The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Bristlemoon Global Fund returned 1.9% for Q2 2026, bringing the fund to its two-year mark. The past year has been challenging, with significant drawdowns driven by position sizing errors in stocks like Hemnet and PAR Technology where the fund averaged down without near-term catalysts. In response, the fund has implemented a compounding/conviction framework that decomposes positions into compounding and conviction exposures, concentrating capital only in stocks with positively inflecting narratives and accelerating growth profiles. This framework acknowledges permanent market structure changes driven by multi-manager firms and passive flows that create greater volatility and more extreme multiple oscillations. Early evidence suggests the framework is working, as demonstrated by the Timee position which was scaled from 5% to 8% following a growth inflection, subsequently rallying 40%. The fund's highest conviction remains in semiconductor capital equipment, particularly ASML, which is positioned to benefit from a multi-year WFE supercycle driven by unprecedented AI-related capex expansion. TSMC, Intel, Samsung, SK Hynix, and Micron are all significantly expanding capacity, with Korean memory giants announcing 800 trillion won in incremental investments. The fund's EUV and immersion DUV unit forecasts sit materially above consensus, and ASML remains a core position despite strong recent performance.
The fund invests in exceptional businesses with strong compounding potential, but has adapted its approach to acknowledge that market structure changes have created greater stock price volatility and more extreme multiple oscillations. The fund now employs a compounding/conviction framework that concentrates capital in stocks with positively inflecting narratives and accelerating growth profiles, not valuation cheapness alone, while being more tactical in timing position additions to exploit the multiple de-rate/re-rate cycle. The fund's largest conviction is in semiconductor capital equipment, particularly ASML, which sits at a critical bottleneck in the supply chain and is positioned to benefit from a multi-year WFE supercycle driven by unprecedented AI-related capex expansion across leading edge logic and memory.
The fund expects a WFE supercycle over the next several years driven by unprecedented leading edge logic and DRAM capacity expansion. ASML is positioned to benefit from this cycle as EUV tools become increasingly important across both leading-edge logic and DRAM, with the fund's unit forecasts sitting materially above consensus for both EUV and immersion DUV. The fund continues to see healthy upside for ASML and believes the stock is one of the cleanest ways to play the next leg of AI infrastructure buildout. The fund has implemented process improvements through its compounding/conviction framework to be more tactical in timing position additions and to concentrate capital in stocks with accelerating growth profiles, with early evidence that these changes are working as demonstrated by the Timee position.
As of Jul 15, 2026
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.
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.
Lead Portfolio Manager
George Hadjia
Managing Partner
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with The Bristlemoon Global Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.
