Lakehouse Capital, a Sydney-based funding supervisor, revealed its “Lakehouse World Development Fund” investor letter for November 2025. The month was characterised by important volatility within the world fairness market, together with persistent enthusiasm for Generative AI. A duplicate of the letter is on the market to obtain right here. Over the previous yr, the prevailing “risk-on” market sentiment has led to a decline within the Fund’s quality-growth type of investing. Though the portfolio’s market worth has decreased during the last yr, the underlying progress fundamentals stay sturdy. For the month, the Fund posted a return of -7.5% after charges and bills, whereas its benchmark, the MSCI All Nation World Index Internet Complete Returns (AUD), returned -0.2%. Since its inception in December 2017, the Fund returned 208.5%, surpassing its benchmark’s 163.8%. As well as, please examine the Fund’s high 5 holdings to know its greatest picks in 2025.
In its fourth-quarter 2025 investor letter, Lakehouse World Development Fund highlighted shares like Pinterest, Inc. (NYSE:PINS). Pinterest, Inc. (NYSE:PINS) is a social media and visible discovery platform that permits customers to search out concepts, equivalent to recipes, house, and elegance inspiration. On April 2, 2026, Pinterest, Inc. (NYSE:PINS) closed at $18.18 per share. One-month return of Pinterest, Inc. (NYSE:PINS) was -9.15%, and its shares misplaced 29.48% over the previous 52 weeks. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $12.09 billion.
Lakehouse World Development Fund said the next relating to Pinterest, Inc. (NYSE:PINS) in its fourth quarter 2025 investor letter:
“Visible search and discovery platform, Pinterest, Inc. (NYSE:PINS), posted a strong quarterly end result that was largely in keeping with expectations. Income grew 17% (16% fixed foreign money) to $1.05 billion and adjusted EBITDA grew 24% to $306 million. Pleasingly, Pinterest’s income continues to be pushed by a wholesome mixture of quantity and value. The corporate’s month-to-month person depend grew 12% to 600 million (the very best stage of sequential progress in 4 years), whereas the agency’s common income per person elevated 5% to $1.78. Pinterest additionally continues to make headway with its person buying expertise, and importantly monetising that have, because the variety of distinctive buying SKUs with a paid advert impression greater than doubled year-on-year.
Regardless of offering what we believed was a strong replace, Pinterest’s inventory bought off roughly 20% as administration struck a cautious tone for 4Q steering. Particularly, they famous they’re seeing some “pockets of weak spot” in North American advert spend as a few of the largest retailers pulled again spend on tariff associated margin strain. In our view, these small “pockets of weak spot” will show to be short-term headwinds and we take consolation in administration reiterating confidence of their mid-term targets – i.e. mid teenagers income progress and 30-34% EBITDA margins.
Large image, we nonetheless view Pinterest as a differentiated, scaled platform with important industrial intent that’s effectively positioned to seize incremental share of promoting budgets within the years forward. Coupled with a lovely valuation of 14x earnings and over 12% of its market capitalisation in money, we predict the chance/reward is enticing.”
