JB Global Capital’s Q4 2025 Investor Letter

JB Global Capital, an investment firm, released its fourth-quarter 2025 investor letter. During Q4 2025, JB Global Capital reported an 8.9% decline, largely driven by a sharp drop in Alibaba, its largest holding, while global markets posted modest gains. Despite the quarter’s setback, the fund delivered a strong full-year return of 67.5% and stands at 108.9% since inception, outperforming major benchmarks. The letter explains that 2025 market gains were heavily concentrated in a small group of mega-cap tech companies, which the fund largely avoids due to valuation discipline. However, the managers remain focused on fundamentals and believe this approach will benefit long-term performance as market leadership shifts. Additionally, please check the fund’s top five holdings to know its best picks in 2025.

A copy of JB Global Capital’s Q4 2025 investor letter can be downloaded here.