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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Lakehouse Global Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Lakehouse Global Growth Fund declined -5.2% net of fees in September 2026 amidst a quiet news cycle, with fundamentals across its 15 holdings remaining stable. Microsoft led gains on Azure AI momentum while Workiva detracted following an exceptional prior run."
Lakehouse Global Growth Fund seeks long-term capital appreciation by investing in high-conviction global growth companies benefiting from durable competitive advantages such as network effects, customer loyalty, and intellectual property. During September 2026, the fund posted a net return of -5.2%, giving up a portion of the gains generated over the preceding two months. Despite this monthly retracement, management reported that the operational fundamentals across portfolio businesses remained unchanged. Top contributor Microsoft rose 3.4% on ongoing strength in Azure and artificial intelligence adoption, while Workiva declined 16.1% in the absence of fundamental news after a substantial multi-month advance. The fund closed the month holding 15 concentrated positions, with the ten largest holdings comprising 76.1% of net assets and cash representing 7.4%. Geographically, portfolio businesses remain well-diversified, generating 58.9% of total revenues outside the United States across Argentina, Canada, Japan, the Netherlands, and Singapore. The team anticipates sharing deeper business updates following the October corporate reporting season.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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