Kaspi.kz JSC
KSPI
174 hedge funds and large institutions have $6.67B invested in Kaspi.kz JSC in 2025 Q4 according to their latest regulatory filings, with 34 funds opening new positions, 70 increasing their positions, 52 reducing their positions, and 42 closing their positions.
35% more repeat investments, than reductions
Existing positions increased: 70 | Existing positions reduced: 52
30% more call options, than puts
Call options by funds: $23.2M | Put options by funds: $17.9M
27% more funds holding in top 10
Funds holding in top 10: 15 → 19 (+4)
10% more capital invested
Capital invested by funds: $6.05B → $6.67B (+$623M)
5.68% more ownership
Funds ownership: 37.12% → 42.79% (+5.7%)
6% less funds holding
Funds holding: 185 → 174 (-11)
19% less first-time investments, than exits
New positions opened: 34 | Existing positions closed: 42
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Pzena Investment Management
New York
|
+$73.6M |
| 2 |
RFM
Ranmore Fund Management
Cobham,
United Kingdom
|
+$34.2M |
| 3 |
Deutsche Bank
Frankfurt Am Main Ge,
Germany
|
+$25.3M |
| 4 |
Sands Capital Management
Arlington,
Virginia
|
+$23M |
| 5 |
Ameriprise
Minneapolis,
Minnesota
|
+$22.3M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
GQG Partners
Ft. Lauderdale,
Florida
|
-$90.4M |
| 2 |
Fidelity International
Hamilton,
Bermuda
|
-$57.9M |
| 3 |
Mawer Investment Management
Calgary,
Alberta, Canada
|
-$53.9M |
| 4 |
BFFIM
Baring Fintech Fund III Managers
St Peter Port,
Guernsey
|
-$41.7M |
| 5 |
Jane Street
New York
|
-$37.9M |
KSPI Hedge Fund Activity: Q4 2025 in Review
174 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Kaspi.kz JSC (KSPI) for Q4 2025, worth a combined $6.67B — up 10% from $6.05B a quarter earlier.
Sellers outnumbered buyers: 42 funds closed out of KSPI and 34 opened new positions — a net loss of 8 holders — while 52 trimmed existing stakes and 70 added.
The largest buyer was Pzena Investment Management, adding an estimated $73.6M. The largest seller was GQG Partners, exiting entirely with an estimated $90.4M sold.
- 174 institutional investors held Kaspi.kz JSC (KSPI) as of Q4 2025, down from 185 in Q3 2025.
- Funds reported $6.67B of Kaspi.kz JSC stock for Q4 2025, up 10% quarter-over-quarter.
- 34 funds opened new Kaspi.kz JSC positions in Q4 2025 and 42 closed out, a net change of -8 holders.
- The largest Kaspi.kz JSC buyer in Q4 2025 was Pzena Investment Management, an estimated $73.6M added.
- The largest Kaspi.kz JSC seller in Q4 2025 was GQG Partners, an estimated $90.4M sold.
Based on aggregated 13F filings for Q4 2025.