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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 4, 2025 | Kathmandu Capital | 16.6% | 14.6% | 3918 HK, ACMR, GCT, KSPI, OMAB, UI, VU | long-term, market structure, mispricing, Patience, volatility | The letter frames volatility as a structural feature of modern markets driven by leverage, policy uncertainty, and crowding. Management argues that embracing volatility rather than avoiding it allows for superior long-term compounding. The strategy focuses on mispriced securities created by short-term fear and forced selling. | OMAB ACMR UI GCT KSPI 3918 HK |
View |
| 2025 Q2 | Jul 30, 2025 | Rozendal Partners | - | 23.0% | AFM CN, B4B GR, BLU SJ, COH SJ, HCI, KO, KSPI, MGROS TI, MTN SJ, NE, NPK SJ, OCE SJ, PPI, PRX NA, SAHOL TI, SES, WINE LN | dislocation, fundamentals, inflation, macro risk, valuation | The letter highlights investing in countries and companies experiencing macroeconomic turmoil that drives capital flight and depressed valuations. Management argues that inflation scares and political risk often create fertile hunting grounds for bottom-up investors. The strategy relies on deep fundamental work rather than macro timing. | View | |
| 2024 Q2 | Jul 30, 2024 | Rozendal Partners | - | 5.5% | 836807 CH, B4B GR, BAYN GR, CGR SJ, HARMCMI LN, HCI, KSPI, META, MTN SJ, NPK SJ, PPC SJ | - | View | ||
| 2025 Q1 | May 26, 2025 | Kathmandu Capital | -1.7% | -1.7% | 3918 HK, GCT, KSPI, SEG MM, UI, VU FP | - | View | ||
| 2024 Q1 | Apr 20, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918 HK, KSPI, VU FP | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | AAGIY, BUHPY, HDB, KSPI, MELI, TLK, TSM, WALMEX MM | - | View | ||
| 2024 Q3 | Dec 18, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918 HK, GCT, GLD, KSPI, VU FP | - | View | ||
| 2024 Q3 | Dec 17, 2024 | Meditation Capital | - | - | BGEO LN, HSBK LI, KSPI, TBCG LN | - | View | ||
| 2025 Q3 | Oct 14, 2025 | Kathmandu Capital | 14.6% | 31.4% | KSPI, UI, VU FP | Artificial Intelligence, China, gold, Nuclear Energy, semiconductors | The fund sees AI and nuclear energy driving global competition between the U.S. and China, creating investment opportunities in semiconductors and energy. A large gold allocation reflects defense against currency weakness and inflation. Chinas market inefficiencies and technological rise offer long-term upside despite risks. | KSPI US LEU US ACMR US UI US |
View |
| 2024 Q2 | Jul 23, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918 HK, KSPI, VU FP | - | View | ||
| 2024 Q4 | Mar 17, 2025 | Kathmandu Capital | -10.7% | -11.0% | 3918 HK, GCT, KSPI, SEG MM, UI, VU FP | - | View | ||
| 2023 Q4 | Feb 2, 2024 | Meditation Capital | - | - | KSPI | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Triples Investing | Kaspi.kz | Financial Services | Technology | Bull | London Stock Exchange | digital payments, dividend resumption, e-commerce, financial services, geopolitical risks, growth strategy, Kaspi.kz, Kazakhstan economy, shareholder returns, super app | View Pitch |
| Feb 18, 2026 | Substack | SZEW | Kaspi.kz | Financial Services | Fintech | Neutral | London Stock Exchange | advertising revenue, Basket size, deposit growth, Fintech, inflation, Kaspi.kz, Loans to deposit ratio, marketplace, Revenue Growth, Stock performance | View Pitch |
| Feb 4, 2026 | Twitter / X | @blondesnmoney | Kaspi.kz AO | Financials | Consumer Finance | Bull | NASDAQ | buybacks, consumer finance, Digital Wallet, dividends, Emerging markets, Fintech, Kazakhstan, Lending, Payments, Superapp | View Pitch |
| Jan 8, 2026 | Fund Letters | Vincent Lo | Kaspi.kz JSC | Financials | Transportation Infrastructure | Bull | NASDAQ | diversification, expansion, Fintech, Kazakhstan, Turkey | View Pitch |
| Jan 8, 2026 | Value Investors Club | jacob828 | Kaspi.kz JSC | Financials | Banks | Bull | NASDAQ | banking, Credit, Deposits, financial services, Interest rates, Lending | View Pitch |
| Sep 16, 2025 | Short Thesis | Culper Research | Kaspi.KZ JSC | Information Technology | Financial Services (Fintech Super-App, Kazakhstan) | Bear | NASDAQ | Currency, Fintech, Governance, Kazakhstan, Regulation | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||