Fund Performance - Bristlemoon Global Fund reported a return of -6.2% in the December quarter and a 0.3% return in December 2025, with a cumulative return of 11.9% since inception, net of fees [1] - The market trends in 2025 saw perceived AI winners rallying, while stocks labeled as AI losers, considered "cheap," dropped further [1] Company Highlight: Floor & Decor Holdings, Inc. - Floor & Decor Holdings, Inc. (NYSE:FND) is a multi-channel specialty retailer of hard surface flooring and related accessories, with a one-month return of 16.91% and a 52-week loss of 24.77% [2] - As of January 9, 2026, Floor & Decor's stock closed at $72.74 per share, with a market capitalization of $7.838 billion [2] - The company has achieved an average comparable store sales growth of almost 11% per annum over the last 14 years, with revenue and adjusted EBITDA growing at 24% and 25% per annum, respectively, from 2011 to 2024 [3] Hedge Fund Interest - Floor & Decor Holdings, Inc. was held by 44 hedge fund portfolios at the end of the third quarter, a decrease from 46 in the previous quarter [4] - The company's sales for the third quarter grew by 5.5% to $1.180 billion [4] - While the potential of Floor & Decor as an investment is acknowledged, certain AI stocks are considered to offer greater upside potential and less downside risk [4]