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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogstate."
The Lakehouse Small Companies Fund declined -7.5% in December 2025, underperforming its benchmark which rose 1.4%. Despite a difficult month driven by weakness in key holdings such as Catapult (-22.7%), the fund has produced a 13.1% annualized net return since its inception in November 2016. During the month, the fund initiated a modest position in Magellan Financial Group, citing substantial unrecognized value in its minority stakes (Barrenjoey, Vinva, FinClear). The fund also increased its holding in Cogstate, taking advantage of share price weakness caused by timing delays in revenue recognition, despite strong record-level 1H26 contract sales.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogs...
Growth Outlook
Market outlook remains above average conviction: The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogs...
Risk Appetite
Risk appetite posture is above average conviction: The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogs...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogs...
Forward Guidance
Forward guidance signal: The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogs...
Language Signal
Tone analysis indicates above average conviction language: The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogs...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogs...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogs...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Lakehouse Small Companies Fund declined -7.5% in December, lagging the benchmark, but used the market pullback to initiate a position in Magellan and top up its holding in Cogs...
