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Kaspi.kz JSC
KSPI

165 hedge funds and large institutions have $6.27B invested in Kaspi.kz JSC in 2026 Q1 according to their latest regulatory filings, with 21 funds opening new positions, 65 increasing their positions, 59 reducing their positions, and 27 closing their positions.

New
Increased
Maintained
Reduced
Closed

16% more funds holding in top 10

Funds holding in top 10: 19 → 22 (+3)

10% more repeat investments, than reductions

Existing positions increased: 65 | Existing positions reduced: 59

0.35% less ownership

Funds ownership: 42.79% → 42.44% (-0.35%)

5% less funds holding

Funds holding: 174 → 165 (-9)

6% less capital invested

Capital invested by funds: $6.67B → $6.27B (-$400M)

22% less first-time investments, than exits

New positions opened: 21 | Existing positions closed: 27

67% less call options, than puts

Call options by funds: $9.09M | Put options by funds: $27.4M

Holders
165
Holders Change
-9
Holders Change %
-5.17%
% of All Funds
2.03%
Holding in Top 10
22
Holding in Top 10 Change
+3
Holding in Top 10 Change %
+15.79%
% of All Funds
0.27%
New
21
Increased
65
Reduced
59
Closed
27
Calls
$9.09M
Puts
$27.4M
Net Calls
-$18.3M
Net Calls Change
-$23.6M

Top Buyers

1
NOSC
North of South Capital
United Kingdom
+$41.6M
2
MG
Marex Group
+$41.4M
3
Capital World Investors
Capital World Investors
California
+$34.5M
4
Baillie Gifford & Co
Baillie Gifford & Co
United Kingdom
+$34M
5
UBS Group
UBS Group
Switzerland
+$30.9M

Top Sellers

1
BFFIM
Baring Fintech Fund III Managers
Guernsey
-$136M
2
BC
BIT Capital
Germany
-$64.7M
3
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
-$39.4M
4
SCA
Southpoint Capital Advisors
New York
-$37.7M
5
Sands Capital Management
Sands Capital Management
Virginia
-$27.3M
Name Holding Trade Value Shares
Change 		Change in
Stake
T. Rowe Price Associates
76
T. Rowe Price Associates
Maryland
$5.09M -$400K -5,300 -7%
ETC
77
Exchange Traded Concepts
Oklahoma
$4.95M -$375K -4,972 -7%
WC
78
Wexford Capital
Florida
$4.73M +$2.35M +31,095 +95%
AIM
79
ARK Investment Management
Florida
$4.64M -$5.36M -71,056 -53%
BNP Paribas Financial Markets
80
BNP Paribas Financial Markets
France
$4.22M -$278K -3,685 -6%
HCA
81
Hyperion Capital Advisors
New York
$4.13M – – –
EWM
82
Evergreen Wealth Management
Michigan
$3.78M +$655K +8,681 +20%
Amundi
83
Amundi
France
$3.72M -$92.6K -1,227 -2%
RC
84
Renaissance Capital
Connecticut
$3.66M -$1.03M -13,606 -24%
JF
85
Jump Financial
Illinois
$3.57M -$47.9K -635 -1%
Robeco Institutional Asset Management
86
Robeco Institutional Asset Management
Netherlands
$3.33M -$1.51M -20,000 -31%
Pictet Asset Management
87
Pictet Asset Management
Switzerland
$3.28M -$261K -3,465 -7%
NAMI
88
Nomura Asset Management International
Pennsylvania
$3.06M -$173K -2,291 -5%
FPC
89
Flax Pond Capital
Massachusetts
$3.02M +$15.1K +200 +0.5%
NIP
90
Norwood Investment Partners
California
$2.7M -$855K -11,330 -24%
EPAM
91
Euro Pacific Asset Management
Puerto Rico
$2.37M +$2.39M +31,680 New
DI
92
DUMAC Inc
North Carolina
$2.33M – – –
EAM
93
Eschler Asset Management
United Kingdom
$2.33M +$1.32M +17,498 +125%
MCM
94
Militia Capital Management
Texas
$2.24M +$2.29M +30,300 New
ECSS
95
Eurizon Capital SGR SpA
$2.17M +$208K +2,758 +10%
Voloridge Investment Management
96
Voloridge Investment Management
Florida
$1.94M -$8.3M -109,954 -81%
MCM
97
Massar Capital Management
Connecticut
$1.88M – – –
US Bancorp
98
US Bancorp
Minnesota
$1.83M +$1.86M +24,648 New
FDCDDQ
99
Federation des caisses Desjardins du Quebec
Quebec, Canada
$1.76M +$448K +5,944 +33%
M&T Bank
100
M&T Bank
New York
$1.71M – – –
2 3
4
5 6

KSPI Hedge Fund Activity: Q1 2026 in Review

165 of the 8,126 institutional investors tracked by Wall St. Rank reported a position in Kaspi.kz JSC (KSPI) for Q1 2026, worth a combined $6.27B — down 6% from $6.67B a quarter earlier.

Sellers outnumbered buyers: 27 funds closed out of KSPI and 21 opened new positions — a net loss of 6 holders — while 59 trimmed existing stakes and 65 added.

The largest buyer was North of South Capital, adding an estimated $41.6M. The largest seller was Baring Fintech Fund III Managers, cutting an estimated $136M.

  • 165 institutional investors held Kaspi.kz JSC (KSPI) as of Q1 2026, down from 174 in Q4 2025.
  • Funds reported $6.27B of Kaspi.kz JSC stock for Q1 2026, down 6% quarter-over-quarter.
  • 21 funds opened new Kaspi.kz JSC positions in Q1 2026 and 27 closed out, a net change of -6 holders.
  • The largest Kaspi.kz JSC buyer in Q1 2026 was North of South Capital, an estimated $41.6M added.
  • The largest Kaspi.kz JSC seller in Q1 2026 was Baring Fintech Fund III Managers, an estimated $136M sold.

Based on aggregated 13F filings for Q1 2026.