Value Hive Podcast Evan Vanderveer (Vanshap Capital): MELI, KSPI, and NU
Jul 24, 2026
Evan Vanderveer, founder of Vanshap Capital and portfolio manager focused on founder-led, customer‑centric businesses. He breaks down why Mercado Libre looks compelling now. He walks through Kaspi’s super‑app growth in Kazakhstan. He explains Nu Holdings’ rapid digital banking expansion across Latin America.
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How Vanshap Capital Started And Evolved
- Evan Vanderveer founded Vanshap Capital in 2012 after he and a partner realized few managers focused on international ex-US equities.
- They partnered with Markel as a founding investor and gradually evolved the firm over 14 years into a concentrated fund.
Why The Strategy Shifted To Customer Fanatics
- Vanshap shifted from deep-value small caps to a 'customer fanatic' strategy around 2020, prioritizing higher-quality, founder-led businesses.
- The change came from observing that the best long-term outcomes were driven by managers focused on customers and long-term capital allocation.
How To Screen For Customer Fanatics
- Look for founder-controlled companies with a culture that prioritizes delighting customers as a durable competitive advantage.
- Track signals like high insider ownership, NPS emphasis, retention/renewal rates, and managers willing to cut products that don't please customers.