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 |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
The Bristlemoon Global Fund returned -8.4% net of fees in the third quarter of 2026, bringing 12-month net performance to -34.8% and since-inception annualized net returns to -10.5%. The fund closed September with 99.2% long exposure, -26.7% short exposure, and 72.5% net exposure across 20 long positions and 19 short positions. Performance suffered from an unforgiving market environment characterized by severe narrowness, where 70% of S&P 500 year-to-date returns were driven by the top 10 index contributors—predominantly semiconductor and artificial intelligence infrastructure holdings that the fund historically underweighted—while the broader market experienced broad-based drawdowns. Macroeconomic conditions have turned increasingly challenging as rising long-term Treasury yields and inflationary pressures stemming from geopolitical conflict in Iran weighed on economic sentiment. In response to mounting macro pressures and higher cost-of-capital realities, the manager expanded the short portfolio, targeting leveraged consumer, housing, and discretionary businesses. Concurrently, the manager highlighted the transformative operational impact of artificial intelligence on investment research, adopting frontier large language models as analytical copilots to stress-test theses, run screens, and monitor portfolio risks while refocusing primary human edge on qualitative investigative scuttlebutt. Portfolio activity centered on expanding high-conviction short positions across four core names: The Campbell's Company (CPB), REA Group (REA.AX), MasterBrand (MBC), and Polaris (PII). The CPB short capitalizes on supplier pricing rollbacks by major grocers, volume degradation, high debt servicing costs, and a recent dividend cut. In Australia, REA Group is shorted due to an abrupt real estate freeze, falling auction clearances, and downside risk to FY27 listing volumes and yield growth. MBC and PII were initiated as rate-sensitive discretionary shorts facing tough comparable periods, leverage constraints, and weakening consumer demand.
Bristlemoon Global Fund combines fundamental bottom-up research with technological interrogation to own mispriced quality compounders long while actively shorting structurally challenged, leveraged, and cyclical businesses failing to price in macro and operational headwinds.
The manager expects equity market breadth to eventually broaden from the narrow AI trade toward depressed value and compounding holdings over time. In the near term, the firm expects persistent pressure from rising yields, elevated fuel prices, and sticky inflation stemming from geopolitical conflict, creating a fertile environment for single-stock shorts facing negative operating leverage and debt covenant pressures.
Moderate Conviction Bullish
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Language Signal
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