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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Lagging the MSCI World Index's 13.76% advance and bringing H1 2026 performance to -3.34%."
For the second quarter of 2026, the Jenga Global Master Fund returned 7.87% net of fees, underperforming the MSCI World Index benchmark return of 13.76% by 589 basis points and bringing year-to-date H1 2026 performance to -3.34% (versus +9.69% for the benchmark). Portfolio activity reflected a decisive transition to upgrade portfolio moat quality and eliminate structurally vulnerable business models: • Complete Exits: Exited Finnish IT consultancy Gofore at a 54% loss due to severe commoditization, budget cuts, and lack of recurring revenue, reducing the portfolio's 'no moat' allocation to 0.0%. Fully exited Chinese golf apparel retailer Biem.L.Fdlkk at a 45% loss due to lack of recurring demand, low barriers to entry, and property-market-induced luxury spending cuts. • China and Apparel Reduction: Began reducing its position in Bosideng (from 7.8% in Q1 to 4.5% in Q2), citing fashion obsolescence risk, lack of pricing power in down apparel, and language/transparency hurdles in tracking mainland consumer behavior. • New Position - Intuit: Initiated a 6.3% weighting in Intuit at approximately 16x P/E, predicated on QuickBooks' resilient accounting network effects, assisted-tax market share gains, and a projected 20.3% 5-year IRR. • Arbitrage / Quick Exit - Latour AB: Bought a 5% position in Swedish conglomerate Latour after share price declines, but exited swiftly for a 0.5% gain after updated bottoms-up modeling indicated an 11.3% IRR, failing the fund's 15% hurdle rate. • Additions: Added to Mexican airport concessionaire OMA B following Middle East-driven macro volatility, citing undemanding valuation multiples of 13x forward P/E. At the end of Q2 2026, the fund held 15 companies with an average return on equity of 43.4%, net income margin of 32.0%, and a weighted average trailing P/E of 18.3x (14.6x forward P/E) against 18.0% consensus 2-year forward EPS growth.
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