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 ($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
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 |
| Q3 2025 | 185 |
| Q4 2025 | 175 |
| Q1 2026 | 167 |
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 2024 | 80 | 76 |
| Q3 2024 | 96 | 75 |
| Q4 2024 | 76 | 88 |
| Q1 2025 | 98 | 83 |
| Q2 2025 | 79 | 104 |
| Q3 2025 | 116 | 70 |
| Q4 2025 | 95 | 93 |
| Q1 2026 | 84 | 88 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $12.8m | $8.5m | 0.67 |
| Q3 2025 | $28.9m | $12.0m | 0.42 |
| Q4 2025 | $23.2m | $17.9m | 0.77 |
| Q1 2026 | $10.1m | $27.4m | 2.72 |
Biggest buyers
| North of South Capital LLP | Added | +551.4k |
| Marex Group Ltd | New | +548.3k |
| Capital World Investors | Added | +457.9k |
| BAILLIE GIFFORD & CO | Added | +450.1k |
| UBS Group AG | Added | +409.7k |
| BlackRock, Inc. | Added | +366.4k |
| WCM INVESTMENT MANAGEMENT, LLC | Added | +323.3k |
| First Beijing Investment Ltd | Added | +322.0k |
| Gemsstock Ltd. | Added | +320.9k |
| MORGAN STANLEY | Added | +305.3k |
Biggest sellers
| Baring Fintech Fund III Managers Ltd | Reduced | -1.8m |
| BIT Capital GmbH | Reduced | -857.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Sold out | -504.5k |
| Southpoint Capital Advisors LP | Reduced | -500.0k |
| SANDS CAPITAL MANAGEMENT, LLC | Reduced | -362.4k |
| Balyasny Asset Management L.P. | Sold out | -319.7k |
| TT International Asset Management LTD | Sold out | -286.9k |
| MIRABELLA FINANCIAL SERVICES LLP | Sold out | -247.5k |
| HSBC HOLDINGS PLC | Reduced | -234.3k |
| DEUTSCHE BANK AG\ | Reduced | -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.
| 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 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
| Manager | Shares | Change |
|---|---|---|
| Baring Fintech Manager Holding Ltd 100.00% of their portfolio | 18.1m $1.3bn | Unchanged |
| Brehaut David Pascal 100.00% of their portfolio | 12.3m $907.9m | Unchanged |
| Baring Fintech Fund III Managers Ltd 100.00% of their portfolio | 12.1m $893.4m | Reduced -1.8m |
| BAILLIE GIFFORD & CO 0.39% of their portfolio | 5.1m $379.5m | Added +450.1k |
| FIL Ltd 0.19% of their portfolio | 3.3m $246.4m | Added +299.2k |
| PZENA INVESTMENT MANAGEMENT LLC 0.64% of their portfolio | 2.7m $197.9m | Reduced -33.3k |
| FMR LLC 0.01% of their portfolio | 1.6m $119.4m | Reduced -36.5k |
| SANDS CAPITAL MANAGEMENT, LLC 0.46% of their portfolio | 1.6m $117.5m | Reduced -362.4k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.10% of their portfolio | 1.6m $116.0m | Added +62.4k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 1.1m $82.7m | Reduced -48.1k |
| VR Advisory Services Ltd 9.44% of their portfolio | 1.1m $79.8m | Unchanged |
| SAMLYN CAPITAL, LLC 1.36% of their portfolio | 1.1m $79.0m | Added +7.8k |
| BlackRock, Inc. 0.00% of their portfolio | 1.0m $77.0m | Added +366.4k |
| Capital World Investors 0.01% of their portfolio | 1.0m $76.2m | Added +457.9k |
| Southpoint Capital Advisors LP 1.52% of their portfolio | 1.0m $74.1m | Reduced -500.0k |
| Coronation Fund Managers Ltd. 2.92% of their portfolio | 865.8k $64.1m | Reduced -124.9k |
| BRANDES INVESTMENT PARTNERS, LP 0.39% of their portfolio | 744.1k $55.1m | Added +186.0k |
| Polar Capital Holdings Plc 0.22% of their portfolio | 668.3k $49.5m | Added +21.1k |
| Greenvale Capital LLP 5.28% of their portfolio | 650.0k $48.1m | Unchanged |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 645.8k $47.8m | Reduced -34.4k |
| CAT ROCK CAPITAL MANAGEMENT LP 7.26% of their portfolio | 631.0k $46.7m | Reduced -14.0k |
| Ranmore Fund Management Ltd 6.07% of their portfolio | 620.0k $45.9m | Added +167.4k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 617.7k $45.8m | Added +196.0k |
| MORGAN STANLEY 0.00% of their portfolio | 590.5k $43.7m | Added +305.3k |
| Aberdeen Group plc 0.07% of their portfolio | 582.9k $43.2m | Reduced -38.4k |
| WCM INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio | 571.4k $41.3m | Added +323.3k |
| North of South Capital LLP 3.79% of their portfolio | 569.7k $42.2m | Added +551.4k |
| Marex Group Ltd 0.42% of their portfolio | 548.3k $40.6m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 524.4k $38.8m | Added +178.8k |
| Gemsstock Ltd. 3.97% of their portfolio | 509.1k $37.7m | Added +320.9k |
| UBS Group AG 0.01% of their portfolio | 475.5k $35.2m | Added +409.7k |
| 683 Capital Management, LLC 3.26% of their portfolio | 475.0k $35.2m | Added +210.0k |
| First Beijing Investment Ltd 1.39% of their portfolio | 434.4k $32.2m | Added +322.0k |
| Mondrian Investment Partners LTD 0.48% of their portfolio | 432.7k $32.0m | Reduced -58.7k |
| UNTITLED INVESTMENTS LP 10.86% of their portfolio | 393.8k $29.2m | Reduced -2.3k |
| Artisan Partners Limited Partnership 0.05% of their portfolio | 386.1k $28.6m | Added +33.1k |
| BRIGHTLIGHT CAPITAL MANAGEMENT LP 27.12% of their portfolio | 371.2k $27.5m | Reduced -60.8k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 316.3k $23.4m | Added +56.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 309.1k $22.3m | Added +35.9k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 299.6k $22.3m | Reduced -234.3k |
| Legal & General Group Plc 0.00% of their portfolio | 249.0k $18.4m | Reduced -56.7k |
| Kora Management LP 2.55% of their portfolio | 241.5k $17.9m | Added +72.0k |
| SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 0.88% of their portfolio | 240.6k $17.8m | Unchanged |
| Carmignac Gestion 0.26% of their portfolio | 224.5k $16.6m | Reduced -4.4k |
| Fiera Capital Corp 0.06% of their portfolio | 217.3k $16.1m | Reduced -117.8k |
| Ninety One UK Ltd 0.04% of their portfolio | 215.6k $16.0m | Added +380 |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 212.4k $15.7m | Added +26.1k |
| Dodge & Cox 0.01% of their portfolio | 210.2k $15.6m | Added +26.5k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 201.3k $14.9m | Added +32.1k |
| State of New Jersey Common Pension Fund D 0.06% of their portfolio | 197.1k $14.6m | Unchanged |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 194.8k $14.4m | Added +2.7k |
| Generali Investments CEE, investicni spolecnost, a.s. 0.73% of their portfolio | 187.6k $13.9m | Reduced -3.2k |
| Cape Ann Asset Management Ltd 2.95% of their portfolio | 175.5k $13.0m | Added +412 |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 169.6k $12.6m | Added +2.2k |
| Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio | 161.3k $11.9m | Reduced -134.2k |
| Amova Asset Management Americas, Inc. 0.17% of their portfolio | 161.3k $12.0m | Reduced -134.2k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.03% of their portfolio | 157.3k $11.7m | Reduced -162 |
| BIT Capital GmbH 0.65% of their portfolio | 156.8k $11.6m | Reduced -857.3k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 155.7k $11.5m | Reduced -179.2k |
| ARMOR ADVISORS, L.L.C. 11.64% of their portfolio | 141.1k $10.4m | Added +10.0k |
| Crawford Fund Management, LLC 3.27% of their portfolio | 135.4k $10.0m | Added +45.7k |
| Bienville Capital Management, LLC 1.90% of their portfolio | 134.8k $10.0m | Reduced -142.8k |
| Fairtree Asset Management (Pty) Ltd 4.58% of their portfolio | 134.7k $10.0m | Reduced -19.9k |
| Harding Loevner LP 0.09% of their portfolio | 118.9k $8.8m | Reduced -4.1k |
| Capricorn Fund Managers Ltd 1.37% of their portfolio | 118.9k $8.8m | Added +101.9k |
| Lifetime Wealth Management P.C. 4.94% of their portfolio | 117.3k $8.7m | Added +7.3k |
| Weiss Asset Management LP 0.15% of their portfolio | 112.8k $8.4m | Unchanged |
| Truffle Hound Capital, LLC 4.99% of their portfolio | 110.0k $8.1m | Added +25.0k |
| Itau Unibanco Holding S.A. 0.18% of their portfolio | 101.2k $7.5m | Added +41.7k |
| Militia Capital Management LLC 0.51% of their portfolio | 90.9k $6.7m | First filing |
| BARINGS LLC 0.11% of their portfolio | 88.8k $6.6m | New |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 88.1k $6.5m | Reduced -317 |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.03% of their portfolio | 85.0k $6.3m | Reduced -5.5k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio | 80.6k $6.0m | Reduced -86.5k |
| ABS Direct Equity Fund LLC 4.45% of their portfolio | 74.9k $5.8m | Added +26.2k |
| Mawer Investment Management Ltd. 0.03% of their portfolio | 72.8k $5.4m | Unchanged |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 68.7k $5.1m | Reduced -5.3k |
| EXCHANGE TRADED CONCEPTS, LLC 0.04% of their portfolio | 66.9k $5.0m | Reduced -5.0k |
| WEXFORD CAPITAL LP 0.78% of their portfolio | 63.9k $4.7m | Added +31.1k |
| ARK Investment Management LLC 0.04% of their portfolio | 62.6k $4.6m | Reduced -71.1k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 57.0k $4.2m | Reduced -3.7k |
| Hyperion Capital Advisors LP 1.99% of their portfolio | 55.8k $4.1m | Unchanged |
| Evergreen Wealth Management, LLC 1.95% of their portfolio | 51.1k $3.8m | Added +8.7k |
| Amundi 0.00% of their portfolio | 50.3k $3.7m | Reduced -1.2k |
| Jump Financial, LLC 0.05% of their portfolio | 48.2k $3.6m | Reduced -635 |
| Robeco Institutional Asset Management B.V. 0.00% of their portfolio | 45.0k $3.3m | Reduced -20.0k |
| Pictet Asset Management Holding SA 0.00% of their portfolio | 44.3k $3.3m | Reduced -3.5k |
| Renaissance Capital LLC 2.65% of their portfolio | 42.6k $3.7m | Reduced -13.6k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.01% of their portfolio | 41.3k $3.1m | Reduced -2.3k |
| FLAX POND CAPITAL, LLC 2.43% of their portfolio | 40.8k $3.0m | Added +200 |
| Norwood Investment Partners, LP 4.15% of their portfolio | 36.4k $2.7m | Reduced -11.3k |
| Euro Pacific Asset Management, LLC 0.23% of their portfolio | 31.7k $2.4m | New |
| DUMAC, INC. 0.28% of their portfolio | 31.5k $2.3m | Unchanged |
| Eschler Asset Management LLP 2.32% of their portfolio | 31.5k $2.3m | Added +17.5k |
| Eurizon Capital SGR S.p.A. 0.01% of their portfolio | 29.3k $2.2m | Added +2.8k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio | 26.3k $1.9m | Reduced -110.0k |
| Massar Capital Management, LP 0.37% of their portfolio | 25.4k $1.9m | Unchanged |
| US BANCORP \DE\ 0.00% of their portfolio | 24.6k $1.8m | New |
| Federation des caisses Desjardins du Quebec 0.01% of their portfolio | 23.7k $1.8m | Added +5.9k |
| M&T Bank Corp 0.01% of their portfolio | 23.1k $1.7m | Unchanged |