May 6, 2026
Bristlemoon Global Fund reported a -25.5% return for the March 2026 quarter, its worst performance since inception, as Fair Isaac Corporation (FICO) shares plummeted nearly 50% over the past year.
Market Turmoil Hits Software Sector
The first quarter of 2026 saw a sharp sell-off in software companies, driven by investor fears that artificial intelligence (AI) could disrupt the business models of SaaS (Software as a Service) providers. Fair Isaac Corporation, a developer of analytic and digital decision-making technologies, was among the hardest hit, with its shares losing 49.10% of their value over the last 52 weeks.
Despite reporting solid Q4 2025 results and issuing conservative earnings guidance for fiscal year 2026, FICO’s stock declined by almost 37% in the March quarter alone. The company’s FY27 earnings multiple derated from above 50x at the start of the year to 25x by the end of March—a more than 50% contraction in valuation.