Group 1: JB Global Capital Performance - JB Global Capital reported an 8.9% decline in Q4 2025, primarily due to a significant drop in Alibaba, its largest holding, while global markets experienced modest gains [1] - Despite the quarterly setback, the fund achieved a strong full-year return of 67.5% and has delivered a total return of 108.9% since inception, outperforming major benchmarks [1] - The fund's strategy focuses on avoiding mega-cap tech companies due to valuation discipline, with an emphasis on fundamentals for long-term performance as market leadership shifts [1] Group 2: The Clorox Company Overview - The Clorox Company initiated a position at an average cost of $104 per share during Q4 2025, marking a decade-low valuation for a business with over 35% returns on invested capital [2][3] - The company faced temporary disruptions from a $580 million ERP implementation, leading to a 17% decline in organic sales in Q1 fiscal 2026, but fill rates recovered to 92% by late October, with full stabilization expected by March 2026 [2] - The ERP investment is anticipated to generate $75–100 million in annual cost savings, including a 30% reduction in forecasting errors and a 15–20% improvement in working capital efficiency [2] Group 3: Valuation and Market Performance - The Clorox Company trades at 16 times earnings with a ~5% dividend yield, and has a discounted floor valuation of $95–103 per share, while fair value is estimated at $134–145 per share, indicating a potential upside of 30–40% [2] - The one-month return for The Clorox Company was approximately -11.25%, and its shares have declined about 31.10% over the last 52 weeks [2] - As of January 14, 2026, The Clorox Company stock closed at approximately $111.41 per share, with a market capitalization of about $13.59 billion [2]