Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, The Bristlemoon Global Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its top-conviction compounders at depressed valuations."
The Bristlemoon Global Fund suffered a severe drawdown of -25.5% in the March 2026 quarter, driven by an indiscriminate, narrative-led market selloff in software and digital 'SaaS' companies feared to be AI losers. The manager strongly argues that this panic is untethered from stable or improving business fundamentals. Core holdings like AppLovin, FICO, and PAR saw dramatic multiple compression despite robust earnings metrics. To better handle such volatility, the fund has introduced a refined dual position sizing framework distinguishing compounding and conviction positions. Additionally, the fund managed left-tail risk during the outbreak of the Iran War by temporarily lowering net exposure below 60% through tactical shorts, which have since been trimmed.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its...
Growth Outlook
Market outlook remains high conviction: Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its...
Risk Appetite
Risk appetite posture is above average conviction: Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its...
Forward Guidance
Forward guidance signal: Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its...
Language Signal
Tone analysis indicates above average conviction language: Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its...
Time Horizon
Investment time horizon reflects a high conviction orientation. Despite a harsh -25.5% quarterly drawdown driven by a market panic over SaaS and AI disruption, Bristlemoon Capital remains highly constructive, actively deploying capital into its...
