1 day ago
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Soumya Eswaran
Wed, May 6, 2026 astatine 8:59 AM CDT 4 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 PAR Technology Corporation (NYSE:PAR). PAR Technology Corporation (NYSE:PAR) is simply a starring exertion institution that offers cloud-based hardware and bundle solutions to the edifice and retail industries. On May 05, 2026, PAR Technology Corporation (NYSE:PAR) closed astatine $13.71 per share. One-month instrumentality of PAR Technology Corporation (NYSE:PAR) was 6.86%, and its shares mislaid 76.95% implicit the past 52 weeks. PAR Technology Corporation (NYSE:PAR) has a marketplace capitalization of $565.49 million.
Bristlemoon Global Fund stated the pursuing regarding PAR Technology Corporation (NYSE:PAR) successful its Q1 2026 capitalist letter:
"PAR Technology Corporation (NYSE:PAR) is different holding successful the Fund that has experienced a terrible drawdown, contempt steadfast underlying concern performance. The trouble with PAR is that the concern is lone successful the aboriginal stages of ramping up its net profile. The corollary of this is that with minimal near-term net support, and successful a marketplace that has been peculiarly unforgiving towards bundle businesses, PAR’s banal has struggled to find a floor.
To item however savage the selloff has been for PAR, the banal fell from astir $70 per stock successful mid 2025 to astir $13 per stock today, a much than -80% decline. On FY27 statement adjusted EBITDA estimates of $66 million, the banal trades astatine a 13x multiple, and this is contempt a agelong runway to proceed winning caller logos, with PAR successful discussions with aggregate mega tier 1 edifice chains for deals that would supply beardown visibility implicit robust yearly recurring gross (ARR) maturation for years to come. Our thesis of PAR becoming the operating strategy for endeavor restaurants continues to play out, with PAR continuing to motion deals with caller restaurants, and an expanding fig of these deals starting disconnected arsenic multi-product deals. PAR charges conscionable 15-20 ground points of a restaurant’s income for a mission-critical merchandise that restaurants cannot relation without.…” (Click present to work the afloat text)
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