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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 8, 2026
In Q3 2026, the Jenga Global Master Fund delivered a strong quarter, returning 8.10% net against the MSCI World Index's 1.88% (a 6.22% outperformance), though trailing benchmark YTD performance (4.49% vs. 11.75%). Portfolio appreciation was propelled by share price gains in Microsoft, Dino Polska, and FactSet, while Mexican airport holdings (ASUR and OMA) and Luzhou Laojiao detracted. Strategic portfolio adjustments during and immediately after the quarter centered on: 1. Complete Exit from China: Post-quarter liquidation of remaining stakes in Bosideng and Luzhou Laojiao in accordance with the fund's strategy to eliminate Chinese exposure. 2. Capital Deployment into High-Moat Leaders: Initiated a 5.0% position in Adobe at 12x trailing / 9x forward consensus P/E, projecting a 25% IRR over 4-5 years via organic earnings growth, massive share buybacks, and multiple re-rating. Post-quarter, the fund initiated S&P Global at 21x forward P/E and added to Mexican airport operators OMA and ASUR on temporary headwinds. 3. Financial Sector Risk Underwriting: The manager addressed its substantial allocation to financials (33.3% at quarter end; 45.3% projected including S&P Global and Intuit). Detailed risk mapping shows the vast majority of this weighting consists of software, transaction networks, and information providers with negligible balance sheet, credit, or asset-liability mismatch risks, while traditional banking risks are confined to Farmer Mac (7.0%) and Kaspi (5.7%), both acquired at protective valuations.
Jenga Investment Partners focuses on concentrated investing in high-quality, high-moat businesses trading at significant discounts to intrinsic value, prioritizing durable earnings power, high return on equity, and robust free cash flow. A central theme this quarter is a structural overweight in Financials (projected at 45.3% pro-forma including Intuit and S&P Global) and the U.S. (up to 49.3%), while actively mitigating financial sector fragility by concentrating capital in fee-based, capital-light platforms (Mastercard, Visa, FactSet, S&P Global, Intuit) that carry minimal credit, duration, or deposit-run risks, while reserving balance-sheet heavy exposure (Farmer Mac, Kaspi) only for deeply discounted valuations (7x–9x P/E). Simultaneously, the fund is reallocating capital out of China toward resilient global franchises.
Looking ahead, the fund is positioned for an expected 18.6% two-year forward EPS CAGR across its portfolio, underpinned by operational tailwinds at TSMC and earnings recovery at Metlen, with a weighted-average portfolio ROE of 48.0% and net margin of 33.5%. Valuations expanded moderately (portfolio weighted P/E moved from 18.3x to 20.4x), yet the manager remains selective, deploying capital into out-of-favor high-quality franchises (such as Adobe at 9x forward P/E and S&P Global at 21x forward P/E) while continuing full geographic divestment from Chinese assets to eliminate jurisdictional risk.
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