Fund Performance - Lakehouse Global Growth Fund achieved a return of 33.4% net of fees and expenses in the past year, outperforming its benchmark which returned 18.4% [1] - Since its inception in December 2017, the Fund has delivered a total return of 254.4%, significantly higher than the benchmark's 139.9% [1] Spotify Technology S.A. Overview - Spotify Technology S.A. is recognized as the world's leading audio streaming platform, with a one-month return of 5.08% and a remarkable 94.43% increase in share value over the last 52 weeks [2][3] - As of September 26, 2025, Spotify's stock closed at $716.53 per share, with a market capitalization of $147.446 billion [2] Financial Performance of Spotify - In 2024, Spotify reported an 18% revenue growth, reaching €15.7 billion, and successfully turned a €311 million operating loss into a €1.4 billion operating profit [3] - The company also tripled its free cash flow from €678 million to €2.3 billion, showcasing impressive operational performance [3] - Spotify's share price increased more than fivefold from its lows in November 2022, reflecting strong market confidence [3]