Lakehouse Capital, a Sydney-based investment manager, published its “Lakehouse Global Growth Fund” investor letter for November 2025. The month was characterized by significant volatility in the global equity market, along with persistent enthusiasm for Generative AI. A copy of the letter is available to download here. Over the past year, the prevailing “risk-on” market sentiment has led to a decline in the Fund’s quality-growth style of investing. Although the portfolio’s market value has decreased over the last year, the underlying growth fundamentals remain strong. For the month, the Fund posted a return of -7.5% after fees and expenses, while its benchmark, the MSCI All Country World Index Net Total Returns (AUD), returned -0.2%. Since its inception in December 2017, the Fund returned 208.5%, surpassing its benchmark’s 163.8%. In addition, please check the Fund’s top five holdings to know its best picks in 2025.
In its fourth-quarter 2025 investor letter, Lakehouse Global Growth Fund highlighted stocks like Workiva Inc. (NYSE:WK). Workiva Inc. (NYSE:WK) is a software company that provides cloud-based reporting solutions for financial reporting, compliance, and risk management. On April 2, 2026, Workiva Inc. (NYSE:WK) closed at $60.00 per share. One-month return of Workiva Inc. (NYSE:WK) was -7.55%, and its shares lost 11.20% over the past 52 weeks. Workiva Inc. (NYSE:WK) has a market capitalization of $3.41 billion.
Lakehouse Global Growth Fund stated the following regarding Workiva Inc. (NYSE:WK) in its fourth quarter 2025 investor letter:
“Workiva Inc. (NYSE:WK) has recently become a top five position in our portfolio, reflecting our conviction in its role as the global standard for complex corporate reporting. The company has successfully expanded from its roots in SEC compliance to become a comprehensive, multi-category SaaS platform spanning financial reporting, ESG, and Governance, Risk, and Compliance (GRC). This critical function is evidenced by its dominance among the world’s largest enterprises, counting 95% of the Fortune 100 and 89% of the Fortune 500 as customers. Workiva’s solution is deeply embedded in these large enterprises due to the strictly regulated nature of the work, resulting in a highly sticky product with a 97% gross retention rate and a net revenue retention rate of 114%. Despite this traction, the runway for growth remains substantial; the company has a 2.5% penetration of the US$35 billion total addressable market, which continues to grow as the global demand for transparent, audit-ready reporting standards continues to rise.
We see a path for Workiva to compound value through both continued growth and significant margin expansion. Management has actively invested in improving their go-to-market motion, refining pricing packages to capture more value, and expanding relationships with ecosystem partners to drive multi product adoption. The company is successfully leveraging its incumbent position in finance to cross-sell its broader suite of solutions, a strategy validated by a 42% increase in customers with an Annual Contract Value (ACV) of over US$500k in the latest quarter. These initiatives are beginning to bear fruit, yet the stock remains attractively valued at just 5.1x forward EV/Revenue. With management guiding for operating margins to roughly double to 18% over the next two years, we believe the current valuation underestimates the company’s potential for profitable growth.”
