The Book — The Ghost · KANZA CAPITAL PARTNERS

Data vintage

Marked to: 24 Jul 2026 Tracker as at: 24 Jul 2026 Latest move: July allocation Live boards: Markets → Model-book mark · marked to the DSE verified close

How to read this book. NAV is the current hypothetical value of the model book. Contributed capital is money the Ghost added. Market P&L is the gain or loss from price moves, income and marks. Return excludes new deposits, so the book can't flatter itself by simply adding capital — and it's money-weighted, so it accounts for when capital went in.

Where is the model book’s current weight actually concentrated?

Every holding’s share of the model book

Current hypothetical NAV composition · marked 2026-07-23

20.9%Government T-bonds17.6%NMB Bank12.9%Vodacom Tanzania

Coverage view-specific → 2026-07-23 Vintage 2026-07-23 · final Revision current · v0

Every holding’s share of the model book. Exact values underlying the chart.
Holding	Sleeve	Weight, %
NMB Bank	Equity	17.6
Vodacom Tanzania	Equity	12.9
Tanzania Cigarette	Equity	10.4
CRDB Bank	Equity	8.6
Twiga Cement	Equity	2.5
Government T-bonds	Fixed income	20.9
Treasury bills	Fixed income	8.2
iTrust iIncome	Fixed income	4.7
iTrust iCash	Cash	5.7
Gold (notional)	Commodity	3.8
Cash	Cash	4.7

Read: The heatmap makes concentration visible without confusing deposits with investment gains.

Hypothetical model book. Weights are educational evidence, not portfolio guidance.

Which sleeves changed the model book’s return, and which mainly preserved capital?

Each sleeve, rebased to 100 at inception

Four sleeve histories · 2026-06-06 to 2026-07-23

Coverage 2026-06-06 → 2026-07-23 Vintage 2026-07-23 · final Revision current · v0

Each sleeve, rebased to 100 at inception. Exact values underlying the chart.
Date	Series	Value
2026-06-06	Equities	100
2026-06-21	Equities	103.59
2026-06-24	Equities	104.28
2026-06-25	Equities	103.76
2026-06-26	Equities	104.47
2026-06-29	Equities	105.4
2026-07-01	Equities	105.31
2026-07-03	Equities	108.16
2026-07-06	Equities	108.16
2026-07-09	Equities	107.77
2026-07-10	Equities	107.78
2026-07-13	Equities	107.56
2026-07-14	Equities	107.65
2026-07-15	Equities	108.44
2026-07-16	Equities	107.94
2026-07-17	Equities	108.01
2026-07-20	Equities	107.95
2026-07-21	Equities	108.22
2026-07-22	Equities	107.89
2026-07-23	Equities	108.6
2026-06-06	Fixed income	100
2026-06-21	Fixed income	100.05
2026-06-24	Fixed income	100.13
2026-06-25	Fixed income	100.15
2026-06-26	Fixed income	100.17
2026-06-29	Fixed income	100.25
2026-07-01	Fixed income	100.25
2026-07-03	Fixed income	100.3
2026-07-06	Fixed income	100.39
2026-07-09	Fixed income	100.47
2026-07-10	Fixed income	100.49
2026-07-13	Fixed income	100.58
2026-07-14	Fixed income	100.61
2026-07-15	Fixed income	100.63
2026-07-16	Fixed income	100.65
2026-07-17	Fixed income	100.67
2026-07-20	Fixed income	100.76
2026-07-21	Fixed income	100.78
2026-07-22	Fixed income	100.8
2026-07-23	Fixed income	100.83
2026-06-21	Commodities	100
2026-06-23	Commodities	100
2026-06-24	Commodities	100
2026-06-25	Commodities	100
2026-06-26	Commodities	100
2026-06-29	Commodities	100
2026-07-01	Commodities	100
2026-07-03	Commodities	100
2026-07-06	Commodities	100
2026-07-09	Commodities	100
2026-07-10	Commodities	100
2026-07-13	Commodities	100
2026-07-14	Commodities	100
2026-07-15	Commodities	100
2026-07-16	Commodities	100
2026-07-17	Commodities	100
2026-07-20	Commodities	100
2026-07-21	Commodities	100
2026-07-22	Commodities	100
2026-07-23	Commodities	100
2026-06-06	Cash & liquidity	100
2026-06-21	Cash & liquidity	100
2026-06-24	Cash & liquidity	100
2026-06-25	Cash & liquidity	100
2026-06-26	Cash & liquidity	100
2026-06-29	Cash & liquidity	100
2026-07-01	Cash & liquidity	100
2026-07-03	Cash & liquidity	100
2026-07-06	Cash & liquidity	100
2026-07-09	Cash & liquidity	100
2026-07-10	Cash & liquidity	100
2026-07-13	Cash & liquidity	100
2026-07-14	Cash & liquidity	100
2026-07-15	Cash & liquidity	100
2026-07-16	Cash & liquidity	100
2026-07-17	Cash & liquidity	100
2026-07-20	Cash & liquidity	100
2026-07-21	Cash & liquidity	100
2026-07-22	Cash & liquidity	100
2026-07-23	Cash & liquidity	100

Read: Equities carried the change in value; fixed income accrued gradually while commodities and cash remained close to inception.

Hypothetical model book. This is educational evidence, not a recommendation or client track record.

Every holding, marked

NMB17.6%VODA13.0%TCC10.3%CRDB8.6%T-bonds20.9%T-bills8.2%

EquitiesFixed incomeCommoditiesCash

The full ledger — every position, marked →

Holding	Sleeve	Model weight	Value (TSh m)	Since-inception P&L	Rationale
NMB Bank	Equity	17.6%	93.6	+TSh 19.6m	Company
Vodacom Tanzania	Equity	13.0%	68.8	+TSh 3.7m	Company
Tanzania Cigarette	Equity	10.3%	54.9	−TSh 0.1m	Company
CRDB Bank	Equity	8.6%	45.7	+TSh 0.7m	Company
Twiga Cement	Equity	2.4%	12.9	−TSh 2.1m	Company
Government T-bonds	Fixed income	20.9%	111.0	—	Board
Treasury bills	Fixed income	8.2%	43.4	—	Board
iTrust iIncome	Fixed income	4.7%	25.1	—	Board
iTrust iCash	Cash	5.7%	30.1	—	Move
Gold (notional)	Commodity	3.8%	20.0	—	Board
Cash	Cash	4.7%	25.0	—	Move

Every position by share of the book, marked to the latest verified close. Since-inception P&L is shown where the tracker attributes it; a blank is honest, not zero.

What each sleeve is doing

Equities

51.9%

Carrying the return — but with DSE liquidity and concentration risk (banks dominate).

Fixed income

33.8%

Stabilising the book and setting the hurdle rate equities must beat.

Commodities

3.8%

A small gold hedge, held for protection — not a return engine.

Cash

10.4%

Optionality and patience — dry powder for a decision worth making.

What changed since the last mark

NAV — day change

▲ +0.00%

+TSh 0k vs the prior mark

Largest contributor

+TSh 19.6m

NMB Bank · since inception

Largest drag

−TSh 2.1m

Twiga Cement · since inception

Day change vs the prior verified mark, and the biggest sleeve contributors since inception. Descriptive — not a signal or advice.

A diaspora lens · USD-equivalent

In shillings

TSh 530.4m

Capital TSh 507.0m+ P&L TSh 23.4m

≈2,637TZS / USDBoT mark

In dollars

$201,145

Capital $192,264+ P&L $8,881

USD-equivalents are indicative, at the latest BoT USD/TZS mark. A TSh gain and a hard-currency return can differ — the shilling is part of the real-return picture.

Risk note. The Book is marked for education, not execution. DSE liquidity can be thin, and a visible mark may not be the price available for a real trade. Bank concentration can dominate returns; fixed-income and commodity marks may be modelled or carried differently from listed equities. Hypothetical results don't include taxes, fees, spreads, custody costs or execution frictions unless explicitly stated.

The book's rules

Contributions are separated from performance — a deposit is never a gain.
Every move is written down, in public, so the book never contradicts itself.
Allocation bands govern sleeve drift; a breach needs a dated rationale.
Marks carry the source and date shown on each section; thin liquidity is disclosed, not hidden.
No advice, no price targets, no recommendations — and a non-decision is a valid decision.

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