Lakehouse Capital

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Comments70

Companies21

Positions opened2

Positions exited10

Last published31 Aug 2026

Companies discussed, last 12 months

15 companies, monthly, latest action on the right

NovJanMarMayJulSepLatest

PNIPinnacle Investment ManagementHeld SDRSiteminderIncreased CGSCogstate2Held FCLFINEOSHeld GDGGeneration DevelopmentIncreased

10 more companiesEvery company Lakehouse Capital has discussed in the past year.

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Commentary

DateManagerCompanyActionSummary

31 Aug 2026Lakehouse Capital PNIHeldLakehouse Capital continues to hold Pinnacle Investment Management because full-year net profit rose 21% to $138 million with funds under management up 25%, slightly ahead of consensus expectations. The fund manager notes that the move to 100% ownership of UK platform Pacific Asset Management, which plans an Australian expansion in FY27, is seen as the group's biggest near-term earnings driver, with PAM's CEO joining the Pinnacle board viewed as a potential successor to the current chair. Lakehouse Capital acknowledges concerns around affiliate Metrics, including Bathla collapse exposure and delayed, unaudited trust accounts due to auditor staffing issues, which have pushed shares to their lowest-ever forward multiple despite greater diversification and consensus expectations for earnings per share to double over three years. Pinnacle remains a top-five holding for the fund.

Monthly Report, price recorded $16.87

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31 Aug 2026Lakehouse Capital SDRIncreasedLakehouse Capital increased its position in SiteMinder because underlying business momentum remained healthy despite a second half impacted by Middle East-related travel disruption and currency headwinds. The fund manager notes that constant-currency subscription growth accelerated to 15%, transaction revenue rose 34% on Smart Platform adoption, churn remained steady at 1%, and the lifetime-value-to-customer-acquisition-cost ratio improved 9% to 6.6 times, while adjusted EBITDA rose 96% to $28.1 million off a low base. Lakehouse Capital added to the position with the stock trading near its lowest-ever forward EV/revenue multiple of 2.4 times, against management guidance for more than 20% organic growth and roughly 15 percentage points of margin expansion over four years.

Monthly Report, price recorded $3.00

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About Lakehouse Capital

Growth Focused, All-Cap

Lakehouse Capital is a Sydney-based boutique fund manager co-founded by Joe Magyer (formerly of The Motley Fool Australia) and Donny Buchanan, specializing in two concentrated, high-conviction growth strategies: the Lakehouse Global Growth Fund, investing in 20-30 mid and large-cap developed-market growth companies, and the Lakehouse Small Companies Fund, targeting fast-growing small businesses in Australia and New Zealand. The firm applies a signature long-term, low-turnover approach, seeking businesses with durable competitive advantages, pricing power, aligned management and conservative balance sheets, and treats its stakes as multi-year strategic holdings rather than trading positions. Lakehouse's Global Growth Fund built a strong early track record, significantly outperforming its MSCI benchmark since its December 2017 inception, though returns have been volatile given the fund's concentrated growth/technology tilt. Magyer stepped back from day-to-day portfolio management, with Nick Thomson and Buchanan now leading the global and small companies strategies respectively.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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