Overview

• Lakehouse reported a 33.4% net return for the year versus 18.4% for its benchmark, bringing total return since its December 2017 launch to 254.4% versus 139.9% for the MSCI ACWI (AUD).
• Sea Limited was the largest contributor as group revenue rose 30% to US$17.9 billion and operating income flipped from a US$38.8 million loss to an US$875.2 million profit, with Shopee, Monee, and Garena all improving.
• The fund fully exited Spotify earlier in the year after a sharp share-price recovery stretched valuation, redeploying capital to ideas with better risk‑reward.
• Lakehouse also sold its remaining LVMH stake in April due to signs of softening demand in the luxury sector and a weaker macro backdrop.
• On Alphabet, the letter notes AI-driven uncertainty for Search but points to Google’s scale and early traction as AI Overviews reached about 1.5 billion monthly users and monetised at parity with standard Search ads as of April, with separate data showing more hedge funds holding Alphabet and Sea at Q2’s end.