Bristlemoon March 2026 Quarterly Letter
AppLovin, FICO, Hemnet, and PAR
The Bristlemoon Global Fund returned -25.5 percent for the March 2026 quarter, with a -3.4 percent return for the month of March 2026, net of fees. Key performance contributors in the month of March included Woodside Energy, Grindr, and our Dollar General short. Notable performance detractors over the same period included Floor & Decor, Fair Isaac Corporation, and Hemnet Group. The Australian dollar appreciated by 3.4% against the USD in the March 2026 quarter, presenting a headwind to the Fund’s performance given that the Bristlemoon Global Fund is denominated in Australian dollars.
This was the most severe drawdown the Fund has experienced since inception. Importantly, it was not driven by a deterioration of the underlying earnings power of the businesses owned by the Fund, but rather by a sharp and rapid repricing of what investors were willing to pay for those earnings. In this letter we will explain what contributed to the weak performance and how we plan to address this with our compounding/conviction position sizing framework, discuss how we have adjusted the Fund’s positioning in light of developments from the Iran War, and provide an update on the Fund’s AppLovin, FICO, Hemnet, and PAR positions.
We believe the current opportunity set is the most compelling we have seen since the Fund was launched. For those contemplating an investment in the Fund, we are seeking to partner with long-term, aligned investors, and we would welcome the opportunity to discuss our investing approach in more detail. For new investors looking to enter the Fund, more information can be found here or by emailing info@bristlemoon.com.
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U.S. Trip
Our Chief Investment Officer, George Hadjia, will be in Los Angeles on 28-29th April, in Omaha for the Berkshire Hathaway weekend, and in New York on 4-12th May. For investors and allocators located in these cities, please reach out at info@bristlemoon.com if you would like to catch up. We are always looking to connect with likeminded investors to exchange stock ideas, as well as allocators who align with our investing approach.
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.