Kaspi.kz JSC GDR 144A

• VF Vltava Fund When Artificial Intelligence Becomes Abundant in Investing, What Will Become Rare? ↗ Vltava Fund argues that artificial intelligence will commoditize basic analysis while increasing the value of independent judgment, patience, skepticism and long time horizons. It exited Lam Research, Applied Materials, KLA and Cenovus on valuation concerns, then added Visa and Kaspi.kz for their durable payment-network and ecosystem advantages. second quarter of 2026 AMAT $314BCVE $51BKLAC $210B +2

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