| Filer | Ownership | Change % | Holdings Value | Net Change | Nb Shares | Change % | Reporting Name | Report Period |
|---|---|---|---|---|---|---|---|---|
| Kim Vyacheslav | 21% | $3,431,789,447 | 40,670,650 | Vyacheslav Kim | 30 Jun 2025 | |||
| Asia Equity Partners Ltd | 7.3% | -13% | $1,155,449,718 | -$203,011,346 | 13,870,945 | -15% | Asia Equity Partners Limited | 31 Dec 2025 |
| European Investors Ltd | 6.5% | $1,083,300,616 | 12,257,305 | European Investors Limited | 23 Apr 2025 |
As of 31 Dec 2025, 169 institutional investors reported holding 84,944,317 shares of Joint Stock Co Kaspi.kz - American depositary shares, no par value, each representing one common share of the Issuer, no par value ("ADSs") (KSPI). This represents 45% of the company’s total 190,012,945 outstanding shares.
The largest institutional shareholders of Joint Stock Co Kaspi.kz - American depositary shares, no par value, each representing one common share of the Issuer, no par value ("ADSs") (KSPI) together control 38% of the company’s outstanding shares — a level of ownership often associated with strong institutional conviction and long‑term capital commitment.
| Institution | Ownership % | Shares Held | Share Change % | Portfolio % | Holdings Value |
|---|---|---|---|---|---|
| Baring Fintech Manager Holding Ltd | 9.5% | 18,051,851 | 0% | 100% | $1,410,391,119 |
| Baring Fintech Fund III Managers Ltd | 7.3% | 13,870,945 | -3.8% | 100% | $1,083,736,933 |
| Brehaut David Pascal | 6.5% | 12,257,305 | 0% | 100% | $957,663,240 |
| BAILLIE GIFFORD & CO | 2.5% | 4,673,083 | -2.4% | 0.3% | $365,107,975 |
| FIL Ltd | 1.6% | 3,026,992 | -20% | 0.18% | $236,498,885 |
| PZENA INVESTMENT MANAGEMENT LLC | 1.4% | 2,705,734 | +56% | 0.63% | $211,398,997 |
| SANDS CAPITAL MANAGEMENT, LLC | 1% | 1,948,761 | +19% | 0.46% | $152,256,697 |
| FMR LLC | 0.87% | 1,648,462 | -1.8% | 0.01% | $128,794,336 |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 0.79% | 1,503,898 | +4% | 0.09% | $117,499,551 |
| Southpoint Capital Advisors LP | 0.79% | 1,500,000 | +20% | 2.7% | $117,195,000 |
| AMERIPRISE FINANCIAL INC | 0.61% | 1,164,007 | +34% | 0.02% | $90,943,866 |
| VR Advisory Services Ltd | 0.57% | 1,077,369 | 0% | 13% | $84,174,840 |
| SAMLYN CAPITAL, LLC | 0.56% | 1,059,191 | -11% | 1.3% | $82,754,593 |
| BIT Capital GmbH | 0.53% | 1,014,104 | +15% | 3.5% | $79,231,946 |
| Coronation Fund Managers Ltd. | 0.52% | 990,623 | +20% | 3.5% | $77,397,375 |
| WELLINGTON MANAGEMENT GROUP LLP | 0.36% | 680,216 | -8.4% | 0.01% | $53,145,277 |
| BlackRock, Inc. | 0.35% | 673,214 | -24% | 0% | $52,598,210 |
| Greenvale Capital LLP | 0.34% | 650,000 | -34% | 4.8% | $50,784,500 |
| Polar Capital Holdings Plc | 0.34% | 647,217 | +10% | 0.23% | $50,567,064 |
| CAT ROCK CAPITAL MANAGEMENT LP | 0.34% | 645,001 | 0% | 7.2% | $50,393,928 |
| Aberdeen Group plc | 0.33% | 621,339 | -20% | 0.08% | $48,545,216 |
| Capital World Investors | 0.3% | 570,703 | +0.75% | 0.01% | $44,589,025 |
| BRANDES INVESTMENT PARTNERS, LP | 0.29% | 558,071 | +37% | 0.33% | $43,602,239 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 0.27% | 504,533 | -13% | 0.02% | $39,419,163 |
| Mondrian Investment Partners LTD | 0.26% | 491,346 | +17% | 0.63% | $38,388,887 |
| Period | Reported Shares, Excl. Options | Value, Excl. Options | Value Change | Price (Median) | Investors |
|---|---|---|---|---|---|
| 2025 Q4 | 84,944,317 | $6,637,136,821 | -$89,973,137 | $78.13 | 169 |
| 2025 Q3 | 74,045,900 | $6,047,576,315 | -$108,849,098 | $81.68 | 185 |
| 2025 Q2 | 75,125,739 | $6,377,733,302 | -$1,137,632,769 | $84.89 | 161 |
| 2025 Q1 | 88,670,274 | $8,233,249,363 | -$56,434,348 | $92.85 | 190 |
| 2024 Q4 | 89,264,484 | $8,457,028,511 | -$81,062,013 | $94.71 | 173 |
| 2024 Q3 | 42,523,201 | $4,501,251,015 | -$28,142,963 | $105.99 | 167 |
| 2024 Q2 | 42,929,186 | $5,540,531,612 | +$492,781,404 | $129.01 | 152 |
| 2024 Q1 | 38,650,898 | $4,960,223,748 | +$4,938,112,589 | $128.64 | 124 |
| 2023 Q4 | 171,884 | $15,813,328 | -$279,588 | $92.00 | 1 |
| 2023 Q3 | 174,923 | $16,932,546 | -$20,030,672 | $96.80 | 1 |
| 2023 Q2 | 425,296 | $33,853,561 | +$871,779 | $79.60 | 2 |
| 2023 Q1 | 414,344 | $31,282,972 | +$11,177,624 | $75.50 | 2 |
| 2022 Q4 | 266,296 | $19,040,165 | -$8,529,879 | $71.50 | 2 |
| 2022 Q3 | 385,595 | $22,365,000 | +$3,282,045 | $58.00 | 2 |
| 2022 Q2 | 329,011 | $16,476,000 | -$465,161 | $49.10 | 2 |
| 2022 Q1 | 338,723 | $16,970,000 | -$541,884 | $50.10 | 2 |
| 2021 Q4 | 349,539 | $40,547,000 | +$3,108,488 | $116.00 | 2 |
| 2021 Q3 | 322,742 | $34,275,000 | -$2,863,748 | $106.20 | 2 |
| 2021 Q2 | 349,708 | $37,070,000 | +$13,139,360 | $106.00 | 2 |
| 2021 Q1 | 225,755 | $16,028,000 | +$12,590,262 | $71.00 | 2 |
| 2020 Q4 | 48,994 | $3,287,927 | +$3,287,927 | $67.11 | 2 |