JB Global Capital released its fourth-quarter 2025 investor letter on January 14, 2026. The investment firm reported an 8.9% decline for the quarter, largely driven by a sharp drop in Alibaba, its largest holding. This occurred while global markets posted modest gains.
Despite the quarterly 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.
The managers remain focused on fundamentals and believe this approach will benefit long-term performance as market leadership shifts.
In the letter, JB Global Capital discussed Amazon.com, Inc. (NASDAQ:AMZN), stating the company illustrates the risk of overpaying for excellence. Investors who bought the stock at its 2000 peak waited nearly a decade to break even, and returns over the first 15 years lagged Treasury bonds, despite the company's undeniable competitive advantages.
The fund's letter included a direct quote regarding Amazon: "Amazon.com, Inc. (NASDAQ:AMZN) illustrates this dynamic perfectly. The company is arguably the best business built in the past 30 years, transforming retail, proving naysayers wrong at every turn, and creating shareholder value that exceeded even the wildest bull cases from 1999. Yet if you bought Amazon at its 2000 peak, you had to wait nearly a decade just to break even, and your returns over the first 15 years underperformed Treasury bonds. The business was excellent; the entry price was terrible. Everything the bulls said about Amazon's competitive advantages proved correct—and investors who overpaid still underperformed for years."
On January 14, 2026, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at approximately $236.71 per share, with a market capitalization of about $2.545 trillion. The one-month return was approximately +5.01%, and its shares gained about 7.91% over the last 52 weeks.
According to database information, 286 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the third quarter, which was 308 in the previous quarter. The company is in the first position on a list of 30 Most Popular Stocks Among Hedge Funds.