ICG.SI Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	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
No pitches found.

BSD Shareholders of ICG-SI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

ICG-SI

ICG-SI

Letters With This Ticker

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BSD Shareholders of ICG-SI

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