Hi - I've always had the same issue with white font colour on the folder and icon labels in folder portals. I've been using Fences for 10 years - presently Fences 4.x.
I have probably been through 3 Windows versions in that period, and my suspicion is that Fences has a problem with font colour if you stray from default Windows settings. The suggested solution from January 33 isn't the answer for me. I prefer a light background on which shadows look bad.
The possibility of being able to choose font colour outside of Windows default would be a nice feature, one I've been looking for in every version.