Vault-13

KASPI KZ JSC KSPI

SPONSORED ADS · ADR · CUSIP 48581R205 · ISIN US48581R2058

Technology "unicorn" company of Kazakhstan

167 institutional holders -8 vs Q4 2025
84,578,72884.6m shares reported held*
$6.3bnreported value*
19 new 65 added 61 reduced 27 sold out net sold ≈ $72.7m (-987.9k 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 ($12.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $74.06. Options: 7 managers hold calls ($10.1m notional), 7 hold puts ($27.4m).

Trends to Q1 2026

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: 163Q3 25: 185Q4 25: 175Q1 26: 167167Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q3 2025185
Q4 2025175
Q1 2026167

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q2 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 25Q2 25: 79 bought or addedQ2 25: 104 cut or sold outQ3 25: 116 bought or addedQ3 25: 70 cut or sold outQ3 25Q4 25: 95 bought or addedQ4 25: 93 cut or sold outQ1 26: 84 bought or addedQ1 26: 88 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20248076
Q3 20249675
Q4 20247688
Q1 20259883
Q2 202579104
Q3 202511670
Q4 20259593
Q1 20268488

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ2 25 calls: $12.8mQ2 25 puts: $8.5mQ2 25P/C 0.67Q3 25 calls: $28.9mQ3 25 puts: $12.0mQ3 25P/C 0.42Q4 25 calls: $23.2mQ4 25 puts: $17.9mQ4 25P/C 0.77Q1 26 calls: $10.1mQ1 26 puts: $27.4mQ1 26P/C 2.72
Numbers
QuarterCallsPutsP/C
Q2 2025$12.8m$8.5m0.67
Q3 2025$28.9m$12.0m0.42
Q4 2025$23.2m$17.9m0.77
Q1 2026$10.1m$27.4m2.72

Biggest buyers

North of South Capital LLP Added +551,444+551.4k
Marex Group Ltd New +548,294+548.3k
Capital World Investors Added +457,871+457.9k
BAILLIE GIFFORD & CO Added +450,124+450.1k
UBS Group AG Added +409,725+409.7k
BlackRock, Inc. Added +366,360+366.4k
WCM INVESTMENT MANAGEMENT, LLC Added +323,326+323.3k
First Beijing Investment Ltd Added +321,962+322.0k
Gemsstock Ltd. Added +320,885+320.9k
MORGAN STANLEY Added +305,349+305.3k

Biggest sellers

Baring Fintech Fund III Managers Ltd Reduced -1,808,948-1.8m
BIT Capital GmbH Reduced -857,256-857.3k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Sold out -504,533-504.5k
Southpoint Capital Advisors LP Reduced -500,000-500.0k
SANDS CAPITAL MANAGEMENT, LLC Reduced -362,427-362.4k
Balyasny Asset Management L.P. Sold out -319,737-319.7k
TT International Asset Management LTD Sold out -286,939-286.9k
MIRABELLA FINANCIAL SERVICES LLP Sold out -247,500-247.5k
HSBC HOLDINGS PLC Reduced -234,328-234.3k
DEUTSCHE BANK AG\ Reduced -179,223-179.2k

Biggest calls

CITADEL ADVISORS LLC Reduced $3.5m47.3k shares
GROUP ONE TRADING LLC Added $1.9m25.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.5m19.7k shares
JANE STREET GROUP, LLC Reduced $1.1m15.3k shares
Militia Capital Management LLC First filing $1.1m36.0k shares
IMC-Chicago, LLC Reduced $592.6k8.0k shares
SIMPLEX TRADING, LLC Added $444.4k6.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $22.7m306.1k shares
JANE STREET GROUP, LLC Added $1.2m16.1k shares
CITADEL ADVISORS LLC Unchanged $1.2m16.0k shares
UBS Group AG New $888.8k12.0k shares
IMC-Chicago, LLC Reduced $762.9k10.3k shares
SIMPLEX TRADING, LLC Added $659.2k8.9k shares
GROUP ONE TRADING LLC Reduced $44.4k600 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 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 in Q1 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Baring Fintech Manager Holding Ltd 100.00% of their portfolio Castel, Y7 18,051,85118.1m $1.3bn $1.3bn 100.00% Unchanged
2 Brehaut David Pascal 100.00% of their portfolio Vale, Y7 12,257,30512.3m $907.9m $907.9m 100.00% Unchanged
3 Baring Fintech Fund III Managers Ltd 100.00% of their portfolio St Peter Port, Y7 12,061,99712.1m $893.4m $893.4m 100.00% Reduced -1.8m -1,808,948
4 BAILLIE GIFFORD & CO 0.39% of their portfolio EDINBURGH, X0 5,123,2075.1m $379.5m $379.5m 0.39% Added +450.1k +450,124
5 FIL Ltd 0.19% of their portfolio HAMILTON, D0 3,326,2423.3m $246.4m $246.4m 0.19% Added +299.2k +299,250
6 PZENA INVESTMENT MANAGEMENT LLC 0.64% of their portfolio NEW YORK, NY 2,672,3872.7m $197.9m $197.9m 0.64% Reduced -33.3k -33,347
7 FMR LLC 0.01% of their portfolio BOSTON, MA 1,611,9221.6m $119.4m $119.4m 0.01% Reduced -36.5k -36,540
8 SANDS CAPITAL MANAGEMENT, LLC 0.46% of their portfolio ARLINGTON, VA 1,586,3341.6m $117.5m $117.5m 0.46% Reduced -362.4k -362,427
9 SCHRODER INVESTMENT MANAGEMENT GROUP 0.10% of their portfolio London, X0 1,566,2851.6m $116.0m $116.0m 0.10% Added +62.4k +62,387
10 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 1,115,9361.1m $82.7m $82.7m 0.02% Reduced -48.1k -48,071
11 VR Advisory Services Ltd 9.44% of their portfolio CAMANA BAY, GRAND CAYMAN, E9 1,077,3691.1m $79.8m $79.8m 9.44% Unchanged
12 SAMLYN CAPITAL, LLC 1.36% of their portfolio New York, NY 1,066,9951.1m $79.0m $79.0m 1.36% Added +7.8k +7,804
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,039,5741.0m $77.0m $77.0m 0.00% Added +366.4k +366,360
14 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 1,028,5741.0m $76.2m $76.2m 0.01% Added +457.9k +457,871
15 Southpoint Capital Advisors LP 1.52% of their portfolio NEW YORK, NY 1,000,0001.0m $74.1m $74.1m 1.52% Reduced -500.0k -500,000
16 Coronation Fund Managers Ltd. 2.92% of their portfolio Cape Town, T3 865,750865.8k $64.1m $64.1m 2.92% Reduced -124.9k -124,873
17 BRANDES INVESTMENT PARTNERS, LP 0.39% of their portfolio LA JOLLA, CA 744,099744.1k $55.1m $55.1m 0.39% Added +186.0k +186,028
18 Polar Capital Holdings Plc 0.22% of their portfolio London, X0 668,339668.3k $49.5m $49.5m 0.22% Added +21.1k +21,122
19 Greenvale Capital LLP 5.28% of their portfolio LONDON, X0 650,000650.0k $48.1m $48.1m 5.28% Unchanged
20 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 645,828645.8k $47.8m $47.8m 0.01% Reduced -34.4k -34,388
21 CAT ROCK CAPITAL MANAGEMENT LP 7.26% of their portfolio GREENWICH, CT 631,001631.0k $46.7m $46.7m 7.26% Reduced -14.0k -14,000
22 Ranmore Fund Management Ltd 6.07% of their portfolio COBHAM, X0 620,000620.0k $45.9m $45.9m 6.07% Added +167.4k +167,442
23 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 617,739617.7k $45.8m $45.8m 0.01% Added +196.0k +196,022
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 590,487590.5k $43.7m $43.7m 0.00% Added +305.3k +305,349
25 Aberdeen Group plc 0.07% of their portfolio EDINBURGH, X0 582,947582.9k $43.2m $43.2m 0.07% Reduced -38.4k -38,392
26 WCM INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio LAGUNA BEACH, CA 571,412571.4k $41.3m $41.3m 0.09% Added +323.3k +323,326
27 North of South Capital LLP 3.79% of their portfolio LONDON, X0 569,681569.7k $42.2m $42.2m 3.79% Added +551.4k +551,444
28 Marex Group Ltd 0.42% of their portfolio London, X0 548,294548.3k $40.6m $40.6m 0.42% New
29 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 524,368524.4k $38.8m $38.8m 0.00% Added +178.8k +178,780
30 Gemsstock Ltd. 3.97% of their portfolio London, X0 509,147509.1k $37.7m $37.7m 3.97% Added +320.9k +320,885
31 UBS Group AG 0.01% of their portfolio ZURICH, V8 475,462475.5k $35.2m $35.2m 0.01% Added +409.7k +409,725
32 683 Capital Management, LLC 3.26% of their portfolio NEW YORK, NY 475,000475.0k $35.2m $35.2m 3.26% Added +210.0k +210,000
33 First Beijing Investment Ltd 1.39% of their portfolio HONG KONG, K3 434,350434.4k $32.2m $32.2m 1.39% Added +322.0k +321,962
34 Mondrian Investment Partners LTD 0.48% of their portfolio LONDON, X0 432,689432.7k $32.0m $32.0m 0.48% Reduced -58.7k -58,657
35 UNTITLED INVESTMENTS LP 10.86% of their portfolio NEW YORK, NY 393,770393.8k $29.2m $29.2m 10.86% Reduced -2.3k -2,270
36 Artisan Partners Limited Partnership 0.05% of their portfolio Milwaukee, WI 386,095386.1k $28.6m $28.6m 0.05% Added +33.1k +33,101
37 BRIGHTLIGHT CAPITAL MANAGEMENT LP 27.12% of their portfolio WESTPORT, CT 371,235371.2k $27.5m $27.5m 27.12% Reduced -60.8k -60,765
38 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 316,253316.3k $23.4m $23.4m 0.03% Added +56.4k +56,443
39 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 309,121309.1k $22.3m $22.3m 0.00% Added +35.9k +35,885
40 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 299,636299.6k $22.3m $22.3m 0.01% Reduced -234.3k -234,328
41 Legal & General Group Plc 0.00% of their portfolio London, X0 248,952249.0k $18.4m $18.4m 0.00% Reduced -56.7k -56,702
42 Kora Management LP 2.55% of their portfolio BROOKLYN, NY 241,500241.5k $17.9m $17.9m 2.55% Added +72.0k +72,000
43 SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 0.88% of their portfolio MEMPHIS, TN 240,628240.6k $17.8m $17.8m 0.88% Unchanged
44 Carmignac Gestion 0.26% of their portfolio PARIS, I0 224,528224.5k $16.6m $16.6m 0.26% Reduced -4.4k -4,442
45 Fiera Capital Corp 0.06% of their portfolio MONTREAL, A8 217,339217.3k $16.1m $16.1m 0.06% Reduced -117.8k -117,839
46 Ninety One UK Ltd 0.04% of their portfolio London, X0 215,578215.6k $16.0m $16.0m 0.04% Added +380 +380
47 Russell Investments Group, Ltd. 0.02% of their portfolio Seattle, WA 212,429212.4k $15.7m $15.7m 0.02% Added +26.1k +26,109
48 Dodge & Cox 0.01% of their portfolio San Francisco, CA 210,226210.2k $15.6m $15.6m 0.01% Added +26.5k +26,500
49 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 201,323201.3k $14.9m $14.9m 0.01% Added +32.1k +32,122
50 State of New Jersey Common Pension Fund D 0.06% of their portfolio TRENTON, NJ 197,147197.1k $14.6m $14.6m 0.06% Unchanged
51 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 194,774194.8k $14.4m $14.4m 0.00% Added +2.7k +2,662
52 Generali Investments CEE, investicni spolecnost, a.s. 0.73% of their portfolio PRAGUE, 2N 187,568187.6k $13.9m $13.9m 0.73% Reduced -3.2k -3,205
53 Cape Ann Asset Management Ltd 2.95% of their portfolio LONDON, X0 175,512175.5k $13.0m $13.0m 2.95% Added +412 +412
54 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 169,581169.6k $12.6m $12.6m 0.00% Added +2.2k +2,235
55 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 161,316161.3k $11.9m $11.9m 0.01% Reduced -134.2k -134,153
56 Amova Asset Management Americas, Inc. 0.17% of their portfolio New York, NY 161,316161.3k $12.0m $12.0m 0.17% Reduced -134.2k -134,153
57 KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.03% of their portfolio LOS ANGELES, CA 157,317157.3k $11.7m $11.7m 0.03% Reduced -162 -162
58 BIT Capital GmbH 0.65% of their portfolio BERLIN, 2M 156,848156.8k $11.6m $11.6m 0.65% Reduced -857.3k -857,256
59 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 155,687155.7k $11.5m $11.5m 0.00% Reduced -179.2k -179,223
60 ARMOR ADVISORS, L.L.C. 11.64% of their portfolio NEW YORK, NY 141,080141.1k $10.4m $10.4m 11.64% Added +10.0k +10,000
61 Crawford Fund Management, LLC 3.27% of their portfolio BOSTON, MA 135,429135.4k $10.0m $10.0m 3.27% Added +45.7k +45,660
62 Bienville Capital Management, LLC 1.90% of their portfolio New York, NY 134,849134.8k $10.0m $10.0m 1.90% Reduced -142.8k -142,786
63 Fairtree Asset Management (Pty) Ltd 4.58% of their portfolio BELLVILLE, T3 134,675134.7k $10.0m $10.0m 4.58% Reduced -19.9k -19,859
64 Harding Loevner LP 0.09% of their portfolio Bridgewater, NJ 118,947118.9k $8.8m $8.8m 0.09% Reduced -4.1k -4,062
65 Capricorn Fund Managers Ltd 1.37% of their portfolio LONDON, X0 118,900118.9k $8.8m $8.8m 1.37% Added +101.9k +101,900
66 Lifetime Wealth Management P.C. 4.94% of their portfolio ROCKWALL, TX 117,329117.3k $8.7m $8.7m 4.94% Added +7.3k +7,329
67 Weiss Asset Management LP 0.15% of their portfolio BOSTON, MA 112,802112.8k $8.4m $8.4m 0.15% Unchanged
68 Truffle Hound Capital, LLC 4.99% of their portfolio BETHESDA, MD 110,000110.0k $8.1m $8.1m 4.99% Added +25.0k +25,000
69 Itau Unibanco Holding S.A. 0.18% of their portfolio SAO PAULO, D5 101,160101.2k $7.5m $7.5m 0.18% Added +41.7k +41,719
70 Militia Capital Management LLC 0.51% of their portfolio AUSTIN, TX 90,90090.9k $6.7m $6.7m 0.51% First filing
71 BARINGS LLC 0.11% of their portfolio CHARLOTTE, NC 88,75188.8k $6.6m $6.6m 0.11% New
72 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 88,09188.1k $6.5m $6.5m 0.00% Reduced -317 -317
73 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.03% of their portfolio HARRISBURG, PA 84,97185.0k $6.3m $6.3m 0.03% Reduced -5.5k -5,463
74 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio COLUMBUS, OH 80,63980.6k $6.0m $6.0m 0.02% Reduced -86.5k -86,486
75 ABS Direct Equity Fund LLC 4.45% of their portfolio Stamford, CT 74,88574.9k $5.8m $5.8m 4.45% Added +26.2k +26,200
76 Mawer Investment Management Ltd. 0.03% of their portfolio CALGARY, A0 72,79172.8k $5.4m $5.4m 0.03% Unchanged
77 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 68,74868.7k $5.1m $5.1m 0.00% Reduced -5.3k -5,300
78 EXCHANGE TRADED CONCEPTS, LLC 0.04% of their portfolio Oklahoma City, OK 66,88366.9k $5.0m $5.0m 0.04% Reduced -5.0k -4,972
79 WEXFORD CAPITAL LP 0.78% of their portfolio WEST PALM BEACH, FL 63,86663.9k $4.7m $4.7m 0.78% Added +31.1k +31,095
80 ARK Investment Management LLC 0.04% of their portfolio ST. PETERSBURG, FL 62,63262.6k $4.6m $4.6m 0.04% Reduced -71.1k -71,056
81 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 56,95957.0k $4.2m $4.2m 0.00% Reduced -3.7k -3,685
82 Hyperion Capital Advisors LP 1.99% of their portfolio New York, NY 55,81055.8k $4.1m $4.1m 1.99% Unchanged
83 Evergreen Wealth Management, LLC 1.95% of their portfolio Williamston, MI 51,07351.1k $3.8m $3.8m 1.95% Added +8.7k +8,681
84 Amundi 0.00% of their portfolio Paris, I0 50,28250.3k $3.7m $3.7m 0.00% Reduced -1.2k -1,227
85 Jump Financial, LLC 0.05% of their portfolio Chicago, IL 48,17948.2k $3.6m $3.6m 0.05% Reduced -635 -635
86 Robeco Institutional Asset Management B.V. 0.00% of their portfolio ROTTERDAM, P7 45,00045.0k $3.3m $3.3m 0.00% Reduced -20.0k -20,000
87 Pictet Asset Management Holding SA 0.00% of their portfolio CAROUGE, V8 44,34344.3k $3.3m $3.3m 0.00% Reduced -3.5k -3,465
88 Renaissance Capital LLC 2.65% of their portfolio Stamford, CT 42,61942.6k $3.7m $3.7m 2.65% Reduced -13.6k -13,606
89 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.01% of their portfolio PHILADELPHIA, PA 41,27541.3k $3.1m $3.1m 0.01% Reduced -2.3k -2,291
90 FLAX POND CAPITAL, LLC 2.43% of their portfolio MERION STATION, PA 40,82440.8k $3.0m $3.0m 2.43% Added +200 +200
91 Norwood Investment Partners, LP 4.15% of their portfolio MILL VALLEY, CA 36,41636.4k $2.7m $2.7m 4.15% Reduced -11.3k -11,330
92 Euro Pacific Asset Management, LLC 0.23% of their portfolio DORADO, PR 31,68031.7k $2.4m $2.4m 0.23% New
93 DUMAC, INC. 0.28% of their portfolio DURHAM, NC 31,51031.5k $2.3m $2.3m 0.28% Unchanged
94 Eschler Asset Management LLP 2.32% of their portfolio London, X0 31,47331.5k $2.3m $2.3m 2.32% Added +17.5k +17,498
95 Eurizon Capital SGR S.p.A. 0.01% of their portfolio MILAN, L6 29,31629.3k $2.2m $2.2m 0.01% Added +2.8k +2,758
96 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio JUPITER, FL 26,25626.3k $1.9m $1.9m 0.01% Reduced -110.0k -109,954
97 Massar Capital Management, LP 0.37% of their portfolio STAMFORD, CT 25,36025.4k $1.9m $1.9m 0.37% Unchanged
98 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 24,64824.6k $1.8m $1.8m 0.00% New
99 Federation des caisses Desjardins du Quebec 0.01% of their portfolio LEVIS, A8 23,74323.7k $1.8m $1.8m 0.01% Added +5.9k +5,944
100 M&T Bank Corp 0.01% of their portfolio BUFFALO, NY 23,11523.1k $1.7m $1.7m 0.01% Unchanged