Institutional Research Archive

Hedge Fund Letters Archive

Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

Home Letters Funds Account

Jenga Investment Partners Ltd 2025 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Jenga Investment Partners Ltd)

Primary Source Intelligence • Q3 2025 Letter Analysis

Jenga Investment Partners Ltd Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Jenga Investment Partners Ltd. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+3.38%

YTD+18.53%

Annualized+11.01%

Positioning StanceCONSTRUCTIVE

Market CapAll Cap

GeographyGlobal

Digest Analysis

Quick Take

"Undergoing a disciplined portfolio overhaul toward high-quality moat compounders, initiating core positions in TSMC, Alphabet, Metlen, and Mexican airport operators while aggressively liquidating cyclical, low-margin legacy holdings."

Executive Summary

Jenga Global Master Fund returned 3.38% net of fees in Q3 2025 compared to a 7.49% return for the MSCI World Index (USD), bringing year-to-date net performance to 18.53% net of fees versus 17.83% for the benchmark. Following substantial underperformance and fund drawdown in 2024, the investment team conducted an intensive process audit. The review diagnosed a historical failure in business quality assessment, caused by over-allocating capital to cyclical, structurally impaired low-margin business models like labour hire and IT consulting at the peak of their economic cycles. To remediate portfolio fragility, the strategy initiated a structured overhaul anchored by a formalized seven-step investment process. This architecture includes a proprietary industry quality framework, a 60-step due diligence checklist, mandatory 10,000+ word research memos, and a 60-factor risk map. Moving forward, the fund restricts coverage to a maximum of 12 deep dives and 6 industries annually, strictly enforcing a mandate where at least 90% of the portfolio must be invested in businesses possessing durable economic moats and resilient cash flow profiles. Portfolio execution during the transitional phase divided legacy low-quality positions into immediate liquidations and valuation-sensitive gradual exits. The fund immediately exited InMode and Betterware de Mexico (BeFra) and completed full sales of Ashley Services and Freelance.com, while gradually trimming Kering, Playway, Spyrosoft, and Gofore. Proceeds were redeployed into five high-conviction moat compounders: Taiwan Semiconductor Manufacturing Company (TSMC), Alphabet, Greek industrial leader Metlen, and Mexican airport operators ASUR and OMA.

Unlock Full Institutional Analysis

Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.

Sign In to Unlock (3 Free Credits)View Pricing Tiers

Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

78%

CautiousHigh

High Conviction (78%)

The portfolio is undergoing a concentrated overhaul into 15 to 18 high-quality names with a targeted 5-to-6 year turnover horizon. High conviction is demonstrated through comprehensive 10,000+ word research deep dives and decisive full exits of legacy holdings that fail strict moat criteria.

Growth Outlook

65%

BearishBullish

Bullish (65%)

Directional sentiment is constructive, evidenced by selective capital deployment into high-quality secular winners trading at attractive multiples. While broad macro uncertainties exist, the manager expects core portfolio companies to achieve over 15% IRR.

Risk Appetite

60%

DefensiveAggressive

Balanced (60%)

Risk positioning reflects a disciplined balance between deploying capital into durable growth compounders and enforcing strict risk ceilings, such as capping emerging market country exposure at 10% to curb FX volatility.

Capital Deployment

75%

De-riskingDeploying

Deploying (75%)

Capital is actively rotating from legacy liquidations into newly initiated full positions in Alphabet, TSMC, Metlen, and Mexican airport concessions. The team continues deploying capital selectively rather than hoarding cash balances.

Forward Guidance

75%

CautiousExpansionary

Expansionary (75%)

Management has established a clear roadmap to complete the portfolio transition toward 90% wide-moat companies by March 2026. The manager plans to execute a disciplined cadence of 12 corporate deep dives annually, yielding roughly three new investments per year.

Language Signal

68%

BearishBullish

Bullish (68%)

The letter balances candid introspection regarding past analytical errors with enthusiastic, constructive language regarding new entries like TSMC, Alphabet, and Metlen. Favorable descriptors emphasize durable earnings power, pricing power, and upside potential.

Perceived Risk

62%

Low RiskElevated

Moderate Risk (62%)

The manager incorporates a comprehensive 60-factor risk map spanning geopolitical tensions, macroeconomic shocks, and technological disruption. Specific operational guidelines mandate disqualifying any candidate exhibiting more than five severe risk scores.

Opportunity Density

58%

ScarceAbundant

Selective (58%)

Opportunity density is selectively constrained by design, as the team artificially caps research coverage to six GICS industries and twelve companies per year. Despite screening an investable universe of over 29,000 global equities, rigorous quality scorecards filter out the vast majority of candidates.

Time Horizon

85%

Short-TermLong-Term

Decade+ (85%)

The manager explicitly emphasizes long-termism, structuring underwriting models through 2028 and 2029 with an intended holding turnover cycle of five to six years.