Bristlemoon Capital

Dec 2024 → Jun 2026 · Publishes quarterly · 2 funds

Our archive holds 7 letters from Bristlemoon Capital, behind 16 investment theses and positions in 5 companies. Every quote below is copied verbatim from the letter it came from.

Bristlemoon Capital’s own letters page

Letters

Companies

Moves

Theses

What they bought and sold · 3 moves

AddedTimee Inc
June 2026
Listed in Bristlemoon Capital’s reported holdings.
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TrimmedHemnet Group AB
June 2026
“Under this revised framework, we would have been reducing exposure to Hemnet and PAR, not adding.”
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TrimmedPAR Technology Corporation
June 2026
“Under this revised framework, we would have been reducing exposure to Hemnet and PAR, not adding.”
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Companies held · 5

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

Theses · 16

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.
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Synopsys Inc
September 2025
Synopsys Inc is a leading electronic design automation software vendor that presents a compelling investment opportunity after a recent stock decline, despite temporary headwinds in its chip design IP segment due to US export restrictions and challenges with Intel.
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PAR Technology Corporation
September 2025
PAR Technology Corporation is currently experiencing significant stock volatility, having dropped 44% recently, but its long-term potential remains promising due to strategic pauses in growth to pursue major contracts, such as potentially with McDonald's, which could greatly enhance its future revenue.
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Salesforce
June 2025
Salesforce is positioning itself as a dominant player in enterprise AI by leveraging proprietary data access and robust growth in its Data Cloud and Agentforce offerings, potentially elevating its stock valuation as these services gain traction.
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Letter archive · 7

2026

2025

2024

Dec 2024Bristlemoon Capital

Funds · 2

Bristlemoon Global Fund4
Bristlemoon Capital3

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