Bristlemoon Global Fund

What it bought and sold

• AddedTimee IncJun 2026

  In the trading session following the earnings result, the stock rallied by more than 10%, and during this session we increased the Fund’s Timee position size from 5% to 8%.

• TrimmedHemnet Group ABJun 2026

  Under this revised framework, we would have been reducing exposure to Hemnet and PAR, not adding.

• TrimmedPAR Technology CorporationJun 2026

  Under this revised framework, we would have been reducing exposure to Hemnet and PAR, not adding.

Also held

• ASML Holding NV
• AppLovin Corporation

Its investment theses

• ASML HoldingJun 2026ASML 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.
• ASML Holding NVJun 2026ASML 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.
• TimeeJun 2026Timee is a Japanese spot-work marketplace with a monopoly position, improving growth, and expanding margins, which the fund believes can reaccelerate meaningfully.
• AlphabetSep 2025Google is well-positioned to innovate despite past challenges, leveraging its advanced AI capabilities and cost advantages to enhance search and drive future growth.
• ASML Holding N.V.Sep 2025ASML 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.
• Synopsys IncSep 2025Synopsys 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.
• PAR Technology CorporationSep 2025PAR 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.
• SalesforceJun 2025Salesforce 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.
• UnitedHealthJun 2025Despite recent EPS headwinds from rising utilisation costs, UNH offers an attractive risk-reward profile with resilient earnings growth potential and a compelling valuation floor that supports a $290–$375 price range.

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