The Bristlemoon Global Fund

Investor Summary

Founded in July 2024 by George Hadjia and Daniel Wu, The Bristlemoon Global Fund represents the culmination of over a decade of buy-side investment experience. George Hadjia, the Founder and Chief Investment Officer, brings extensive hedge fund experience from New York and was previously pivotal in constructing research processes at Montaka Global Investments. Daniel Wu, Co-Founder and Portfolio Manager, contributed specialized technology investment expertise from his roles at Milford Asset Management and previous investment banking experience at UBS and Goldman Sachs. The fund targets wholesale investors with a minimum investment of AUD 1,000,000 and offers two unit classes with different fee structures to accommodate both seed and standard institutional investors. Strategic advisor Ivan R. Ritossa provides over 35 years of global investment banking and asset management experience.

Fund Strategy

The Bristlemoon Global Fund seeks to invest in a concentrated portfolio of high-quality businesses that have defensible market positions and can compound their intrinsic values at attractive rates over time. The fund's investment philosophy is built on four core principles: ownership mentality, the requirement for margin of safety, long-term compounding, and concentrated portfolios. The fund is not bound by any sector, geography, or market capitalisation and pivots to where the opportunities are. The investment objective is to compound investors' capital at strong rates, net of fees, over a period greater than five years, employing a global long/short equity strategy with 10-25 core long investments and 0-35 shorts.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-25.5%	-25.5%

Executive Summary

Bristlemoon Global Fund returned -25.5% in Q1 2026, experiencing its most severe drawdown since inception due to AI disruption fears affecting software and digital businesses. The selloff was narrative-driven rather than fundamental, with earnings expectations remaining stable or increasing for most holdings while share prices declined materially. The fund's concentrated portfolio of high-quality, asset-light companies was particularly impacted by the SaaSpocalypse, with the IGV software ETF declining 24%. Key detractors included Fair Isaac Corporation, Hemnet Group, and PAR Technology, all experiencing severe multiple compression despite strong underlying business performance. The Iran War prompted tactical positioning changes, reducing net exposure from 94% to under 60%. Management added to AppLovin at sub-$400 levels, viewing current valuations as compelling. The fund implemented a refined compounding/conviction position sizing framework to better manage narrative risk. Despite the drawdown, management believes the current opportunity set is the most compelling since inception, with holdings trading at multiples below estimated intrinsic value, offering highly asymmetric risk/reward profiles for patient capital.

Forward Outlook

The current opportunity set is described as the most compelling since fund inception, with high-quality businesses trading far below intrinsic worth. The fund expects multiple holdings to be worth multiples of current trading levels based on earnings estimates. Management remains confident in asymmetric risk/reward profiles despite recent drawdowns.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 15 2026	2026 Q1	APP, CSU.TO, DG, FICO, FND, GOOGL, GRDR, NOW, PAR, WDS.AX	Advertising, AI, E-Commerce, gaming, growth, software, technology, volatility	-	Bristlemoon Global Fund suffered a -25.5% drawdown in Q1 2026 from AI disruption fears hitting software holdings, despite stable fundamentals. The narrative-driven selloff created compelling valuations in quality businesses like AppLovin and FICO. Management refined position sizing to manage volatility while maintaining conviction in long-term earnings power of concentrated portfolio.
Jan 9 2026	2025 Q4	ADBE, APP, ASML, EYE, FICO, FND, GOOGL, HD, LOW, NKE, PRTG, SBUX, SNPS, UBER	AI, growth, Housing, Restaurants, semiconductors, software, technology, value	ASML NA PAR ADBE BCG LN 215A JP FND	Bristlemoon delivered 11.9% since inception despite Q4 weakness, benefiting from AI winners AppLovin and ASML while suffering from Hemnet and PAR declines. The manager initiated positions in Adobe, Floor & Decor, and others during market pessimism. PAR approaches potential McDonald's partnership while Floor & Decor awaits housing recovery. Portfolio positioned for opportunity-rich environment ahead.
Oct 10 2025	2025 Q3	AAPL, ADI, AER, APP, ASML, BABA, CDNS, CRM, FICO, GOOGL, HEMN.ST, INTC, META, MSFT, NVDA, PAR, SNPS, TSM, UBER, V	AI, global, Long/Short, Quality, semiconductors, software, technology	ASML NA GOOGL US SNPS US PAR UN	Bristlemoon returned 5.0% in Q3 2025, adding positions in ASML, Alphabet, and Synopsys during market weakness while maintaining conviction in volatile holding PAR Technology. The fund targets high-quality businesses with competitive moats and mispriced earnings power, recently capitalizing on AI disruption fears and semiconductor equipment concerns to establish attractive entry points in monopolistic and oligopolistic market leaders.
Jul 14 2025	2025 Q2	AER, APG, APP, CRM, PAR, UBER, UNH	AI, Concentration, healthcare, tariffs, technology, value	HEM APG CRM UNH	Bristlemoon underperformed due to defensive tariff positioning and concentrated portfolio volatility, but management expresses highest conviction ever in current holdings. New positions in APi Group, Salesforce, and UnitedHealth offer compelling risk-adjusted returns. Fund continues gradual deployment into idiosyncratic opportunities with 12-18 month catalysts while avoiding momentum chasing at market highs.
Apr 9 2025	2025 Q1	0700.HK, APP, HEM.ST, IBKR, META, PAR, PDD, PINS, XPOF	Cash Management, China, Restaurants, risk management, software, tariffs, technology, volatility	HEM.ST PAR	Bristlemoon delivered -3.2% in March 2025, hurt by Xponential Fitness exit but helped by China holdings. Fund proactively raised cash to 22% and hedged before Trump tariffs, then upgraded portfolio quality by exiting rate-sensitive and ad-dependent names. Largest positions Hemnet and PAR Technology offer significant pricing power upside. Defensive positioning preserves optionality for emerging opportunities.
Jan 10 2025	2024 Q4	APP, META, MTCH, PAR, PDD, PINS, TCEHY	Advertising, gaming, Portfolio Management, Position Sizing, risk management, Social Media, technology	-	Bristlemoon delivered 10.4% in Q4 despite position sizing errors in top holdings. Pinterest remains largest detractor with revenue growth decelerating to 15-17% from 20%+. AppLovin drove performance with 148% gain as earnings forecasts increased 5.3x. Fund implements revised position sizing framework requiring exceptional risk/reward and conviction for large positions. Concentrated approach continues with 90.2% long exposure across 16 names.
Oct 10 2024	2024 Q3	0700.HK, 9988.HK, APP, EYE, META, PAR, PDD	Advertising, AI, China, Concentration, gaming, growth, Stimulus, technology	APP	Bristlemoon delivered 6.8% in Q3 through concentrated positions in Chinese internet stocks and AppLovin. Chinese stimulus drove significant gains in undervalued Tencent, Alibaba, and Pinduoduo holdings. AppLovin's AI-powered ad platform showed sustained 75% software growth. The fund maintains high conviction in quality businesses trading at attractive valuations with multi-year earnings compounding potential.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 15 2026

2026 Q1

APP, CSU.TO, DG, FICO, FND, GOOGL, GRDR, NOW, PAR, WDS.AX

Advertising, AI, E-Commerce, gaming, growth, software, technology, volatility

Bristlemoon Global Fund suffered a -25.5% drawdown in Q1 2026 from AI disruption fears hitting software holdings, despite stable fundamentals. The narrative-driven selloff created compelling valuations in quality businesses like AppLovin and FICO. Management refined position sizing to manage volatility while maintaining conviction in long-term earnings power of concentrated portfolio.

Jan 9 2026

2025 Q4

ADBE, APP, ASML, EYE, FICO, FND, GOOGL, HD, LOW, NKE, PRTG, SBUX, SNPS, UBER

AI, growth, Housing, Restaurants, semiconductors, software, technology, value

ASML NA
PAR
ADBE
BCG LN
215A JP
FND

Bristlemoon delivered 11.9% since inception despite Q4 weakness, benefiting from AI winners AppLovin and ASML while suffering from Hemnet and PAR declines. The manager initiated positions in Adobe, Floor & Decor, and others during market pessimism. PAR approaches potential McDonald's partnership while Floor & Decor awaits housing recovery. Portfolio positioned for opportunity-rich environment ahead.

Oct 10 2025

2025 Q3

AAPL, ADI, AER, APP, ASML, BABA, CDNS, CRM, FICO, GOOGL, HEMN.ST, INTC, META, MSFT, NVDA, PAR, SNPS, TSM, UBER, V

AI, global, Long/Short, Quality, semiconductors, software, technology

ASML NA
GOOGL US
SNPS US
PAR UN

Bristlemoon returned 5.0% in Q3 2025, adding positions in ASML, Alphabet, and Synopsys during market weakness while maintaining conviction in volatile holding PAR Technology. The fund targets high-quality businesses with competitive moats and mispriced earnings power, recently capitalizing on AI disruption fears and semiconductor equipment concerns to establish attractive entry points in monopolistic and oligopolistic market leaders.

Jul 14 2025

2025 Q2

AER, APG, APP, CRM, PAR, UBER, UNH

AI, Concentration, healthcare, tariffs, technology, value

HEM
APG
CRM
UNH

Bristlemoon underperformed due to defensive tariff positioning and concentrated portfolio volatility, but management expresses highest conviction ever in current holdings. New positions in APi Group, Salesforce, and UnitedHealth offer compelling risk-adjusted returns. Fund continues gradual deployment into idiosyncratic opportunities with 12-18 month catalysts while avoiding momentum chasing at market highs.

Apr 9 2025

2025 Q1

0700.HK, APP, HEM.ST, IBKR, META, PAR, PDD, PINS, XPOF

Cash Management, China, Restaurants, risk management, software, tariffs, technology, volatility

HEM.ST
PAR

Bristlemoon delivered -3.2% in March 2025, hurt by Xponential Fitness exit but helped by China holdings. Fund proactively raised cash to 22% and hedged before Trump tariffs, then upgraded portfolio quality by exiting rate-sensitive and ad-dependent names. Largest positions Hemnet and PAR Technology offer significant pricing power upside. Defensive positioning preserves optionality for emerging opportunities.

Jan 10 2025

2024 Q4

APP, META, MTCH, PAR, PDD, PINS, TCEHY

Advertising, gaming, Portfolio Management, Position Sizing, risk management, Social Media, technology

Bristlemoon delivered 10.4% in Q4 despite position sizing errors in top holdings. Pinterest remains largest detractor with revenue growth decelerating to 15-17% from 20%+. AppLovin drove performance with 148% gain as earnings forecasts increased 5.3x. Fund implements revised position sizing framework requiring exceptional risk/reward and conviction for large positions. Concentrated approach continues with 90.2% long exposure across 16 names.

Oct 10 2024

2024 Q3

0700.HK, 9988.HK, APP, EYE, META, PAR, PDD

Advertising, AI, China, Concentration, gaming, growth, Stimulus, technology

APP

Bristlemoon delivered 6.8% in Q3 through concentrated positions in Chinese internet stocks and AppLovin. Chinese stimulus drove significant gains in undervalued Tencent, Alibaba, and Pinduoduo holdings. AppLovin's AI-powered ad platform showed sustained 75% software growth. The fund maintains high conviction in quality businesses trading at attractive valuations with multi-year earnings compounding potential.

QUARTER	THEMES	TAGS
2026 Q1	AI The fund experienced significant drawdowns due to AI disruption fears affecting software and digital businesses. The market bifurcated into perceived AI winners and losers, with the fund's holdings suffering from narrative-driven selloffs despite stable earnings. AppLovin is positioned as an AI winner through automated video ad generation and improved targeting algorithms.	Disruption Software Algorithms Automation Targeting
	SaaS Software-as-a-service companies experienced brutal selloffs in Q1 2026, with the IGV software ETF declining 24%. The fund's asset-light, high-growth software holdings were particularly impacted by the SaaSpocalypse despite strong fundamentals and earnings growth prospects.	Software Growth Multiples Earnings Volatility
	Gaming AppLovin's mobile gaming advertising business continues robust growth with 66% year-over-year revenue growth in Q4 2025. The company benefits from increased game creation through AI tools like Google's Project Genie, which should expand in-game advertising inventory and strengthen AppLovin's distribution advantages.	Mobile Advertising Distribution Monetization Publishers
	E-commerce AppLovin is rolling out e-commerce advertising capabilities with promising early results. The self-service platform automates advertiser onboarding, potentially creating explosive growth in smaller merchants. E-commerce ads can monetize previously wasted gaming ad impressions at 100% effective take rates.	Advertising Merchants Automation Monetization Platform
2025 Q4	AI Manager sees AI as creating both winners and losers, with Adobe positioned as an AI beneficiary despite market pessimism. PAR Technology leverages AI through Coach AI for restaurant management. The fund benefited from AI winners like AppLovin while avoiding perceived AI losers that proved resilient.	Artificial Intelligence Machine Learning Generative AI Coach AI AI Tools
	Semiconductors ASML highlighted as a monopoly in the semiconductor industry during an AI boom. Manager took positions in Alphabet and ASML, with ASML stock rising from €600 to over €900 per share in a quarter as the market agreed with their investment thesis.	ASML Semiconductor Equipment AI Boom Monopoly
	Restaurants PAR Technology positioned as the future operating system for global enterprise restaurants, potentially signing with McDonald's. The fragmented nature of legacy restaurant IT creates opportunities for unified platforms that enable AI deployment.	PAR Technology Point of Sale Restaurant Technology McDonald's Unified Platform
	Real Estate Floor & Decor positioned to benefit from housing market recovery. Manager expects existing home sales to recover from current depressed levels as mortgage rates normalize and the lock-in effect from low-rate mortgages gradually fades.	Floor & Decor Housing Market Mortgage Rates Home Sales Flooring
	Software Adobe viewed as beneficiary of AI through workflow orchestration despite market fears of displacement. The manager believes AI will increase demand for editing and management tools rather than replace them, with Adobe capturing value in both creation and composition.	Adobe Creative Software Workflow SaaS Digital Content
2025 Q3	AI The fund views AI as a transformative force across multiple holdings. Google has shipped market-leading AI products including Gemini models and AI Mode, while benefiting from cost advantages through its TPU hardware. The AI infrastructure boom drives demand for ASML's lithography equipment and creates opportunities for Synopsys in custom ASIC design tools.	Artificial Intelligence Machine Learning AI Infrastructure Custom ASICs AI Models
	Semiconductors ASML represents a monopoly position in critical lithography equipment for advanced chip manufacturing. The fund sees temporary weakness in orders as creating attractive entry points, while long-term demand remains strong driven by AI infrastructure needs and memory requirements. EUV and DUV tools remain essential for leading-edge production.	Lithography EUV DUV Chip Manufacturing Wafer Fabrication
	Enterprise Software PAR Technology represents the fund's bet on restaurant technology transformation, despite recent volatility. The company offers unified POS and software solutions with potential for mega-deal wins including McDonald's. Synopsys provides mission-critical EDA tools for chip design in a stable oligopoly market structure.	SaaS Point of Sale Restaurant Technology EDA Tools Software Platforms
	Quality The fund focuses on high-quality businesses with competitive advantages, seeking both obvious quality at reasonable prices and underappreciated quality companies. They look for businesses with predictable cash flows, high reinvestment returns, and mispriced earnings power, maintaining flexibility to pivot where opportunities exist.	Business Quality Competitive Moats Predictable Cash Flows High Returns Mispriced Assets
2025 Q2	AI Salesforce is positioned to capitalize on agentic AI through its data advantage and distribution via the app layer. Agentforce reached $100 million ARR with 5x quarter-over-quarter growth. The agentic AI market could reach $155 billion by 2030 according to Bank of America estimates.	Agentforce Automation Data Cloud Enterprise
	Trade Policy The fund was defensively positioned against tariff risks but was too slow to redeploy when Trump announced a 90-day pause on reciprocal tariffs. Markets quickly wrote off tail risk as the TACO trade emerged - Trump Always Chickens Out.	Tariffs Trump Defensive Policy
	Managed Care UnitedHealth faces challenges from elevated Medicare Advantage utilization and V28 risk adjustment model implementation. The stock offers asymmetric risk/reward after a 50% drawdown, with potential recovery to $290-$375 range.	Medicare Utilization Value-based Healthcare
2025 Q1	Risk Management Fund increased cash weighting to 22% during March due to heightened market uncertainty and Trump's tariff policies. Adopted maximum loss framework for position sizing and reduced concentration to manage downside risk during volatile periods.	Cash Volatility Hedging Concentration Uncertainty
	China PDD Holdings and Tencent Holdings were key contributors to performance as top five positions. Both China-based companies provided positive returns during the quarter despite broader market challenges.	PDD Tencent Technology E-commerce Internet
	Technology Portfolio includes significant technology exposure through companies like Meta, AppLovin, PAR Technology, and Interactive Brokers. Focus on mission-critical software platforms and digital advertising businesses with strong competitive moats.	Software SaaS Digital Platforms Enterprise
	Restaurants PAR Technology represents major position as provider of mission-critical POS software to enterprise restaurant chains including Burger King, Arby's, and Wendy's. Company has enormous latent pricing power and resilient customer base.	POS QSR Enterprise Software Foodservice
2024 Q4	Social Media The fund holds significant positions in social media platforms including Pinterest and Meta Platforms. Pinterest represents the fund's largest performance detractor since inception, with management acknowledging position sizing errors. The company is transitioning to lower-funnel ad products but has experienced revenue growth deceleration from 20%+ to 15-17% guidance.	Pinterest Meta Advertising Revenue Growth
	Gaming AppLovin Corporation was a key contributor to quarterly performance with 148% stock price increase. The company exemplifies uncertainty creating opportunity, with analyst earnings forecasts increasing 5.3x from $1.14 to $6 per share for FY25 in just two years, driving the stock up more than 5x since initial investment.	AppLovin Earnings Forecasts Growth Mobile
	Advertising Digital advertising is a core focus with positions in Pinterest and Meta Platforms. Pinterest's transition from brand-awareness to performance advertising has been slower than expected, with management unable to explain revenue growth deceleration despite product improvements and advertiser adoption initiatives.	Digital Performance Revenue Growth Platforms
2024 Q3	AI AppLovin's AXON 2.0 AI-powered ad targeting algorithm has driven exceptional growth, with software revenues growing 75% year-over-year. The neural network utilizes recent AI breakthroughs to improve ad targeting beyond previous capabilities. AXON 2.0's targeting improvements allow AppLovin to deliver superior return on ad spend outcomes at scale.	Machine Learning Ad Tech Targeting Neural Networks Performance
	China Chinese internet companies Tencent, Alibaba, and Pinduoduo were purchased as exceptionally cheap, high-quality businesses. Chinese government stimulus measures in September 2024 provided significant multiple expansion. The fund has since trimmed China positions after the rally but maintains exposure to these quality franchises.	Stimulus Internet Valuation Government Policy Multiple Expansion
	Gaming AppLovin operates in mobile gaming advertising and owns a portfolio of over 100 mobile games. The company's ad network connects advertisers with in-game ad slots, utilizing AI to show the right ad to the right person at the right time. Mobile gaming represents a core vertical for AppLovin's advertising technology platform.	Mobile Gaming Ad Network Monetization User Acquisition In-App Advertising
	Advertising AppLovin's advertising technology platform reaches 1.4 billion users daily through its AppDiscovery and MAX mediation products. The company benefits from network effects and switching costs in the mediation business. App install advertising is performance-driven with uncapped budgets, creating a favorable market dynamic.	Ad Tech Mediation Performance Marketing Network Effects Real-Time Bidding

QUARTER

THEMES

AI

The fund experienced significant drawdowns due to AI disruption fears affecting software and digital businesses. The market bifurcated into perceived AI winners and losers, with the fund's holdings suffering from narrative-driven selloffs despite stable earnings. AppLovin is positioned as an AI winner through automated video ad generation and improved targeting algorithms.

Disruption Software Algorithms Automation Targeting

SaaS

Software-as-a-service companies experienced brutal selloffs in Q1 2026, with the IGV software ETF declining 24%. The fund's asset-light, high-growth software holdings were particularly impacted by the SaaSpocalypse despite strong fundamentals and earnings growth prospects.

Software Growth Multiples Earnings Volatility

Gaming

AppLovin's mobile gaming advertising business continues robust growth with 66% year-over-year revenue growth in Q4 2025. The company benefits from increased game creation through AI tools like Google's Project Genie, which should expand in-game advertising inventory and strengthen AppLovin's distribution advantages.

Mobile Advertising Distribution Monetization Publishers

E-commerce

AppLovin is rolling out e-commerce advertising capabilities with promising early results. The self-service platform automates advertiser onboarding, potentially creating explosive growth in smaller merchants. E-commerce ads can monetize previously wasted gaming ad impressions at 100% effective take rates.

Advertising Merchants Automation Monetization Platform

2025 Q4

AI

Manager sees AI as creating both winners and losers, with Adobe positioned as an AI beneficiary despite market pessimism. PAR Technology leverages AI through Coach AI for restaurant management. The fund benefited from AI winners like AppLovin while avoiding perceived AI losers that proved resilient.

Artificial Intelligence Machine Learning Generative AI Coach AI AI Tools

Semiconductors

ASML highlighted as a monopoly in the semiconductor industry during an AI boom. Manager took positions in Alphabet and ASML, with ASML stock rising from €600 to over €900 per share in a quarter as the market agreed with their investment thesis.

ASML Semiconductor Equipment AI Boom Monopoly

Restaurants

PAR Technology positioned as the future operating system for global enterprise restaurants, potentially signing with McDonald's. The fragmented nature of legacy restaurant IT creates opportunities for unified platforms that enable AI deployment.

PAR Technology Point of Sale Restaurant Technology McDonald's Unified Platform

Real Estate

Floor & Decor positioned to benefit from housing market recovery. Manager expects existing home sales to recover from current depressed levels as mortgage rates normalize and the lock-in effect from low-rate mortgages gradually fades.

Floor & Decor Housing Market Mortgage Rates Home Sales Flooring

Software

Adobe viewed as beneficiary of AI through workflow orchestration despite market fears of displacement. The manager believes AI will increase demand for editing and management tools rather than replace them, with Adobe capturing value in both creation and composition.

Adobe Creative Software Workflow SaaS Digital Content

2025 Q3

AI

The fund views AI as a transformative force across multiple holdings. Google has shipped market-leading AI products including Gemini models and AI Mode, while benefiting from cost advantages through its TPU hardware. The AI infrastructure boom drives demand for ASML's lithography equipment and creates opportunities for Synopsys in custom ASIC design tools.

Artificial Intelligence Machine Learning AI Infrastructure Custom ASICs AI Models

Semiconductors

ASML represents a monopoly position in critical lithography equipment for advanced chip manufacturing. The fund sees temporary weakness in orders as creating attractive entry points, while long-term demand remains strong driven by AI infrastructure needs and memory requirements. EUV and DUV tools remain essential for leading-edge production.

Lithography EUV DUV Chip Manufacturing Wafer Fabrication

Enterprise Software

PAR Technology represents the fund's bet on restaurant technology transformation, despite recent volatility. The company offers unified POS and software solutions with potential for mega-deal wins including McDonald's. Synopsys provides mission-critical EDA tools for chip design in a stable oligopoly market structure.

SaaS Point of Sale Restaurant Technology EDA Tools Software Platforms

Quality

The fund focuses on high-quality businesses with competitive advantages, seeking both obvious quality at reasonable prices and underappreciated quality companies. They look for businesses with predictable cash flows, high reinvestment returns, and mispriced earnings power, maintaining flexibility to pivot where opportunities exist.

Business Quality Competitive Moats Predictable Cash Flows High Returns Mispriced Assets

2025 Q2

AI

Salesforce is positioned to capitalize on agentic AI through its data advantage and distribution via the app layer. Agentforce reached $100 million ARR with 5x quarter-over-quarter growth. The agentic AI market could reach $155 billion by 2030 according to Bank of America estimates.

Agentforce Automation Data Cloud Enterprise

Trade Policy

The fund was defensively positioned against tariff risks but was too slow to redeploy when Trump announced a 90-day pause on reciprocal tariffs. Markets quickly wrote off tail risk as the TACO trade emerged - Trump Always Chickens Out.

Tariffs Trump Defensive Policy

Managed Care

UnitedHealth faces challenges from elevated Medicare Advantage utilization and V28 risk adjustment model implementation. The stock offers asymmetric risk/reward after a 50% drawdown, with potential recovery to $290-$375 range.

Medicare Utilization Value-based Healthcare

2025 Q1

Risk Management

Fund increased cash weighting to 22% during March due to heightened market uncertainty and Trump's tariff policies. Adopted maximum loss framework for position sizing and reduced concentration to manage downside risk during volatile periods.

Cash Volatility Hedging Concentration Uncertainty

China

PDD Holdings and Tencent Holdings were key contributors to performance as top five positions. Both China-based companies provided positive returns during the quarter despite broader market challenges.

PDD Tencent Technology E-commerce Internet

Technology

Portfolio includes significant technology exposure through companies like Meta, AppLovin, PAR Technology, and Interactive Brokers. Focus on mission-critical software platforms and digital advertising businesses with strong competitive moats.

Software SaaS Digital Platforms Enterprise

Restaurants

PAR Technology represents major position as provider of mission-critical POS software to enterprise restaurant chains including Burger King, Arby's, and Wendy's. Company has enormous latent pricing power and resilient customer base.

POS QSR Enterprise Software Foodservice

2024 Q4

Social Media

The fund holds significant positions in social media platforms including Pinterest and Meta Platforms. Pinterest represents the fund's largest performance detractor since inception, with management acknowledging position sizing errors. The company is transitioning to lower-funnel ad products but has experienced revenue growth deceleration from 20%+ to 15-17% guidance.

Pinterest Meta Advertising Revenue Growth

Gaming

AppLovin Corporation was a key contributor to quarterly performance with 148% stock price increase. The company exemplifies uncertainty creating opportunity, with analyst earnings forecasts increasing 5.3x from $1.14 to $6 per share for FY25 in just two years, driving the stock up more than 5x since initial investment.

AppLovin Earnings Forecasts Growth Mobile

Advertising

Digital advertising is a core focus with positions in Pinterest and Meta Platforms. Pinterest's transition from brand-awareness to performance advertising has been slower than expected, with management unable to explain revenue growth deceleration despite product improvements and advertiser adoption initiatives.

Digital Performance Revenue Growth Platforms

2024 Q3

AI

AppLovin's AXON 2.0 AI-powered ad targeting algorithm has driven exceptional growth, with software revenues growing 75% year-over-year. The neural network utilizes recent AI breakthroughs to improve ad targeting beyond previous capabilities. AXON 2.0's targeting improvements allow AppLovin to deliver superior return on ad spend outcomes at scale.

Machine Learning Ad Tech Targeting Neural Networks Performance

China

Chinese internet companies Tencent, Alibaba, and Pinduoduo were purchased as exceptionally cheap, high-quality businesses. Chinese government stimulus measures in September 2024 provided significant multiple expansion. The fund has since trimmed China positions after the rally but maintains exposure to these quality franchises.

Stimulus Internet Valuation Government Policy Multiple Expansion

Gaming

AppLovin operates in mobile gaming advertising and owns a portfolio of over 100 mobile games. The company's ad network connects advertisers with in-game ad slots, utilizing AI to show the right ad to the right person at the right time. Mobile gaming represents a core vertical for AppLovin's advertising technology platform.

Mobile Gaming Ad Network Monetization User Acquisition In-App Advertising

Advertising

AppLovin's advertising technology platform reaches 1.4 billion users daily through its AppDiscovery and MAX mediation products. The company benefits from network effects and switching costs in the mediation business. App install advertising is performance-driven with uncapped budgets, creating a favorable market dynamic.

Ad Tech Mediation Performance Marketing Network Effects Real-Time Bidding

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 9, 2026	Fund Letters	George Hadjia	ASML NA	ASML Holding N.V.	Information Technology	Semiconductor Equipment	Bull	Euronext Stock Exchange	AI, CapEx, Euv, Monopoly, semiconductors	Login
Jan 9, 2026	Fund Letters	George Hadjia	PAR	PAR Technology Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	AI, Catalysts, platform, POS, Restauranttech	Login
Jan 9, 2026	Fund Letters	George Hadjia	ADBE	Adobe Inc.	Information Technology	Application Software	Bull	NASDAQ	AI, Retention, Software, valuation, Workflows	Login
Jan 9, 2026	Fund Letters	George Hadjia	BCG LN	Baltic Classifieds Group PLC	Communication Services	Internet Services & Infrastructure	Bull	New York Stock Exchange	Classifieds, Insiders, Monopoly, Networkeffects, rerating	Login
Jan 9, 2026	Fund Letters	George Hadjia	215A JP	Timee, Inc.	Industrials	Human Resource & Employment Services	Bull	New York Stock Exchange	growth, Japan, Labor, Marketplaces, Networkeffects	Login
Jan 9, 2026	Fund Letters	George Hadjia	FND	Floor & Decor Holdings Inc.	Consumer Discretionary	Specialty Retail	Bull	New York Stock Exchange	Cyclicality, Housing, Operatingleverage, Procustomers, Specialtyretail	Login
Oct 10, 2025	Fund Letters	George Hadjia	ASML NA	ASML Holding NV	Information Technology	Semiconductor Equipment	Bull	Euronext Stock Exchange	AI, Euv, growth, Lithography, Monopoly, semiconductors, technology, valuation	Login
Oct 10, 2025	Fund Letters	George Hadjia	GOOGL US	Alphabet Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Hardware, innovation, monetization, Search, technology	Login
Oct 10, 2025	Fund Letters	George Hadjia	SNPS US	Synopsys Inc	Information Technology	Electronic Design Automation	Bull	NASDAQ	AI, Design, Eda, growth, Margins, semiconductors, Software, valuation	Login
Oct 10, 2025	Fund Letters	George Hadjia	PAR UN	PAR Technology Corp	Information Technology	Enterprise Software	Bull	NYSE	acquisition, ARR, growth, McDonald's, Restaurant, SaaS, Software, turnaround	Login
Jul 14, 2025	Fund Letters	George Hadjia	HEM	Hemnet Group AB	Communication Services	Interactive Media & Services	Bull	NASDAQ	growth, Portals, Pricing, Property, Subscriptions	Login
Jul 14, 2025	Fund Letters	George Hadjia	APG	APi Group Corporation	Industrials	Specialty Services	Bull	New York Stock Exchange	consolidation, Inspections, Margins, Recurring, services	Login
Jul 14, 2025	Fund Letters	George Hadjia	CRM	Salesforce, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	AI, Automation, Data, SaaS, Software	Login
Jul 14, 2025	Fund Letters	George Hadjia	UNH	UnitedHealth Group Incorporated	Health Care	Managed Health Care	Bull	New York Stock Exchange	healthcare, Insurance, Medicare, turnaround, valuation	Login
Mar 1, 2025	Fund Letters	The Bristlemoon Global Fund	HEM.ST	Hemnet Group AB	Communication Services	Interactive Media & Services	Bull	Stockholm Stock Exchange	EBITDA margins, marketplace, Monopoly, Pricing power, Property Portal, Real Estate, SaaS, Sweden, Take rate, Vendor-Paid Model	Login
Mar 1, 2025	Fund Letters	The Bristlemoon Global Fund	PAR	PAR Technology Corporation	Information Technology	Application Software	Bull	NYSE	ARR growth, cross-selling, Enterprise software, M&A strategy, Mission-Critical, platform, POS Software, Pricing power, QSR, Restaurant technology, SaaS	Login
Sep 30, 2024	Fund Letters	The Bristlemoon Global Fund	APP	AppLovin Corporation	Communication Services	Interactive Media & Services	Bull	NASDAQ	adtech, AI, Data Moat, growth, high margins, machine learning, Mediation, Mobile Gaming, network effects, software platform	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 9, 2026

Fund Letters

George Hadjia

ASML NA

ASML Holding N.V.

Information Technology

Semiconductor Equipment

Bull

Euronext Stock Exchange

AI, CapEx, Euv, Monopoly, semiconductors

Jan 9, 2026

Fund Letters

George Hadjia

PAR

PAR Technology Corporation

Information Technology

Application Software

Bull

New York Stock Exchange

AI, Catalysts, platform, POS, Restauranttech

Jan 9, 2026

Fund Letters

George Hadjia

ADBE

Adobe Inc.

Information Technology

Application Software

Bull

NASDAQ

AI, Retention, Software, valuation, Workflows

Jan 9, 2026

Fund Letters

George Hadjia

BCG LN

Baltic Classifieds Group PLC

Communication Services

Internet Services & Infrastructure

Bull

New York Stock Exchange

Classifieds, Insiders, Monopoly, Networkeffects, rerating

Jan 9, 2026

Fund Letters

George Hadjia

215A JP

Timee, Inc.

Industrials

Human Resource & Employment Services

Bull

New York Stock Exchange

growth, Japan, Labor, Marketplaces, Networkeffects

Jan 9, 2026

Fund Letters

George Hadjia

FND

Floor & Decor Holdings Inc.

Consumer Discretionary

Specialty Retail

Bull

New York Stock Exchange

Cyclicality, Housing, Operatingleverage, Procustomers, Specialtyretail

Oct 10, 2025

Fund Letters

George Hadjia

ASML NA

ASML Holding NV

Information Technology

Semiconductor Equipment

Bull

Euronext Stock Exchange

AI, Euv, growth, Lithography, Monopoly, semiconductors, technology, valuation

Oct 10, 2025

Fund Letters

George Hadjia

GOOGL US

Alphabet Inc

Communication Services

Interactive Media & Services

Bull

NASDAQ

advertising, AI, cloud, Hardware, innovation, monetization, Search, technology

Oct 10, 2025

Fund Letters

George Hadjia

SNPS US

Synopsys Inc

Information Technology

Electronic Design Automation

Bull

NASDAQ

AI, Design, Eda, growth, Margins, semiconductors, Software, valuation

Oct 10, 2025

Fund Letters

George Hadjia

PAR UN

PAR Technology Corp

Information Technology

Enterprise Software

Bull

NYSE

acquisition, ARR, growth, McDonald's, Restaurant, SaaS, Software, turnaround

Jul 14, 2025

Fund Letters

George Hadjia

HEM

Hemnet Group AB

Communication Services

Interactive Media & Services

Bull

NASDAQ

growth, Portals, Pricing, Property, Subscriptions

Jul 14, 2025

Fund Letters

George Hadjia

APG

APi Group Corporation

Industrials

Specialty Services

Bull

New York Stock Exchange

consolidation, Inspections, Margins, Recurring, services

Jul 14, 2025

Fund Letters

George Hadjia

CRM

Salesforce, Inc.

Information Technology

Application Software

Bull

New York Stock Exchange

AI, Automation, Data, SaaS, Software

Jul 14, 2025

Fund Letters

George Hadjia

UNH

UnitedHealth Group Incorporated

Health Care

Managed Health Care

Bull

New York Stock Exchange

healthcare, Insurance, Medicare, turnaround, valuation

Mar 1, 2025

Fund Letters

The Bristlemoon Global Fund

HEM.ST

Hemnet Group AB

Communication Services

Interactive Media & Services

Bull

Stockholm Stock Exchange

EBITDA margins, marketplace, Monopoly, Pricing power, Property Portal, Real Estate, SaaS, Sweden, Take rate, Vendor-Paid Model

Mar 1, 2025

Fund Letters

The Bristlemoon Global Fund

PAR

PAR Technology Corporation

Information Technology

Application Software

Bull

NYSE

ARR growth, cross-selling, Enterprise software, M&A strategy, Mission-Critical, platform, POS Software, Pricing power, QSR, Restaurant technology, SaaS

Sep 30, 2024

Fund Letters

The Bristlemoon Global Fund

APP

AppLovin Corporation

Communication Services

Interactive Media & Services

Bull

NASDAQ

adtech, AI, Data Moat, growth, high margins, machine learning, Mediation, Mobile Gaming, network effects, software platform

TICKER	COMMENTARY
FICO	Fair Isaac Corporation (FICO) reported a solid Q4 2025 result with, in our view, a highly conservative earnings guidance for fiscal year 2026. Earnings expectations for the business have continued to creep up, yet the share price declined by almost -37% in the March quarter. FICO's FY27 earnings multiple derated from above 50x at the start of the year, to 25x at the end of March, a more than 50% decline in the multiple over the span of a quarter. FICO's multiple is now more than one standard deviation below its 10 year average, and the P/E ratio has declined to a level that has historically only been reached during periods of heightened pessimism. We believe that FICO, in a scenario where there's a modest recovery in mortgage origination volumes, can grow its earnings at north of 40% per annum over the next two years. If this unfolds, we expect FICO to be worth more than $2,400 per share, or 2.2x where the stock is trading today.
APP	AppLovin (APP), the largest position in the Fund, declined by almost -41% in the March quarter. Like many of the Fund's other holdings, expectations for future earnings for APP have steadily increased, yet the share price plummeted due to misplaced AI-disruption fears. The core mobile game ads business continues to grow very strongly. For example, in Q4 of 2025, with AppLovin's e-commerce revenues still in their infancy, the business still managed to grow revenues by 66% year-over-year. AppLovin has been rolling out its e-commerce initiative in various phases. The company is rolling out its self-service product to advertisers in 1H26. We were able to add to the Fund's AppLovin position at sub-$400, a level which we believe represents compelling value. At these levels the business is being valued at 25x forward GAAP EPS, despite sellside expecting earnings to more than double from 2025 to 2027.
PAR	PAR Technology Corporation (PAR) is another holding in the Fund that has experienced a severe drawdown, despite healthy underlying business performance. The stock fell from around $70 per share in mid-2025 to around $13 per share today, a more than -80% decline. On FY27 consensus adjusted EBITDA estimates of $66 million, the stock trades at a 13x multiple, and this is despite a long runway to continue winning new logos, with PAR in discussions with multiple mega tier 1 restaurant chains for deals that would provide strong visibility over robust annual recurring revenue (ARR) growth for years to come. During March of 2020, PAR had less than $30 million of ARR. Fast forward to today and PAR has $315 million of ARR. However, despite a more than 10x larger base of ARR, the stock currently trades at the same price it did in March 2020.
WDS.AX	Key performance contributors in the month of March included Woodside Energy, Grindr, and our Dollar General short.
GRDR	Key performance contributors in the month of March included Woodside Energy, Grindr, and our Dollar General short.
DG	Key performance contributors in the month of March included Woodside Energy, Grindr, and our Dollar General short.
FND	Notable performance detractors over the same period included Floor & Decor, Fair Isaac Corporation, and Hemnet Group.

TICKER

COMMENTARY

FICO

Fair Isaac Corporation (FICO) reported a solid Q4 2025 result with, in our view, a highly conservative earnings guidance for fiscal year 2026. Earnings expectations for the business have continued to creep up, yet the share price declined by almost -37% in the March quarter. FICO's FY27 earnings multiple derated from above 50x at the start of the year, to 25x at the end of March, a more than 50% decline in the multiple over the span of a quarter. FICO's multiple is now more than one standard deviation below its 10 year average, and the P/E ratio has declined to a level that has historically only been reached during periods of heightened pessimism. We believe that FICO, in a scenario where there's a modest recovery in mortgage origination volumes, can grow its earnings at north of 40% per annum over the next two years. If this unfolds, we expect FICO to be worth more than $2,400 per share, or 2.2x where the stock is trading today.

APP

AppLovin (APP), the largest position in the Fund, declined by almost -41% in the March quarter. Like many of the Fund's other holdings, expectations for future earnings for APP have steadily increased, yet the share price plummeted due to misplaced AI-disruption fears. The core mobile game ads business continues to grow very strongly. For example, in Q4 of 2025, with AppLovin's e-commerce revenues still in their infancy, the business still managed to grow revenues by 66% year-over-year. AppLovin has been rolling out its e-commerce initiative in various phases. The company is rolling out its self-service product to advertisers in 1H26. We were able to add to the Fund's AppLovin position at sub-$400, a level which we believe represents compelling value. At these levels the business is being valued at 25x forward GAAP EPS, despite sellside expecting earnings to more than double from 2025 to 2027.

PAR

PAR Technology Corporation (PAR) is another holding in the Fund that has experienced a severe drawdown, despite healthy underlying business performance. The stock fell from around $70 per share in mid-2025 to around $13 per share today, a more than -80% decline. On FY27 consensus adjusted EBITDA estimates of $66 million, the stock trades at a 13x multiple, and this is despite a long runway to continue winning new logos, with PAR in discussions with multiple mega tier 1 restaurant chains for deals that would provide strong visibility over robust annual recurring revenue (ARR) growth for years to come. During March of 2020, PAR had less than $30 million of ARR. Fast forward to today and PAR has $315 million of ARR. However, despite a more than 10x larger base of ARR, the stock currently trades at the same price it did in March 2020.

WDS.AX

Key performance contributors in the month of March included Woodside Energy, Grindr, and our Dollar General short.

GRDR

Key performance contributors in the month of March included Woodside Energy, Grindr, and our Dollar General short.

FND

Notable performance detractors over the same period included Floor & Decor, Fair Isaac Corporation, and Hemnet Group.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

SaaS

Gaming

E-commerce

AI

Semiconductors

Restaurants

Real Estate

Software

AI

Semiconductors

Enterprise Software

Quality

AI

Trade Policy

Managed Care

Risk Management

China

Technology

Restaurants

Social Media

Gaming

Advertising

AI

China

Gaming

Advertising

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

George Hadjia Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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The Bristlemoon Global Fund