Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Bilbel Capital. This analysis is provided for institutional research purposes only and is not investment advice.
"Bilbel Capital runs concentrated deep value portfolio of five positions bought under 3.5x earnings with strong balance sheets. Lead position Water Oasis trades at fraction of cash holdings while dominating Hong Kong beauty services with consolidation runway."
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.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
