Bristlemoon March 2025 Quarterly Letter
Our theses on Hemnet and PAR, and why we adopted a more defensive portfolio
The Bristlemoon Global Fund returned -3.2 percent for the March 2025 quarter, net of fees. For the nine month period ending March 31, 2025, the Fund produced a 14.0 percent return. In our quarterly letter below, we lay out our investment theses for our two largest portfolio positions: Hemnet Group AB and PAR Technology Corporation. We also discuss why we adopted a more defensive portfolio stance going into April. We raised our cash weighting and bought index puts, allowing us to contain the damage so far from the April 2025 sell off, and positioning us well to capitalise on bargains that are starting to emerge.
By accessing the link below, you acknowledge and agree that you are an Australian wholesale client as defined by Section 761G of the Corporations Act 2001.
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.