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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Bristlemoon returned 1.9% in Q2 2026 after a difficult year that prompted implementation of a compounding/conviction framework to prevent over-sizing positions lacking catalysts. The fund concentrates capital in stocks with positively inflecting narratives, as demonstrated by scaling Timee from 5% to 8% following growth reacceleration."
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.
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