The Bristlemoon Global Fund, a prominent entity in the investment landscape, concluded the fourth quarter of 2025 with a net return of -6.2%, after accounting for all applicable fees. This quarterly dip was somewhat mitigated by a modest positive performance in December 2025, which saw a 0.3% gain. Over its eighteen-month operational history since its establishment, the Fund has achieved a cumulative return of 11.9%. A notable success for the fund during this period was its early and bullish assessment of AppLovin. The fund's comprehensive analysis, detailed in its September 2024 quarterly letter, recognized AppLovin's potential for sustained rapid expansion before it was widely acknowledged by the broader market. This foresight underscored the fund's strategy of identifying undervalued growth opportunities.
Looking ahead, the Bristlemoon Global Fund continues to view PAR Technology as a fundamentally sound enterprise, despite its recent underperformance in the market. The fund's analysis suggests that PAR's current unfavorable market position is temporary, and its intrinsic value remains robust. Furthermore, the fund is actively pursuing opportunities in the software sector, particularly focusing on businesses that offer strong value propositions and are poised to benefit from advancements in artificial intelligence. The integration of AI is seen as a significant catalyst for volume growth, and the fund believes that acquiring stakes in dominant software companies at attractive valuations presents a compelling risk-reward scenario. This strategic focus reflects a proactive approach to leveraging emerging technologies for portfolio growth.
The current market environment is characterized by an abundance of promising opportunities, fueling a heightened sense of optimism within the Bristlemoon Global Fund. The team expresses its greatest enthusiasm for the existing portfolio, citing a confluence of factors that position it for future success. This period of excitement is rooted in the strategic investments made in high-quality, compounding businesses and the continuous identification of new avenues for growth. By maintaining a disciplined investment philosophy and adapting to market dynamics, the fund aims to deliver long-term value to its investors, fostering a climate of progress and prosperity.