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Bristlemoon Capital

Dec 2024 → Sep 2026 · Publishes quarterly · 2 funds

Our archive holds 10 letters from Bristlemoon Capital, behind 19 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.

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10
Letters
9
Companies
5
Moves
19
Theses

What they bought and sold · 5 moves

Companies held · 9

Every company Bristlemoon Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 19

  • MasterBrand
    September 2026

    MasterBrand faces cyclical demand weakness, higher financing and tariff pressures, and balance-sheet risk after acquiring American Woodmark.

    Read the full thesis
  • Polaris
    September 2026

    Polaris is benefiting from dealer restocking, but slowing retail demand and pressured consumers call its earnings growth expectations into question.

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  • The Campbell’s Company
    September 2026

    The Campbell’s Company is a soup producer exposed to Walmart pricing pressure, with declining organic sales, margin compression, high leverage, and an expensive valuation relative to mounting risks.

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  • ASML Holding
    June 2026

    ASML Holding is viewed as a core position because the market is underestimating the coming wafer fab equipment capex supercycle and the resulting demand for EUV tools.

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  • ASML Holding NV
    June 2026

    ASML is viewed as a key bottleneck supplier in semicap, benefiting from a WFE supercycle, rising EUV demand, pricing power, and upside to consensus shipment forecasts.

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  • Timee
    June 2026

    Timee is a Japanese spot-work marketplace with a monopoly position, improving growth, and expanding margins, which the fund believes can reaccelerate meaningfully.

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  • PAR Technology Corporation
    March 2026

    PAR Technology Corporation is building a mission-critical operating system for enterprise restaurants with strong ARR growth potential and margin expansion at a depressed valuation.

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  • Fair Isaac Corporation
    March 2026

    Fair Isaac Corporation is a dominant, deeply entrenched credit scoring provider with strong moats and upside from both earnings growth and a rerating from historically depressed multiples.

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  • AppLovin Corporation
    March 2026

    AppLovin Corporation is a highly profitable mobile ads platform expanding into e-commerce with compelling unit economics and AI-enabled advantages, offering attractive upside from growth and a mispriced multiple.

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  • Hemnet Group AB
    March 2026

    Hemnet Group AB is a Swedish property listings platform with near-term headwinds but improving volumes from its SFPL rollout that support a recovery and rerating from historically depressed multiples.

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  • Alphabet
    September 2025

    Google is well-positioned to innovate despite past challenges, leveraging its advanced AI capabilities and cost advantages to enhance search and drive future growth.

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  • ASML Holding N.V.
    September 2025

    ASML is a Dutch company that dominates the lithography machine market, particularly with its exclusive EUV technology essential for advanced semiconductor production, making it a compelling investment despite short-term bearish concerns.

    Read the full thesis

Letter archive · 10

2026

2025

2024

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