Bristlemoon Capital
Bristlemoon Global Fund
Global Mega-cap
Jun 2025 → Sep 2026
Our archive holds 7 letters from this strategy, behind 12 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 2 years · follow all of Bristlemoon Capital for every strategy.
What it bought and sold
We also discuss four recent shorts added to the Fund: The Campbell’s Company (CPB).
We initiated a short position in MBC last month on the back of a rapidly deteriorating operating environment.
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.
Under this revised framework, we would have been reducing exposure to Hemnet and PAR, not adding.
Also held
Its investment theses
- MasterBrandSep 2026MasterBrand faces cyclical demand weakness, higher financing and tariff pressures, and balance-sheet risk after acquiring American Woodmark.
- PolarisSep 2026Polaris is benefiting from dealer restocking, but slowing retail demand and pressured consumers call its earnings growth expectations into question.
- The Campbell’s CompanySep 2026The 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.
- 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.