VR Advisory Services Ltd

Key Holdings

The portfolio is dominated by a few mega-positions that dictate its performance.

• KSPI (Kaspi.kz JSC): This is the cornerstone holding, comprising 33.86% of the portfolio ($88.00M). As a leading fintech and e-commerce ecosystem in Kazakhstan, this position indicates a strong bet on the digitalization of emerging markets.
• D Market (dmarket.com): The second largest holding at 16.50% ($42.88M), this company focuses on in-game monetization and virtual item trading. Combined with Kaspi, the top two holdings suggest a thematic focus on technology-driven financial and digital services in developing or niche markets.
• Air Lease Corp & Aercap Holdings: These positions (9.18% and 5.12% respectively) represent a significant allocation to the aviation leasing sector, comprising nearly 15% of the portfolio. This indicates a bullish view on global air travel demand and the value of hard assets in the aviation sector.
• Energy Concentration: The firm holds substantial positions in Propetro Holding Corp (7.42%) and Vista Energy (4.88%), alongside smaller energy names, showing a consistent commitment to the oil and gas services and exploration sectors.