Was disappointed to see this too, however as someone who has moved countries on more than a few occasions, I understand the need to "go home". 

I join most of the Lakehouse calls and not to disparage any of the rest of the team, they just don't provided me with the confidence that Joe does. He is just good at his job.

To sell out creates a tax issue that I do not need. (Going to be a difficult discussion in the office tomorrow to tell the CEO I need to take the next few years as unpaid leave) 

Sad to see Joe is leaving Lakehouse and returning to USA.  Might be time to move some funds to Maven and others.  Keen to hear other thoughts on similar funds.  I wont be pulling it all but am currently very happily overweight Lakehouse and was happy to stay that way while Joe was there.  

Dear Lakehouse Investor,

Lakehouse Capital has come a long way since Donny Buchanan and I started the business together back in 2016. We’ve grown from a lean boutique of two to a highly experienced team of 12 professionals with 174 years of total experience and more than $800 million in assets under management.

Establishing the right culture has always been central to building the robust business that Lakehouse is today. Teamwork and transparency have always been core to us as has been emphasising a balanced life that celebrates winning at work while still making it to your child’s Easter hat parade. As much as we love investing, it has always been important to all of us at Lakehouse that family comes first and that our personal lives should not have to sit on the back burner. 

And so it’s in that spirit that I’m writing to let you know that I will be relocating with my family back to the United States and leaving Lakehouse Capital in March 2022. My wife and I have lived in Australia for eight wonderful years, having two children and many adventures along the way, but recent events have hammered home to us the value of living closer to family. It was a very difficult decision in that we love this country and business, but easy in that it’s the right move for our family and in the knowledge that Lakehouse has such a strong team and is well placed to thrive long into the future. 

The leadership succession plan will be a patient one as I will remain an active part of the team and business into March. The long-term, growth-focused Lakehouse investment process that has always been highly collaborative remains unchanged. The rest of the Lakehouse investment team, all of whom have ownership stakes in our parent company, remain committed to Lakehouse and excited about its future. 

Donny Buchanan, who along with being a Co-Founder of the firm is the Deputy Portfolio Manager of the Lakehouse Small Companies Fund, will phase into the role of Portfolio Manager of that Fund and Chief Investment Officer of the firm. Donny has focused on the fund since inception, has 19 years of experience including roles with QIC, Capital Partners, and QSuper, and has personally joined almost 700 meetings with current and potential portfolio companies. He is a great investor and friend, and I’m pleased to see him step into these roles. 

Nick Thomson will become the Portfolio Manager of the Lakehouse Global Growth Fund. Nick is a very talented investor who has worked on our global strategy for three years. We’ve worked closely together throughout and his contributions have been nothing short of outstanding. Nick has 10 years of industry experience, including six at Dakota Capital where he worked in both Sydney and New York. He and Donny will assume leadership of their respective funds at the end of the month, while I work closely with them well into next year. 

We will be hosting a webinar soon where investors will get a chance to hear from me and other senior members of the investing team as well as ask questions. In the meantime, know that we’re still out there talking to companies and digging for ideas, same as always.

Thanks as ever for your time and trust.

Best,

Joe Magyer