What smart money is saying about PAR Technology Corporation

Position history

Between Q4 2024 and Q2 2026, 5 fund letters reported a position in PAR Technology Corporation — 1 opened or added to the position, 3 trimmed or exited.

Fund activity · 5 positions · 4 moves

• TrimmedBristlemoon Capital Bristlemoon Global Fund

  June 2026

  “Compounding/conviction framework – only sizing what is likely to work For example, in our March 2026 letter we introduced our compounding/conviction position sizing framework, which decomposes each investment position into two distinct exposures: 1) the compounding position; and 2) the conviction position. This framework seeks to prevent us from over- sizing positions that lack near-term catalysts, have negatively inflecting narratives, and/or a high risk of negative earnings revisions. Source: Bristlemoon Capital Our framework acknowledges that when a stock’s narrative is negatively inflecting and earnings expectations are being revised downward, the likelihood of other market participants stepping in and buying that stock, even at historically depressed valuations, is lower. We touched on how this is being driven by market structure changes, with the rise of multi-manager firms, in the following piece: Do You Dance While the Music is Playing? Furthermore, when the narrative and numbers are deteriorating, there is a heightened chance of negative earnings surprises. Consequently, for a stock caught in a downgrade cycle, the risk of being wrong on the numbers and suffering a permanent impairment of capital increases. Our framework is aimed at limiting the amount of capital we are allowed to commit to stocks that have an elevated chance of being “value traps” – that is, seemingly “cheap” stocks at the outset that may cease to be cheap in the future if earnings expectations suffer material downward revisions. . Bristlemoon Global Fund | Quarterly Report | June 2026 www.bristlemoon.com 4 Bristlemoon Global Fund Conversely, a business with positively inflecting fundamentals, particularly if there is a step function rate of change in earnings expectations, is likely to surprise on earnings to the upside, and there is a higher chance that the stock will outperform as a wider swathe of investors feel comfortable deploying capital into these types of stock setups. This is simply how we’ve observed stocks trading, and we believe it makes sense to augment our approach to position sizing and averaging down to concentrate the Fund’s capital in stocks that we believe are not only quality businesses and mispriced, but also where there is a high chance of us making money from that investment within a reasonable timeframe. In the current market regime, this distils down to stocks with accelerating growth profiles that result in earnings beats. This compounding/conviction framework seeks to reconcile the trading wisdom of Tudor Jones with the value-based Buffett approach, guiding us to be more tactical in the timing of sizing up positions. In other words, we will only average down and maintain a large position in a mispriced stock when we have a well-founded and divergent view of there being a positively inflecting narrative and growth profile, not on valuation cheapness alone. It also follows that when we no longer hold such a view that we should aggressively cut the position size. Under this revised framework, we would have been reducing exposure to Hemnet and PAR, not adding.”

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  PAR Technology Corporation
• ExitedBaron Small Cap Fund

  June 2026

  “We reallocated funds from Accelerant Holdings and PAR Technology Corporation to other ideas we like more.”

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  PAR Technology Corporation
• HoldsGreenhaven Road Capital Fund

  June 2026

  “PAR and KKR We still own PAR and KKR, but they are not currently top-five holdings, so we will devote more space to the new investments.”

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  PAR Technology Corporation
• ExitedBaron Small Cap Strategy

  June 2026

  “We sold three positions during the quarter, with the largest disposal being Floor & Decor Holdings, Inc. as existing home sales, a key driver for flooring demand, remain weak and we favor other ways to play a future housing recovery. We reallocated funds from Accelerant Holdings and PAR Technology Corporation to other ideas we like more.”

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  PAR Technology Corporation
• AddedVoss Value Fund

  March 2026

  “Position Updates Aer much private engagement, on March 4th we sent public letters to the boards of PAR, EEFT, and XPOF. Since that time, each company has taken action to address our key concerns. PAR has subsequently added Voss analyst Jon Hook as a Board Observer and issued formal quarterly guidance for the first time. We have recently added to our position as we expect the company’s growth could accelerate while simultaneously hitting a major inflection point in profitability and cash flow.”

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  PAR Technology Corporation

Also mentioned · 1

These funds discuss PAR Technology Corporation — as a competitor, benchmark or comparable — without disclosing a position in it.

• MentionedBristlemoon Capital Global Fund

  June 2026

  “The Bristlemoon Global Fund returned 1.9 percent for the June 2026 quarter, with a -2.7 percent return for the month of June 2026, net of fees. Key performance contributors in the month of June included ASML, PAR Technology Corporation, and Baltic Classifieds Group.”

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  PAR Technology Corporation