspective, driven primarily by weaker collections following the integration of recent acquisitions.
FCL.AX	Fineos recently held an investor day that reaffirmed our conviction and outlook for the business. Management confirmed that their previously shared financial guidance remains firmly on track, with a solid pipeline of deals and an improving margin outlook. A key takeaway from the event was the need for insurance carriers to move off from fragmented legacy systems to leverage AI effectively, providing a nice demand tailwind for modern platforms like Fineos. The company's growth trajectory is particularly attractive because it is increasingly tied to the volume of insurance premiums managed on the platform.
SDR.AX	SiteMinder (-20.6%) was the portfolio's heaviest detractor during the month, as the geopolitical conflict involving Iran weighed on short term travel sentiment. We maintain our conviction based on the company's proven history of resilience through disruptions, most notably demonstrated during the pandemic.
PNI.AX	Pinnacle Investment Management is named as one of the Fund's five largest holdings at month end.
MFG.AX	The Fund's most significant contributor to performance during the month was Magellan (+16.0%), following the merger announcement with Barrenjoey Capital Partners. We believe the transaction brings together two complementary businesses to create a more diversified financial services group, while providing shareholders a greater exposure to the high-growth Barrenjoey business.

TICKER

COMMENTARY

CGS.AX

Cogstate is the Fund's largest holding at month end, accounting for the top position in the portfolio allocation.

CAT.AX

Catapult provided a positive trading update ahead of its FY26 results in May, alongside an investor day that reinforced management's long-term ambitions, including a pathway to US$1 billion in ACV. FY26 ACV is expected to grow 27–28% to US$133–134 million on a constant currency basis, inclusive of the recently acquired IMPECT. Having recently inflected to free cash flow positive, the second half appears softer from a cash flow perspective, driven primarily by weaker collections following the integration of recent acquisitions.

FCL.AX

Fineos recently held an investor day that reaffirmed our conviction and outlook for the business. Management confirmed that their previously shared financial guidance remains firmly on track, with a solid pipeline of deals and an improving margin outlook. A key takeaway from the event was the need for insurance carriers to move off from fragmented legacy systems to leverage AI effectively, providing a nice demand tailwind for modern platforms like Fineos. The company's growth trajectory is particularly attractive because it is increasingly tied to the volume of insurance premiums managed on the platform.

SDR.AX

SiteMinder (-20.6%) was the portfolio's heaviest detractor during the month, as the geopolitical conflict involving Iran weighed on short term travel sentiment. We maintain our conviction based on the company's proven history of resilience through disruptions, most notably demonstrated during the pandemic.

PNI.AX

Pinnacle Investment Management is named as one of the Fund's five largest holdings at month end.

MFG.AX

The Fund's most significant contributor to performance during the month was Magellan (+16.0%), following the merger announcement with Barrenjoey Capital Partners. We believe the transaction brings together two complementary businesses to create a more diversified financial services group, while providing shareholders a greater exposure to the high-growth Barrenjoey business.

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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

Travel

AI

Biotechnology

Capital Markets

Travel

Technology

Healthcare

Small Caps

Enterprise Software

Healthcare

Trade Policy

Small Caps

Small Caps

Healthcare

Cloud

Quality

Small Caps

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Donny Buchanan Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Lakehouse Small Companies Fund