KASPI KZ JSC KSPI
SPONSORED ADS · ADR · CUSIP 48581R205 · ISIN US48581R2058
Technology "unicorn" company of Kazakhstan
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($13.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $86.66. Options: 8 managers hold calls ($14.3m notional), 8 hold puts ($39.7m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 2 |
| Q4 2022 | 2 |
| Q1 2023 | 2 |
| Q2 2023 | 2 |
| Q3 2023 | 1 |
| Q4 2023 | 1 |
| Q1 2024 | 127 |
| Q2 2024 | 155 |
| Q3 2024 | 171 |
| Q4 2024 | 176 |
| Q1 2025 | 193 |
| Q2 2025 | 163 |
| Q3 2025 | 185 |
| Q4 2025 | 175 |
| Q1 2026 | 167 |
| Q2 2026 | 207 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 96 | 75 |
| Q4 2024 | 76 | 88 |
| Q1 2025 | 98 | 83 |
| Q2 2025 | 79 | 104 |
| Q3 2025 | 116 | 70 |
| Q4 2025 | 95 | 93 |
| Q1 2026 | 84 | 88 |
| Q2 2026 | 115 | 75 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $28.9m | $12.0m | 0.42 |
| Q4 2025 | $23.2m | $17.9m | 0.77 |
| Q1 2026 | $10.1m | $27.4m | 2.72 |
| Q2 2026 | $14.3m | $39.7m | 2.78 |
Biggest buyers
| SCHRODER INVESTMENT MANAGEMENT GROUP | Added | +753.1k |
| BAILLIE GIFFORD & CO | Added | +656.0k |
| SAMLYN CAPITAL, LLC | Added | +431.3k |
| North of South Capital LLP | Added | +417.7k |
| PZENA INVESTMENT MANAGEMENT LLC | Added | +399.5k |
| FMR LLC | Added | +371.1k |
| FIL Ltd | Added | +309.6k |
| Cullen Capital Management, LLC | New | +234.3k |
| Fiera Capital Corp | Added | +119.9k |
| Capital World Investors | Added | +115.1k |
Biggest sellers
| Baring Fintech Fund III Managers Ltd | Reduced | -5.0m |
| Baring Fintech Manager Holding Ltd | Reduced | -1.3m |
| CAT ROCK CAPITAL MANAGEMENT LP | Sold out | -631.0k |
| Southpoint Capital Advisors LP | Reduced | -400.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -221.7k |
| UNTITLED INVESTMENTS LP | Reduced | -177.7k |
| Bienville Capital Management, LLC | Sold out | -134.8k |
| BIT Capital GmbH | Reduced | -126.7k |
| Gemsstock Ltd. | Reduced | -114.7k |
| DEUTSCHE BANK AG\ | Reduced | -113.9k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $5.2m60.1k shares |
| JANE STREET GROUP, LLC | Added | $3.2m36.6k shares |
| CITADEL ADVISORS LLC | Reduced | $2.7m31.1k shares |
| Militia Capital Management LLC | Reduced | $1.0m12.0k shares |
| D. E. Shaw & Co., Inc. | New | $866.4k10.0k shares |
| IMC-Chicago, LLC | Added | $788.4k9.1k shares |
| Endure Capital Management, LLC | New | $320.6k3.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $199.3k2.3k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $25.7m297.1k shares |
| JANE STREET GROUP, LLC | Added | $6.8m78.4k shares |
| CITADEL ADVISORS LLC | Added | $2.8m32.1k shares |
| PEAK6 LLC | New | $1.2m13.7k shares |
| IMC-Chicago, LLC | Added | $996.4k11.5k shares |
| SIMPLEX TRADING, LLC | Added | $875.1k10.1k shares |
| SIG BROKERAGE, LP | New | $762.4k8.8k shares |
| GROUP ONE TRADING LLC | Added | $545.8k6.3k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Kim Vyacheslav 13G · exempt (held before listing) -1.3 pts · filed 2026-08-14 | 20.0% |
| European Investors Ltd 13G · passive investor new · filed 2025-04-24 | 6.5% |
Fell to 5% or below in the last year: Asia Equity Partners Ltd (3.7%, 2026-08-13)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Baring Fintech Manager Holding Ltd 100.00% of their portfolio | 16.7m $1.5bn | Reduced -1.3m |
| Brehaut David Pascal 100.00% of their portfolio | 12.3m $1.1bn | Unchanged |
| Baring Fintech Fund III Managers Ltd 100.00% of their portfolio | 7.1m $615.7m | Reduced -5.0m |
| BAILLIE GIFFORD & CO 0.45% of their portfolio | 5.8m $500.7m | Added +656.0k |
| FIL Ltd 0.23% of their portfolio | 3.6m $315.0m | Added +309.6k |
| PZENA INVESTMENT MANAGEMENT LLC 0.78% of their portfolio | 3.1m $266.1m | Added +399.5k |
| Spice Expeditions, LP 100.00% of their portfolio | 2.6m $223.9m | First filing |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.14% of their portfolio | 2.3m $201.0m | Added +753.1k |
| FMR LLC 0.01% of their portfolio | 2.0m $171.8m | Added +371.1k |
| SANDS CAPITAL MANAGEMENT, LLC 0.49% of their portfolio | 1.5m $132.6m | Reduced -55.3k |
| SAMLYN CAPITAL, LLC 2.15% of their portfolio | 1.5m $129.8m | Added +431.3k |
| Capital World Investors 0.01% of their portfolio | 1.1m $99.1m | Added +115.1k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 1.1m $96.8m | Added +1.0k |
| BlackRock, Inc. 0.00% of their portfolio | 1.1m $94.1m | Added +46.2k |
| VR Advisory Services Ltd 8.07% of their portfolio | 1.0m $91.0m | Reduced -27.4k |
| North of South Capital LLP 6.30% of their portfolio | 987.4k $85.5m | Added +417.7k |
| BRANDES INVESTMENT PARTNERS, LP 0.51% of their portfolio | 833.7k $72.2m | Added +89.6k |
| Coronation Fund Managers Ltd. 2.70% of their portfolio | 814.8k $70.6m | Reduced -51.0k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 759.8k $65.8m | Added +114.0k |
| Polar Capital Holdings Plc 0.17% of their portfolio | 673.3k $58.3m | Added +4.9k |
| Greenvale Capital LLP 6.34% of their portfolio | 665.6k $57.7m | Added +15.6k |
| WCM INVESTMENT MANAGEMENT, LLC 0.10% of their portfolio | 656.4k $57.4m | Added +85.0k |
| Ranmore Fund Management Ltd 5.95% of their portfolio | 620.0k $53.7m | Unchanged |
| Southpoint Capital Advisors LP 1.18% of their portfolio | 600.0k $52.0m | Reduced -400.0k |
| Kingsway Capital Partners Ltd 7.02% of their portfolio | 596.1k $51.6m | First filing |
| MORGAN STANLEY 0.00% of their portfolio | 575.0k $49.8m | Reduced -15.5k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 537.0k $46.5m | Added +12.7k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 505.9k $43.8m | Reduced -111.8k |
| Marex Group Ltd 0.32% of their portfolio | 502.9k $43.6m | Reduced -45.4k |
| Aberdeen Group plc 0.06% of their portfolio | 488.9k $42.4m | Reduced -94.0k |
| Artisan Partners Limited Partnership 0.07% of their portfolio | 471.5k $40.8m | Added +85.4k |
| 683 Capital Management, LLC 3.74% of their portfolio | 470.0k $40.7m | Reduced -5.0k |
| First Beijing Investment Ltd 1.51% of their portfolio | 424.6k $36.8m | Reduced -9.7k |
| Mondrian Investment Partners LTD 0.53% of their portfolio | 396.3k $34.3m | Reduced -36.4k |
| Gemsstock Ltd. 11.12% of their portfolio | 394.5k $34.2m | Reduced -114.7k |
| UBS Group AG 0.01% of their portfolio | 390.8k $33.9m | Reduced -84.6k |
| Fiera Capital Corp 0.11% of their portfolio | 337.3k $29.2m | Added +119.9k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 328.8k $28.7m | Added +19.7k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 311.5k $26.9m | Added +11.9k |
| Legal & General Group Plc 0.00% of their portfolio | 267.8k $23.2m | Added +18.8k |
| Dodge & Cox 0.01% of their portfolio | 252.8k $21.9m | Added +42.6k |
| Kora Management LP 2.48% of their portfolio | 241.5k $20.9m | Unchanged |
| Cullen Capital Management, LLC 0.20% of their portfolio | 234.3k $20.3m | New |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 232.3k $20.1m | Added +19.9k |
| Ninety One UK Ltd 0.04% of their portfolio | 228.6k $19.8m | Added +13.0k |
| Carmignac Gestion 0.26% of their portfolio | 226.7k $19.6m | Added +2.1k |
| UNTITLED INVESTMENTS LP 7.28% of their portfolio | 216.0k $18.7m | Reduced -177.7k |
| SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 0.96% of their portfolio | 213.0k $18.5m | Reduced -27.6k |
| State of New Jersey Common Pension Fund D 0.06% of their portfolio | 205.6k $17.8m | Added +8.5k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 194.8k $16.9m | Unchanged |
| SEI INVESTMENTS CO 0.01% of their portfolio | 179.7k $15.6m | Reduced -21.6k |
| Weiss Asset Management LP 0.17% of their portfolio | 171.0k $14.8m | Added +58.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 167.3k $14.5m | Reduced -2.3k |
| Generali Investments CEE, investicni spolecnost, a.s. 0.68% of their portfolio | 166.6k $14.4m | Reduced -21.0k |
| Cape Ann Asset Management Ltd 3.27% of their portfolio | 163.9k $14.2m | Reduced -11.6k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 156.9k $13.6m | Added +112.5k |
| Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio | 153.1k $13.3m | Reduced -8.2k |
| Amova Asset Management Americas, Inc. 0.17% of their portfolio | 153.1k $13.3m | Reduced -8.2k |
| Crawford Fund Management, LLC 3.68% of their portfolio | 138.4k $12.0m | Added +3.0k |
| Itau Unibanco Holding S.A. 0.24% of their portfolio | 138.2k $12.0m | Added +37.1k |
| ARMOR ADVISORS, L.L.C. 9.71% of their portfolio | 137.2k $11.9m | Reduced -3.9k |
| Fairtree Asset Management (Pty) Ltd 4.33% of their portfolio | 130.3k $11.3m | Reduced -4.4k |
| Capricorn Fund Managers Ltd 0.82% of their portfolio | 118.9k $10.3m | Unchanged |
| Lifetime Wealth Management P.C. 5.96% of their portfolio | 117.8k $10.2m | Added +497 |
| Truffle Hound Capital, LLC 6.01% of their portfolio | 110.0k $9.5m | Unchanged |
| Harding Loevner LP 0.09% of their portfolio | 109.6k $9.5m | Reduced -9.3k |
| Euro Pacific Asset Management, LLC 0.73% of their portfolio | 108.5k $6.4m | Added +76.8k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.03% of their portfolio | 107.4k $9.3m | Reduced -49.9k |
| FAIRFAX FINANCIAL HOLDINGS LTD/ CAN 0.35% of their portfolio | 106.0k $9.2m | New |
| Point72 Asset Management, L.P. 0.01% of their portfolio | 99.9k $8.7m | Added +92.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 94.5k $8.2m | Reduced -221.7k |
| BARINGS LLC 0.14% of their portfolio | 88.8k $7.7m | Unchanged |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio | 85.1k $7.4m | Added +4.5k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 84.1k $7.3m | Reduced -4.0k |
| FLAX POND CAPITAL, LLC 2.45% of their portfolio | 82.6k $6.6m | Added +41.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 68.3k $5.9m | Reduced -434 |
| Tidal Investments LLC 0.01% of their portfolio | 67.5k $5.9m | Added +47.4k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.03% of their portfolio | 67.5k $5.8m | Reduced -17.5k |
| Militia Capital Management LLC 1.02% of their portfolio | 65.0k $5.6m | Reduced -25.9k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 63.5k $5.5m | New |
| WEXFORD CAPITAL LP 0.73% of their portfolio | 61.3k $5.3m | Reduced -2.5k |
| EXCHANGE TRADED CONCEPTS, LLC 0.02% of their portfolio | 57.6k $5.0m | Reduced -9.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 57.0k $4.9m | Unchanged |
| Hyperion Capital Advisors LP 2.18% of their portfolio | 55.8k $4.8m | Unchanged |
| Renaissance Capital LLC 2.59% of their portfolio | 54.3k $4.7m | Added +11.6k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 53.5k $4.6m | Added +53.2k |
| Analyst IMS Investment Management Services Ltd. 0.11% of their portfolio | 52.7k $4.6m | New |
| ABS Investment Management LLC 4.31% of their portfolio | 50.5k $6.6m | First filing |
| ABS Direct Equity Fund LLC 4.20% of their portfolio | 50.5k $6.6m | Reduced -24.4k |
| Amundi 0.00% of their portfolio | 50.0k $4.3m | Reduced -250 |
| BRILLIANCE ASSET MANAGEMENT LTD 1.20% of their portfolio | 46.9k $4.1m | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 41.8k $3.6m | Reduced -113.9k |
| ARK Investment Management LLC 0.02% of their portfolio | 41.5k $3.6m | Reduced -21.1k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.01% of their portfolio | 41.3k $3.6m | Unchanged |
| Eschler Asset Management LLP 5.89% of their portfolio | 38.0k $3.3m | Added +6.5k |
| Evergreen Wealth Management, LLC 1.43% of their portfolio | 35.1k $3.0m | Reduced -16.0k |
| MEITAV INVESTMENT HOUSE LTD 0.02% of their portfolio | 33.5k $2.9m | Added +16.1k |
| DUMAC, INC. 0.25% of their portfolio | 31.5k $2.7m | Unchanged |
| Eurizon Capital SGR S.p.A. 0.01% of their portfolio | 31.3k $2.7m | Added +2.0k |
| BIT Capital GmbH 0.09% of their portfolio | 30.1k $2.6m | Reduced -126.7k |