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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Lakehouse Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The managers remain constructive on core holdings like Wix.com and Workiva despite short-term price volatility."
In December 2025, the Lakehouse Global Growth Fund returned -2.1% net of fees and expenses, underperforming its benchmark return of -0.6%. For the 1-year period, the Fund returned -8.5% compared to the benchmark's 13.6%. However, since its inception in late 2017, the Fund has outperformed, returning an annualized 14.6% vs. 12.6% for the benchmark. Wix.com (+6.8%) was the month's primary performance contributor despite ongoing market volatility regarding vibe coding's impact on DIY website builders. Workiva (-8.4%) detracted most from performance on no material news. The Fund closed the month holding 17 positions with a 6.1% cash allocation and 54.5% of total portfolio revenue coming from outside the U.S.
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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 Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The manag...
Growth Outlook
Market outlook remains above average conviction: The Lakehouse Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The manag...
Risk Appetite
Risk appetite posture is above average conviction: The Lakehouse Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The manag...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Lakehouse Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The manag...
Forward Guidance
Forward guidance signal: The Lakehouse Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The manag...
Language Signal
Tone analysis indicates above average conviction language: The Lakehouse Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The manag...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Lakehouse Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The manag...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Lakehouse Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The manag...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Lakehouse Global Growth Fund returned -2.1% in a quiet December 2025, lagging its benchmark, but maintains strong long-term performance since inception (+14.6% p.a.). The manag...
