| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 85.9% | - | 58% |
Bilbel Capital delivered exceptional returns with 58% net performance in 2025, driven by concentrated positions in undervalued companies with competitive moats. The fund focuses on businesses with sustainable advantages, particularly in consolidating industries. CareCloud represents the current flagship position, benefiting from healthcare IT consolidation where high switching costs lock in customers while smaller RCM providers struggle with fixed costs and limited scale. The company's acquisition of Medsphere for $16.5M demonstrates the consolidation opportunity, with projected EBITDA growth from $28M to $45-50M by 2027. Previous successful positions included International Cement Group, which benefited from energy and transport cost advantages in Kazakhstan, and CTR Holdings in Singapore with guaranteed government cash flows. The portfolio suffered from Intellego Technologies fraud, highlighting due diligence challenges. With most current best ideas concentrated in Asia, the manager maintains confidence in beating markets over time despite acknowledging that growing assets make deal sourcing more challenging. The strategy emphasizes patient capital deployment in businesses with clear competitive positioning.
Focus on undervalued companies with sustainable competitive advantages, particularly in consolidating industries where market leaders can acquire distressed competitors cheaply and improve margins through operational efficiencies.
The manager expects continued ability to beat the market over time as long as great deals exist, acknowledging that growing assets under management makes it harder to find and buy great deals quickly, but maintains confidence in finding opportunities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 2 2026 | 2025 Q4 | 5C8.SI, CCLD, ICG.SI | Asia, cash flow, Cement, Consolidation, Construction, Healthcare IT, Margins, value | - | Bilbel Capital targets undervalued companies with sustainable competitive advantages, particularly in consolidating industries. Current focus on CareCloud's healthcare IT consolidation play, projecting EBITDA growth to $45-50M by 2027 versus $115M market cap. Portfolio concentrated in Asia with emphasis on businesses benefiting from high switching costs, operational efficiencies, and rational competitive dynamics. |
| Aug 27 2025 | 2025 Q2 | 5HT.SI, CCLD | Healthcare IT, Revenue Cycle Management, Singapore, small caps, technology, value |
CCLD ILO.AX |
Bilbel Capital targets deeply undervalued small-caps with temporary constraints masking business quality. The fund's 58.99% 1H 2025 return was driven by CareCloud, a healthcare IT company trading at 5.7x EBITDA versus peers at 18x, and profitable exit from Singapore infrastructure play Huationg Global after 100% gain. |
| Feb 2 2025 | 2024 Q4 | - | Construction, healthcare, Logistics, REITs, small caps, Turkey, value |
RYGYO.IS INTEG.ST 294870.KS |
Bilbel Capital's concentrated portfolio delivered 129% returns in 2024, led by Turkish warehouse REIT Reysas benefiting from structural shortage and Swedish healthcare tech Intellego with secured $360M deal. The fund targets undervalued small-caps with competitive advantages and insider alignment, recently adding Korean construction company Seohee and an undisclosed cash-rich position. |
| Aug 2 2024 | 2024 Q2 | DIS, OTIS | Asia, Concentration, healthcare, small caps, value |
INTL.L 1126.HK 0882.HK |
Bilbel Capital's concentrated portfolio delivered 73% returns through deep value investing in quality businesses. Key holdings include Reysas GYO real estate, Intellego's UV-C healthcare technology trading at 5x earnings, and Dream International's Disney-partnered toy manufacturing. The manager focuses on companies with sustainable advantages selling below intrinsic value, making decisive moves when opportunity aligns with skill. |
| Feb 2 2024 | 2023 Q4 | - | Concentration, Logistics, real estate, Turkey, value | - | Bilbel Capital maintains 100% concentration in Turkish logistics company Reysas, which owns $1 billion in appraised real estate while trading at significant discounts. Below-market rental rates will reset higher as contracts renew, driving substantial value realization. Management alignment is strong with 30.83% ownership and recent insider purchases. |
| Feb 8 2023 | 2023 Q2 | - | Concentration, Logistics, REIT, Turkey, value | - | Bilbel Capital maintains extreme concentration in Turkish logistics company Reysas, delivering 474% returns since inception. Trading at 540M versus estimated intrinsic value of 1.75B+, the manager expects 1000% returns over the next decade. Recent management capital participation signals confidence despite currency and banking sector headwinds in Turkey. |
| Feb 2 2023 | 2022 Q4 | RYSAS TI | - | - | |
| Feb 8 2022 | 2022 Q2 | RYSAS TI | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Healthcare ITCareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs. |
Healthcare IT RCM EHR Consolidation Switching Costs |
CementICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newer dry process plants use 20-30% less fuel than competitors, while proximity to customers saves additional transport costs. Government demand provides stability. |
Cement Energy Efficiency Transport Kazakhstan Cost Advantage | |
ConstructionCTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments providing guaranteed cash flow. Company had significant net cash and signed project backlog. |
Construction Singapore Government Cash Flow Backlog | |
| 2025 Q2 |
Healthcare ITCareCloud operates in the growing outsourced Revenue Cycle Management market, which has expanded 12% annually for the past decade. The company benefits from increasing billing complexity driven by growing insurance codes and insurer payment delays, making outsourcing more attractive than in-house solutions. CareCloud's competitive advantage lies in its low-cost Pakistan operations and comprehensive technology platform. |
Revenue Cycle Management Healthcare Software Outsourcing Medical Billing Electronic Health Records |
ValueThe fund focuses on buying undervalued companies trading at significant discounts to intrinsic value. CareCloud trades at 5.7x EV/EBITDA versus peers at 18x, while undisclosed positions were purchased at less than 2.5 times earnings. The strategy emphasizes finding companies with temporary constraints that mask underlying business quality. |
Deep Value Discount Valuation Undervalued Assets Price-to-Earnings Enterprise Value | |
Small CapsThe portfolio consists primarily of small-cap companies with market capitalizations under $200 million. These include CareCloud at $100M market cap, Intellego Technologies, and various undisclosed positions. The manager acknowledges that as the fund grows, fewer small companies will be available for investment, potentially limiting future returns. |
Small Companies Market Capitalization Liquidity Constraints Growth Limitations Investment Universe | |
| 2024 Q4 |
LogisticsTurkey has a significant warehouse shortage with only 20 million m² of storage space but needing another 20-40 million m². If demand stays constant and the shortage is fixed in 10 years, the industry could grow 7-12% annually. Reysas GYO is positioned to benefit from this structural shortage. |
Warehouses REITs Turkey Storage Infrastructure |
ConstructionSeohee Construction operates a unique model working with Local Housing Associations, building only when enough people commit and secure land first. This approach allows them to avoid inventory risk and debt accumulation while generating higher returns than traditional construction companies. |
Housing South Korea Risk Management Partnerships | |
| 2024 Q2 |
HealthcareUV-C disinfection is superior to chemical disinfection in hospitals due to better kill rates, lower regrowth, faster speed, and decreasing costs as autonomous robots become more efficient. Healthcare-associated infections affect over 4 million patients annually in Europe alone, highlighting the urgent need for better disinfection procedures. UV-C validation through dosimeters will become essential for healthcare facility safety and branding. |
UV-C Disinfection Hospital Safety Validation |
ToymakersDream International benefits from working with large customers like Disney for over 20 years, allowing them to receive recurring large-volume orders that provide cost advantages through economies of scale. This explains their high and consistent margins despite operating in a cyclical industry. The company has tripled sales and increased profits nearly sevenfold over the past 10 years. |
Manufacturing Disney Margins Scale Cyclical | |
ElevatorsThe elevator business generates little money from selling elevators but significant profits from maintenance services. A few large companies dominate due to high startup costs, strict safety regulations, wide service network requirements, and bulk purchasing advantages. Otis is succeeding in China by converting customers from one-time purchases to long-term maintenance contracts, making the business more valuable. |
Maintenance Recurring Barriers China Conversion | |
LogisticsReysas operates logistics businesses that the manager estimates will earn $20-30M annually. The manager switched from Reysas Logistics to Reysas GYO based on valuation analysis, believing GYO offered better upside potential to reach $2B market cap within 5 years. Both companies are now priced similarly at around $700M. |
Reysas Valuation Turkey Real Estate Switching | |
| 2023 Q4 |
LogisticsThe fund is 100% invested in Reysas Logistics, a Turkish logistics company with significant real estate assets. The company owns logistics properties that are being rented below market rates due to Turkish inflation adjustments, creating a value opportunity as contracts renew at higher rates. |
Real Estate Turkey Storage Rental Income |
Commercial Real EstateReysas GYO's property valuations have increased from $400M to $1B over two years. The properties generate rental income of around $40M in 2023, expected to increase to $65M in 2024, with additional income from housing projects by 2025. |
Property Valuation Rental Income Turkey REIT | |
| 2023 Q2 |
LogisticsFund is 100% invested in Reysas Logistics, a Turkish logistics company that has grown from 94M to 540M market cap. Manager discusses the company's extreme demand for logistics services and capital constraints due to restrictive banking policies. The logistics business is valued at above 750M intrinsic value. |
Transportation Vehicles Services Turkey Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 2, 2025 | Fund Letters | Bilbel Capital | CCLD | CareCloud Inc. | Health Care | Health Care Technology | Bull | NASDAQ | acquisition strategy, Billing Services, Consolidation Play, Ehr, Electronic Health Records, Healthcare services, Healthcare Technology, Offshore Operations, Pakistan, Practice Management, RCM, Revenue Cycle Management, Roll-up Strategy, turnaround, Value | Login |
| Aug 2, 2025 | Fund Letters | Bilbel Capital | ILO.AX | Intellego Technologies | Information Technology | Electronic Equipment, Instruments & Components | Bull | ASX | Australia, Dosimeters, Industrial Equipment, manufacturing, Measurement Solutions, Quality Control, Specialty Technology, turnaround, UV Curing, UV Technology | Login |
| Feb 2, 2025 | Fund Letters | Bilbel Capital | 294870.KS | Seohee Construction Company Limited | Industrials | Construction & Engineering | Bull | Korea Exchange | asset-light, construction, Housing, net cash, Pre-funded, Share Buybacks, South Korea, Value | Login |
| Feb 2, 2025 | Fund Letters | Bilbel Capital | RYGYO.IS | Reysas GYO | Real Estate | Industrial REITs | Bull | Borsa Istanbul | dividend yield, infrastructure, Logistics, Real Estate, REITs, Supply Shortage, Turkey, Warehouses | Login |
| Feb 2, 2025 | Fund Letters | Bilbel Capital | INTEG.ST | Intellego Technologies | Health Care | Health Care Technology | Bull | Nasdaq Stockholm | B2B Healthcare, Export Credit, First Mover, Healthcare Technology, Medical devices, patents, Sterilization, Sweden | Login |
| Aug 2, 2024 | Fund Letters | Bilbel Capital | 1126.HK | Dream International Limited | Consumer Discretionary | Leisure Products | Bull | Hong Kong Stock Exchange | Consumer Discretionary, Cyclical, deep value, Disney Partnership, high dividend yield, manufacturing, Toy Manufacturing, Vietnam | Login |
| Aug 2, 2024 | Fund Letters | Bilbel Capital | 0882.HK | Tianjin Development Holdings Limited | Financials | Diversified Financial Services | Bull | Hong Kong Stock Exchange | China, deep value, discount to book value, dividend yield, holding company, maintenance services, Otis Elevator, recurring revenue | Login |
| Aug 2, 2024 | Fund Letters | Bilbel Capital | INTL.L | Intellego Technologies | Health Care | Health Care Equipment | Bull | London Stock Exchange | Dosimeters, Healthcare Equipment, Healthcare Technology, Hospital Safety, Infection Control, Medical devices, patents, UV-C Disinfection | Login |
| Feb 2, 2024 | Fund Letters | Bilbel Capital | - | Reysas Logistics | Industrials | Air Freight & Logistics | Bull | Borsa Istanbul | Asset Backing, Concentrated, Inflation Protection, insider buying, Logistics, Real Estate, REIT, rental income, Turkey, Value, Warehousing | Login |
| Aug 2, 2023 | Fund Letters | Bilbel Capital | - | Reysas Logistics | Industrials | Air Freight & Logistics | Bull | Borsa Istanbul | capital allocation, Concentrated Position, growth, insider buying, Logistics, REIT, Sum-of-Parts Valuation, Transportation, Turkey, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| CCLD | CareCloud helps smaller U.S. health practices manage their data (EHR) and collect payments (RCM). These practices run on thin margins. On $10M in sales, most profit less than $400k. They can't afford to build their own RCM system. And once they're using one, they rarely leave. To switch, they need to retrain staff, and connect their old hospital systems. That's a lot of work and risk. And government payment rules make it harder. All this locks in practices. But it also locks out other RCMs. Most RCMs have high fixed costs, and too few clients to cover them. They can't afford strong tech teams, or long sales cycles. So they can't grow. Within a few years, many will need to sell. But only a few buyers exist. Small ones can't afford it, and big ones won't bother with small deals. This lets CareCloud buy them cheaply, cut costs, and sell more services to those clients. In August 2025, CareCloud bought Medsphere for $16.5M. Medsphere was doing $32M in sales, but losing $5M a year. Some customers will leave while CareCloud switches their systems. But sales should stay between $23-30M. At 30-40% margins, that adds $7-12M in EBITDA. Combined with $28M from CareCloud's core business, total EBITDA should reach $35-40M in 2026. By the end of 2026, CareCloud will pay off its overdue Series B dividends. With $15-20M in cash from profits, they can buy an RCM with $20M in sales. Cutting 50% of costs adds another $10M in EBITDA. If they do, EBITDA hits $45-50M by 2027. That's over $30M in profit vs today's $115M market cap. |
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