Mystery Hedge Fund Bolsters 500% Return on Curious Nasdaq Stock

Six thousand miles from Wall Street, in the ancient Silk Road city of Almaty, lies the private redoubt of a little-known financial empire.

Inside the members-only T-Club, two cockatoos, Grisha and Silvia, keep watch. Above a bronze samovar, a flat screen television shows the proprietor’s corporate crest: a green “F” on a green shield.

Few can explain exactly what’s going on here — how an obscure brokerage in Kazakhstan, of all places, has outrun Wall Street firms.

The T-Club in Almaty, Kazakhstan.

Source: Freedom Holding Corp.

But outrun them it has, and then some, at least in the stock market. Over the past couple of years, the share ...