The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 10, 2026
Bilbel Capital returned -16.1% net in 1H 2026 versus +10.2% for the S&P 500, following exceptional prior-year performance of +58.0% net in 2025. The portfolio holds five concentrated positions purchased at under 3.5x normalized earnings, each with strong balance sheets. The largest position, Water Oasis Group, trades at HK$900 million market value while holding HK$1 billion in cash and earning HK$160 million annually from Hong Kong beauty services. Water Oasis benefits from brand strength that lowers customer acquisition costs and enables premium pricing versus Shenzhen competitors. Rising costs are pressuring smaller Hong Kong clinics, creating consolidation opportunities at attractive multiples. The family ownership raised dividends 43% and is actively acquiring competitors. The manager sold most CareCloud shares to fund more undervalued opportunities, assessing CareCloud's low-cost structure provides defensibility against AI disruption but finding better risk-reward elsewhere. The strategy employs proprietary screening system Argus to identify top 1% opportunities from 15,000 investable stocks monthly, focusing on situations where knowledge edge is not reflected in market prices.
Deep value investing in overlooked small-cap companies trading at significant discounts to intrinsic value, with focus on businesses possessing durable competitive advantages, strong cash generation, and opportunities for value realization through consolidation, capital allocation, or market re-rating.
Manager expects to buy more of the rare opportunities identified over time. Water Oasis positioned to consolidate Hong Kong beauty market as cost pressures force smaller competitors to exit. CareCloud's competitive positioning assessed as defensible against AI disruption due to cost structure advantages, though position reduced to fund higher-conviction ideas.
High Conviction Bullish
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