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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Underperforming the MSCI World Index (-3.57%) due to drawdowns in Metlen, FactSet, and Dino Polska. A."
In Q1 2026, Jenga Global Master Fund delivered a net return of -10.39%, underperforming the MSCI World Index's -3.57% return by 6.82%. The quarter's primary decliners were Metlen Energy and Metals, FactSet Research, and Dino Polska. During the quarter, the fund made decisive portfolio adjustments under its quality-first framework, increasing high-moat weighting from 27.7% to 49.6% and shrinking low/no-moat holdings from 32.2% to 18.8%. Full exits included Shelly Group (+267% gain) due to valuation expansion (38x P/E), Spyrosoft (-5% loss) due to low entry barriers, and Text S.A. (-74% loss) due to severe competitive threats from AI chatbots and high customer churn. Capital was redeployed into new high-moat positions: Mastercard at 25x forward consensus earnings (underwriting a 16% 5-year IRR) and Microsoft at 22x forward net earnings (underwriting a 17% 5-year IRR). Addressing Metlen's 2025 earnings miss caused by elevated aluminium energy costs and EPC contract write-downs on the Protos project, the manager reaffirmed the long-term thesis, citing integrated low-cost operations, restructuring of the EPC unit, and attractive valuation at 4x 2030 EV/EBITDA and 5x 2030 P/E.
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