The Book; The Ghost · KANZA CAPITAL PARTNERS

Every holding’s share of the model book. Exact values underlying the chart.
Holding	Sleeve	Weight, %
NMB Bank	Equity	18.2
Vodacom Tanzania	Equity	17.5
Tanzania Cigarette	Equity	9.8
CRDB Bank	Equity	7.9
Twiga Cement	Equity	2
Government T-bonds	Fixed income	20
Treasury bills	Fixed income	7.5
iTrust iIncome	Fixed income	4.1
iTrust iCash	Cash	5.4
Gold (notional)	Commodity	3.6
Cash	Cash	4.1

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 2026-10-16

Coverage 2026-06-06 → 2026-10-16 Vintage 2026-10-16 · 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
2026-07-24	Equities	108.58
2026-07-27	Equities	111.4
2026-07-28	Equities	114.16
2026-07-29	Equities	115.96
2026-07-30	Equities	116.88
2026-07-31	Equities	115.42
2026-08-01	Equities	115.42
2026-08-03	Equities	115.19
2026-08-04	Equities	115.39
2026-08-05	Equities	115.19
2026-08-06	Equities	115.46
2026-08-07	Equities	115.83
2026-08-10	Equities	116.62
2026-08-11	Equities	115.98
2026-08-12	Equities	116.18
2026-08-13	Equities	116.82
2026-08-14	Equities	117.34
2026-08-17	Equities	117.78
2026-08-18	Equities	117.56
2026-08-19	Equities	117.6
2026-08-20	Equities	117.6
2026-08-21	Equities	116.9
2026-08-24	Equities	118.72
2026-08-26	Equities	120.82
2026-08-27	Equities	122.48
2026-08-28	Equities	125.4
2026-08-31	Equities	125.2
2026-09-01	Equities	123.58
2026-09-02	Equities	123.12
2026-09-03	Equities	122.69
2026-09-04	Equities	123.96
2026-09-07	Equities	127.62
2026-09-08	Equities	128.35
2026-09-09	Equities	128.89
2026-09-10	Equities	131.57
2026-09-11	Equities	132.29
2026-09-14	Equities	132.69
2026-09-15	Equities	133.49
2026-09-16	Equities	134.14
2026-09-17	Equities	132.5
2026-09-18	Equities	132.54
2026-09-21	Equities	135.16
2026-09-22	Equities	137.31
2026-09-23	Equities	136.2
2026-09-24	Equities	136.06
2026-09-25	Equities	136.34
2026-09-28	Equities	134.9
2026-09-29	Equities	134.59
2026-09-30	Equities	135.68
2026-10-01	Equities	134.15
2026-10-02	Equities	134
2026-10-05	Equities	134.03
2026-10-06	Equities	133.66
2026-10-07	Equities	133.47
2026-10-08	Equities	132.96
2026-10-09	Equities	133.39
2026-10-12	Equities	134.07
2026-10-13	Equities	133.06
2026-10-15	Equities	132.5
2026-10-16	Equities	133.16
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
2026-07-24	Fixed income	100.85
2026-07-27	Fixed income	100.93
2026-07-28	Fixed income	100.96
2026-07-29	Fixed income	100.98
2026-07-30	Fixed income	101
2026-07-31	Fixed income	101.02
2026-08-01	Fixed income	101
2026-08-03	Fixed income	101.05
2026-08-04	Fixed income	101.08
2026-08-05	Fixed income	101.1
2026-08-06	Fixed income	101.12
2026-08-07	Fixed income	101.14
2026-08-10	Fixed income	101.23
2026-08-11	Fixed income	101.25
2026-08-12	Fixed income	101.27
2026-08-13	Fixed income	101.29
2026-08-14	Fixed income	101.31
2026-08-17	Fixed income	101.4
2026-08-18	Fixed income	101.42
2026-08-19	Fixed income	101.44
2026-08-20	Fixed income	101.46
2026-08-21	Fixed income	101.48
2026-08-24	Fixed income	101.57
2026-08-26	Fixed income	101.62
2026-08-27	Fixed income	101.64
2026-08-28	Fixed income	101.66
2026-08-31	Fixed income	101.7
2026-09-01	Fixed income	101.77
2026-09-02	Fixed income	101.8
2026-09-03	Fixed income	101.83
2026-09-04	Fixed income	101.8
2026-09-07	Fixed income	101.89
2026-09-08	Fixed income	101.91
2026-09-09	Fixed income	101.94
2026-09-10	Fixed income	101.97
2026-09-11	Fixed income	101.99
2026-09-14	Fixed income	102.08
2026-09-15	Fixed income	102.11
2026-09-16	Fixed income	102.13
2026-09-17	Fixed income	102.16
2026-09-18	Fixed income	102.19
2026-09-21	Fixed income	102.27
2026-09-22	Fixed income	102.3
2026-09-23	Fixed income	102.33
2026-09-24	Fixed income	102.35
2026-09-25	Fixed income	102.38
2026-09-28	Fixed income	102.46
2026-09-29	Fixed income	102.49
2026-09-30	Fixed income	102.52
2026-10-01	Fixed income	102.54
2026-10-02	Fixed income	102.57
2026-10-05	Fixed income	102.66
2026-10-06	Fixed income	102.68
2026-10-07	Fixed income	102.71
2026-10-08	Fixed income	102.74
2026-10-09	Fixed income	102.76
2026-10-12	Fixed income	102.85
2026-10-13	Fixed income	102.87
2026-10-15	Fixed income	102.93
2026-10-16	Fixed income	102.96
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
2026-07-24	Commodities	100
2026-07-27	Commodities	100
2026-07-28	Commodities	100
2026-07-29	Commodities	100
2026-07-30	Commodities	100
2026-07-31	Commodities	100
2026-08-01	Commodities	100
2026-08-03	Commodities	100
2026-08-04	Commodities	100
2026-08-05	Commodities	100
2026-08-06	Commodities	100
2026-08-07	Commodities	100
2026-08-10	Commodities	100
2026-08-11	Commodities	100
2026-08-12	Commodities	100
2026-08-13	Commodities	100
2026-08-14	Commodities	100
2026-08-17	Commodities	100
2026-08-18	Commodities	100
2026-08-19	Commodities	100
2026-08-20	Commodities	100
2026-08-21	Commodities	100
2026-08-24	Commodities	100
2026-08-26	Commodities	100
2026-08-27	Commodities	100
2026-08-28	Commodities	100
2026-08-31	Commodities	100
2026-09-01	Commodities	100
2026-09-02	Commodities	100
2026-09-03	Commodities	100
2026-09-04	Commodities	100
2026-09-07	Commodities	100
2026-09-08	Commodities	100
2026-09-09	Commodities	100
2026-09-10	Commodities	100
2026-09-11	Commodities	100
2026-09-14	Commodities	100
2026-09-15	Commodities	100
2026-09-16	Commodities	100
2026-09-17	Commodities	100
2026-09-18	Commodities	100
2026-09-21	Commodities	100
2026-09-22	Commodities	100
2026-09-23	Commodities	100
2026-09-24	Commodities	100
2026-09-25	Commodities	100
2026-09-28	Commodities	100
2026-09-29	Commodities	100
2026-09-30	Commodities	100
2026-10-01	Commodities	100
2026-10-02	Commodities	100
2026-10-05	Commodities	100
2026-10-06	Commodities	100
2026-10-07	Commodities	100
2026-10-08	Commodities	100
2026-10-09	Commodities	100
2026-10-12	Commodities	100
2026-10-13	Commodities	100
2026-10-15	Commodities	100
2026-10-16	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
2026-07-24	Cash & liquidity	100
2026-07-27	Cash & liquidity	100
2026-07-28	Cash & liquidity	100
2026-07-29	Cash & liquidity	100
2026-07-30	Cash & liquidity	100
2026-07-31	Cash & liquidity	100
2026-08-01	Cash & liquidity	100
2026-08-03	Cash & liquidity	100
2026-08-04	Cash & liquidity	100
2026-08-05	Cash & liquidity	100
2026-08-06	Cash & liquidity	100
2026-08-07	Cash & liquidity	100
2026-08-10	Cash & liquidity	100
2026-08-11	Cash & liquidity	100
2026-08-12	Cash & liquidity	100
2026-08-13	Cash & liquidity	100
2026-08-14	Cash & liquidity	100
2026-08-17	Cash & liquidity	100
2026-08-18	Cash & liquidity	100
2026-08-19	Cash & liquidity	100
2026-08-20	Cash & liquidity	100
2026-08-21	Cash & liquidity	100
2026-08-24	Cash & liquidity	100
2026-08-26	Cash & liquidity	100
2026-08-27	Cash & liquidity	100
2026-08-28	Cash & liquidity	100
2026-08-31	Cash & liquidity	100
2026-09-01	Cash & liquidity	100
2026-09-02	Cash & liquidity	100
2026-09-03	Cash & liquidity	100
2026-09-04	Cash & liquidity	100
2026-09-07	Cash & liquidity	100
2026-09-08	Cash & liquidity	100
2026-09-09	Cash & liquidity	100
2026-09-10	Cash & liquidity	100
2026-09-11	Cash & liquidity	100
2026-09-14	Cash & liquidity	100
2026-09-15	Cash & liquidity	100
2026-09-16	Cash & liquidity	100
2026-09-17	Cash & liquidity	100
2026-09-18	Cash & liquidity	100
2026-09-21	Cash & liquidity	100
2026-09-22	Cash & liquidity	100
2026-09-23	Cash & liquidity	100
2026-09-24	Cash & liquidity	100
2026-09-25	Cash & liquidity	100
2026-09-28	Cash & liquidity	100
2026-09-29	Cash & liquidity	100
2026-09-30	Cash & liquidity	100
2026-10-01	Cash & liquidity	100
2026-10-02	Cash & liquidity	100
2026-10-05	Cash & liquidity	100
2026-10-06	Cash & liquidity	100
2026-10-07	Cash & liquidity	100
2026-10-08	Cash & liquidity	100
2026-10-09	Cash & liquidity	100
2026-10-12	Cash & liquidity	100
2026-10-13	Cash & liquidity	100
2026-10-15	Cash & liquidity	100
2026-10-16	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.

Holding	Sleeve	Model weight	Value (TSh m)	Since-inception P&L	Rationale
NMB Bank	Equity	18.2%	111.2	+TSh 37.2m	Company
Vodacom Tanzania	Equity	17.5%	106.7	+TSh 41.7m	Company
Tanzania Cigarette	Equity	9.8%	60.1	+TSh 5.1m	Company
CRDB Bank	Equity	7.9%	48.1	+TSh 3.1m	Company
Twiga Cement	Equity	2.0%	12.2	−TSh 2.8m	Company
Government T-bonds	Fixed income	20.0%	122.0	N/A	Board
Treasury bills	Fixed income	7.5%	45.8	N/A	Board
iTrust iIncome	Fixed income	4.1%	25.2	N/A	Board
iTrust iCash	Cash	5.4%	32.7	N/A	Move
Gold (notional)	Commodity	3.6%	22.0	N/A	Board
Cash	Cash	4.1%	25.0	N/A	Move

The Book, marked to close.

Every holding’s share of the model book

Each sleeve, rebased to 100 at inception

Watch the book move, decision by decision.