Financial Services Guide

Lakehouse Capital Pty Limited ACN 614 957 603
AFSL No. 526842
Date: 01 October 2023

What is a Financial Services Guide?

This Financial Services Guide (FSG) is an important document.  You should read it carefully and make sure you understand it.

This FSG is designed to help you decide whether to use any of the services provided by us and is issued by Lakehouse Capital Pty Limited ACN 614 957 603 (referred to as Lakehouse Capital, we, us or our).

This FSG includes information about:

• Lakehouse Capital and how we can be contacted;
• the financial services we are authorised to provide;
• how we are paid;
• any relevant relationships or associations;
• how we deal with complaints that you may have about our services;
• information about internal and external dispute resolution systems and how you can access them; and
• the compensation arrangements that we have in place.

Who is Lakehouse Capital?

Lakehouse Capital Pty Ltd (ACN 614 957 603) is a boutique investment management firm which was founded in 2016, based in Sydney, Australia. Lakehouse is a growth equity manager offering two funds, the Lakehouse Small Companies Fund and the Lakehouse Global Growth Fund.

The financial services we are authorized to provide

Lakehouse Capital is the holder of an Australian Financial Services Licence (AFSL 526842), which authorises it to provide general financial product advice to retail and wholesale clients for the following classes of financial products:

1. interests in managed investment schemes excluding investor directed portfolio services; and
2. securities.

We are also authorised under Australian Financial Services Licence to deal in a financial product by:

1. applying for, acquiring, varying or deposing of a financial product on behalf of another person in respect of the following classes of products to wholesale clients only:

1. deposit and payment products limited to:

1. basic deposit products;
2. derivatives;
3. foreign exchange contracts;
4. debentures, stocks or bonds issued or proposed to be issued by a government;
5. interest in managed investment schemes excluding investor directed portfolio services; and
6. securities;

Services we currently provide

Investment Management

Lakehouse serves as the investment manager of the Lakehouse Small Companies Fund (LSCF) and the Lakehouse Global Growth Fund (LGGF) (the Fund/s) in accordance with an Investment Management Agreement entered into between us and the Fund’s Responsible Entity, Equity Trustees Limited ACN 004 031 298.

LSCF is a small-cap managed fund that invests in growth companies across Australia and New Zealand on behalf of its investors. Additionally, the Fund can invest up to 10% of its capital in private market investments (namely, pre-IPO investments).

LGGF is a managed fund that invests predominantly in mid- to large-capitalisation global growth companies in developed and emerging markets.

For more information on the Funds, please review the Funds’ Product Disclosure Statement (PDS) and Reference Guide prior to investing.

General Financial Product Advice

We may publish research, commentaries and other content including videos, which we would send directly to Fund investors and/or publish on our website, www.www.lakehousecapital.com.au.

Fees, commissions and other benefits for the services provided

Any general financial product advice we provide including those in relation to the Funds is provided free of charge.

Lakehouse Capital receives management and performance fees for its management of the Funds. Information relating to our fees for our investment management services can be found in the Funds’ PDS and Reference Guide. Other than the fees detailed in the PDS and Reference Guide, we do not receive any other fees, commissions or benefits for the investment management services we provide.

Employee Remuneration

Employees of Lakehouse Capital who make the investments, prepare research and provide other advice are remunerated by salary and monetary bonuses.In addition to salary, certain employees may be eligible to receive options and non-monetary benefits from us. The amount of such benefits which such employees may be entitled to will depend on several factors including the Funds’ performance and other milestones. These additional benefits are at no cost to you.

You may request particulars of the remuneration or other benefits received by Lakehouse Capital, their respective directors, employee or associates in relation to the provision of a financial service by Lakehouse Capital to you. Such a request must be made within a reasonable time after you have received a copy of this FSG and before any financial services identified in this FSG have been provided to you.

General advice only – investment warning

None of our services take into account your personal circumstances. That is, our management of the Funds and any general financial product advice we provide have been prepared without taking your personal circumstances or objectives into account. Prior to investing in the Fund/s or following our advice, you should determine if the Fund/s or any of our recommendations meets your objectives, financial situation or needs. If you feel you need personalised advice, please consult a finance professional.

You should also read the PDS, Reference Guide and other product disclosure document/s related to the Fund/s (or to any other financial product referred to in our content) before making a decision to invest or reinvest in the Fund/s or to otherwise follow our advice.

Except for this FSG, you will not receive any other documents from Lakehouse Capital. Lakehouse Capital will not provide Statements of Advice, as we do not give personal financial product advice.

What relationships or associations do we have that might influence our advice?

Lakehouse Capital and its associated entities, and their respective directors, associates, connected parties and/or employees may from time to time deal in or otherwise have a financial interest in equities and other financial products held in the Fund/s, referred to on its website or other general financial product advice it provides.  

All employees of Lakehouse Capital including those who prepare research and other advice are subject to a code of conduct and rules for their personal trading activities (together referred to as the Compliance Rules).  All Compliance Rules apply to employees’ spouses and any personal account in which an employee or his or her spouse has discretion.  Our major trading rules are:

• While employees may invest in the Fund/s, they cannot trade based upon knowledge of non-public information about the Funds’ investments or a portfolio manager’s intentions;
• Employees must pre-clear all trades with our Chief Compliance Officer prior to transacting in that security;
• Employees must report their trades to our compliance department within a reasonable time after executing a transaction; and
• If an employee becomes aware of a security that may be a fit with Lakehouse Capital’s investment strategy, the employee must first bring the security to us prior to seeking approval to trade in the security in his or her personal account.

How we handle complaints

Lakehouse Capital is committed to fair and transparent dealings with the Funds’ investors or its other clients. We have established complaints handling procedures to ensure that all enquiries and complaints are properly considered and dealt with.

Internal complaints resolution process

In order to investigate a complaint effectively you should provide to us your contact details and any relevant documents and other information that may support your complaint and its resolution.

Written complaints should be sent to:

Lakehouse Capital Pty Ltd
Suite 2, Level 11, 50 Pitt St
Sydney NSW 2000

Alternatively, you can email us at investorsupport@lakehousecapital.com.au. If you would like to talk with us, please contact us on 02 8294 9800.

After we receive your complaint, we will acknowledge the receipt of your complaint by way of post, email or telephone and promptly address your complaint.  If we determine that your complaint is justified, we will then decide what action should be taken in response. Possible steps include rectifying any mistake, providing you with additional information or documentation to enable you to understand what happened and how we have dealt with it or amending our policies, procedures or systems if a systemic or recurring problem has been identified.

The length of time we will take to resolve your complaint will depend on the nature and complexity of the issue you have raised, and the extent of the enquiries required to enable those issues to be addressed. We will endeavour to resolve the majority of complaints within 10 business days of receiving a complaint.  For complaints that require further investigation or additional information from you or for any reason there is a delay in resolving the complaint, we will notify you within 10 business days of the date we receive the complaint and give you an indication of when we will resolve the complaint.

External complaints resolution process

Lakehouse Capital is a member of the Australian Financial Complaints Authority, or AFCA. AFCA is a non-for-profit company that has been established to provide fair and independent complaint resolution that is free to consumers, to help in resolving complaints relating to the financial services industry.

If you feel that your complaint was not dealt with to your satisfaction, you can contact AFCA:

• Online form via the website: www.afca.org.au
• Phone: 1800 931 678 (freecall)
• Email: info@afca.org.au
• Post: GPO Box 3, Melbourne, VIC 3001

The Australian Securities and Investments Commission also has a freecall infoline on 1300 300 630 which you may use to obtain information about your rights.

Our compensation arrangements

We hold a professional indemnity insurance policy which provides insurance coverage, subject to its terms and conditions, for certain liabilities in connection with the professional services provided by our employees and contractors.

Your privacy

Lakehouse Capital and its associates are committed to protecting your personal information.  For details on how we use and disclose your personal information, and how you can access and update it, please refer to our Privacy Policy, which is available on our website, www.www.lakehousecapital.com.au/privacy-policy/.

How can we be contacted

You can contact us by:

• Phone: 02 8294 9800
• Email: investorsupport@lakehousecapital.com.au
• Post: Lakehouse Capital Pty Ltd, Suite 2, Level 11, 50 Pitt St, Sydney NSW 2000

For further information

If you would like clarification of any of the matters discussed in this FSG, you can contact us using the contact details set out above.