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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, 688082.SS, ACMR, GCT, KSPI, OMAB, UI, VU.PA | Airports, China, international, Onshoring, semiconductors, technology, Trade Policy, value | Manager emphasizes China's semiconductor supply chain localization amid trade tensions, with ACM Research positioned to benefit from domestic market share gains. Also highlights nearshoring opportunities in Mexico through airport operator OMAB as manufacturers seek to mitigate tariff risks. | OMAB ACMR OMAB ACMR UI GCT KSPI 3918 HK |
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| 2024 Q2 | Jul 30, 2024 | Rozendal Partners | - | 5.5% | 0700.HK, B4B.DE, BAYN.DE, CGR.JO, HCI.JO, HL.L, KSPI, MDIA3.SA, META, MTN.JO, NPK.JO, NPN.JO, PPC.JO | global, Market Efficiency, Passive investing, technology, Turnarounds, value | The letter extensively discusses value investing philosophy and challenges, including David Einhorn's assertion that market structures are broken and value investing is dead due to passive investing. The managers defend value investing, arguing that patient fundamental investors can still profit through cash flow generation rather than just multiple re-rating. | View | |
| 2025 Q1 | May 26, 2025 | Kathmandu Capital | -1.7% | -1.7% | 3918.HK, GCT, KSPI, SEG, UI, VU.PA | Asia, diversification, Europe, risk management, tariffs, value | Tariff concerns have overshadowed global economic prospects this quarter, with markets becoming increasingly policy-driven and volatile. The U.S. surprise tariff on Vietnam has cast uncertainty over the furniture industry, affecting Chinese suppliers routing shipments through Vietnam. Tariffs are likely to pressure margins for companies without U.S. manufacturing facilities. | SEG VU.PA KSPI UI GCT 3918.HK |
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| 2024 Q1 | Apr 20, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918.HK, KSPI, VU.PA | emerging markets, energy, gaming, oil, small caps, value | The fund increased oil and gas exposure from 50% to 60% of portfolio in Q4 2023, driven by thesis that secular supply shortages will support strong oil prices. Manager expects WTI crude to stay range-bound with $80 at the low end, enabling companies to maintain strong profitability and reward investors with share repurchases and dividend hikes. | VU.PA KSPI 3918.HK |
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| 2024 Q3 | Dec 18, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918.HK, GCT, GLD, KSPI, VU.PA | Asia, Cyclical, Drawdown, E-Commerce, oil, value | The fund holds positions in cross-border e-commerce companies like Gigacloud Technology, which specializes in furniture and bulky items logistics, and Kaspi.KZ, which operates in Kazakhstan's e-commerce ecosystem. The manager sees significant opportunities in specialized e-commerce niches with strong barriers to entry. | VU.EPA KSPI GCT 3918.HK |
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| 2024 Q3 | Dec 17, 2024 | Meditation Capital | - | - | BGEO.L, HEPS.IS, KSPI, TBCG.L | Banking, emerging markets, Fintech, IRR, long-term, valuation | Manager emphasizes how high multiples significantly damage medium/long-term IRRs, constraining their opportunity set. They focus heavily on valuation as key input for underwriteable returns and downside protection, assuming conservative exit multiples rather than relying on market sentiment. | HLYB TBCG.L BGEO.L KSPI |
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| 2025 Q3 | Oct 14, 2025 | Kathmandu Capital | 14.6% | 31.4% | ACMR, KSPI, LEU, UI, VU.PA | AI, China, energy, geopolitics, gold, nuclear, semiconductors, technology | AI and Federal Reserve policy remained dominant themes over the quarter. Big Tech continues ramping investment in AI-driven capex cycle, which appears real with potential to power Industry Evolution 5.0 and usher in new era of productivity growth. The manager views this as a secular opportunity while preparing for eventual cycle slowdown. | KSPI US LEU US ACMR US UI US |
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| 2024 Q2 | Jul 23, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918.HK, KSPI, VU.PA | Asia, Casinos, concentrated, emerging markets, oil, small caps, value | Portfolio affected by oil price volatility following OPEC+ announcement to phase out production cuts. WTI dropped from $86.91 to $73.25 before recovering. Manager sees potential exit point post-election due to possible Trump drill baby drill scenario disrupting supply-demand dynamics. | VU.PA KSPI 3918.HK |
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| 2024 Q4 | Mar 17, 2025 | Kathmandu Capital | -10.7% | -11.0% | 3918.HK, GCT, KSPI, SEG, UI, VU.PA | Concentration, international, long-term, small caps, underperformance, value, volatility | The fund focuses on high-quality, undervalued companies that have become available at reasonable valuations due to market turmoil. The manager emphasizes finding deep value gems and quality compounders trading below intrinsic value, with specific examples like Gigacloud trading at less than 5x P/E. | SEG VU.PA KSPI UI GCT 3918.HK |
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| 2023 Q4 | Feb 2, 2024 | Meditation Capital | - | - | KSPI | E-Commerce, emerging markets, Fintech, Kazakhstan, payments, technology, value | Kaspi operates as Kazakhstan's dominant super-app combining payments, lending, and e-commerce with ubiquitous usage. The company benefits from weak competition and generates profits across three segments with superior data advantages for underwriting. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 3, 2026 | Substack | Coughlin Capital | Kaspi.kz | Technology | Fintech | Bull | London Stock Exchange | dividends, Fintech, Hepsiburada acquisition, Kaspi.kz, Kazakhstan, market leadership, shareholder returns, super app, Tencent investment, Undervalued Stock | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Kaspi.KZ | Information Technology | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, e-commerce, Fintech, growth, Institutional Coverage, Kazakhstan, multiple expansion, super app | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Kaspi.KZ | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | AI Opportunity, digital payments, Fintech, growth, international expansion, Kazakhstan, quality compounder, Regional Monopoly, technology platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Kaspi.KZ | Financials | Consumer Finance | Bull | NASDAQ | Digital Ecosystem, e-commerce, Emerging markets, Equity, Fintech, Kazakhstan, Payments, Turkey | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Kaspi.KZ | Financials | Consumer Finance | Bull | NASDAQ | digital payments, e-commerce, Emerging markets, Fintech, geopolitical, growth, Kazakhstan | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Kaspi.KZ | Financials | Consumer Finance | Bull | NASDAQ | acquisition, e-commerce, Fintech, Kazakhstan, marketplace, Payments, Regulatory tailwinds, Short squeeze, Turkey expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Meditation Capital | Kaspi.kz JSC | Financials | Consumer Finance | Bull | NASDAQ | acquisition, digital payments, e-commerce, Emerging markets, Fintech, Kazakhstan, super app, Turkey, turnaround, Value | View Pitch |
| 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. | ||||||||