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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
SEI Investments
51
SEI Investments
Pennsylvania
$14.5M -$15.6K -178 -0.1%
CAAM
52
Cape Ann Asset Management
United Kingdom
$14.2M +$15.2M +173,700 New
Geode Capital Management
53
Geode Capital Management
Massachusetts
$13.7M +$200K +2,288 +1%
WAM
54
Weiss Asset Management
Massachusetts
$12.9M – – –
HL
55
Harding Loevner
New Jersey
$12.6M +$301K +3,442 +2%
Russell Investments Group
56
Russell Investments Group
United Kingdom
$12.5M -$2.68M -30,563 -17%
PCM
57
Philosophy Capital Management
California
$11.7M -$8.45M -96,450 -40%
Ohio Public Employees Retirement System (OPERS)
58
Ohio Public Employees Retirement System (OPERS)
Ohio
$11.7M -$338K -3,860 -3%
AIM
59
ARK Investment Management
Florida
$11.6M +$1.85M +21,076 +17%
Balyasny Asset Management
60
Balyasny Asset Management
Illinois
$10.7M +$11.4M +130,580 New
State of New Jersey Common Pension Fund D
61
State of New Jersey Common Pension Fund D
New Jersey
$9.54M – – –
AA
62
Armor Advisors
New York
$9.47M +$777K +8,871 +8%
UOC
63
UBS O'Connor
Illinois
$9.3M +$2.48M +28,348 +33%
FAM
64
Fairtree Asset Management
South Africa
$9.2M +$270K +3,088 +3%
CC
65
Cannell Capital
Wyoming
$8.89M +$7.19M +82,086 +307%
ETC
66
Exchange Traded Concepts
Oklahoma
$8.81M +$45.2K +516 +0.5%
NIP
67
Norwood Investment Partners
California
$8.58M +$876K +10,000 +11%
VanEck Associates
68
VanEck Associates
New York
$8.51M -$2.38M -27,124 -21%
JF
69
Jump Financial
Illinois
$8.38M +$6.76M +77,142 +304%
T. Rowe Price Associates
70
T. Rowe Price Associates
Maryland
$8.09M +$240K +2,744 +3%
COPPSERS
71
Commonwealth of Pennsylvania Public School Employees Retirement System
Pennsylvania
$7.39M – – –
RC
72
Renaissance Capital
Connecticut
$7.33M +$2.11M +24,115 +37%
HRCM
73
Hood River Capital Management
Florida
$7.22M +$332K +3,795 +4%
THC
74
Truffle Hound Capital
Maryland
$6.94M +$876K +10,000 +13%
IUHSA
75
Itau Unibanco Holding S.A.
Brazil
$6M +$1.57M +17,958 +32%
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3
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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.