Kaspi.kz

KSPI • NASDAQ

Kaspi.kz is a publicly traded company on NASDAQ. As of Q3 2025, 171 institutional investors hold shares in this company, with total holdings valued at $5.9B. Baring Fintech Manager Holding Ltd is the largest holder with a position valued at $1.5B.

Employees8.8K

Websitekaspi.kz

Overview

Overview of institutional ownership in KSPI as of Q3 2025

All Institutions

Institutions: 171
Value Held: $5.9B
Shares Held: 72.4M
Avg Position: $34.6M
Median Position: $2.9M

Hedge Funds

Hedge Funds: 36
Value Held: $574.0M
Shares Held: 7.0M
Avg Position: $15.9M
Median Position: $4.5M

Biggest Investors

Institutions with the largest positions in KSPI as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B Baring Fintech Manager Holding Ltd Institution	-	$1.5B 100.00% of portfolio	0.00% 18.1M shares	Q4 2024 Held for 11 months	$1.5B
B Baring Fintech Fund III Managers Ltd Institution	-	$1.2B 100.00% of portfolio	0.00% 14.4M shares	Q4 2024 Held for 11 months	$1.2B
B BAILLIE GIFFORD & CO Institution	-	$390.9M 0.29% of portfolio	0.00% 4.8M shares	Q1 2024 Held for 1y 8m	$134.80B
F FIL Ltd Institution	-	$309.8M 0.24% of portfolio	0.00% 3.8M shares	Q1 2024 Held for 1y 8m	$127.75B
PZENA INVESTMENT MANAGEMENT LLC Long Only Manager	Chenyu Caroline Cai CEO	$141.5M 0.46% of portfolio	0.00% 1.7M shares	Q2 2024 Held for 1y 5m	$30.9B
FMR LLC Institution	-	$137.0M 0.01% of portfolio	0.00% 1.7M shares	Q1 2024 Held for 1y 8m	$1.92T
SANDS CAPITAL MANAGEMENT, LLC Long Only Manager	Frank Melville Sands CEO	$134.3M 0.37% of portfolio	0.00% 1.6M shares	Q1 2024 Held for 1y 8m	$36.2B
SCHRODER INVESTMENT MANAGEMENT GROUP RIA/Wealth	Toby James Glover CEO	$118.1M 0.09% of portfolio	0.00% 1.4M shares	Q2 2024 Held for 1y 5m	$125.97B
SAMLYN CAPITAL, LLC Hedge Fund•Multi-Strategy	Aaron Foxbruner CFO	$97.0M 1.38% of portfolio	0.00% 1.2M shares	Q1 2024 Held for 1y 8m	$7.0B
GQG Partners LLC Long Only Manager	Timothy Jacob Carver CEO	$90.4M 0.14% of portfolio	0.00% 1.1M shares	Q1 2024 Held for 1y 8m	$65.1B

Net Capital Flow

Institutional buying and selling activity for KSPI in Q3 2025

Traded: −$107.5M
Buyers: 110
Sellers: 62
Total Bought: +$368.4M
Total Sold: −$475.9M
Avg Position: $31.0M

Biggest Buyers

Institution	Net Bought	Current Position
AMERIPRISE FINANCIAL INC Institution	+$66.6M +815.5K shares	$71.0M 869.2K shares
J JANE STREET GROUP, LLC Institution	+$43.4M +530.7K shares	$43.4M 530.7K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$40.3M +493.1K shares	$60.7M 742.6K shares
B BRANDES INVESTMENT PARTNERS, LP Long Only Manager	+$33.3M +407.7K shares	$33.3M 407.7K shares
Mondrian Investment Partners LTD Long Only Manager	+$14.7M +180.1K shares	$34.3M 420.1K shares
SAMLYN CAPITAL, LLC Hedge Fund•Multi-Strategy	+$14.3M +174.7K shares	$97.0M 1.2M shares
Cape Ann Asset Management Ltd Long Only Manager	+$14.2M +173.7K shares	$14.2M 173.7K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$10.7M +130.6K shares	$10.7M 130.6K shares
C Capital World Investors Institution	+$10.0M +122.0K shares	$46.3M 566.5K shares
MIRABELLA FINANCIAL SERVICES LLP Institution	+$7.5M +92.3K shares	$16.7M 205.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
B Baring Fintech Fund III Managers Ltd Institution	−$154.0M −1.9M shares	$1.2B 14.4M shares
B BlackRock, Inc. Institution	−$51.2M −626.9K shares	$71.9M 880.3K shares
GQG Partners LLC Long Only Manager	−$30.2M −369.5K shares	$90.4M 1.1M shares
Park West Asset Management LLC Hedge Fund•Multi-Strategy	−$24.6M −290.0K shares	Sold Off 0 shares
B BAILLIE GIFFORD & CO Institution	−$20.0M −245.2K shares	$390.9M 4.8M shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	−$18.7M −228.5K shares	$30.8M 377.2K shares
I Investec Asset Management LTD Long Only Manager	−$18.2M −222.9K shares	$16.9M 206.7K shares
S Standard Life Aberdeen plc Institution	−$15.7M −192.2K shares	$63.5M 779.6K shares
Cat Rock Capital Management LP Hedge Fund•Long/Short	−$15.0M −183.5K shares	$52.7M 645.0K shares
Greenvale Capital LLP Hedge Fund•Long/Short	−$13.9M −170.0K shares	$80.0M 980.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited KSPI in Q3 2025

New Positions: 25
New Value: $61.0M
Exited Positions: 20
Exited Value: $54.3M

New Positions

Institution	Position Value
B BRANDES INVESTMENT PARTNERS, LP Long Only Manager	$33.3M 407.7K shares
Cape Ann Asset Management Ltd Long Only Manager	$14.2M 173.7K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$3.0M 37.0K shares
Burkehill Global Management, LP Hedge Fund•Event Driven	$2.9M 35.0K shares
M Massar Capital Management, LP Institution	$2.1M 25.4K shares
G GAM Holding AG Institution	$1.2M 15.0K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$1.2M 14.1K shares
H Headlands Technologies LLC Institution	$685.5K 8.4K shares
Lansforsakringar Fondforvaltning AB Fund of Funds	$571.1K 7.0K shares
CORSAIR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$490.1K 6.0K shares

Exited Positions

Institution	Previous Position
Park West Asset Management LLC Hedge Fund•Multi-Strategy	$24.6M 290.0K shares
CAPITAL INTERNATIONAL INC /CA/ Long Only Manager	$12.1M 143.1K shares
C COMGEST GLOBAL INVESTORS S.A.S. Institution	$10.9M 128.1K shares
A Amitell Capital Pte Ltd Institution	$2.3M 27.4K shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	$976.2K 11.5K shares
M&T BANK CORP Institution	$832.9K 9.8K shares
C CAPITAL INTERNATIONAL S A Institution	$730.1K 8.6K shares
A AVIVA PLC Institution	$711.8K 8.4K shares
G GROUP ONE TRADING, L.P. Institution	$502.9K 5.9K shares
A Altshuler Shaham Ltd Institution	$254.7K 3.0K shares

Options Activity

Institutions with the largest Call and Put options positions in KSPI as of Q3 2025

Call Positions: 7
Call Value: $28.2M
Put Positions: 4
Put Value: $11.5M

Call Positions

Institution	Position Value
Luxor Capital Group, LP Hedge Fund•Multi-Strategy	$11.4M 1.4K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$9.2M 1.1K contracts
W WOLVERINE TRADING, LLC Institution	$2.1M 255.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.0M 239.0 contracts
J JANE STREET GROUP, LLC Institution	$1.9M 232.0 contracts
S SIG BROKERAGE, LP Institution	$1.6M 200.0 contracts
J JCSD Capital, LLC Hedge Fund•Sector	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$10.3M 1.3K contracts
W WOLVERINE TRADING, LLC Institution	$556.4K 68.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$375.7K 46.0 contracts
J JANE STREET GROUP, LLC Institution	$245.0K 30.0 contracts

Most Committed Institutions

Institutions with KSPI as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
B Baring Fintech Manager Holding Ltd Institution	-	100.00% $1.5B	0.00% 18.1M shares	Q4 2024 Held for 11 months	$1.5B
B Baring Fintech Fund III Managers Ltd Institution	-	100.00% $1.2B	0.00% 14.4M shares	Q4 2024 Held for 11 months	$1.2B
VR Advisory Services Ltd Hedge Fund•Distressed	Jeffrey Michael Johnson Managing Partner	21.41% $88.0M	0.00% 1.1M shares	Q2 2024 Held for 1y 5m	$411.0M
BRIGHTLIGHT CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Mihail Alexandru Covaci President	21.35% $35.3M	0.00% 432.0K shares	Q1 2024 Held for 1y 8m	$165.2M
U UNTITLED INVESTMENTS LP Hedge Fund•Long/Short	Neeraj Srinivasan Chandra CEO	9.55% $32.3M	0.00% 396.0K shares	Q1 2024 Held for 1y 8m	$338.8M
A ARMOR ADVISORS, L.L.C. Hedge Fund•Multi-Strategy	Eden Nanazia CFO	8.97% $9.5M	0.00% 115.9K shares	Q1 2025 Held for 8 months	$105.5M
N Norwood Investment Partners, LP Hedge Fund•Long/Short	Charles Hamilton Hoeveler Managing Partner	7.38% $8.6M	0.00% 105.1K shares	Q2 2025 Held for 5 months	$116.3M
Cat Rock Capital Management LP Hedge Fund•Long/Short	Alexander Salah Captain CEO	6.50% $52.7M	0.00% 645.0K shares	Q1 2024 Held for 1y 8m	$810.4M
Greenvale Capital LLP Hedge Fund•Long/Short	Bruce Edward Emery CIO	6.40% $80.0M	0.00% 980.0K shares	Q1 2025 Held for 8 months	$1.3B
Fairtree Asset Management Ltd RIA/Wealth	Christopher George Cousins President	6.02% $9.2M	0.00% 112.6K shares	Q4 2024 Held for 11 months	$152.7M

Hedge Fund Spotlight

Discover hedge funds investing in KSPI

BRIGHTLIGHT CAPITAL MANAGEMENT LP

Hedge Fund • Long/Short

Portfolio ManagerMihail Alexandru Covaci

Portfolio Value: $165.2M
Positions: 10
Last Reported: Q3 2025

Sector Allocation

Position in Kaspi.kz

Market Value: $35.3M
Shares Held: 432.0K
Portfolio Weight: 21.35%
Owned Since: 2024-Q1

Top Holding	Sector	Market Value	Weight
1 Carvana CVNA	Specialty Retail Consumer Cyclical	$42.7M	25.84%
2 KSPI Kaspi.kz KSPI	Unknown Unknown	$35.3M	21.35%
3 HEPS D-Market Electronic Services & Trading HEPS	Unknown Unknown	$17.0M	10.26%

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