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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted."
The Lakehouse Global Growth Fund returned -36.1% net of fees for FY2026 versus 17.0% for its benchmark, as AI disruption fears and energy price spikes drove indiscriminate selling across software and internet businesses. The decline was almost entirely sentiment-driven multiple compression rather than deteriorating fundamentals, with portfolio companies growing revenue and earnings by approximately 24% and 28% year-on-year respectively. The manager views AI disruption fears as largely misplaced for incumbent enterprise platforms, which hold decisive advantages through proprietary data, distribution, and trust. ServiceNow's AI suite is tracking toward $1.5 billion in annual contract value, 50% above target. MercadoLibre accelerated revenue growth to 49% year-on-year while reinvesting for durable share gains. Alphabet's Cloud revenue surged 63% with backlog doubling to over $460 billion. The portfolio now trades at a weighted-average forward P/E of just 22x, a level rarely seen, creating what the manager believes is a compelling setup for patient investors. The Fund holds 15 positions with 10.3% cash, positioned to be opportunistic in volatile markets while maintaining conviction in businesses that continue to compound.
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