Bristlemoon June 2025 Quarterly Letter
APi Group, Salesforce, UnitedHealth Group and other commentary on the quarter
The Bristlemoon Global Fund returned -0.3 percent for the June 2025 quarter, with a -1.4 percent return for the month of June 2025, net of fees. For the twelve-month period ending June 30, 2025, the Fund produced a 13.7 percent return, net of fees.
Key contributors to the Fund’s performance in the June 2025 quarter included Uber Technologies, PAR Technology and APi Group. Notable detractors were AppLovin and Hemnet.
To be upfront, we are not satisfied with the Fund’s performance this quarter. The lacklustre performance was driven by two factors: 1) being too bearish regarding the impacts of tariffs; and 2) the volatility inherent in a concentrated strategy, with some of our larger stock positions declining during the quarter.
We want to spend this quarterly letter walking through both of these factors. At the same time, it is also worth noting that we are the most excited about the Fund’s portfolio of stocks that we have ever been. Later in the letter we detail three new stock positions that were initiated during the quarter: APi Group, Salesforce, and UnitedHealth Group.
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We are incredibly thankful for the support of our investors. It is difficult to verbalise how much it means to us that you have entrusted us to manage your capital. We hope to be good stewards of your capital for many years to come. For new investors looking to enter the Fund, more information can be found here.
As a business update, Bristlemoon Capital now has an office. In June 2025 the Bristlemoon team moved into Level 10, Hudson House, 131 Macquarie Street, Sydney. Having a physical space has made collaboration easier and we are thrilled at how the new arrangement has been working thus far.
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.
Made me rethink of a thought I had almost fogotten "If you are not scared of your dreams, they are not big enough!" - An excellent view btw!
what a great view! congrats