Bristlemoon December 2025 Quarterly Letter

Q: What was the Bristlemoon Global Fund's performance in Q4 2025?

According to Bristlemoon Research's quarterly report, the Bristlemoon Global Fund returned -6.2% during the December 2025 quarter, with the month of December specifically posting a +0.3% return. Despite the quarterly loss, the fund's research indicates an 18-month cumulative return of +11.9% net of all fees since inception.

Q: Which stocks hurt the fund's performance in December 2025?

Bristlemoon Research's analysis identified three primary detractors from the long portfolio: Timee, Fair Isaac Corporation (FICO), and Uber Technologies. According to the report, these positions were the most significant negative contributors to December's performance.

Q: Did the fund's short positions make money in Q4 2025?

Yes. According to Bristlemoon's quarterly disclosure, the short book generated positive contributions in December 2025, with National Vision Holdings, Nike, and Starbucks identified as notable profitable short positions. The research suggests these shorts partially offset losses from the long portfolio.

Q: What new stock positions did Bristlemoon initiate?

Bristlemoon Research's report disclosed four newly initiated positions: Adobe, Baltic Classifieds Group, Timee, and Floor & Decor Holdings. The fund provided a particularly detailed investment thesis for Floor & Decor Holdings, suggesting higher conviction in this specific opportunity.

Bristlemoon Research released its December 2025 quarterly update detailing the Bristlemoon Global Fund's -6.2% Q4 return, driven by losses in Timee, Fair Isaac, and Uber, while profitable short positions in National Vision Holdings, Nike, and Starbucks partially offset declines. The fund achieved an 11.9% cumulative return over 18 months and disclosed new long positions in Adobe, Baltic Classifieds Group, Timee, and Floor & Decor Holdings with detailed investment theses.

Ticker: FICO (Fair Isaac), UBER (Uber Technologies), APP (AppLovin), SNPS (Synopsys), PAR (PAR Technology), EYE (National Vision Holdings), NKE (Nike), SBUX (Starbucks), ADBE (Adobe), FND (Floor & Decor Holdings)
Research Firm: Bristlemoon Capital
Report URL: https://www.bristlemoonresearch.com/p/bristlemoon-december-2025-quarterly
Position Disclosure: Bristlemoon Capital Pty Ltd (AFSL 552045) and its associates may hold long or short positions in the securities discussed. Specific directional positions are disclosed for individual holdings throughout the quarterly letter.

Key Investment Insights & Performance Drivers

Quarterly underperformance: The Bristlemoon Global Fund returned -6.2% in Q4 2025, with December 2025 posting a modest +0.3% recovery; cumulative 18-month net return stands at +11.9%
Long book detractors dominated: Timee, Fair Isaac Corporation (FICO), and Uber Technologies were the primary portfolio drags in December 2025
Technology longs delivered: AppLovin, Synopsys, and PAR Technology Corporation contributed positive returns during the month
Short book added value: Profitable short positions in National Vision Holdings, Nike, and Starbucks offset some long-side losses, demonstrating effective hedging strategy
Portfolio repositioning underway: New long positions initiated in Adobe, Baltic Classifieds Group, Timee, and Floor & Decor Holdings signal strategic shift toward perceived market inefficiencies
Floor & Decor detailed thesis: The fund provided an extensive investment rationale for Floor & Decor Holdings, suggesting significant conviction in this newly initiated position
Active long/short strategy: The fund employs a market-neutral approach targeting capital compounding through both opportunistic longs and defensive shorts

Interesting Insights from the Quarterly Report

Regulatory positioning: Bristlemoon Capital operates as an Australian Financial Services Licensee (AFSL 552045), targeting wholesale investors under Section 761G of the Corporations Act 2001
Fee-adjusted transparency: All performance figures are reported net of management and performance fees, providing a realistic view of investor returns
Retail casualties: The short book profited from weakness in consumer-facing companies National Vision Holdings, Nike, and Starbucks, suggesting tactical bearish bets on retail sector struggles
Tech concentration on long side: Three of four top December contributors (AppLovin, Synopsys, PAR Technology) are technology companies, indicating sector preference despite broader portfolio diversification
PDF documentation: A comprehensive 1.29MB quarterly report PDF is available for download, providing institutional-grade documentation of investment theses and performance attribution
Compliance-first approach: The report includes extensive forward-looking statement disclaimers and risk warnings, emphasizing that statements are not warranties and encouraging independent financial advice
Mixed signals on Timee: Notably, Timee appears both as a new initiated position AND a December detractor, suggesting either averaging down or a position established late in the month that immediately declined

FAQs

What was the Bristlemoon Global Fund's performance in Q4 2025?

The Bristlemoon Global Fund returned -6.2% during the December 2025 quarter, with the month of December specifically posting a +0.3% return. Despite the quarterly loss, the fund's research indicates an 18-month cumulative return of +11.9% net of all fees since inception.

Which stocks hurt the fund's performance in December 2025?

Three primary detractors from the long portfolio: Timee, Fair Isaac Corporation (FICO), and Uber Technologies. According to the report, these positions were the most significant negative contributors to December's performance.

Did the fund's short positions make money in Q4 2025?

The short book generated positive contributions in December 2025, with National Vision Holdings, Nike, and Starbucks identified as notable profitable short positions. The research suggests these shorts partially offset losses from the long portfolio.

What new stock positions did Bristlemoon initiate?

Four newly initiated positions: Adobe, Baltic Classifieds Group, Timee, and Floor & Decor Holdings. According to the quarterly letter, the fund provided a particularly detailed investment thesis for Floor & Decor Holdings, suggesting higher conviction in this specific opportunity.

Why is Floor & Decor Holdings significant in this report?

Floor & Decor Holdings received an extensive, detailed investment thesis, more comprehensive than the coverage provided for other new positions. To dedicate substantial analysis to this position suggests Bristlemoon views it as a potentially mispriced opportunity with significant upside potential.

Which technology stocks contributed positively to performance?

Identified three technology companies as positive December contributors: AppLovin, Synopsys, and PAR Technology Corporation. These positions helped offset some of the losses from other portfolio holdings during the quarter.

Is Bristlemoon shorting consumer retail stocks?

According to the quarterly disclosure, Bristlemoon's short book includes positions in consumer-facing companies National Vision Holdings, Nike, and Starbucks, all of which contributed positively to performance in December 2025. Bristlemoon is actively betting against certain retail sector stocks as part of its hedging strategy.

What is the fund's overall investment strategy?

The fund employs an active long/short equity strategy focused on capital compounding over time. A market-neutral approach that combines opportunistic long positions in perceived undervalued companies with defensive short positions to mitigate downside risk and profit from overvalued securities.

Who can invest in the Bristlemoon Global Fund?

The fund information is intended exclusively for wholesale investors as defined under Section 761G of the Australian Corporations Act 2001. The material is not personalized investment advice and encourages prospective investors to obtain independent financial counsel.

Does Bristlemoon hold positions in the stocks they discuss?

Bristlemoon Capital Pty Ltd (AFSL 552045) and its associates may hold positions—both long and short—in the securities discussed. The research firm is transparent that it actively invests in the companies it analyzes, which is standard practice for hedge funds publishing their own research.

Disclaimer: This summary is not primary research and does not constitute investment advice. It is a brief overview of a detailed equity research report authored by the firm, organization, or source referenced in this article or at https://www.bristlemoonresearch.com/p/bristlemoon-december-2025-quarterly, which contains extensive evidence, regulatory filings, and analysis; readers are encouraged to review the full report there for a comprehensive understanding. The content provided in this publication is not authored or originated by us — we act solely as a distributor and do not endorse, verify, or take responsibility for the accuracy, completeness, or reliability of the information presented. This publication is for informational purposes only and should not be construed as legal, business, investment, or tax advice. Always conduct independent due diligence and consult qualified professionals before making any decisions based on the information contained herein. We disclaim all liability for any loss or damage arising from reliance on third-party content, and the views expressed are solely those of the respective source and do not necessarily reflect our own.