Cullen Capital Management’s Kaspi.kz JSC KSPI Stock Holding History

Cullen Capital Management’s Portfolio KSPI Stock Details KSPI Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-4,641	Closed	-$379K	–	232
2025 Q3	$379K	Sell	4,641 -27,205	-85%	-$2.38M	﹤0.01%	180
2025 Q2	$2.7M	Sell	31,846 -44,980	-59%	-$3.84M	0.03%	104
2025 Q1	$7.13M	Sell	76,826 -108,260	-58%	-$10.6M	0.08%	70
2024 Q4	$17.5M	Sell	185,086 -22,746	-11%	-$2.43M	0.2%	65
2024 Q3	$22M	Sell	207,832 -122,339	-37%	-$15.2M	0.24%	61
2024 Q2	$42.6M	Buy	+330,171	New	+$40.5M	0.49%	55

Other funds holding KSPI

BFMH

Baring Fintech Manager Holding Castel, Guernsey $1.34B AUM 20.23% 1-Year Est. Return

BFFIM

Baring Fintech Fund III Managers St Peter Port, Guernsey $893M AUM 20.23% 1-Year Est. Return

BDP

Brehaut David Pascal $908M AUM

Baillie Gifford & Co Edinburgh, United Kingdom $97.9B AUM 20.73% 1-Year Est. Return

Fidelity International Hamilton, Bermuda $129B AUM 30.83% 1-Year Est. Return

Pzena Investment Management New York $30.8B AUM 11.29% 1-Year Est. Return

Sands Capital Management Arlington, Virginia $25.5B AUM 26.46% 1-Year Est. Return

Fidelity Investments Boston, Massachusetts $1.9T AUM 41.92% 1-Year Est. Return

Schroder Investment Management Group London, United Kingdom $122B AUM 29.27% 1-Year Est. Return

SCA

Southpoint Capital Advisors New York $4.86B AUM 34.09% 1-Year Est. Return

Cullen Capital Management's KSPI Position: Q4 2025 in Review

Cullen Capital Management sold out of Kaspi.kz JSC (KSPI) in Q4 2025, closing a stake of 4,641 shares — an estimated $379K sold.

Cullen Capital Management first reported a position in KSPI in Q2 2024 and held it in 6 quarters. The position peaked at $42.6M in Q2 2024. 174 funds tracked by Wall St. Rank hold KSPI as of Q4 2025.

Cullen Capital Management reported no remaining Kaspi.kz JSC position as of Q4 2025 after selling out during the quarter.
Cullen Capital Management sold 4,641 Kaspi.kz JSC shares in Q4 2025, an estimated $379K.
Cullen Capital Management first reported a position in Kaspi.kz JSC in Q2 2024 and held it in 6 quarters.
Cullen Capital Management's Kaspi.kz JSC position peaked at $42.6M in Q2 2024.
174 funds tracked by Wall St. Rank held Kaspi.kz JSC as of Q4 2025.

Based on Cullen Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.