2 weeks ago
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Soumya Eswaran
Wed, May 6, 2026 astatine 8:56 AM CDT 3 min read
Bristlemoon Capital, a planetary equities firm, released its “Bristlemoon Global Fund” first-quarter 2026 capitalist letter. The Bristlemoon Global Fund returned -25.5 percent successful the March 2026 quarter, with a -3.4 percent instrumentality for March 2026, nett of fees. A transcript of the missive is disposable to download here. This was the Fund's astir terrible drawdown since inception, caused not by declining earnings, but by crisp and accelerated repricing by investors. The missive outlined the anemic performance, however the steadfast addressed it with a compounding/conviction presumption sizing framework, and adjustments pursuing the Iran War developments. The archetypal 4th of 2026 saw a crisp sell-off successful bundle companies, mostly owed to fears that AI would interaction SaaS companies. During this dislocation, the steadfast accrued its holdings of high-quality assets astatine little prices. Long-term net maturation remains key, and the steadfast believes its positions are well-placed to compound net attractively implicit time. In addition, delight cheque the Fund’s apical 5 holdings to cognize its champion picks successful 2026.
In its first-quarter 2026 capitalist letter, Bristlemoon Global Fund highlighted stocks specified arsenic Fair Isaac Corporation (NYSE:FICO). Fair Isaac Corporation (NYSE:FICO) is simply a exertion institution that develops analytic, software, and integer decision-making technologies and services. The one-month instrumentality of Fair Isaac Corporation (NYSE:FICO) was -2.36%, and its shares mislaid 49.10% of their worth implicit the past 52 weeks. On May 5, 2026, Fair Isaac Corporation (NYSE:FICO) banal closed astatine $1,066.27 per share, with a marketplace capitalization of $24.73 billion.
Bristlemoon Global Fund stated the pursuing regarding Fair Isaac Corporation (NYSE:FICO) successful its Q1 2026 capitalist letter:
"Many of the Fund’s holdings suffered aggregate compression during the quarter, contempt a fig of these businesses reporting phenomenal net results. For example, Fair Isaac Corporation (NYSE:FICO) reported a coagulated Q4 2025 effect with, successful our view, a highly blimpish net guidance for fiscal twelvemonth 2026. Earnings expectations for the concern person continued to creep up, yet the stock terms declined by astir -37% successful the March quarter. FICO’s FY27 net aggregate derated from supra 50x astatine the commencement of the year, to 25x astatine the extremity of March, a much than 50% diminution successful the aggregate implicit the span of a quarter.
FICO’s aggregate is present much than 1 modular deviation beneath its 10 twelvemonth average, and the P/E ratio has declined to a level that has historically lone been reached during periods of heightened pessimism. Notably, erstwhile FICO’s aggregate reaches these depressed levels, it has historically staged a crisp rebound backmost done the semipermanent mean aggregate erstwhile the communicative improves. There is 50% upside unsocial successful FICO returning to its semipermanent mean multiple…” (Click present to work the afloat text)
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