ServiceNow (NOW) Sold Off Despite a Solid Result

Lakehouse Capital, a Sydney-based investment manager, published its “Lakehouse Global Growth Fund” investor letter for April 2026. A copy of the letter can be downloaded here. In April, several portfolio companies reported earnings. Overall, updates were positive, indicating that the companies continue to execute on growth opportunities and show strong fundamentals. The fund returned -0.8% net of fees and expenses, whereas its benchmark, the MSCI All Country World Index Net Total Returns (AUD), returned 5.0%. The Fund has returned 119.9% since its inception compared to 159.3% for its...