Investors should look beyond the so-called “Magnificent Seven” and identify technology “winners” outside the United States, according to one hedge fund manager. Beanit Kothari, CEO and principal portfolio manager at U.S.-based hedge fund Techne Capital Management, believes there are global tech stocks that are still making good investments. said. “Our view is that there is a Magnificent Seven group of companies in each of the world’s major economies that you can buy at a fraction of the price,” he told CNBC Pro earlier this month. Ta. The Magnificent Seven stocks (Alphabet, Amazon, Apple, Metaplatform, Microsoft, Nvidia, and Tesla) have dominated investor interest in technology in recent years. Their popularity is reflected in their revenue, with the group’s revenue up more than 40% year-to-date and more than 60% in the past 12 months. But Kothari, who manages about $1.2 billion in assets, said he is looking for high-tech companies that are “run the way you would expect a Silicon Valley company to be run.” “We want to find companies that are focused on what’s happening with AI and have the right engineers who can develop things like semiconductor chips,” he added. Kaspi Among the stocks Kothari is betting on is Kaspi, a fintech company headquartered in Kazakhstan. The payments and fintech marketplace operator is listed on the Kazakhstan Stock Exchange and trades in the United States as American Depositary Receipts under the ticker KSPI. “They are Kazakhstan’s largest fintech company, growing 25% a year,” he said of the $15 billion company. He said his favorite metrics about the company include its strong earnings, clean balance sheet, cheap valuation and the fact that it’s “making money.” Kothari’s comments come as Caspian’s revenue in the third quarter rose 28% year-on-year to 650 billion Kazakhstani tenge ($1.34 billion) on the back of strength in payment platforms and markets. It is something that Net profit increased by 18% to 275 billion Kazakhstani tenge. Looking ahead, the company expects overall platform revenue to increase in its full-year results. The company’s stock price has increased about 25% since the beginning of the year. The company currently trades at about 11 times estimated earnings, according to FactSet data. “We didn’t start looking at Kazakhstan, but we found Kaspi, which turned out to be the type of business that could be 30 to 50 times more profitable in Silicon Valley,” Kothari said.
