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Kaspi.kz JSC
KSPI

185 hedge funds and large institutions have $6.05B invested in Kaspi.kz JSC in 2025 Q3 according to their latest regulatory filings, with 44 funds opening new positions, 74 increasing their positions, 50 reducing their positions, and 20 closing their positions.

New
Increased
Maintained
Reduced
Closed

140% more call options, than puts

Call options by funds: $28.9M | Put options by funds: $12M

120% more first-time investments, than exits

New positions opened: 44 | Existing positions closed: 20

48% more repeat investments, than reductions

Existing positions increased: 74 | Existing positions reduced: 50

14% more funds holding

Funds holding: 162 → 185 (+23)

0.54% less ownership

Funds ownership: 37.66% → 37.12% (-0.54%)

5% less capital invested

Capital invested by funds: $6.38B → $6.05B (-$330M)

17% less funds holding in top 10

Funds holding in top 10: 18 → 15 (-3)

Holders
185
Holders Change
+23
Holders Change %
+14.2%
% of All Funds
2.43%
Holding in Top 10
15
Holding in Top 10 Change
-3
Holding in Top 10 Change %
-16.67%
% of All Funds
0.2%
New
44
Increased
74
Reduced
50
Closed
20
Calls
$28.9M
Puts
$12M
Net Calls
+$16.8M
Net Calls Change
+$12.6M

Top Buyers

1
Ameriprise
Ameriprise
Minnesota
+$71.4M
2
Jane Street
Jane Street
New York
+$46.5M
3
Wellington Management Group
Wellington Management Group
Massachusetts
+$43.2M
4
BIP
Brandes Investment Partners
California
+$35.7M
5
SC
Samlyn Capital
New York
+$15.3M

Top Sellers

1
BFFIM
Baring Fintech Fund III Managers
Guernsey
-$165M
2
BlackRock
BlackRock
New York
-$54.9M
3
GQG Partners
GQG Partners
Florida
-$32.4M
4
PWAM
Park West Asset Management
California
-$24.6M
5
Baillie Gifford & Co
Baillie Gifford & Co
United Kingdom
-$21.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
HSBC Holdings
26
HSBC Holdings
United Kingdom
$40.6M +$3.07M +35,084 +8%
JP Morgan Chase
27
JP Morgan Chase
New York
$38.7M +$3.46M +39,550 +9%
BCM
28
Brightlight Capital Management
Connecticut
$35.3M – – –
MIP
29
Mondrian Investment Partners
United Kingdom
$34.3M +$36.8M +420,146 New
Goldman Sachs
30
Goldman Sachs
New York
$33.6M -$1.2M -13,702 -3%
BIP
31
Brandes Investment Partners
California
$33.3M +$35.7M +407,732 New
UI
32
Untitled Investments
New York
$32.3M +$99K +1,130 +0.3%
Fiera Capital (Canada)
33
Fiera Capital (Canada)
Quebec, Canada
$32.2M -$3.08M -35,117 -8%
AllianceBernstein
34
AllianceBernstein
Tennessee
$30.8M -$20M -228,459 -38%
Bank of America
35
Bank of America
North Carolina
$28.1M -$6.29M -71,841 -17%
NAMA
36
Nikko Asset Management Americas
New York
$26.5M +$2.24M +25,594 +9%
Sumitomo Mitsui Trust Group
37
Sumitomo Mitsui Trust Group
Japan
$26.5M +$2.13M +24,278 +8%
Artisan Partners
38
Artisan Partners
Wisconsin
$23.5M +$516K +5,897 +2%
Legal & General Group
39
Legal & General Group
United Kingdom
$22.2M -$6.65M -75,936 -22%
CG
40
Carmignac Gestion
France
$20.5M +$5.83M +66,557 +36%
BCM
41
Bienville Capital Management
New York
$18.2M -$2M -22,867 -9%
MFS
42
Mirabella Financial Services
United Kingdom
$17.8M +$9.16M +104,643 +93%
LCG
43
Luxor Capital Group
New York
$17.4M -$148K -1,686 -0.8%
Ninety One (UK)
44
Ninety One (UK)
United Kingdom
$16.9M -$19.5M -222,867 -52%
WCM Investment Management
45
WCM Investment Management
California
$16.4M -$155K -1,774 -0.9%
Morgan Stanley
46
Morgan Stanley
New York
$15.8M +$5.86M +66,859 +53%
Franklin Resources
47
Franklin Resources
California
$15.7M +$378K +4,313 +2%
GL
48
Gemsstock Ltd
United Kingdom
$15.2M -$12.3M -140,700 -43%
GIC
49
Generali Investments CEE
Czech Republic
$15.2M +$1.53M +17,423 +10%
SAM
50
Southeastern Asset Management
Tennessee
$14.6M -$907K -10,362 -5%
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KSPI Hedge Fund Activity: Q3 2025 in Review

185 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Kaspi.kz JSC (KSPI) for Q3 2025, worth a combined $6.05B — down 5.2% from $6.38B a quarter earlier.

Buyers outnumbered sellers: 44 funds opened new KSPI positions and 20 closed out — a net gain of 24 holders — while 74 added to existing stakes and 50 trimmed.

The largest buyer was Ameriprise, adding an estimated $71.4M. The largest seller was Baring Fintech Fund III Managers, cutting an estimated $165M.

  • 185 institutional investors held Kaspi.kz JSC (KSPI) as of Q3 2025, up from 162 in Q2 2025.
  • Funds reported $6.05B of Kaspi.kz JSC stock for Q3 2025, down 5.2% quarter-over-quarter.
  • 44 funds opened new Kaspi.kz JSC positions in Q3 2025 and 20 closed out, a net change of +24 holders.
  • The largest Kaspi.kz JSC buyer in Q3 2025 was Ameriprise, an estimated $71.4M added.
  • The largest Kaspi.kz JSC seller in Q3 2025 was Baring Fintech Fund III Managers, an estimated $165M sold.

Based on aggregated 13F filings for Q3 2025.