Vault-13

KASPI KZ JSC KSPI

SPONSORED ADS · ADR · CUSIP 48581R205 · ISIN US48581R2058

Technology "unicorn" company of Kazakhstan

163 institutional holders -30 vs Q1 2025
74,828,39974.8m shares reported held*
$6.4bnreported value*
14 new 65 added 61 reduced 43 sold out net sold ≈ $1.2bn (-13.6m 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 ($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

0100200Q3 22: 2Q4 22: 2Q1 23: 2Q2 23: 2Q3 23: 1Q4 23: 1Q1 24: 127Q2 24: 155Q3 24: 171Q4 24: 176Q1 25: 193Q2 25: 163163Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025163

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q3 23: 0 bought or addedQ3 23: 2 cut or sold outQ4 23: 0 bought or addedQ4 23: 1 cut or sold outQ4 23Q1 24: 125 bought or addedQ1 24: 0 cut or sold outQ2 24: 80 bought or addedQ2 24: 76 cut or sold outQ2 24Q3 24: 96 bought or addedQ3 24: 75 cut or sold outQ4 24: 76 bought or addedQ4 24: 88 cut or sold outQ4 24Q1 25: 98 bought or addedQ1 25: 83 cut or sold outQ2 25: 79 bought or addedQ2 25: 104 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202302
Q4 202301
Q1 20241250
Q2 20248076
Q3 20249675
Q4 20247688
Q1 20259883
Q2 202579104

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ3 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 0.32Q2 25 calls: $12.8mQ2 25 puts: $8.5mQ2 25P/C 0.67
Numbers
QuarterCallsPutsP/C
Q3 2024$8.9m$17.9m2.02
Q4 2024$6.4m$15.3m2.40
Q1 2025$17.8m$5.7m0.32
Q2 2025$12.8m$8.5m0.67

Biggest buyers

FMR LLC Added +403,145+403.1k
Polar Capital Holdings Plc Added +381,332+381.3k
SANDS CAPITAL MANAGEMENT, LLC Added +370,556+370.6k
Coronation Fund Managers Ltd. Added +348,356+348.4k
PZENA INVESTMENT MANAGEMENT LLC Added +247,665+247.7k
SOUTHEASTERN ASSET MANAGEMENT INC/TN/ New +188,806+188.8k
BANK OF AMERICA CORP /DE/ Added +138,889+138.9k
VR Advisory Services Ltd Added +121,907+121.9k
BRIGHTLIGHT CAPITAL MANAGEMENT LP Added +111,100+111.1k
Norwood Investment Partners, LP New +95,104+95.1k

Biggest sellers

Baring Fintech Fund III Managers Ltd Reduced -12,257,305-12.3m
BlackRock, Inc. Reduced -875,325-875.3k
GQG Partners LLC Reduced -253,512-253.5k
Park West Asset Management LLC Reduced -230,636-230.6k
BAILLIE GIFFORD & CO Reduced -228,819-228.8k
SAMLYN CAPITAL, LLC Reduced -226,945-226.9k
CAT ROCK CAPITAL MANAGEMENT LP Reduced -185,300-185.3k
MILLENNIUM MANAGEMENT LLC Reduced -162,400-162.4k
FIL Ltd Reduced -161,245-161.2k
MIRABELLA FINANCIAL SERVICES LLP Reduced -156,691-156.7k

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.

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 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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Baring Fintech Manager Holding Ltd 100.00% of their portfolio Castel, Y7 18,051,85118.1m $1.5bn $1.5bn 100.00% Unchanged
2 Baring Fintech Fund III Managers Ltd 100.00% of their portfolio St Peter Port, Y7 16,308,05616.3m $1.4bn $1.4bn 100.00% Reduced -12.3m -12,257,305
3 BAILLIE GIFFORD & CO 0.32% of their portfolio EDINBURGH, X0 5,031,2145.0m $427.1m $427.1m 0.32% Reduced -228.8k -228,819
4 FIL Ltd 0.29% of their portfolio HAMILTON, D0 3,946,5423.9m $335.0m $335.0m 0.29% Reduced -161.2k -161,245
5 FMR LLC 0.01% of their portfolio BOSTON, MA 1,832,1701.8m $155.5m $155.5m 0.01% Added +403.1k +403,145
6 SANDS CAPITAL MANAGEMENT, LLC 0.41% of their portfolio ARLINGTON, VA 1,682,0131.7m $142.8m $142.8m 0.41% Added +370.6k +370,556
7 PZENA INVESTMENT MANAGEMENT LLC 0.46% of their portfolio NEW YORK, NY 1,680,6461.7m $142.7m $142.7m 0.46% Added +247.7k +247,665
8 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,507,2301.5m $127.9m $127.9m 0.00% Reduced -875.3k -875,325
9 GQG Partners LLC 0.18% of their portfolio FT. LAUDERDALE, FL 1,476,6511.5m $125.4m $125.4m 0.18% Reduced -253.5k -253,512
10 SCHRODER INVESTMENT MANAGEMENT GROUP 0.10% of their portfolio London, X0 1,389,0301.4m $117.9m $117.9m 0.10% Added +29.8k +29,760
11 Southpoint Capital Advisors LP 2.67% of their portfolio NEW YORK, NY 1,250,0001.2m $106.1m $106.1m 2.67% Unchanged
12 Greenvale Capital LLP 8.73% of their portfolio LONDON, X0 1,150,0001.1m $97.6m $97.6m 8.73% Unchanged
13 VR Advisory Services Ltd 24.38% of their portfolio CAMANA BAY, GRAND CAYMAN, E9 1,077,3691.1m $91.5m $91.5m 24.38% Added +121.9k +121,907
14 SAMLYN CAPITAL, LLC 1.25% of their portfolio New York, NY 1,013,3021.0m $86.0m $86.0m 1.25% Reduced -226.9k -226,945
15 Aberdeen Group plc 0.14% of their portfolio EDINBURGH, X0 971,840971.8k $82.6m $82.6m 0.14% Added +12.0k +11,984
16 Coronation Fund Managers Ltd. 4.07% of their portfolio Cape Town, T3 885,058885.1k $75.1m $75.1m 4.07% Added +348.4k +348,356
17 CAT ROCK CAPITAL MANAGEMENT LP 8.86% of their portfolio GREENWICH, CT 828,511828.5k $70.3m $70.3m 8.86% Reduced -185.3k -185,300
18 BIT Capital GmbH 4.50% of their portfolio BERLIN, 2M 814,163814.2k $69.1m $69.1m 4.50% Reduced -116.9k -116,903
19 Mawer Investment Management Ltd. 0.35% of their portfolio CALGARY, A0 805,524805.5k $68.4m $68.4m 0.35% Reduced -54.8k -54,814
20 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 605,698605.7k $51.4m $51.4m 0.02% Reduced -30.4k -30,424
21 Polar Capital Holdings Plc 0.26% of their portfolio London, X0 587,774587.8k $49.9m $49.9m 0.26% Added +381.3k +381,332
22 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio BOSTON, MA 514,178514.2k $43.6m $43.6m 0.03% Added +13.3k +13,265
23 HSBC HOLDINGS PLC 0.03% of their portfolio LONDON, X0 462,229462.2k $39.2m $39.2m 0.03% Reduced -23.9k -23,932
24 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 444,480444.5k $37.7m $37.7m 0.01% Added +1.7k +1,741
25 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 433,709433.7k $36.8m $36.8m 0.00% Added +62.1k +62,064
26 BRIGHTLIGHT CAPITAL MANAGEMENT LP 20.24% of their portfolio WESTPORT, CT 432,000432.0k $36.7m $36.7m 20.24% Added +111.1k +111,100
27 Ninety One UK Ltd 0.09% of their portfolio London, X0 429,610429.6k $36.5m $36.5m 0.09% Reduced -41.5k -41,503
28 Fiera Capital Corp 0.12% of their portfolio MONTREAL, A8 428,859428.9k $36.4m $36.4m 0.12% Added +32.8k +32,795
29 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 424,580424.6k $36.0m $36.0m 0.01% Added +56.9k +56,878
30 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 415,965416.0k $35.3m $35.3m 0.00% Added +138.9k +138,889
31 UNTITLED INVESTMENTS LP 9.16% of their portfolio NEW YORK, NY 394,910394.9k $33.5m $33.5m 9.16% Reduced -31.5k -31,490
32 Legal & General Group Plc 0.01% of their portfolio London, X0 348,296348.3k $29.6m $29.6m 0.01% Added +16.7k +16,731
33 Gemsstock Ltd. 4.95% of their portfolio London, X0 327,362327.4k $27.8m $27.8m 4.95% Reduced -82.6k -82,638
34 Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio CHIYODA-KU, TOKYO, M0 299,625299.6k $25.4m $25.4m 0.02% Reduced -14.4k -14,367
35 Amova Asset Management Americas, Inc. 0.25% of their portfolio New York, NY 298,309298.3k $25.3m $25.3m 0.25% Reduced -15.2k -15,236
36 Park West Asset Management LLC 1.88% of their portfolio SAN FRANCISCO, CA 290,028290.0k $24.6m $24.6m 1.88% Reduced -230.6k -230,636
37 Artisan Partners Limited Partnership 0.04% of their portfolio Milwaukee, WI 281,296281.3k $23.9m $23.9m 0.04% Added +21.6k +21,553
38 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 249,546249.5k $21.2m $21.2m 0.00% Reduced -93.6k -93,627
39 Bienville Capital Management, LLC 4.11% of their portfolio New York, NY 245,854245.9k $20.9m $20.9m 4.11% Added +72.9k +72,949
40 Philosophy Capital Management LLC 2.57% of their portfolio Alamo, CA 240,154240.2k $20.4m $20.4m 2.57% Added +1.1k +1,100
41 Luxor Capital Group, LP 2.37% of their portfolio NEW YORK, NY 214,165214.2k $18.2m $18.2m 2.37% Reduced -154.0k -153,983
42 WCM INVESTMENT MANAGEMENT, LLC 0.04% of their portfolio LAGUNA BEACH, CA 202,650202.7k $17.5m $17.5m 0.04% Reduced -7.1k -7,124
43 SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 0.81% of their portfolio MEMPHIS, TN 188,806188.8k $16.0m $16.0m 0.81% New
44 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 187,799187.8k $15.9m $15.9m 0.00% Added +1.5k +1,455
45 Russell Investments Group, Ltd. 0.02% of their portfolio Seattle, WA 184,063184.1k $15.6m $15.6m 0.02% Added +29.3k +29,283
46 Carmignac Gestion 0.24% of their portfolio PARIS, I0 184,030184.0k $15.6m $15.6m 0.24% Added +17.0k +16,976
47 SEI INVESTMENTS CO 0.02% of their portfolio OAKS, PA 177,173177.2k $15.0m $15.0m 0.02% Added +20.8k +20,835
48 Generali Investments CEE, investicni spolecnost, a.s. 1.18% of their portfolio PRAGUE, 2N 168,414168.4k $14.3m $14.3m 1.18% Added +32.3k +32,256
49 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 165,512165.5k $14.1m $14.1m 0.00% Reduced -438 -438
50 Weiss Asset Management LP 0.21% of their portfolio BOSTON, MA 157,419157.4k $13.4m $13.4m 0.21% Unchanged
51 Harding Loevner LP 0.09% of their portfolio Bridgewater, NJ 151,360151.4k $12.8m $12.8m 0.09% Reduced -34.9k -34,947
52 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.04% of their portfolio COLUMBUS, OH 147,485147.5k $12.5m $12.5m 0.04% Added +13.1k +13,113
53 Capital International, Inc./CA/ 0.12% of their portfolio Los Angeles, CA 143,124143.1k $12.1m $12.1m 0.12% Added +11.4k +11,378
54 VAN ECK ASSOCIATES CORP 0.01% of their portfolio NEW YORK, NY 131,277131.3k $11.1m $11.1m 0.01% Reduced -63.4k -63,405
55 COMGEST GLOBAL INVESTORS S.A.S. 0.19% of their portfolio Paris, I0 128,126128.1k $10.9m $10.9m 0.19% Added +1.2k +1,243
56 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 126,050126.0k $10.7m $10.7m 0.00% Reduced -9.6k -9,561
57 ARK Investment Management LLC 0.08% of their portfolio ST. PETERSBURG, FL 120,704120.7k $10.2m $10.2m 0.08% Reduced -10.3k -10,293
58 State of New Jersey Common Pension Fund D 0.04% of their portfolio TRENTON, NJ 116,801116.8k $9.9m $9.9m 0.04% Unchanged
59 MIRABELLA FINANCIAL SERVICES LLP 1.00% of their portfolio London, X0 112,701112.7k $9.6m $9.6m 1.00% Reduced -156.7k -156,691
60 Fairtree Asset Management (Pty) Ltd 7.01% of their portfolio BELLVILLE, T3 109,506109.5k $9.3m $9.3m 7.01% Added +12.0k +12,026
61 EXCHANGE TRADED CONCEPTS, LLC 0.12% of their portfolio Oklahoma City, OK 107,402107.4k $9.1m $9.1m 0.12% Added +94.8k +94,754
62 ARMOR ADVISORS, L.L.C. 9.02% of their portfolio NEW YORK, NY 107,009107.0k $9.1m $9.1m 9.02% Added +38.0k +37,959
63 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 96,25496.3k $8.2m $8.2m 0.00% Added +17.9k +17,897
64 Norwood Investment Partners, LP 6.05% of their portfolio MILL VALLEY, CA 95,10495.1k $8.1m $8.1m 6.05% New
65 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.04% of their portfolio HARRISBURG, PA 90,43490.4k $7.7m $7.7m 0.04% Unchanged
66 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.20% of their portfolio CHICAGO, IL 85,55585.6k $7.3m $7.3m 0.20% Added +23.5k +23,535
67 Hood River Capital Management LLC 0.10% of their portfolio PALM BEACH GARDENS, FL 84,57384.6k $7.2m $7.2m 0.10% Added +9.5k +9,549
68 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.02% of their portfolio JUPITER, FL 75,49775.5k $6.4m $6.4m 0.02% Reduced -47.8k -47,836
69 Truffle Hound Capital, LLC 4.21% of their portfolio BETHESDA, MD 75,00075.0k $6.4m $6.4m 4.21% Unchanged
70 Renaissance Capital LLC 3.89% of their portfolio Stamford, CT 65,63565.6k $5.6m $5.6m 3.89% Added +4.1k +4,111
71 Crawford Fund Management, LLC 3.08% of their portfolio BOSTON, MA 61,56561.6k $5.2m $5.2m 3.08% Added +800 +800
72 Amundi 0.00% of their portfolio Paris, I0 57,69457.7k $4.9m $4.9m 0.00% Reduced -1.2k -1,160
73 Itau Unibanco Holding S.A. 0.18% of their portfolio SAO PAULO, D5 55,50355.5k $4.7m $4.7m 0.18% Added +13.6k +13,574
74 Robeco Institutional Asset Management B.V. 0.01% of their portfolio ROTTERDAM, P7 55,00055.0k $4.7m $4.7m 0.01% Reduced -1.8k -1,800
75 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 53,69253.7k $4.6m $4.6m 0.00% Reduced -2.2k -2,177
76 Pictet Asset Management Holding SA 0.00% of their portfolio CAROUGE, V8 49,63049.6k $4.2m $4.2m 0.00% Reduced -55.0k -54,984
77 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 46,64846.6k $4.0m $4.0m 0.00% Added +5.5k +5,530
78 Baader Bank Aktiengesellschaft 0.28% of their portfolio Unterschleissheim, 2M 38,72938.7k $3.3m $3.3m 0.28% Reduced -2.5k -2,461
79 Evergreen Wealth Management, LLC 1.80% of their portfolio Williamston, MI 37,70537.7k $3.2m $3.2m 1.80% Added +1.2k +1,178
80 Tidal Investments LLC 0.02% of their portfolio Milwaukee, WI 34,24234.2k $2.9m $2.9m 0.02% Reduced -2.0k -2,022
81 ABN AMRO INVESTMENT SOLUTIONS 0.05% of their portfolio PARIS CEDEX 008, I0 32,07632.1k $2.7m $2.7m 0.05% Added +1.0k +1,022
82 Cullen Capital Management, LLC 0.03% of their portfolio New York, NY 31,84631.8k $2.7m $2.7m 0.03% Reduced -45.0k -44,980
83 DUMAC, INC. 16.80% of their portfolio DURHAM, NC 31,51031.5k $2.7m $2.7m 16.80% Unchanged
84 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 31,40431.4k $2.7m $2.7m 0.00% Reduced -162.4k -162,400
85 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 30,31330.3k $2.6m $2.6m 0.00% Reduced -39.4k -39,383
86 ABS Direct Equity Fund LLC 4.01% of their portfolio Stamford, CT 29,71329.7k $2.5m $2.5m 4.01% Unchanged
87 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 28,63728.6k $2.4m $2.4m 0.01% Added +11.8k +11,805
88 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 27,89827.9k $2.4m $2.4m 0.00% Added +23.0k +22,970
89 Amitell Capital Pte Ltd 1.31% of their portfolio SINGAPORE, U0 27,44327.4k $2.3m $2.3m 1.31% Added +12.6k +12,611
90 CANNELL CAPITAL LLC 0.71% of their portfolio ALTA, WY 26,71326.7k $2.3m $2.3m 0.71% New
91 PRELUDE CAPITAL MANAGEMENT, LLC 0.22% of their portfolio NEW YORK, NY 26,71326.7k $2.3m $2.3m 0.22% New
92 Jump Financial, LLC 0.03% of their portfolio Chicago, IL 25,40025.4k $2.2m $2.2m 0.03% New
93 MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 0.49% of their portfolio SAN FRANCISCO, CA 24,94124.9k $2.1m $2.1m 0.49% New
94 ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio Boston, MA 23,21923.2k $2.0m $2.0m 0.00% Reduced -8.5k -8,542
95 FLOSSBACH VON STORCH SE 0.01% of their portfolio COLOGNE, 2M 21,50021.5k $1.8m $1.8m 0.01% Reduced -3.5k -3,500
96 UBS Group AG 0.00% of their portfolio ZURICH, V8 19,01019.0k $1.6m $1.6m 0.00% Reduced -36.9k -36,939
97 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 18,74718.7k $1.6m $1.6m 0.00% Added +12.6k +12,568
98 Capricorn Fund Managers Ltd 0.68% of their portfolio LONDON, X0 17,00017.0k $1.4m $1.4m 0.68% Unchanged
99 Virtu Financial LLC 0.06% of their portfolio New York, NY 14,94414.9k $1.3m $1.3m 0.06% Reduced -92 -92
100 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 14,39314.4k $1.2m $1.2m 0.00% Reduced -22.9k -22,877