Should You Hold Your Stake in Joint Stock Company Kaspi.kz (KSPI)?

Kathmandu Capital, an investment management company, released its second-quarter 2025 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 17.22% gross of fees and 16.64% net of fees compared to 10.56% for the Standard & Poor’s 500 Total Return Index and 11.52% for the MSCI ACWI Total Return benchmark. The portfolio experienced a ~30% swing over the past quarter, due to heightened market volatility stemming from tariff worries. Despite these worries, the portfolio delivered positive results driven by capital flows seeking opportunities outside the U.S. and a rebound in domestic equities as tariff worries began to ease. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its second-quarter 2025 investor letter, Kathmandu Capital highlighted stocks such as Joint Stock Company Kaspi.kz (NASDAQ:KSPI). Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is a payments, marketplace, and fintech solutions provider. The one-month return of Joint Stock Company Kaspi.kz (NASDAQ:KSPI) was 14.29%, and its shares lost 23.00% of their value over the last 52 weeks. On August 12, 2025, Joint Stock Company Kaspi.kz (NASDAQ:KSPI) stock closed at $97.17 per share, with a market capitalization of $18.539 billion.

Kathmandu Capital stated the following regarding Joint Stock Company Kaspi.kz (NASDAQ:KSPI) in its second quarter 2025 investor letter:

“Joint Stock Company Kaspi.kz (NASDAQ:KSPI): Geopolitical headwinds, domestic policy changes, and a high-interest rate environment continue to weigh on the company. We remain patient and supportive of management as they work to execute on their Turkish expansion strategy. While the move into Turkey is facing short-term challenges, we believe it will ultimately prove to be a smart decision in hindsight, as it helps the company diversify its geographic footprint into a country with higher growth ceiling.”

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A customer using the the latest B2B payment platform for banking products and services.

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Joint Stock Company Kaspi.kz (NASDAQ:KSPI) at the end of the first quarter, which was 27 in the previous quarter. While we acknowledge the risk and potential of Joint Stock Company Kaspi.kz (NASDAQ:KSPI) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Joint Stock Company Kaspi.kz (NASDAQ:KSPI) and that has 10,000% upside potential, check out our report about this cheapest AI stock.

In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.