ServiceNow (NOW) Suffered from “Death Of Software” and ” AI Seat Contraction” Narrative

Lakehouse Capital, a Sydney-based investment manager, published its “Lakehouse Global Growth Fund” investor letter for February 2026. A copy of the letter can be downloaded here. February proved to be a tough month for the Fund, mainly because of the ongoing “AI disruption” narrative. During this period, the Fund's net value declined by 14.6% after fees and expenses, whereas its benchmark, the MSCI All Country World Index Net Total Returns (AUD), fell by only 0.4%. The Fund’s quality-growth investment style is facing pressure, especially in enterprise software, due to concerns...