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 Pinterest, Inc. (NYSE:PINS). Pinterest, Inc. (NYSE:PINS) is a social media and visual discovery platform that enables users to find ideas, such as recipes, home, and style 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 lost 29.48% over the past 52 weeks. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $12.09 billion.
Lakehouse Global Growth Fund stated the following regarding Pinterest, Inc. (NYSE:PINS) in its fourth quarter 2025 investor letter:
“Visual search and discovery platform, Pinterest, Inc. (NYSE:PINS), posted a solid quarterly result that was largely in line with expectations. Revenue grew 17% (16% constant currency) to $1.05 billion and adjusted EBITDA grew 24% to $306 million. Pleasingly, Pinterest’s revenue continues to be driven by a healthy mix of volume and price. The company’s monthly user count grew 12% to 600 million (the highest level of sequential growth in four years), while the firm’s average revenue per user increased 5% to $1.78. Pinterest also continues to make headway with its user shopping experience, and importantly monetising that experience, as the number of unique shopping SKUs with a paid ad impression more than doubled year-on-year.
Despite providing what we believed was a solid update, Pinterest’s stock sold off approximately 20% as management struck a cautious tone for 4Q guidance. Specifically, they noted they are seeing some “pockets of weakness” in North American ad spend as some of the largest retailers pulled back spend on tariff related margin pressure. In our view, these small “pockets of weakness” will prove to be temporary headwinds and we take comfort in management reiterating confidence in their mid-term targets – i.e. mid teens revenue growth and 30-34% EBITDA margins.
Big picture, we still view Pinterest as a differentiated, scaled platform with significant commercial intent that is well placed to capture incremental share of advertising budgets in the years ahead. Coupled with an attractive valuation of 14x earnings and over 12% of its market capitalisation in cash, we think the risk/reward is attractive.”
