Kathmandu Capital’s Q2 2025 investor letter reported a 17.22% gross and 16.64% net return, outperforming the S&P 500 and MSCI ACWI benchmarks. The portfolio saw a 30% swing due to tariff concerns but rebounded with positive results from global opportunities and domestic equities. Check the top five holdings for 2025 picks.

In Q2 2025, Kathmandu Capital highlighted Joint Stock Company Kaspi.kz (NASDAQ:KSPI), a fintech provider. The stock had a 14.29% one-month return and lost 23.00% over 52 weeks, closing at $97.17 per share on August 12, 2025. Market capitalization was $18.539 billion.

Kathmandu Capital remains supportive of Joint Stock Company Kaspi.kz (NASDAQ:KSPI) despite challenges like geopolitical headwinds and high-interest rates. The company’s Turkish expansion aims to diversify its footprint for growth potential, despite short-term obstacles. Management support is crucial for long-term success.

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is not among the 30 most popular stocks among hedge funds, with 35 portfolios holding it in Q1 2025. While the company shows promise, AI stocks are seen as offering greater upside and lower downside risk. For an undervalued AI stock with potential from tariffs and onshoring, check out the free report on the best short-term AI stock.

Read more at Yahoo Finance: Should You Hold Your Stake in Joint Stock Company Kaspi.kz (KSPI)?