Data, Discipline, and Dumbbells: Jason Del Vicario Portfolio Built to Last
Inside the Long-Term Strategy Powering Jason Del Vicario’s Global Stock Picks for 2025
In a world often dominated by market noise, macroeconomic turbulence, and investor overreaction, Jason Del Vicario continues to chart his course with unshakable clarity. As Portfolio Manager at Hillside Wealth Management under the iA Private Wealth umbrella, Del Vicario remains laser-focused on one metric above all else: return on invested capital. For him, investing is not a race to react, but a disciplined walk with conviction—a journey measured not in months or quarters, but in decades.
This long-term mindset permeates every decision within his concentrated portfolio of 28 high-conviction global equities. While many investors scramble to adjust their holdings to the latest inflation data or central bank whisper, Del Vicario maintains that such short-term variables are ultimately irrelevant to long-term wealth creation. His team’s commitment to fundamental research, paired with disciplined inactivity when required, has kept them steady even as broader markets flinch.
This month, BNN Bloomberg revisits his current top picks: Kaspi.kz, Calnex Solutions, and Curves Holdings. These aren’t your typical North American mega-cap darlings, and that’s exactly the point. Del Vicario is hunting for quality—regardless of geography—and his selections are proof that growth and value can still go hand in hand.
Kaspi.kz: The Super App That Never Sleeps
Kaspi.kz, listed on the Nasdaq under KSPI, is not a household name in the West, but in Kazakhstan, it’s a digital juggernaut. The company has evolved into a multi-vertical “super app” that integrates payments, e-commerce, and banking into a single seamless platform. On average, users open the app over 70 times per month—more than twice daily. In a region often overlooked by global investors, Kaspi.kz has quietly achieved something remarkable: ubiquity.
But what elevates it from a local favorite to a global growth story is its recent move into Turkey via acquisition. If the firm can replicate its Kazakh success in Turkey—a considerably larger and more competitive market—it could unlock its next major leg of growth. Del Vicario sees the potential but remains pragmatic, recognizing the geopolitical risks associated with emerging markets. Still, with a price-to-earnings ratio of just 7.5, the market appears to be underestimating both Kaspi’s resilience and its optionality. Hillside has held the stock since 2021 and continues to view it as one of the most compelling value opportunities in global tech.
Calnex Solutions: Betting on the Backbone of the Digital World
While Kaspi.kz thrives in the consumer-facing digital frontier, Calnex Solutions operates in the often-invisible world of telecom infrastructure. Based in Scotland and trading under the LON ticker CLX, Calnex specializes in testing equipment for network synchronization—a critical but unglamorous part of keeping the modern internet running.
The telecom sector has been under pressure, with reduced CAPEX spending sending many stocks into the doldrums. Calnex has not been immune. Yet this short-term pain presents what Del Vicario believes is a long-term gain. He highlights that Calnex is a market leader in its niche and remains founder-run and debt-free—a rare combination that speaks volumes about management’s discipline and the firm’s durability.
Phones aren’t going away. Data demand is rising. Networks will need to keep pace. Del Vicario’s bet is that when telecom CAPEX spending returns—and it will—Calnex will be there to capture the rebound. He’s held the stock since 2022, doubled down through 2023, and sees the current valuation as another golden entry point.
Curves Holdings: A Forgotten Brand’s Global Rebirth
The third pick in Del Vicario’s trio is perhaps the most surprising. Remember Curves? The once-ubiquitous women’s fitness chain that boomed in North America and then fizzled out? In Japan, the story couldn’t be more different. Listed on the Tokyo exchange as 7085, Curves Holdings has not only survived but flourished.
With around 2,000 locations and over 800,000 active members, Curves has embedded itself into Japanese fitness culture. The company’s focus on middle-aged women—a demographic often neglected by global fitness brands—has created a loyal and enduring customer base. But what’s most compelling is Curves Holdings’ acquisition of the global master franchise rights in 2018, giving them the strategic control to expand the brand worldwide.
They’ve already begun branching into Europe and have introduced men’s clubs in Japan, adding new growth channels to an already stable core. At a P/E of 16, the stock may not scream “deep value,” but for Del Vicario, it’s the brand’s long runway and strong business model that matter most.
The Hillside Strategy: Quality Over Noise
Del Vicario’s philosophy at Hillside Wealth Management is refreshingly simple—and effective. He doesn’t chase headlines. He doesn’t pivot based on inflation whispers or geopolitical drama. He searches for exceptional businesses with high returns on capital, strong management, and long-term growth potential. Then, he holds them. Through volatility. Through noise. Through cycles.
His portfolio of 28 names is purposefully concentrated, with the top 10 positions making up 75% of the equity allocation. That’s conviction in action. The team doesn’t hedge currency exposure either, preferring to embrace global diversification as a strength rather than a liability.
In 2025, they’ve made just one new addition—Curves Holdings—underscoring their belief that great opportunities are rare and deserve patience. While many managers tout activity as a sign of diligence, Del Vicario shows that deep research and selective inactivity can be a far more potent strategy.
A Long-Term Lens in a Short-Term World
What sets Del Vicario apart isn’t just his picks—it’s the framework he uses to select them. While the market is caught in a constant loop of earnings calls, data drops, and Fed forecasts, he’s operating on a completely different wavelength. His lens is long-term, his discipline is rare, and his confidence is backed by process.
In a world where investors are often their own worst enemies—jumping in and out of positions based on fleeting narratives—Del Vicario’s steady hand offers a reminder of what true investing looks like. It’s not about predicting the next headline. It’s about owning a collection of businesses that can compound value over time.
Whether it’s a fintech disruptor in Central Asia, a telecom enabler in Scotland, or a resurgent fitness brand in Japan, each of Del Vicario’s picks reflects a deep commitment to quality, research, and global opportunity. For investors looking to tune out the noise and focus on the signal, Hillside’s portfolio offers a compelling blueprint.
Conclusion
Jason Del Vicario’s top picks for June 2025 aren’t just a list of tickers—they’re a thesis on how to invest with discipline in a chaotic world. By prioritizing long-term compounding, capital efficiency, and management quality over market noise and volatility, he’s building a portfolio meant to last, not just perform. In Kaspi.kz, Calnex Solutions, and Curves Holdings, we see three very different stories united by a single vision: value that can endure.