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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
Millennium Management
76
Millennium Management
New York
$5.61M +$3.26M +37,230 +119%
Robeco Institutional Asset Management
77
Robeco Institutional Asset Management
Netherlands
$5.31M +$876K +10,000 +18%
CFM
78
Crawford Fund Management
Massachusetts
$4.71M -$342K -3,900 -6%
Amundi
79
Amundi
France
$4.34M -$159K -1,816 -3%
Voloridge Investment Management
80
Voloridge Investment Management
Florida
$4.23M -$2.08M -23,737 -31%
Pictet Asset Management
81
Pictet Asset Management
Switzerland
$4.07M +$14.5K +166 +0.3%
Macquarie Group
82
Macquarie Group
Australia
$3.69M -$129K -1,477 -3%
TI
83
Tidal Investments
Wisconsin
$3.38M +$627K +7,162 +21%
EWM
84
Evergreen Wealth Management
Michigan
$3.32M +$254K +2,898 +8%
BBA
85
Baader Bank Aktiengesellschaft
Germany
$3.27M +$133K +1,518 +4%
PCM
86
Prelude Capital Management
New York
$3.12M +$1M +11,448 +43%
Point72 Asset Management
87
Point72 Asset Management
Connecticut
$3.02M +$3.24M +37,000 New
BNP Paribas Financial Markets
88
BNP Paribas Financial Markets
France
$3.01M +$1.59M +18,103 +97%
Verition Fund Management
89
Verition Fund Management
Connecticut
$2.89M +$3.1M +35,410 New
BGM
90
Burkehill Global Management
New York
$2.86M +$3.07M +35,000 New
ADEF
91
ABS Direct Equity Fund
Connecticut
$2.8M +$400K +4,570 +15%
Marshall Wace
92
Marshall Wace
United Kingdom
$2.59M +$2.78M +31,746 New
AAIS
93
ABN AMRO Investment Solutions
$2.56M -$65K -742 -2%
WC
94
Wexford Capital
Florida
$2.53M +$1.93M +22,059 +248%
Qube Research & Technologies (QRT)
95
Qube Research & Technologies (QRT)
United Kingdom
$2.37M -$109K -1,240 -4%
EGM
96
Engineers Gate Manager
New York
$2.23M +$1.54M +17,628 +182%
D.E. Shaw & Co
97
D.E. Shaw & Co
New York
$2.08M +$1.06M +12,098 +91%
MCM
98
Massar Capital Management
Connecticut
$2.07M +$2.22M +25,360 New
MMEA
99
Main Management ETF Advisors
California
$2.03M +$1.34M +15,271 +160%
VF
100
Virtu Financial
New York
$1.95M +$780K +8,909 +60%
2 3
4
5 6

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.