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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-standing financial and operational constraints."
Bilbel Capital's 1H 2025 semi-annual letter, authored by Gabriel Sammut and dated August 2, 2025, reports an exceptional performance of 58.99% for the first half of 2025 (measured in EUR from February 1 to July 31), significantly outperforming the S&P 500's return of 15.85%. Since inception in 2022, the fund has achieved an annualized return of 138.16% compared to 12.58% for the index. The core of the letter focuses on a major new portfolio position in CareCloud Inc. (CCLD), a technology-enabled healthcare revenue cycle management (RCM) provider. Sammut presents a deep-dive investment thesis, arguing that CareCloud is highly undervalued, trading at a 5.7x EV/EBITDA multiple compared to the peer average of 18.3x. He explains how the company’s previous growth constraints—lack of cash, incomplete technology, and high-cost labor—have been resolved. Cash flow was recently unlocked by converting preferred shares into common shares, freeing up $8M annually, while its Pakistani offshore workforce reduces operational costs by 85%. The portfolio underwent notable adjustments, including selling most of Reysas GYO to fund CareCloud, exiting Huationg Global and Dream International, and trimming Intellego Technologies. Sammut highlights that while future returns may normalize as the fund's capital base grows, Bilbel Capital remains committed to deep value opportunities and long-term outperformance.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-stand...
Growth Outlook
Market outlook remains high conviction: Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-stand...
Risk Appetite
Risk appetite posture is high conviction: Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-stand...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-stand...
Forward Guidance
Forward guidance signal: Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-stand...
Language Signal
Tone analysis indicates high conviction language: Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-stand...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-stand...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-stand...
Time Horizon
Investment time horizon reflects a high conviction orientation. Bilbel Capital reports strong 1H 2025 returns of 58.99% and pitches a high-conviction, deep-value investment in CareCloud, which trades at 5.7x EV/EBITDA after resolving long-stand...
