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 ($29.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $92.85. Options: 9 managers hold calls ($17.8m notional), 4 hold puts ($5.7m).
Trends to Q1 2025
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 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2023 | 1 | 1 |
| Q3 2023 | 0 | 2 |
| Q4 2023 | 0 | 1 |
| Q1 2024 | 125 | 0 |
| Q2 2024 | 80 | 76 |
| Q3 2024 | 96 | 75 |
| Q4 2024 | 76 | 88 |
| Q1 2025 | 98 | 83 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $7.4m | $864.4k | 0.12 |
| Q3 2024 | $8.9m | $17.9m | 2.02 |
| Q4 2024 | $6.4m | $15.3m | 2.40 |
| Q1 2025 | $17.8m | $5.7m | 0.32 |
Biggest buyers
| BAILLIE GIFFORD & CO | Added | +768.5k |
| Capital World Investors | New | +442.7k |
| PZENA INVESTMENT MANAGEMENT LLC | Added | +306.3k |
| Gemsstock Ltd. | Added | +277.7k |
| Polar Capital Holdings Plc | New | +206.4k |
| SCHRODER INVESTMENT MANAGEMENT GROUP | Added | +165.4k |
| GQG Partners LLC | Added | +139.9k |
| ARK Investment Management LLC | New | +131.0k |
| Park West Asset Management LLC | Added | +123.4k |
| VR Advisory Services Ltd | Added | +119.3k |
Biggest sellers
| BlackRock, Inc. | Reduced | -1.3m |
| Aberdeen Group plc | Reduced | -547.4k |
| Baring Fintech Fund III Managers Ltd | Reduced | -281.2k |
| BIT Capital GmbH | Reduced | -276.6k |
| JPMORGAN CHASE & CO | Reduced | -232.1k |
| BANK OF AMERICA CORP /DE/ | Reduced | -223.9k |
| FIL Ltd | Reduced | -165.4k |
| JUPITER ASSET MANAGEMENT LTD | Sold out | -154.2k |
| Nellore Capital Management LLC | Sold out | -140.1k |
| AMERIPRISE FINANCIAL INC | Reduced | -138.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $10.6m114.3k shares |
| Brooklands Fund Management Ltd | New | $3.4m36.4k shares |
| SIMPLEX TRADING, LLC | Added | $2.0m22.0k shares |
| JANE STREET GROUP, LLC | New | $761.4k8.2k shares |
| BARCLAYS PLC | New | $482.8k5.2k shares |
| CITADEL ADVISORS LLC | Added | $427.1k4.6k shares |
| Crawford Fund Management, LLC | Reduced | $102.1k1.1k shares |
| GROUP ONE TRADING LLC | Reduced | $18.6k200 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $3.3m36.0k shares |
| CITADEL ADVISORS LLC | Added | $2.3m25.1k shares |
| SIMPLEX TRADING, LLC | Reduced | $27.0k300 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 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 in Q1 2025
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 in Q1 2025.
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| Baring Fintech Fund III Managers Ltd 100.00% of their portfolio | 28.6m $2.7bn | Reduced -281.2k |
| Baring Fintech Manager Holding Ltd 100.00% of their portfolio | 18.1m $1.7bn | Unchanged |
| BAILLIE GIFFORD & CO 0.43% of their portfolio | 5.3m $488.4m | Added +768.5k |
| FIL Ltd 0.36% of their portfolio | 4.1m $381.4m | Reduced -165.4k |
| BlackRock, Inc. 0.00% of their portfolio | 2.4m $221.2m | Reduced -1.3m |
| GQG Partners LLC 0.26% of their portfolio | 1.7m $160.6m | Added +139.9k |
| PZENA INVESTMENT MANAGEMENT LLC 0.46% of their portfolio | 1.4m $133.1m | Added +306.3k |
| FMR LLC 0.01% of their portfolio | 1.4m $132.7m | Added +100.6k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.13% of their portfolio | 1.4m $126.2m | Added +165.4k |
| SANDS CAPITAL MANAGEMENT, LLC 0.41% of their portfolio | 1.3m $121.8m | Reduced -130.0k |
| Southpoint Capital Advisors LP 2.80% of their portfolio | 1.2m $116.1m | Unchanged |
| SAMLYN CAPITAL, LLC 1.90% of their portfolio | 1.2m $115.2m | Added +80.4k |
| Greenvale Capital LLP 10.40% of their portfolio | 1.1m $106.8m | Reduced -50.0k |
| CAT ROCK CAPITAL MANAGEMENT LP 12.49% of their portfolio | 1.0m $94.1m | Reduced -11.0k |
| Aberdeen Group plc 0.17% of their portfolio | 959.9k $89.1m | Reduced -547.4k |
| VR Advisory Services Ltd 23.14% of their portfolio | 955.5k $88.7m | Added +119.3k |
| BIT Capital GmbH 10.41% of their portfolio | 931.1k $86.4m | Reduced -276.6k |
| Mawer Investment Management Ltd. 0.39% of their portfolio | 860.3k $79.9m | Reduced -37.0k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 636.1k $59.1m | Reduced -7.0k |
| Coronation Fund Managers Ltd. 2.71% of their portfolio | 536.7k $49.8m | Added +71.5k |
| Park West Asset Management LLC 3.95% of their portfolio | 520.7k $48.3m | Added +123.4k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.04% of their portfolio | 500.9k $46.5m | Added +115.7k |
| HSBC HOLDINGS PLC 0.03% of their portfolio | 486.2k $45.2m | Reduced -4.4k |
| Ninety One UK Ltd 0.12% of their portfolio | 471.1k $43.7m | Reduced -122.9k |
| Capital World Investors 0.01% of their portfolio | 442.7k $41.1m | New |
| UNTITLED INVESTMENTS LP 11.21% of their portfolio | 426.4k $39.6m | Reduced -10.5k |
| Gemsstock Ltd. 14.34% of their portfolio | 410.0k $38.1m | Added +277.7k |
| Fiera Capital Corp 0.13% of their portfolio | 396.1k $36.8m | Reduced -39.9k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 371.6k $34.5m | Reduced -232.1k |
| Luxor Capital Group, LP 4.36% of their portfolio | 368.1k $34.2m | Reduced -125.6k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 367.7k $34.1m | Reduced -18.9k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 343.2k $31.9m | Reduced -39.7k |
| Legal & General Group Plc 0.01% of their portfolio | 331.6k $30.8m | Reduced -19.6k |
| BRIGHTLIGHT CAPITAL MANAGEMENT LP 20.13% of their portfolio | 320.9k $29.8m | Unchanged |
| Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio | 314.0k $29.2m | Added +24.6k |
| Amova Asset Management Americas, Inc. 0.38% of their portfolio | 313.5k $29.1m | Added +24.6k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 277.1k $25.7m | Reduced -223.9k |
| MIRABELLA FINANCIAL SERVICES LLP 0.50% of their portfolio | 269.4k $25.0m | Added +114.5k |
| Artisan Partners Limited Partnership 0.04% of their portfolio | 259.7k $24.1m | Added +3.2k |
| Mondrian Investment Partners LTD 0.38% of their portfolio | 240.1k $22.3m | Reduced -2.4k |
| Philosophy Capital Management LLC 2.96% of their portfolio | 239.1k $22.2m | Added +39.1k |
| WCM INVESTMENT MANAGEMENT, LLC 0.05% of their portfolio | 209.8k $19.7m | Unchanged |
| Polar Capital Holdings Plc 0.12% of their portfolio | 206.4k $19.2m | New |
| VAN ECK ASSOCIATES CORP 0.02% of their portfolio | 194.7k $18.1m | Added +117.7k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 193.8k $18.0m | Added +17.2k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 186.3k $17.3m | Unchanged |
| Harding Loevner LP 0.13% of their portfolio | 186.3k $17.3m | Reduced -10.9k |
| Bienville Capital Management, LLC 3.89% of their portfolio | 172.9k $16.1m | Added +71.0k |
| Carmignac Gestion 0.25% of their portfolio | 167.1k $15.5m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 165.9k $15.4m | Reduced -1.5k |
| Weiss Asset Management LP 0.39% of their portfolio | 157.4k $14.6m | Added +106.9k |
| SEI INVESTMENTS CO 0.02% of their portfolio | 156.3k $14.5m | Added +8.4k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 154.8k $14.4m | Reduced -1.5k |
| Generali Investments CEE, investicni spolecnost, a.s. 1.18% of their portfolio | 136.2k $12.6m | Added +24.3k |
| MORGAN STANLEY 0.00% of their portfolio | 135.6k $12.6m | Reduced -22.6k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.05% of their portfolio | 134.4k $12.5m | Added +59.4k |
| Capital International, Inc./CA/ 0.15% of their portfolio | 131.7k $12.2m | Reduced -3.8k |
| Breakout Capital Partners, LP 11.14% of their portfolio | 131.0k $12.2m | Unchanged |
| ARK Investment Management LLC 0.12% of their portfolio | 131.0k $12.2m | New |
| Marex Group Ltd 0.23% of their portfolio | 130.3k $12.1m | Reduced -51.5k |
| COMGEST GLOBAL INVESTORS S.A.S. 0.21% of their portfolio | 126.9k $11.8m | Unchanged |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.04% of their portfolio | 123.3k $11.5m | Reduced -28.0k |
| State of New Jersey Common Pension Fund D 0.05% of their portfolio | 116.8k $10.8m | Added +31.2k |
| Tekne Capital Management, LLC 3.77% of their portfolio | 106.5k $9.9m | Reduced -118.0k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 104.6k $9.7m | New |
| Penserra Capital Management LLC 0.16% of their portfolio | 98.7k $9.2m | Reduced -5.8k |
| Fairtree Asset Management (Pty) Ltd 7.28% of their portfolio | 97.5k $9.1m | Added +16.5k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.05% of their portfolio | 90.4k $8.4m | Added +24.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 78.4k $7.3m | Added +6.3k |
| Cullen Capital Management, LLC 0.08% of their portfolio | 76.8k $7.1m | Reduced -108.3k |
| Hood River Capital Management LLC 0.12% of their portfolio | 75.0k $7.0m | New |
| Truffle Hound Capital, LLC 4.46% of their portfolio | 75.0k $7.0m | Unchanged |
| Alberta Investment Management Corp 0.04% of their portfolio | 70.7k $6.6m | Added +13.9k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 69.7k $6.5m | Added +9.1k |
| ARMOR ADVISORS, L.L.C. 6.31% of their portfolio | 69.0k $6.4m | New |
| Capital International Investors 0.00% of their portfolio | 62.8k $5.9m | Reduced -40.1k |
| OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.14% of their portfolio | 62.0k $5.8m | Reduced -31.4k |
| Renaissance Capital LLC 4.41% of their portfolio | 61.5k $5.7m | Reduced -28.8k |
| Crawford Fund Management, LLC 3.72% of their portfolio | 60.8k $5.6m | Added +3.6k |
| Amundi 0.00% of their portfolio | 58.9k $5.3m | Reduced -3.4k |
| Robeco Institutional Asset Management B.V. 0.01% of their portfolio | 56.8k $5.3m | Unchanged |
| UBS Group AG 0.00% of their portfolio | 55.9k $5.2m | Added +7.8k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 55.9k $5.2m | Reduced -138.8k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 47.5k $4.4m | Added +23.7k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio | 45.5k $4.2m | Added +27.2k |
| Itau Unibanco Holding S.A. 0.15% of their portfolio | 41.9k $3.9m | Added +14.9k |
| Baader Bank Aktiengesellschaft 0.38% of their portfolio | 41.2k $3.8m | Reduced -5.0k |
| MACQUARIE GROUP LTD 0.00% of their portfolio | 41.1k $3.8m | Added +10.9k |
| Driehaus Capital Management LLC 0.04% of their portfolio | 40.1k $3.7m | Added +8.0k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 39.5k $3.7m | Reduced -1.5k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 37.8k $3.5m | Reduced -3.2k |
| STATE STREET CORP 0.00% of their portfolio | 37.3k $3.5m | Added +873 |
| Evergreen Wealth Management, LLC 2.03% of their portfolio | 36.5k $3.4m | New |
| Tidal Investments LLC 0.03% of their portfolio | 36.3k $3.4m | Reduced -4.9k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 36.1k $3.3m | New |
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 31.8k $2.9m | Reduced -8.0k |
| DUMAC, INC. 11.67% of their portfolio | 31.5k $2.9m | Unchanged |
| ABN AMRO INVESTMENT SOLUTIONS 0.06% of their portfolio | 31.1k $2.9m | Reduced -949 |
| ABS Direct Equity Fund LLC 3.69% of their portfolio | 29.7k $2.8m | Unchanged |
| FLOSSBACH VON STORCH SE 0.01% of their portfolio | 25.0k $2.3m | Added +10.0k |