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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Lakehouse Global Growth Fund slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting season and 2026."
During September 2025, the Lakehouse Global Growth Fund returned -3.2% net of fees, underperforming its benchmark return of 2.3%. Since its inception in December 2017, the Fund has delivered an annualized return of 16.8% compared to the benchmark's 12.7%. The portfolio consists of 18 high-quality holdings, with the top 10 representing 70.1% of the total fund. At the individual stock level, Wix.com (+24.3%) was the largest contributor as fears around 'vibe coding' disruption diminished, while Pinterest (-13.3%) detracted most on no fundamental news. The manager holds 6.9% in cash and expresses high confidence in the portfolio's durability ahead of 2026 and the upcoming October earnings season.
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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 slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting se...
Growth Outlook
Market outlook remains above average conviction: The Lakehouse Global Growth Fund slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting se...
Risk Appetite
Risk appetite posture is above average conviction: The Lakehouse Global Growth Fund slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting se...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Lakehouse Global Growth Fund slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting se...
Forward Guidance
Forward guidance signal: The Lakehouse Global Growth Fund slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting se...
Language Signal
Tone analysis indicates above average conviction language: The Lakehouse Global Growth Fund slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting se...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Lakehouse Global Growth Fund slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting se...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Lakehouse Global Growth Fund slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting se...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Lakehouse Global Growth Fund slid -3.2% in September, lagging its benchmark, but the manager remains optimistic on its 18 high-quality holdings heading into the Q3 reporting se...
