Pabrai Funds buys KSPI in June 2026 filing

Mohnish Pabrai opened a new position in KSPI worth $147,461 in his June 2026 13F filing. At 0.1% of his total $326.7M portfolio, it is his smallest holding. The stock rates 91/100 on SteadyShares and currently trades 98% above its fair value estimate, suggesting it is deeply expensive by the metric.

!Pabrai's 4 Holdings by Portfolio Weight. KSPI is a tiny position at 0.1% of the $326.7M book. HCC dominates at 43.3%.

What does KSPI do?

Kaspi.kz is a Kazakhstan-based digital platform and payment system operator. The company operates a marketplace, e-commerce layer, and fintech services, including lending and payment processing. It is listed on the Nasdaq under the ticker KSPI and serves as a major financial infrastructure player in Central Asia.

Pabrai's entry into the stock is his first position in the technology sector within this filing, though it represents only a sliver of the overall portfolio.

Why is KSPI so expensive right now?

SteadyShares rates KSPI at 91/100 but flags it as trading 98% above its fair value. This extreme premium suggests the market has priced in significant growth expectations or the stock has risen substantially since a fair value was last calculated. At this valuation, the position carries substantial downside risk if sentiment shifts or earnings disappoint.

The 91/100 rating on fundamentals (a high-quality assessment) contrasts sharply with the 98% premium, indicating the company itself may be sound but its current stock price is asking a lot from future performance.

How does this fit Pabrai's broader moves?

Pabrai trimmed two of his three other holdings this quarter. He cut HCC by 4% (now $141.5M) and AMR by 11% (now $85.3M), while holding steady on Transocean at 30.5% of the book. The KSPI buy comes as Pabrai is rebalancing away from larger positions, not adding to them.

This contrasts with his major holdings: Transocean, an offshore drilling company, and HCC, both in the basic materials and energy space. KSPI introduces a non-commodity, technology-focused diversifier, though its footprint is negligible at present.

The bottom line

Pabrai is taking a small, high-conviction bet on a fundamentally strong business at a price most value investors would avoid. At 98% above fair value, even a 91/100 rated company is a risky entry unless Pabrai believes KSPI will grow into its valuation or has shifted his methodology toward growth at any price.

You can review Mohnish Pabrai's full portfolio and trade history on SteadyShares to track his moves each quarter.

This is educational information, not financial advice.