Overview
- The Bristlemoon Global Fund returned -6.2% for Q4 2025, gained 0.3% in December, and is up 11.9% since inception net of fees.
- Management characterizes 2025 as a split market where perceived AI winners surged while stocks labeled AI losers fell, shaping portfolio decisions.
- Alphabet moved from pessimism to a meaningful positive contributor, with shares up 72.02% over 12 months and closing at $328.57 on Jan. 9, 2026.
- An earlier ASML thesis was validated as the stock rose from roughly €600 to above €900 in a quarter, with a 52-week gain of about 75% cited.
- Bristlemoon initiated Adobe around 15x earnings under a Jevons-paradox view that AI lifts demand for creative workflows, as Adobe reported 11% FY2025 revenue growth alongside an 18.25% 52-week share decline.