BILBEL CAPITAL

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Net returns reflect a 1% annual management fee and a 25% performance allocation above a 6% annual hurdle, calculated quarterly.iHow returns are calculated and verified

Investor letters

2026 Semi-Annual Letter

NEW

August 2026

2025 Annual Letter

February 2026

2025 Semi-Annual Letter

August 2025

2024 Annual Letter

February 2025

2024 Semi-Annual Letter

August 2024

2023 Annual Letter

February 2024

2023 Semi-Annual Letter

August 2023

2022 Annual Letter

February 2023

2022 Semi-Annual Letter

August 2022