Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Vltava Fund Daniel Gladiš | “Even from a global perspective, Kaspi.kz is an exceptional example of a digital ecosystem combining into a single application payments, e-commerce, marketplaces, consumer finance, merchant services, travel, advertising, and even select government services. It is therefore neither just a bank, a payment app, nor an online store, but a deeply integrated infrastructure of everyday economic life in Kazakhstan. Its uniqueness lies in its penetration rate, frequency of use, and breadth of features. Kaspi reports more than 25 million consumers and 900,000 merchants across Kazakhstan and Turkey (thanks to its majority stake in the online retail shopping portal Hepsiburada). In Kazakhstan, it has achieved an extraordinary usage level of 77 transactions per month per active customer. This is an engagement level that even many global platforms might envy. Kaspi's dominant market position is founded not only on its size but also on the network effect among consumers, merchants, and financial products. The more customers use Kaspi to pay, shop, and manage their finances, the more important it becomes for merchants. The more merchants are in the system, the more valuable the app is for customers. This interdependence creates an ecosystem that – much like Visa's – is very difficult to replicate. The sophistication of the business lies in Kaspi's ability to monetize a single customer relationship in multiple ways: through payments, commercial transactions, credit products, merchant services, advertising, logistics, and other digital services. From the user's perspective, it is a simple application on one's phone. From a business perspective, it is a comprehensive, data-driven platform combining elements of Visa, PayPal, Amazon, Shopify, a bank, a BNPL (buy now, pay later) provider, and digital public infrastructure. All of this is backed by an exceptionally strong local presence in a single market. Kaspi's profitability is very high, and even the otherwise excellent Visa cannot match its return on capital. Kaspi is a company that is very well known among investors. We ourselves have been closely monitoring it for about 6 years. During that time, we came close to buying its shares on several occasions, but this is the first time we have actually done so. The decisive factor was a business trip I took to Kazakhstan. I had been invited to lead a two-day workshop at the Narxoz University Business School. The audience consisted of professionals, including senior executives from the financial sector. This gave me the opportunity to discuss the economy, the financial sector, government economic policy, and Kaspi itself with financial professionals. It was also my first opportunity to take a detailed look at the Kaspi super-app in real life. I must admit that it literally took my breath away. It seemed to me to be a generation ahead of what we are used to in the Western world. I saw how people use the application on a daily basis, and I experienced firsthand that without it one is quite limited in Kazakhstan. Last but not least, Kazakhstan itself made a very positive impression on me. When you add it all up and combine this with the significant undervaluation of Kaspi's shares, that was our reason for buying the stock. Following our very successful investment to date in the Mexican company Quálitas Controladora, Kaspi is our second investment in emerging markets.” | NEUTRAL | Q2 2026 Jul 2, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
