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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
MMEA
176
Main Management ETF Advisors
California
– -$1.96M -25,056 Closed
HRCM
177
Hood River Capital Management
Florida
– -$1.9M -24,258 Closed
EGM
178
Engineers Gate Manager
New York
– -$1.57M -20,072 Closed
Wealth Enhancement Advisory Services
179
Wealth Enhancement Advisory Services
Minnesota
– -$1.63M -19,596 Closed
HT
180
Headlands Technologies
Illinois
– -$1.34M -17,209 Closed
BFM
181
Boothbay Fund Management
New York
– -$1.2M -15,371 Closed
AC
182
Amitell Capital
Singapore
– -$878K -11,241 Closed
AAIS
183
ABN AMRO Investment Solutions
– -$738K -9,446 Closed
PNC
184
Point Nemo Capital
Texas
– -$552K -7,066 Closed
Nomura Holdings
185
Nomura Holdings
Japan
– -$352K -4,510 Closed
MICM
186
Matthews International Capital Management
California
– -$216K -2,762 Closed
WIA
187
World Investment Advisors
California
– -$210K -2,684 Closed
Mariner
188
Mariner
Kansas
– -$203K -2,602 Closed
SOW
189
State of Wyoming
Wyoming
– -$196K -2,488 Closed
Barclays
190
Barclays
United Kingdom
– -$141K -1,810 Closed
LSA
191
Leonteq Securities AG
Switzerland
– -$54.7K -700 Closed
CA
192
Crewe Advisors
Utah
– -$1.95K -25 Closed
4 5 6 7
8

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.