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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 | - | - | 5HT.SI, CCLD | Healthcare IT, Revenue Cycle Management, Singapore, small caps, technology, value | CareCloud operates in the growing outsourced Revenue Cycle Management market, which has expanded 12% annually for the past decade. The company benefits from increasing billing complexity driven by growing insurance codes and insurer payment delays, making outsourcing more attractive than in-house solutions. CareCloud's competitive advantage lies in its low-cost Pakistan operations and comprehensive technology platform. | ILO.AX CCLD |
View |
| 2025 Q4 | Feb 2, 2026 | Bilbel Capital | - | 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 |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Bilbel Capital | CareCloud Inc. | Health Care | Health Care Technology | Bull | NASDAQ | acquisition strategy, Billing Services, Consolidation Play, Ehr, Electronic Health Records, Healthcare services, Healthcare Technology, Offshore Operations, Pakistan, Practice Management, RCM, Revenue Cycle Management, Roll-up Strategy, turnaround, Value | View Pitch |
| 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. | ||||||||