Fund Performance - Bristlemoon Global Fund returned 5.0% in the September quarter and 5.6% for September 2025, net of fees [1] - Since inception, the fund has produced a cumulative return of 19.3%, net of fees [1] Investment Focus - The fund aims to compound capital at attractive rates over the long term [1] Top Holdings - The fund highlighted Synopsys, Inc. (NASDAQ:SNPS) as a key stock in its third-quarter 2025 investor letter [2] Company Overview: Synopsys, Inc. - Synopsys, Inc. is a leading vendor of electronic design automation (EDA) software tools used for integrated circuit design [3] - The company is the 2 licensor of chip design intellectual property (IP) [3] - EDA tools are critical for chip design across major companies like Nvidia, Analog Devices, Apple, and Alibaba [3] Market Position - The EDA market is characterized as a stable oligopoly, primarily dominated by Synopsys and Cadence Design Systems, with Siemens (formerly Mentor Graphics) in a distant third place [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for five companies, including Guomin Technology, regarding their overseas listing applications [1] - Guomin Technology submitted its listing application to the Hong Kong Stock Exchange on June 26, 2025, with CITIC Securities as the sole sponsor [1] - The CSRC has requested Guomin Technology to provide legal opinions on the legality and compliance of its establishment and shareholding changes, as well as updates on its overseas reinvestment report procedures [1] Group 2 - Guomin Technology is a platform-based integrated circuit design company focused on providing high-security, high-reliability, and high-integration control chips and system solutions for various smart terminals [2] - The company ranks among the top five Chinese enterprises in the global platform MCU market based on projected 2024 revenue, and it is among the top three in the global 32-bit platform MCU market [2] - Guomin Technology holds the first position in the Chinese MCU market for embedded commercial encryption algorithm modules, according to data from Zhaoshang Consulting [2]