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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.
"Lakehouse Small Companies Fund outperformed during March's geopolitical volatility. The concentrated portfolio benefits from Magellan's merger announcement while SiteMinder faced travel headwinds."
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.
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