Bristlemoon December 2025 Quarterly Letter
Adobe, Floor & Decor, Baltic Classifieds Group, and Timee
The Bristlemoon Global Fund returned -6.2 percent for the December 2025 quarter, with a 0.3 percent return for the month of December 2025, net of fees. For the eighteen-month period since inception, the Fund has produced a cumulative 11.9 percent return, net of fees.
Key performance contributors in the month of December included AppLovin, Synopsys, and PAR Technology Corporation. Notable performance detractors over the same period included Timee, Fair Isaac Corporation, and Uber Technologies. Notable positive contributions from the Fund’s short book in December included National Vision Holdings, Nike, and Starbucks.
In the letter (accessible via the link below) we discuss some of the new positions in the Fund – Adobe, Baltic Classifieds Group, and Timee – as well as give a more detailed investment thesis around our recently initiated position in Floor & Decor Holdings.
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We appreciate your interest in Bristlemoon Capital and hope this letter provides a clear view of our investment philosophy, current portfolio positioning, and ongoing efforts to compound capital prudently over time. If our investing approach resonates with you, we encourage you to connect with us to explore an investment in the Fund.
Disclaimer / Disclosures
The information contained in this article is not investment advice and is intended only for wholesale investors. All posts by Bristlemoon Capital are for informational purposes only. This article has been prepared without taking into account your particular circumstances, nor your investment objectives and needs. This article does not constitute personal investment advice and you should not rely on it as such. This document does not contain all of the information that may be required to evaluate an investment in any of the securities featured in the document. We recommend that you obtain independent financial advice before you make investment decisions.
Forward-looking statements are based on current information available to the author, expectations, estimates, projections and assumptions as to future matters. Forward-looking statements are subject to risks, uncertainties and other known and unknown factors and variables, which may affect the accuracy of any forward-looking statement. No guarantee is made in relation to future performance, results or other events.
We make no representation and give no warranties regarding the accuracy, reliability, completeness or suitability of the information contained in this document. To the maximum extent permitted by law, we do not have any liability for any loss or damage suffered or incurred by any person in connection with this document.
Bristlemoon Capital Pty Ltd (ABN: 22 668 652 926) is an Australian Financial Services Licensee (AFSL Number: 552045).
George Hadjia and Daniel Wu are associated with Bristlemoon Capital Pty Ltd. Bristlemoon Capital may invest in securities featured in this newsletter from time to time.
Happy to see more interest in ADBE. I recently wrote my own deep dive - bottom line, I agree with you. Using Jevon's paradox just about nails it - I believe that while ADBE may lose casual users (the amount of churn remains to be seen), I think the total 'pie' will grow enough thanks to the inflow of new hobbyists that it should be a net positive for ADBE.
Here's my write up - would love any feedback. https://open.substack.com/pub/tortoisehare/p/analysis-adobe-adbe?utm_campaign=post-expanded-share&utm_medium=post%20viewer