Bristlemoon Global Fund’s Q1 2026 Investor Letter

Bristlemoon Capital, a global equities firm, released its “Bristlemoon Global Fund” first-quarter 2026 investor letter. The Bristlemoon Global Fund returned -25.5 percent in the March 2026 quarter, with a -3.4 percent return for March 2026, net of fees. This was the Fund’s most severe drawdown since inception, caused not by declining earnings, but by sharp and rapid repricing by investors. The letter outlined the weak performance, how the firm addressed it with a compounding/conviction position sizing framework, and adjustments following the Iran War developments. The first quarter of 2026 saw a sharp sell-off in software companies, mostly due to fears that AI would impact SaaS companies. During this dislocation, the firm increased its holdings of high-quality assets at lower prices. Long-term earnings growth remains key, and the firm believes its positions are well-placed to compound earnings attractively over time. In addition, please check the Fund’s top five holdings to know its best picks in 2026.

A copy of Bristlemoon Global Fund’s Q1 2026 investor letter is available to download here.