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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund successfully locked in strong gains from Alpha Group (acquired by Corpay, +91%) and Alphabet (+70%), while deploying capital into three new durable U.S. compounders—Farmer Mac, FactSet, and Visa—at attractive multiples."
In Q4 2025, Jenga Investment Partners continued its strategic portfolio overhaul toward high-quality, durable moat franchises. The strategy outpaced its MSCI World benchmark for both the quarter (3.92% vs. 3.20%) and the full calendar year 2025 (23.17% vs. 21.60%). Portfolio actions were defined by disciplined exits: closing legacy underperformers (Playway, Kering, Ashley Service, Freelance.com) at losses, realizing a takeover premium on Alpha Group (32% IRR), and trimming Alphabet after a 70% 9-month gain upon reaching target valuations. Proceeds were rotated into three new core holdings: Farmer Mac (9x forward P/E, 19% projected IRR), FactSet (18x forward P/E, 15% projected IRR), and Visa (25x forward P/E, 15% projected IRR), bringing total holdings to 17 as the portfolio steadily migrates toward its target composition of ≥90% high- and moderate-moat assets.
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