Good insight from the Lakehouse guys.

We caught up with representatives of the Nanosonics board during the month to discuss voting resolutions ahead of the AGM. A key focus of our conversation was their framework to assess return on investment for the company’s increasing research and development (R&D) spend. We came away with a better understanding of the board’s focus on delivering the CORIS platform in the year ahead after a very drawn out expectation-setting with the market. Launch of CORIS will be an important milestone for the business after years of R&D spend as it will move the business toward its ambition of being a genuine multi-product Lakehouse Small Companies Fund Monthly Letter Page 4 company. In the meantime, we expect the existing trophon platform to continue growing at a healthy clip and generating a satisfactory annuity-like income stream.