| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
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 | - | CareCloud helps smaller U.S. health practices manage their data and collect payments through EHR and RCM systems. These practices have thin margins and high switching… |
| Aug 27 2025 | 2025 Q2 | CCLD | Consolidation, fundamentals, M&A, Outsourcing, small caps | - | The letter focuses on consolidation-driven value creation in fragmented industries through acquisitions and operational improvements. A detailed case study highlights technology-enabled healthcare services benefiting from… |
| Feb 2 2025 | 2024 Q4 | 035890 KS, INT SS, RYGYO TI | - | - | - |
| Aug 2 2024 | 2024 Q2 | 1126 HK, 882 HK, INT SS, RYGYO TI | - | - | - |
| Feb 2 2024 | 2023 Q4 | RYSAS TI | - | - | - |
| Feb 8 2023 | 2023 Q2 | RYSAS TI | - | - | - |
| Feb 2 2023 | 2022 Q4 | RYSAS TI | - | - | - |
| Feb 8 2022 | 2022 Q2 | RYSAS TI | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
CementICG owns cement plants in Kazakhstan and Tajikistan with significant cost advantages through newer dry-process technology and superior locations. Energy and transport represent 20-30% of costs each, where ICG maintains substantial advantages over competitors. The industry benefits from government demand, high barriers to entry, and rational pricing behavior among producers. |
Energy Efficiency Transport Government Demand Barriers Pricing |
ConstructionCTR Holdings builds structural frames and handles finishing work in Singapore, primarily on public projects. The Singaporean government provides stable cash flows through reliable payment terms. The company had significant net cash position and substantial signed project backlog when purchased. |
Public Projects Singapore Cash Flow Backlog | |
Healthcare ITCareCloud helps smaller U.S. health practices manage their data and collect payments through EHR and RCM systems. These practices have thin margins and high switching costs, creating customer lock-in. The RCM industry is consolidating as smaller players struggle with high fixed costs and limited client bases, allowing CareCloud to acquire competitors cheaply and expand services. |
EHR RCM Healthcare Consolidation Switching Costs | |
| 2025 Q2 |
Consolidation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| 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. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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