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]