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PAR Technology Corporation (PAR) Declined in Q1 Despite Healthy Business Performance

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. A copy of the letter is available to download here. 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...