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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The quarter was defined by the initiation of a 5% position in Adobe at attractive valuation multiples, adding to Mexican airport operators (OMA and ASUR) on currency/fuel weakness, and executing a complete post-quarter exit from China (Bosideng and Luzhou Laojiao) while."
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.
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