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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | Bilbel Capital Fund LP | - | - | 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 outsourcing trends. Mispriced small companies with improving fundamentals form the core opportunity set. | View | |
| Q4 2025 | Feb 2, 2026 | Bilbel Capital Fund LP | - | 58.0% | 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 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. ICG 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. CTR 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. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 22, 2026 | Twitter / X | @nicholasp66 | CareCloud, Inc. | Health Care | Health Care Technology | Bull | Nasdaq | Acquisitions, Carecloud, Ccld, Hospitals, Large Hospitals, Medsr, Offshore, Two Large | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||