Vault-13

KASPI KZ JSC KSPI

SPONSORED ADS · ADR · CUSIP 48581R205 · ISIN US48581R2058

Technology "unicorn" company of Kazakhstan

207 institutional holders +40 vs Q1 2026
83,613,23683.6m shares reported held*
$7.2bnreported value*
49 new 66 added 61 reduced 14 sold out net sold ≈ $334.8m (-3.8m 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 ($13.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $86.66. Options: 8 managers hold calls ($14.3m notional), 8 hold puts ($39.7m).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 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: 167Q2 26: 207207Q3 22Q3 23Q3 24Q3 25Q2 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
Q2 2026207

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q3 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 25Q3 25: 116 bought or addedQ3 25: 70 cut or sold outQ4 25: 95 bought or addedQ4 25: 93 cut or sold outQ4 25Q1 26: 84 bought or addedQ1 26: 88 cut or sold outQ2 26: 115 bought or addedQ2 26: 75 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20249675
Q4 20247688
Q1 20259883
Q2 202579104
Q3 202511670
Q4 20259593
Q1 20268488
Q2 202611575

Calls vs puts

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

CallsPuts
$0$10m$20m$30m$40mQ3 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 2.72Q2 26 calls: $14.3mQ2 26 puts: $39.7mQ2 26P/C 2.78
Numbers
QuarterCallsPutsP/C
Q3 2025$28.9m$12.0m0.42
Q4 2025$23.2m$17.9m0.77
Q1 2026$10.1m$27.4m2.72
Q2 2026$14.3m$39.7m2.78

Biggest buyers

SCHRODER INVESTMENT MANAGEMENT GROUP Added +753,135+753.1k
BAILLIE GIFFORD & CO Added +655,961+656.0k
SAMLYN CAPITAL, LLC Added +431,337+431.3k
North of South Capital LLP Added +417,709+417.7k
PZENA INVESTMENT MANAGEMENT LLC Added +399,501+399.5k
FMR LLC Added +371,088+371.1k
FIL Ltd Added +309,616+309.6k
Cullen Capital Management, LLC New +234,294+234.3k
Fiera Capital Corp Added +119,918+119.9k
Capital World Investors Added +115,124+115.1k

Biggest sellers

Baring Fintech Fund III Managers Ltd Reduced -4,955,070-5.0m
Baring Fintech Manager Holding Ltd Reduced -1,314,798-1.3m
CAT ROCK CAPITAL MANAGEMENT LP Sold out -631,001-631.0k
Southpoint Capital Advisors LP Reduced -400,000-400.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -221,729-221.7k
UNTITLED INVESTMENTS LP Reduced -177,749-177.7k
Bienville Capital Management, LLC Sold out -134,849-134.8k
BIT Capital GmbH Reduced -126,736-126.7k
Gemsstock Ltd. Reduced -114,656-114.7k
DEUTSCHE BANK AG\ Reduced -113,929-113.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $5.2m60.1k shares
JANE STREET GROUP, LLC Added $3.2m36.6k shares
CITADEL ADVISORS LLC Reduced $2.7m31.1k shares
Militia Capital Management LLC Reduced $1.0m12.0k shares
D. E. Shaw & Co., Inc. New $866.4k10.0k shares
IMC-Chicago, LLC Added $788.4k9.1k shares
Endure Capital Management, LLC New $320.6k3.7k shares
SIMPLEX TRADING, LLC Reduced $199.3k2.3k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $25.7m297.1k shares
JANE STREET GROUP, LLC Added $6.8m78.4k shares
CITADEL ADVISORS LLC Added $2.8m32.1k shares
PEAK6 LLC New $1.2m13.7k shares
IMC-Chicago, LLC Added $996.4k11.5k shares
SIMPLEX TRADING, LLC Added $875.1k10.1k shares
SIG BROKERAGE, LP New $762.4k8.8k shares
GROUP ONE TRADING LLC Added $545.8k6.3k 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 since 1 Apr 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 since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Baring Fintech Manager Holding Ltd 100.00% of their portfolio Castel, Y7 16,737,05316.7m $1.5bn $1.5bn 100.00% Reduced -1.3m -1,314,798
2 Brehaut David Pascal 100.00% of their portfolio Vale, Y7 12,257,30512.3m $1.1bn $1.1bn 100.00% Unchanged
3 Baring Fintech Fund III Managers Ltd 100.00% of their portfolio St Peter Port, Y7 7,106,9277.1m $615.7m $615.7m 100.00% Reduced -5.0m -4,955,070
4 BAILLIE GIFFORD & CO 0.45% of their portfolio EDINBURGH, X0 5,779,1685.8m $500.7m $500.7m 0.45% Added +656.0k +655,961
5 FIL Ltd 0.23% of their portfolio HAMILTON, D0 3,635,8583.6m $315.0m $315.0m 0.23% Added +309.6k +309,616
6 PZENA INVESTMENT MANAGEMENT LLC 0.78% of their portfolio NEW YORK, NY 3,071,8883.1m $266.1m $266.1m 0.78% Added +399.5k +399,501
7 Spice Expeditions, LP 100.00% of their portfolio Westport, CT 2,584,4542.6m $223.9m $223.9m 100.00% First filing
8 SCHRODER INVESTMENT MANAGEMENT GROUP 0.14% of their portfolio London, X0 2,319,4202.3m $201.0m $201.0m 0.14% Added +753.1k +753,135
9 FMR LLC 0.01% of their portfolio BOSTON, MA 1,983,0102.0m $171.8m $171.8m 0.01% Added +371.1k +371,088
10 SANDS CAPITAL MANAGEMENT, LLC 0.49% of their portfolio ARLINGTON, VA 1,531,0171.5m $132.6m $132.6m 0.49% Reduced -55.3k -55,317
11 SAMLYN CAPITAL, LLC 2.15% of their portfolio New York, NY 1,498,3321.5m $129.8m $129.8m 2.15% Added +431.3k +431,337
12 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 1,143,6981.1m $99.1m $99.1m 0.01% Added +115.1k +115,124
13 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 1,116,9671.1m $96.8m $96.8m 0.02% Added +1.0k +1,031
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,085,7841.1m $94.1m $94.1m 0.00% Added +46.2k +46,210
15 VR Advisory Services Ltd 8.07% of their portfolio CAMANA BAY, GRAND CAYMAN, E9 1,049,9991.0m $91.0m $91.0m 8.07% Reduced -27.4k -27,370
16 North of South Capital LLP 6.30% of their portfolio LONDON, X0 987,390987.4k $85.5m $85.5m 6.30% Added +417.7k +417,709
17 BRANDES INVESTMENT PARTNERS, LP 0.51% of their portfolio LA JOLLA, CA 833,669833.7k $72.2m $72.2m 0.51% Added +89.6k +89,570
18 Coronation Fund Managers Ltd. 2.70% of their portfolio Cape Town, T3 814,783814.8k $70.6m $70.6m 2.70% Reduced -51.0k -50,967
19 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 759,803759.8k $65.8m $65.8m 0.01% Added +114.0k +113,975
20 Polar Capital Holdings Plc 0.17% of their portfolio London, X0 673,258673.3k $58.3m $58.3m 0.17% Added +4.9k +4,919
21 Greenvale Capital LLP 6.34% of their portfolio LONDON, X0 665,590665.6k $57.7m $57.7m 6.34% Added +15.6k +15,590
22 WCM INVESTMENT MANAGEMENT, LLC 0.10% of their portfolio LAGUNA BEACH, CA 656,410656.4k $57.4m $57.4m 0.10% Added +85.0k +84,998
23 Ranmore Fund Management Ltd 5.95% of their portfolio COBHAM, X0 620,000620.0k $53.7m $53.7m 5.95% Unchanged
24 Southpoint Capital Advisors LP 1.18% of their portfolio NEW YORK, NY 600,000600.0k $52.0m $52.0m 1.18% Reduced -400.0k -400,000
25 Kingsway Capital Partners Ltd 7.02% of their portfolio LONDON, X0 596,134596.1k $51.6m $51.6m 7.02% First filing
26 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 574,981575.0k $49.8m $49.8m 0.00% Reduced -15.5k -15,506
27 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 537,030537.0k $46.5m $46.5m 0.00% Added +12.7k +12,662
28 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 505,895505.9k $43.8m $43.8m 0.00% Reduced -111.8k -111,844
29 Marex Group Ltd 0.32% of their portfolio London, X0 502,940502.9k $43.6m $43.6m 0.32% Reduced -45.4k -45,354
30 Aberdeen Group plc 0.06% of their portfolio EDINBURGH, X0 488,937488.9k $42.4m $42.4m 0.06% Reduced -94.0k -94,010
31 Artisan Partners Limited Partnership 0.07% of their portfolio Milwaukee, WI 471,473471.5k $40.8m $40.8m 0.07% Added +85.4k +85,378
32 683 Capital Management, LLC 3.74% of their portfolio NEW YORK, NY 470,000470.0k $40.7m $40.7m 3.74% Reduced -5.0k -5,000
33 First Beijing Investment Ltd 1.51% of their portfolio HONG KONG, K3 424,613424.6k $36.8m $36.8m 1.51% Reduced -9.7k -9,737
34 Mondrian Investment Partners LTD 0.53% of their portfolio LONDON, X0 396,336396.3k $34.3m $34.3m 0.53% Reduced -36.4k -36,353
35 Gemsstock Ltd. 11.12% of their portfolio London, X0 394,491394.5k $34.2m $34.2m 11.12% Reduced -114.7k -114,656
36 UBS Group AG 0.01% of their portfolio ZURICH, V8 390,820390.8k $33.9m $33.9m 0.01% Reduced -84.6k -84,642
37 Fiera Capital Corp 0.11% of their portfolio MONTREAL, A8 337,257337.3k $29.2m $29.2m 0.11% Added +119.9k +119,918
38 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 328,798328.8k $28.7m $28.7m 0.00% Added +19.7k +19,677
39 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 311,548311.5k $26.9m $26.9m 0.01% Added +11.9k +11,912
40 Legal & General Group Plc 0.00% of their portfolio London, X0 267,800267.8k $23.2m $23.2m 0.00% Added +18.8k +18,848
41 Dodge & Cox 0.01% of their portfolio San Francisco, CA 252,826252.8k $21.9m $21.9m 0.01% Added +42.6k +42,600
42 Kora Management LP 2.48% of their portfolio BROOKLYN, NY 241,500241.5k $20.9m $20.9m 2.48% Unchanged
43 Cullen Capital Management, LLC 0.20% of their portfolio New York, NY 234,294234.3k $20.3m $20.3m 0.20% New
44 Russell Investments Group, Ltd. 0.02% of their portfolio Seattle, WA 232,340232.3k $20.1m $20.1m 0.02% Added +19.9k +19,911
45 Ninety One UK Ltd 0.04% of their portfolio London, X0 228,559228.6k $19.8m $19.8m 0.04% Added +13.0k +12,981
46 Carmignac Gestion 0.26% of their portfolio PARIS, I0 226,666226.7k $19.6m $19.6m 0.26% Added +2.1k +2,138
47 UNTITLED INVESTMENTS LP 7.28% of their portfolio NEW YORK, NY 216,021216.0k $18.7m $18.7m 7.28% Reduced -177.7k -177,749
48 SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 0.96% of their portfolio MEMPHIS, TN 212,999213.0k $18.5m $18.5m 0.96% Reduced -27.6k -27,629
49 State of New Jersey Common Pension Fund D 0.06% of their portfolio TRENTON, NJ 205,607205.6k $17.8m $17.8m 0.06% Added +8.5k +8,460
50 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 194,774194.8k $16.9m $16.9m 0.00% Unchanged
51 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 179,746179.7k $15.6m $15.6m 0.01% Reduced -21.6k -21,577
52 Weiss Asset Management LP 0.17% of their portfolio BOSTON, MA 171,026171.0k $14.8m $14.8m 0.17% Added +58.2k +58,224
53 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 167,319167.3k $14.5m $14.5m 0.00% Reduced -2.3k -2,262
54 Generali Investments CEE, investicni spolecnost, a.s. 0.68% of their portfolio PRAGUE, 2N 166,563166.6k $14.4m $14.4m 0.68% Reduced -21.0k -21,005
55 Cape Ann Asset Management Ltd 3.27% of their portfolio LONDON, X0 163,880163.9k $14.2m $14.2m 3.27% Reduced -11.6k -11,632
56 Pictet Asset Management Holding SA 0.01% of their portfolio CAROUGE, V8 156,879156.9k $13.6m $13.6m 0.01% Added +112.5k +112,536
57 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 153,066153.1k $13.3m $13.3m 0.01% Reduced -8.2k -8,250
58 Amova Asset Management Americas, Inc. 0.17% of their portfolio New York, NY 153,066153.1k $13.3m $13.3m 0.17% Reduced -8.2k -8,250
59 Crawford Fund Management, LLC 3.68% of their portfolio BOSTON, MA 138,429138.4k $12.0m $12.0m 3.68% Added +3.0k +3,000
60 Itau Unibanco Holding S.A. 0.24% of their portfolio SAO PAULO, D5 138,217138.2k $12.0m $12.0m 0.24% Added +37.1k +37,057
61 ARMOR ADVISORS, L.L.C. 9.71% of their portfolio NEW YORK, NY 137,171137.2k $11.9m $11.9m 9.71% Reduced -3.9k -3,909
62 Fairtree Asset Management (Pty) Ltd 4.33% of their portfolio BELLVILLE, T3 130,272130.3k $11.3m $11.3m 4.33% Reduced -4.4k -4,403
63 Capricorn Fund Managers Ltd 0.82% of their portfolio LONDON, X0 118,900118.9k $10.3m $10.3m 0.82% Unchanged
64 Lifetime Wealth Management P.C. 5.96% of their portfolio ROCKWALL, TX 117,826117.8k $10.2m $10.2m 5.96% Added +497 +497
65 Truffle Hound Capital, LLC 6.01% of their portfolio BETHESDA, MD 110,000110.0k $9.5m $9.5m 6.01% Unchanged
66 Harding Loevner LP 0.09% of their portfolio Bridgewater, NJ 109,630109.6k $9.5m $9.5m 0.09% Reduced -9.3k -9,317
67 Euro Pacific Asset Management, LLC 0.73% of their portfolio DORADO, PR 108,521108.5k $6.4m $6.4m 0.73% Added +76.8k +76,841
68 KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.03% of their portfolio LOS ANGELES, CA 107,411107.4k $9.3m $9.3m 0.03% Reduced -49.9k -49,906
69 FAIRFAX FINANCIAL HOLDINGS LTD/ CAN 0.35% of their portfolio TORONTO, A6 106,000106.0k $9.2m $9.2m 0.35% New
70 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 99,91899.9k $8.7m $8.7m 0.01% Added +92.1k +92,142
71 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 94,52494.5k $8.2m $8.2m 0.01% Reduced -221.7k -221,729
72 BARINGS LLC 0.14% of their portfolio CHARLOTTE, NC 88,75188.8k $7.7m $7.7m 0.14% Unchanged
73 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio COLUMBUS, OH 85,12485.1k $7.4m $7.4m 0.02% Added +4.5k +4,485
74 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 84,12284.1k $7.3m $7.3m 0.00% Reduced -4.0k -3,969
75 FLAX POND CAPITAL, LLC 2.45% of their portfolio MERION STATION, PA 82,60882.6k $6.6m $6.6m 2.45% Added +41.8k +41,784
76 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 68,31468.3k $5.9m $5.9m 0.00% Reduced -434 -434
77 Tidal Investments LLC 0.01% of their portfolio Milwaukee, WI 67,54867.5k $5.9m $5.9m 0.01% Added +47.4k +47,409
78 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.03% of their portfolio HARRISBURG, PA 67,45967.5k $5.8m $5.8m 0.03% Reduced -17.5k -17,512
79 Militia Capital Management LLC 1.02% of their portfolio AUSTIN, TX 65,00065.0k $5.6m $5.6m 1.02% Reduced -25.9k -25,900
80 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 63,45963.5k $5.5m $5.5m 0.00% New
81 WEXFORD CAPITAL LP 0.73% of their portfolio WEST PALM BEACH, FL 61,34161.3k $5.3m $5.3m 0.73% Reduced -2.5k -2,525
82 EXCHANGE TRADED CONCEPTS, LLC 0.02% of their portfolio Oklahoma City, OK 57,55757.6k $5.0m $5.0m 0.02% Reduced -9.3k -9,326
83 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 56,95957.0k $4.9m $4.9m 0.00% Unchanged
84 Hyperion Capital Advisors LP 2.18% of their portfolio New York, NY 55,81055.8k $4.8m $4.8m 2.18% Unchanged
85 Renaissance Capital LLC 2.59% of their portfolio Stamford, CT 54,26154.3k $4.7m $4.7m 2.59% Added +11.6k +11,642
86 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 53,50753.5k $4.6m $4.6m 0.00% Added +53.2k +53,248
87 Analyst IMS Investment Management Services Ltd. 0.11% of their portfolio Tel-aviv, L3 52,70552.7k $4.6m $4.6m 0.11% New
88 ABS Investment Management LLC 4.31% of their portfolio GREENWICH, CT 50,45850.5k $6.6m $6.6m 4.31% First filing
89 ABS Direct Equity Fund LLC 4.20% of their portfolio Stamford, CT 50,45850.5k $6.6m $6.6m 4.20% Reduced -24.4k -24,427
90 Amundi 0.00% of their portfolio Paris, I0 50,03250.0k $4.3m $4.3m 0.00% Reduced -250 -250
91 BRILLIANCE ASSET MANAGEMENT LTD 1.20% of their portfolio ADMIRALTY, HONG KONG, K3 46,85546.9k $4.1m $4.1m 1.20% New
92 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 41,75841.8k $3.6m $3.6m 0.00% Reduced -113.9k -113,929
93 ARK Investment Management LLC 0.02% of their portfolio ST. PETERSBURG, FL 41,52541.5k $3.6m $3.6m 0.02% Reduced -21.1k -21,107
94 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.01% of their portfolio PHILADELPHIA, PA 41,27541.3k $3.6m $3.6m 0.01% Unchanged
95 Eschler Asset Management LLP 5.89% of their portfolio London, X0 37,98338.0k $3.3m $3.3m 5.89% Added +6.5k +6,510
96 Evergreen Wealth Management, LLC 1.43% of their portfolio Williamston, MI 35,12035.1k $3.0m $3.0m 1.43% Reduced -16.0k -15,953
97 MEITAV INVESTMENT HOUSE LTD 0.02% of their portfolio BENE-BERAQ, L3 33,50033.5k $2.9m $2.9m 0.02% Added +16.1k +16,100
98 DUMAC, INC. 0.25% of their portfolio DURHAM, NC 31,51031.5k $2.7m $2.7m 0.25% Unchanged
99 Eurizon Capital SGR S.p.A. 0.01% of their portfolio MILAN, L6 31,30231.3k $2.7m $2.7m 0.01% Added +2.0k +1,986
100 BIT Capital GmbH 0.09% of their portfolio BERLIN, 2M 30,11230.1k $2.6m $2.6m 0.09% Reduced -126.7k -126,736