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 ($25.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $84.89. Options: 7 managers hold calls ($12.8m notional), 5 hold puts ($8.5m).
Trends to Q2 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 |
| Q2 2025 | 163 |
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 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 |
| Q2 2025 | 79 | 104 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $8.9m | $17.9m | 2.02 |
| Q4 2024 | $6.4m | $15.3m | 2.40 |
| Q1 2025 | $17.8m | $5.7m | 0.32 |
| Q2 2025 | $12.8m | $8.5m | 0.67 |
Biggest buyers
| FMR LLC | Added | +403.1k |
| Polar Capital Holdings Plc | Added | +381.3k |
| SANDS CAPITAL MANAGEMENT, LLC | Added | +370.6k |
| Coronation Fund Managers Ltd. | Added | +348.4k |
| PZENA INVESTMENT MANAGEMENT LLC | Added | +247.7k |
| SOUTHEASTERN ASSET MANAGEMENT INC/TN/ | New | +188.8k |
| BANK OF AMERICA CORP /DE/ | Added | +138.9k |
| VR Advisory Services Ltd | Added | +121.9k |
| BRIGHTLIGHT CAPITAL MANAGEMENT LP | Added | +111.1k |
| Norwood Investment Partners, LP | New | +95.1k |
Biggest sellers
| Baring Fintech Fund III Managers Ltd | Reduced | -12.3m |
| BlackRock, Inc. | Reduced | -875.3k |
| GQG Partners LLC | Reduced | -253.5k |
| Park West Asset Management LLC | Reduced | -230.6k |
| BAILLIE GIFFORD & CO | Reduced | -228.8k |
| SAMLYN CAPITAL, LLC | Reduced | -226.9k |
| CAT ROCK CAPITAL MANAGEMENT LP | Reduced | -185.3k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -162.4k |
| FIL Ltd | Reduced | -161.2k |
| MIRABELLA FINANCIAL SERVICES LLP | Reduced | -156.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $10.3m121.2k shares |
| CITADEL ADVISORS LLC | Added | $1.2m13.7k shares |
| JANE STREET GROUP, LLC | Added | $772.5k9.1k shares |
| JCSD Capital, LLC | First filing | $509.3k6.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $50.0k600 shares |
| GROUP ONE TRADING LLC | Reduced | $8.5k100 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $5.9m69.4k shares |
| CITADEL ADVISORS LLC | Reduced | $1.7m19.7k shares |
| JANE STREET GROUP, LLC | New | $577.3k6.8k shares |
| SIMPLEX TRADING, LLC | Added | $398.0k4.7k 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 Q2 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 Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| Baring Fintech Manager Holding Ltd 100.00% of their portfolio | 18.1m $1.5bn | Unchanged |
| Baring Fintech Fund III Managers Ltd 100.00% of their portfolio | 16.3m $1.4bn | Reduced -12.3m |
| BAILLIE GIFFORD & CO 0.32% of their portfolio | 5.0m $427.1m | Reduced -228.8k |
| FIL Ltd 0.29% of their portfolio | 3.9m $335.0m | Reduced -161.2k |
| FMR LLC 0.01% of their portfolio | 1.8m $155.5m | Added +403.1k |
| SANDS CAPITAL MANAGEMENT, LLC 0.41% of their portfolio | 1.7m $142.8m | Added +370.6k |
| PZENA INVESTMENT MANAGEMENT LLC 0.46% of their portfolio | 1.7m $142.7m | Added +247.7k |
| BlackRock, Inc. 0.00% of their portfolio | 1.5m $127.9m | Reduced -875.3k |
| GQG Partners LLC 0.18% of their portfolio | 1.5m $125.4m | Reduced -253.5k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.10% of their portfolio | 1.4m $117.9m | Added +29.8k |
| Southpoint Capital Advisors LP 2.67% of their portfolio | 1.2m $106.1m | Unchanged |
| Greenvale Capital LLP 8.73% of their portfolio | 1.1m $97.6m | Unchanged |
| VR Advisory Services Ltd 24.38% of their portfolio | 1.1m $91.5m | Added +121.9k |
| SAMLYN CAPITAL, LLC 1.25% of their portfolio | 1.0m $86.0m | Reduced -226.9k |
| Aberdeen Group plc 0.14% of their portfolio | 971.8k $82.6m | Added +12.0k |
| Coronation Fund Managers Ltd. 4.07% of their portfolio | 885.1k $75.1m | Added +348.4k |
| CAT ROCK CAPITAL MANAGEMENT LP 8.86% of their portfolio | 828.5k $70.3m | Reduced -185.3k |
| BIT Capital GmbH 4.50% of their portfolio | 814.2k $69.1m | Reduced -116.9k |
| Mawer Investment Management Ltd. 0.35% of their portfolio | 805.5k $68.4m | Reduced -54.8k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 605.7k $51.4m | Reduced -30.4k |
| Polar Capital Holdings Plc 0.26% of their portfolio | 587.8k $49.9m | Added +381.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio | 514.2k $43.6m | Added +13.3k |
| HSBC HOLDINGS PLC 0.03% of their portfolio | 462.2k $39.2m | Reduced -23.9k |
| Capital World Investors 0.01% of their portfolio | 444.5k $37.7m | Added +1.7k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 433.7k $36.8m | Added +62.1k |
| BRIGHTLIGHT CAPITAL MANAGEMENT LP 20.24% of their portfolio | 432.0k $36.7m | Added +111.1k |
| Ninety One UK Ltd 0.09% of their portfolio | 429.6k $36.5m | Reduced -41.5k |
| Fiera Capital Corp 0.12% of their portfolio | 428.9k $36.4m | Added +32.8k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 424.6k $36.0m | Added +56.9k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 416.0k $35.3m | Added +138.9k |
| UNTITLED INVESTMENTS LP 9.16% of their portfolio | 394.9k $33.5m | Reduced -31.5k |
| Legal & General Group Plc 0.01% of their portfolio | 348.3k $29.6m | Added +16.7k |
| Gemsstock Ltd. 4.95% of their portfolio | 327.4k $27.8m | Reduced -82.6k |
| Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio | 299.6k $25.4m | Reduced -14.4k |
| Amova Asset Management Americas, Inc. 0.25% of their portfolio | 298.3k $25.3m | Reduced -15.2k |
| Park West Asset Management LLC 1.88% of their portfolio | 290.0k $24.6m | Reduced -230.6k |
| Artisan Partners Limited Partnership 0.04% of their portfolio | 281.3k $23.9m | Added +21.6k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 249.5k $21.2m | Reduced -93.6k |
| Bienville Capital Management, LLC 4.11% of their portfolio | 245.9k $20.9m | Added +72.9k |
| Philosophy Capital Management LLC 2.57% of their portfolio | 240.2k $20.4m | Added +1.1k |
| Luxor Capital Group, LP 2.37% of their portfolio | 214.2k $18.2m | Reduced -154.0k |
| WCM INVESTMENT MANAGEMENT, LLC 0.04% of their portfolio | 202.7k $17.5m | Reduced -7.1k |
| SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 0.81% of their portfolio | 188.8k $16.0m | New |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 187.8k $15.9m | Added +1.5k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 184.1k $15.6m | Added +29.3k |
| Carmignac Gestion 0.24% of their portfolio | 184.0k $15.6m | Added +17.0k |
| SEI INVESTMENTS CO 0.02% of their portfolio | 177.2k $15.0m | Added +20.8k |
| Generali Investments CEE, investicni spolecnost, a.s. 1.18% of their portfolio | 168.4k $14.3m | Added +32.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 165.5k $14.1m | Reduced -438 |
| Weiss Asset Management LP 0.21% of their portfolio | 157.4k $13.4m | Unchanged |
| Harding Loevner LP 0.09% of their portfolio | 151.4k $12.8m | Reduced -34.9k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.04% of their portfolio | 147.5k $12.5m | Added +13.1k |
| Capital International, Inc./CA/ 0.12% of their portfolio | 143.1k $12.1m | Added +11.4k |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 131.3k $11.1m | Reduced -63.4k |
| COMGEST GLOBAL INVESTORS S.A.S. 0.19% of their portfolio | 128.1k $10.9m | Added +1.2k |
| MORGAN STANLEY 0.00% of their portfolio | 126.0k $10.7m | Reduced -9.6k |
| ARK Investment Management LLC 0.08% of their portfolio | 120.7k $10.2m | Reduced -10.3k |
| State of New Jersey Common Pension Fund D 0.04% of their portfolio | 116.8k $9.9m | Unchanged |
| MIRABELLA FINANCIAL SERVICES LLP 1.00% of their portfolio | 112.7k $9.6m | Reduced -156.7k |
| Fairtree Asset Management (Pty) Ltd 7.01% of their portfolio | 109.5k $9.3m | Added +12.0k |
| EXCHANGE TRADED CONCEPTS, LLC 0.12% of their portfolio | 107.4k $9.1m | Added +94.8k |
| ARMOR ADVISORS, L.L.C. 9.02% of their portfolio | 107.0k $9.1m | Added +38.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 96.3k $8.2m | Added +17.9k |
| Norwood Investment Partners, LP 6.05% of their portfolio | 95.1k $8.1m | New |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.04% of their portfolio | 90.4k $7.7m | Unchanged |
| OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.20% of their portfolio | 85.6k $7.3m | Added +23.5k |
| Hood River Capital Management LLC 0.10% of their portfolio | 84.6k $7.2m | Added +9.5k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.02% of their portfolio | 75.5k $6.4m | Reduced -47.8k |
| Truffle Hound Capital, LLC 4.21% of their portfolio | 75.0k $6.4m | Unchanged |
| Renaissance Capital LLC 3.89% of their portfolio | 65.6k $5.6m | Added +4.1k |
| Crawford Fund Management, LLC 3.08% of their portfolio | 61.6k $5.2m | Added +800 |
| Amundi 0.00% of their portfolio | 57.7k $4.9m | Reduced -1.2k |
| Itau Unibanco Holding S.A. 0.18% of their portfolio | 55.5k $4.7m | Added +13.6k |
| Robeco Institutional Asset Management B.V. 0.01% of their portfolio | 55.0k $4.7m | Reduced -1.8k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 53.7k $4.6m | Reduced -2.2k |
| Pictet Asset Management Holding SA 0.00% of their portfolio | 49.6k $4.2m | Reduced -55.0k |
| MACQUARIE GROUP LTD 0.00% of their portfolio | 46.6k $4.0m | Added +5.5k |
| Baader Bank Aktiengesellschaft 0.28% of their portfolio | 38.7k $3.3m | Reduced -2.5k |
| Evergreen Wealth Management, LLC 1.80% of their portfolio | 37.7k $3.2m | Added +1.2k |
| Tidal Investments LLC 0.02% of their portfolio | 34.2k $2.9m | Reduced -2.0k |
| ABN AMRO INVESTMENT SOLUTIONS 0.05% of their portfolio | 32.1k $2.7m | Added +1.0k |
| Cullen Capital Management, LLC 0.03% of their portfolio | 31.8k $2.7m | Reduced -45.0k |
| DUMAC, INC. 16.80% of their portfolio | 31.5k $2.7m | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 31.4k $2.7m | Reduced -162.4k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 30.3k $2.6m | Reduced -39.4k |
| ABS Direct Equity Fund LLC 4.01% of their portfolio | 29.7k $2.5m | Unchanged |
| SG Americas Securities, LLC 0.01% of their portfolio | 28.6k $2.4m | Added +11.8k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 27.9k $2.4m | Added +23.0k |
| Amitell Capital Pte Ltd 1.31% of their portfolio | 27.4k $2.3m | Added +12.6k |
| CANNELL CAPITAL LLC 0.71% of their portfolio | 26.7k $2.3m | New |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.22% of their portfolio | 26.7k $2.3m | New |
| Jump Financial, LLC 0.03% of their portfolio | 25.4k $2.2m | New |
| MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 0.49% of their portfolio | 24.9k $2.1m | New |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 23.2k $2.0m | Reduced -8.5k |
| FLOSSBACH VON STORCH SE 0.01% of their portfolio | 21.5k $1.8m | Reduced -3.5k |
| UBS Group AG 0.00% of their portfolio | 19.0k $1.6m | Reduced -36.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 18.7k $1.6m | Added +12.6k |
| Capricorn Fund Managers Ltd 0.68% of their portfolio | 17.0k $1.4m | Unchanged |
| Virtu Financial LLC 0.06% of their portfolio | 14.9k $1.3m | Reduced -92 |
| STATE STREET CORP 0.00% of their portfolio | 14.4k $1.2m | Reduced -22.9k |