The Book — The Ghost · KANZA CAPITAL PARTNERS

Model-book note — educational only. The Ghost is a hypothetical model portfolio used to explain Tanzanian market structure, allocation reasoning and risk — not investment advice, a recommendation, or a live client portfolio. Holdings are illustrative; prices and liquidity may be stale or thin. Figures reconcile to their sources as at the date shown on each mark.

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.

The capital bridge

Seed capitalTSh 500.0m

+ Savings (deposits)+ TSh 7.0m

+ Market P&L+ TSh 20.7m

= Hypothetical NAVTSh 527.7m

Seed and savings are capital; only market P&L is a gain. Bound live from the Ghost tracker.

Capital is not performance. Monthly savings increase the size of the model book, but they don't count as market gains. The Book separates contributions from market P&L so the return reflects performance, not deposits — a deposit is never a gain.

The composition

How each allocation carries the book

Every holding, by hypothetical share of the book (%). Colour marks the sleeve; a bigger arc carries more of the book.

Equities Fixed income Commodities Cash

Source: KCP · The Ghost trackerIllustrative · marked to DSE close

The build

How the book got to today

Seed capital, plus monthly savings, plus what the market added — kept apart, so a deposit is never counted as a gain.

Seed capital Savings (deposits) Market P&L NAV today

Source: KCP · The Ghost trackerIllustrative · money-weighted

Over time

Each sleeve, rebased to 100 at inception

Equities carried the book; fixed income, commodities and cash held close to flat. A deposit into a sleeve lifts its capital, not its rebased line — so the line is return, not new money.

Equities Fixed income Commodities Cash & liquidity

Source: KCP · The GhostIllustrative · rebased to 100 · marked to DSE close

Figures are hypothetical and illustrative, bound from the Ghost daily tracker and marked to the DSE close. Contributions are capital, not performance; the return shown is money-weighted. Not a record of actual trading.

Every holding, marked

Holding	Sleeve	Model weight	Value (TSh m)	Since-inception P&L	Rationale
Loading the book…

Every position by hypothetical 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. Hypothetical & educational.

What each sleeve is doing

Equities	Carrying the return — but with DSE liquidity and concentration risk (banks dominate).
Fixed income	Stabilising the book and setting the hurdle rate equities must beat.
Commodities	A small gold hedge, held for protection — not a return engine.
Cash	Optionality and patience — dry powder for a decision worth making.

A diaspora lens · USD-equivalent

Metric	TSh	USD-equivalent
Loading the FX mark…

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.

The Ghost's full method →

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