Vault-13

KASPI KZ JSC KSPI

SPONSORED ADS · ADR · CUSIP 48581R205 · ISIN US48581R2058

Technology "unicorn" company of Kazakhstan

193 institutional holders +17 vs Q4 2024
88,621,72888.6m shares reported held*
$8.2bnreported value*
34 new 64 added 66 reduced 17 sold out net sold ≈ $47.1m (-507.6k shares)

* 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

0100200Q3 22: 2Q4 22: 2Q1 23: 2Q2 23: 2Q3 23: 1Q4 23: 1Q1 24: 127Q2 24: 155Q3 24: 171Q4 24: 176Q1 25: 193193Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 20222
Q4 20222
Q1 20232
Q2 20232
Q3 20231
Q4 20231
Q1 2024127
Q2 2024155
Q3 2024171
Q4 2024176
Q1 2025193

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q2 23: 1 bought or addedQ2 23: 1 cut or sold outQ3 23: 0 bought or addedQ3 23: 2 cut or sold outQ3 23Q4 23: 0 bought or addedQ4 23: 1 cut or sold outQ1 24: 125 bought or addedQ1 24: 0 cut or sold outQ1 24Q2 24: 80 bought or addedQ2 24: 76 cut or sold outQ3 24: 96 bought or addedQ3 24: 75 cut or sold outQ3 24Q4 24: 76 bought or addedQ4 24: 88 cut or sold outQ1 25: 98 bought or addedQ1 25: 83 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 202311
Q3 202302
Q4 202301
Q1 20241250
Q2 20248076
Q3 20249675
Q4 20247688
Q1 20259883

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15m$20mQ2 24 calls: $7.4mQ2 24 puts: $864.4kQ2 24P/C 0.12Q3 24 calls: $8.9mQ3 24 puts: $17.9mQ3 24P/C 2.02Q4 24 calls: $6.4mQ4 24 puts: $15.3mQ4 24P/C 2.40Q1 25 calls: $17.8mQ1 25 puts: $5.7mQ1 25P/C 0.32
Numbers
QuarterCallsPutsP/C
Q2 2024$7.4m$864.4k0.12
Q3 2024$8.9m$17.9m2.02
Q4 2024$6.4m$15.3m2.40
Q1 2025$17.8m$5.7m0.32

Biggest buyers

BAILLIE GIFFORD & CO Added +768,529+768.5k
Capital World Investors New +442,739+442.7k
PZENA INVESTMENT MANAGEMENT LLC Added +306,277+306.3k
Gemsstock Ltd. Added +277,687+277.7k
Polar Capital Holdings Plc New +206,442+206.4k
SCHRODER INVESTMENT MANAGEMENT GROUP Added +165,443+165.4k
GQG Partners LLC Added +139,889+139.9k
ARK Investment Management LLC New +130,997+131.0k
Park West Asset Management LLC Added +123,378+123.4k
VR Advisory Services Ltd Added +119,299+119.3k

Biggest sellers

BlackRock, Inc. Reduced -1,250,192-1.3m
Aberdeen Group plc Reduced -547,427-547.4k
Baring Fintech Fund III Managers Ltd Reduced -281,187-281.2k
BIT Capital GmbH Reduced -276,616-276.6k
JPMORGAN CHASE & CO Reduced -232,093-232.1k
BANK OF AMERICA CORP /DE/ Reduced -223,863-223.9k
FIL Ltd Reduced -165,406-165.4k
JUPITER ASSET MANAGEMENT LTD Sold out -154,187-154.2k
Nellore Capital Management LLC Sold out -140,119-140.1k
AMERIPRISE FINANCIAL INC Reduced -138,809-138.8k

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.

HolderStakeChangeShares Last filed
Kim Vyacheslav 13G · exempt (held before listing) -1.3 pts · filed 2026-08-14 20.0% -1.3 pts 38.1m 2026-08-14
European Investors Ltd 13G · passive investor new · filed 2025-04-24 6.5% new 12.3m 2025-04-24

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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Baring Fintech Fund III Managers Ltd 100.00% of their portfolio St Peter Port, Y7 28,565,36128.6m $2.7bn $2.7bn 100.00% Reduced -281.2k -281,187
2 Baring Fintech Manager Holding Ltd 100.00% of their portfolio Castel, Y7 18,051,85118.1m $1.7bn $1.7bn 100.00% Unchanged
3 BAILLIE GIFFORD & CO 0.43% of their portfolio EDINBURGH, X0 5,260,0335.3m $488.4m $488.4m 0.43% Added +768.5k +768,529
4 FIL Ltd 0.36% of their portfolio HAMILTON, D0 4,107,7874.1m $381.4m $381.4m 0.36% Reduced -165.4k -165,406
5 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,382,5552.4m $221.2m $221.2m 0.00% Reduced -1.3m -1,250,192
6 GQG Partners LLC 0.26% of their portfolio FT. LAUDERDALE, FL 1,730,1631.7m $160.6m $160.6m 0.26% Added +139.9k +139,889
7 PZENA INVESTMENT MANAGEMENT LLC 0.46% of their portfolio NEW YORK, NY 1,432,9811.4m $133.1m $133.1m 0.46% Added +306.3k +306,277
8 FMR LLC 0.01% of their portfolio BOSTON, MA 1,429,0251.4m $132.7m $132.7m 0.01% Added +100.6k +100,566
9 SCHRODER INVESTMENT MANAGEMENT GROUP 0.13% of their portfolio London, X0 1,359,2701.4m $126.2m $126.2m 0.13% Added +165.4k +165,443
10 SANDS CAPITAL MANAGEMENT, LLC 0.41% of their portfolio ARLINGTON, VA 1,311,4571.3m $121.8m $121.8m 0.41% Reduced -130.0k -130,029
11 Southpoint Capital Advisors LP 2.80% of their portfolio NEW YORK, NY 1,250,0001.2m $116.1m $116.1m 2.80% Unchanged
12 SAMLYN CAPITAL, LLC 1.90% of their portfolio New York, NY 1,240,2471.2m $115.2m $115.2m 1.90% Added +80.4k +80,372
13 Greenvale Capital LLP 10.40% of their portfolio LONDON, X0 1,150,0001.1m $106.8m $106.8m 10.40% Reduced -50.0k -50,000
14 CAT ROCK CAPITAL MANAGEMENT LP 12.49% of their portfolio GREENWICH, CT 1,013,8111.0m $94.1m $94.1m 12.49% Reduced -11.0k -11,000
15 Aberdeen Group plc 0.17% of their portfolio EDINBURGH, X0 959,856959.9k $89.1m $89.1m 0.17% Reduced -547.4k -547,427
16 VR Advisory Services Ltd 23.14% of their portfolio CAMANA BAY, GRAND CAYMAN, E9 955,462955.5k $88.7m $88.7m 23.14% Added +119.3k +119,299
17 BIT Capital GmbH 10.41% of their portfolio BERLIN, 2M 931,066931.1k $86.4m $86.4m 10.41% Reduced -276.6k -276,616
18 Mawer Investment Management Ltd. 0.39% of their portfolio CALGARY, A0 860,338860.3k $79.9m $79.9m 0.39% Reduced -37.0k -36,957
19 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 636,122636.1k $59.1m $59.1m 0.02% Reduced -7.0k -6,976
20 Coronation Fund Managers Ltd. 2.71% of their portfolio Cape Town, T3 536,702536.7k $49.8m $49.8m 2.71% Added +71.5k +71,481
21 Park West Asset Management LLC 3.95% of their portfolio SAN FRANCISCO, CA 520,664520.7k $48.3m $48.3m 3.95% Added +123.4k +123,378
22 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.04% of their portfolio BOSTON, MA 500,913500.9k $46.5m $46.5m 0.04% Added +115.7k +115,658
23 HSBC HOLDINGS PLC 0.03% of their portfolio LONDON, X0 486,161486.2k $45.2m $45.2m 0.03% Reduced -4.4k -4,409
24 Ninety One UK Ltd 0.12% of their portfolio London, X0 471,113471.1k $43.7m $43.7m 0.12% Reduced -122.9k -122,921
25 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 442,739442.7k $41.1m $41.1m 0.01% New
26 UNTITLED INVESTMENTS LP 11.21% of their portfolio NEW YORK, NY 426,400426.4k $39.6m $39.6m 11.21% Reduced -10.5k -10,525
27 Gemsstock Ltd. 14.34% of their portfolio London, X0 410,000410.0k $38.1m $38.1m 14.34% Added +277.7k +277,687
28 Fiera Capital Corp 0.13% of their portfolio MONTREAL, A8 396,064396.1k $36.8m $36.8m 0.13% Reduced -39.9k -39,912
29 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 371,645371.6k $34.5m $34.5m 0.00% Reduced -232.1k -232,093
30 Luxor Capital Group, LP 4.36% of their portfolio NEW YORK, NY 368,148368.1k $34.2m $34.2m 4.36% Reduced -125.6k -125,627
31 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 367,702367.7k $34.1m $34.1m 0.01% Reduced -18.9k -18,901
32 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 343,173343.2k $31.9m $31.9m 0.01% Reduced -39.7k -39,721
33 Legal & General Group Plc 0.01% of their portfolio London, X0 331,565331.6k $30.8m $30.8m 0.01% Reduced -19.6k -19,584
34 BRIGHTLIGHT CAPITAL MANAGEMENT LP 20.13% of their portfolio WESTPORT, CT 320,900320.9k $29.8m $29.8m 20.13% Unchanged
35 Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio CHIYODA-KU, TOKYO, M0 313,992314.0k $29.2m $29.2m 0.02% Added +24.6k +24,616
36 Amova Asset Management Americas, Inc. 0.38% of their portfolio New York, NY 313,545313.5k $29.1m $29.1m 0.38% Added +24.6k +24,616
37 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 277,076277.1k $25.7m $25.7m 0.00% Reduced -223.9k -223,863
38 MIRABELLA FINANCIAL SERVICES LLP 0.50% of their portfolio London, X0 269,392269.4k $25.0m $25.0m 0.50% Added +114.5k +114,519
39 Artisan Partners Limited Partnership 0.04% of their portfolio Milwaukee, WI 259,743259.7k $24.1m $24.1m 0.04% Added +3.2k +3,206
40 Mondrian Investment Partners LTD 0.38% of their portfolio LONDON, X0 240,051240.1k $22.3m $22.3m 0.38% Reduced -2.4k -2,364
41 Philosophy Capital Management LLC 2.96% of their portfolio Alamo, CA 239,054239.1k $22.2m $22.2m 2.96% Added +39.1k +39,054
42 WCM INVESTMENT MANAGEMENT, LLC 0.05% of their portfolio LAGUNA BEACH, CA 209,774209.8k $19.7m $19.7m 0.05% Unchanged
43 Polar Capital Holdings Plc 0.12% of their portfolio London, X0 206,442206.4k $19.2m $19.2m 0.12% New
44 VAN ECK ASSOCIATES CORP 0.02% of their portfolio NEW YORK, NY 194,682194.7k $18.1m $18.1m 0.02% Added +117.7k +117,716
45 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 193,804193.8k $18.0m $18.0m 0.02% Added +17.2k +17,211
46 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 186,344186.3k $17.3m $17.3m 0.01% Unchanged
47 Harding Loevner LP 0.13% of their portfolio Bridgewater, NJ 186,307186.3k $17.3m $17.3m 0.13% Reduced -10.9k -10,853
48 Bienville Capital Management, LLC 3.89% of their portfolio New York, NY 172,905172.9k $16.1m $16.1m 3.89% Added +71.0k +71,032
49 Carmignac Gestion 0.25% of their portfolio PARIS, I0 167,054167.1k $15.5m $15.5m 0.25% Unchanged
50 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 165,950165.9k $15.4m $15.4m 0.00% Reduced -1.5k -1,501
51 Weiss Asset Management LP 0.39% of their portfolio BOSTON, MA 157,419157.4k $14.6m $14.6m 0.39% Added +106.9k +106,871
52 SEI INVESTMENTS CO 0.02% of their portfolio OAKS, PA 156,338156.3k $14.5m $14.5m 0.02% Added +8.4k +8,374
53 Russell Investments Group, Ltd. 0.02% of their portfolio Seattle, WA 154,780154.8k $14.4m $14.4m 0.02% Reduced -1.5k -1,539
54 Generali Investments CEE, investicni spolecnost, a.s. 1.18% of their portfolio PRAGUE, 2N 136,158136.2k $12.6m $12.6m 1.18% Added +24.3k +24,289
55 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 135,611135.6k $12.6m $12.6m 0.00% Reduced -22.6k -22,595
56 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.05% of their portfolio COLUMBUS, OH 134,372134.4k $12.5m $12.5m 0.05% Added +59.4k +59,436
57 Capital International, Inc./CA/ 0.15% of their portfolio Los Angeles, CA 131,746131.7k $12.2m $12.2m 0.15% Reduced -3.8k -3,800
58 Breakout Capital Partners, LP 11.14% of their portfolio NEW YORK, NY 131,000131.0k $12.2m $12.2m 11.14% Unchanged
59 ARK Investment Management LLC 0.12% of their portfolio ST. PETERSBURG, FL 130,997131.0k $12.2m $12.2m 0.12% New
60 Marex Group Ltd 0.23% of their portfolio London, X0 130,303130.3k $12.1m $12.1m 0.23% Reduced -51.5k -51,527
61 COMGEST GLOBAL INVESTORS S.A.S. 0.21% of their portfolio Paris, I0 126,883126.9k $11.8m $11.8m 0.21% Unchanged
62 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.04% of their portfolio JUPITER, FL 123,333123.3k $11.5m $11.5m 0.04% Reduced -28.0k -27,955
63 State of New Jersey Common Pension Fund D 0.05% of their portfolio TRENTON, NJ 116,801116.8k $10.8m $10.8m 0.05% Added +31.2k +31,171
64 Tekne Capital Management, LLC 3.77% of their portfolio NEW YORK, NY 106,500106.5k $9.9m $9.9m 3.77% Reduced -118.0k -118,000
65 Pictet Asset Management Holding SA 0.01% of their portfolio CAROUGE, V8 104,614104.6k $9.7m $9.7m 0.01% New
66 Penserra Capital Management LLC 0.16% of their portfolio ORINDA, CA 98,74498.7k $9.2m $9.2m 0.16% Reduced -5.8k -5,797
67 Fairtree Asset Management (Pty) Ltd 7.28% of their portfolio BELLVILLE, T3 97,48097.5k $9.1m $9.1m 7.28% Added +16.5k +16,466
68 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.05% of their portfolio HARRISBURG, PA 90,43490.4k $8.4m $8.4m 0.05% Added +24.0k +24,009
69 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 78,35778.4k $7.3m $7.3m 0.00% Added +6.3k +6,297
70 Cullen Capital Management, LLC 0.08% of their portfolio New York, NY 76,82676.8k $7.1m $7.1m 0.08% Reduced -108.3k -108,260
71 Hood River Capital Management LLC 0.12% of their portfolio PALM BEACH GARDENS, FL 75,02475.0k $7.0m $7.0m 0.12% New
72 Truffle Hound Capital, LLC 4.46% of their portfolio BETHESDA, MD 75,00075.0k $7.0m $7.0m 4.46% Unchanged
73 Alberta Investment Management Corp 0.04% of their portfolio EDMONTON, A0 70,70770.7k $6.6m $6.6m 0.04% Added +13.9k +13,852
74 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 69,69669.7k $6.5m $6.5m 0.01% Added +9.1k +9,053
75 ARMOR ADVISORS, L.L.C. 6.31% of their portfolio NEW YORK, NY 69,05069.0k $6.4m $6.4m 6.31% New
76 Capital International Investors 0.00% of their portfolio Los Angeles, CA 62,83762.8k $5.9m $5.9m 0.00% Reduced -40.1k -40,081
77 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.14% of their portfolio CHICAGO, IL 62,02062.0k $5.8m $5.8m 0.14% Reduced -31.4k -31,445
78 Renaissance Capital LLC 4.41% of their portfolio Stamford, CT 61,52461.5k $5.7m $5.7m 4.41% Reduced -28.8k -28,787
79 Crawford Fund Management, LLC 3.72% of their portfolio BOSTON, MA 60,76560.8k $5.6m $5.6m 3.72% Added +3.6k +3,600
80 Amundi 0.00% of their portfolio Paris, I0 58,85458.9k $5.3m $5.3m 0.00% Reduced -3.4k -3,406
81 Robeco Institutional Asset Management B.V. 0.01% of their portfolio ROTTERDAM, P7 56,80056.8k $5.3m $5.3m 0.01% Unchanged
82 UBS Group AG 0.00% of their portfolio ZURICH, V8 55,94955.9k $5.2m $5.2m 0.00% Added +7.8k +7,818
83 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 55,86955.9k $5.2m $5.2m 0.00% Reduced -138.8k -138,809
84 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 47,51547.5k $4.4m $4.4m 0.01% Added +23.7k +23,704
85 WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio CHICAGO, IL 45,46045.5k $4.2m $4.2m 0.01% Added +27.2k +27,246
86 Itau Unibanco Holding S.A. 0.15% of their portfolio SAO PAULO, D5 41,92941.9k $3.9m $3.9m 0.15% Added +14.9k +14,909
87 Baader Bank Aktiengesellschaft 0.38% of their portfolio Unterschleissheim, 2M 41,19041.2k $3.8m $3.8m 0.38% Reduced -5.0k -5,010
88 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 41,11841.1k $3.8m $3.8m 0.00% Added +10.9k +10,886
89 Driehaus Capital Management LLC 0.04% of their portfolio Chicago, IL 40,07540.1k $3.7m $3.7m 0.04% Added +8.0k +7,951
90 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 39,47139.5k $3.7m $3.7m 0.00% Reduced -1.5k -1,520
91 KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.01% of their portfolio LOS ANGELES, CA 37,80137.8k $3.5m $3.5m 0.01% Reduced -3.2k -3,203
92 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 37,27037.3k $3.5m $3.5m 0.00% Added +873 +873
93 Evergreen Wealth Management, LLC 2.03% of their portfolio Williamston, MI 36,52736.5k $3.4m $3.4m 2.03% New
94 Tidal Investments LLC 0.03% of their portfolio Milwaukee, WI 36,26436.3k $3.4m $3.4m 0.03% Reduced -4.9k -4,928
95 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 36,06636.1k $3.3m $3.3m 0.00% New
96 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 31,76131.8k $2.9m $2.9m 0.01% Reduced -8.0k -7,972
97 DUMAC, INC. 11.67% of their portfolio DURHAM, NC 31,51031.5k $2.9m $2.9m 11.67% Unchanged
98 ABN AMRO INVESTMENT SOLUTIONS 0.06% of their portfolio PARIS CEDEX 008, I0 31,05431.1k $2.9m $2.9m 0.06% Reduced -949 -949
99 ABS Direct Equity Fund LLC 3.69% of their portfolio Stamford, CT 29,71329.7k $2.8m $2.8m 3.69% Unchanged
100 FLOSSBACH VON STORCH SE 0.01% of their portfolio COLOGNE, 2M 25,00025.0k $2.3m $2.3m 0.01% Added +10.0k +10,000