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Kaspi.kz JSC

162 hedge funds and large institutions have $6.38B invested in Kaspi.kz JSC in 2025 Q2 according to their latest regulatory filings, with 14 funds opening new positions, 65 increasing their positions, 61 reducing their positions, and 42 closing their positions.

New
Increased
Maintained
Reduced
Closed

50% more call options, than puts

Call options by funds: $12.8M | Put options by funds: $8.54M

7% more repeat investments, than reductions

Existing positions increased: 65 | Existing positions reduced: 61

9.15% less ownership

Funds ownership: 46.8%37.66% (-9.1%)

14% less funds holding in top 10

Funds holding in top 10: 2118 (-3)

15% less funds holding

Funds holding: 191162 (-29)

23% less capital invested

Capital invested by funds: $8.26B → $6.38B (-$1.88B)

67% less first-time investments, than exits

New positions opened: 14 | Existing positions closed: 42

Holders
162
Holders Change
-29
Holders Change %
-15.18%
% of All Funds
2.13%
Holding in Top 10
18
Holding in Top 10 Change
-3
Holding in Top 10 Change %
-14.29%
% of All Funds
0.24%
New
14
Increased
65
Reduced
61
Closed
42
Calls
$12.8M
Puts
$8.54M
Net Calls
+$4.25M
Net Calls Change
-$7.87M
Name Holding Trade Value Shares
Change
Change in
Stake
D.E. Shaw & Co
101
D.E. Shaw & Co
New York
$1.13M +$1.14M +13,342 New
FDCDDQ
102
Federation des caisses Desjardins du Quebec
Quebec, Canada
$1.12M +$1.12M +13,148 +219,133%
Deutsche Bank
103
Deutsche Bank
Germany
$976K
HCA
104
Hyperion Capital Advisors
New York
$947K +$167K +1,960 +21%
KA
105
Kerrisdale Advisers
Florida
$938K +$721K +8,450 +325%
AI
106
Ariel Investments
Illinois
$935K +$331K +3,879 +54%
FCM
107
FourWorld Capital Management
New York
$849K
GCS
108
Gordian Capital (Singapore)
Singapore
$836K
M&T Bank
109
M&T Bank
New York
$833K -$9.89K -116 -1%
EGM
110
Engineers Gate Manager
New York
$822K -$995K -11,663 -55%
MMEA
111
Main Management ETF Advisors
California
$809K +$13.3K +156 +2%
SCP
112
Steamboat Capital Partners
New York
$761K -$12.9K -151 -2%
WC
113
Wexford Capital
Florida
$756K +$359K +4,209 +90%
CIS
114
Capital International Sarl
California
$730K +$19.5K +229 +3%
Aviva
115
Aviva
United Kingdom
$712K
QC
116
Quadrature Capital
United Kingdom
$701K +$300K +3,514 +74%
Dodge & Cox
117
Dodge & Cox
California
$664K +$119K +1,400 +22%
Mariner
118
Mariner
Kansas
$659K +$50K +586 +8%
EAM
119
Eschler Asset Management
United Kingdom
$628K +$631K +7,400 New
EOJOAM
120
E. Ohman J:or Asset Management
Sweden
$586K +$218K +2,554 +59%
Federated Hermes
121
Federated Hermes
Pennsylvania
$539K
Group One Trading
122
Group One Trading
Illinois
$503K +$505K +5,924 New
CB
123
Commerce Bank
Missouri
$482K
Wealth Enhancement Advisory Services
124
Wealth Enhancement Advisory Services
Minnesota
$446K +$450K +5,275 New
LSV Asset Management
125
LSV Asset Management
Illinois
$424K -$1.2M -14,100 -74%

KSPI Hedge Fund Activity: Q2 2025 in Review

162 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Kaspi.kz JSC (KSPI) for Q2 2025, worth a combined $6.38B — down 23% from $8.26B a quarter earlier.

Sellers outnumbered buyers: 42 funds closed out of KSPI and 14 opened new positions — a net loss of 28 holders — while 61 trimmed existing stakes and 65 added.

The largest buyer was Fidelity Investments, adding an estimated $34.4M. The largest seller was Baring Fintech Fund III Managers, cutting an estimated $1.05B.

  • 162 institutional investors held Kaspi.kz JSC (KSPI) as of Q2 2025, down from 191 in Q1 2025.
  • Funds reported $6.38B of Kaspi.kz JSC stock for Q2 2025, down 23% quarter-over-quarter.
  • 14 funds opened new Kaspi.kz JSC positions in Q2 2025 and 42 closed out, a net change of -28 holders.
  • The largest Kaspi.kz JSC buyer in Q2 2025 was Fidelity Investments, an estimated $34.4M added.
  • The largest Kaspi.kz JSC seller in Q2 2025 was Baring Fintech Fund III Managers, an estimated $1.05B sold.

Based on aggregated 13F filings for Q2 2025.