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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Lakehouse Small Companies Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeover bid for RPM Global, offset by regulatory pressure on Pinnacle's private credit holdings."
For September 2025, the Lakehouse Small Companies Fund delivered a positive monthly return of 1.7%, though trailing its S&P/ASX Small Ordinaries Accumulation Index benchmark of 3.4%. On an annualized basis since its inception in 2016, the Fund has produced an annualized net total return of 15.0% (vs. 8.5% for the benchmark). RPM Global was the top contributor following a takeover offer from Caterpillar, while Pinnacle Investment Management was the top detractor due to headwinds in the private credit space. The management team highlighted strong fundamental progress at SiteMinder following its Investor Day, particularly concerning its LTV/CAC metrics and the long-term potential of its Smart Platform product.
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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 returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeov...
Growth Outlook
Market outlook remains above average conviction: The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeov...
Risk Appetite
Risk appetite posture is above average conviction: The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeov...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeov...
Forward Guidance
Forward guidance signal: The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeov...
Language Signal
Tone analysis indicates above average conviction language: The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeov...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeov...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeov...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeov...
