KSPINasdaqServices-Business Services, NECFiscal year ends December 31
Joint Stock Co Kaspi.kz
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 16, 2026
$92.62−0.56 (-0.60%)
Close on Oct 19, 2026
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
44.0%
84M of 190M shares
Institutional holders
207
55 new, 14 sold out
Net institutional buying
-1M
In Q2 2026
Insider trades, 12 months
0 buys · 0 sales
Open-market trades only
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Mikheil Lomtadze | 42,950,623 | 22.60% | 13G (passive) | Sep 30, 2024 |
| Vyacheslav Kim | 38,095,117 | 20.00% | 13G (passive) amendment | Jun 30, 2026 |
| Baring Ventures Fund V Managers Limited | 18,051,851 | 9.50% | 13G (passive) | Aug 30, 2024 |
| Baring Fintech Fund III (GP) LP | 13,870,945 | 7.30% | 13G (passive) amendment | Dec 31, 2025 |
| David Pascal Brehaut | 12,257,305 | 6.50% | 13G (passive) | Apr 23, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of KSPI | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Baring Fintech Manager Holding Ltd | 16,737,053 | 8.80% | $1.45B | −1,314,798 | 100.00% |
| Brehaut David Pascal | 12,257,305 | 6.44% | $1.06B | – | 100.00% |
| Baring Fintech Fund III Managers Ltd | 7,106,927 | 3.74% | $615.74M | −4,955,070 | 100.00% |
| Baillie Gifford & Co | 5,779,168 | 3.04% | $500.71M | +655,961 | 0.45% |
| FIL Ltd | 3,635,858 | 1.91% | $315.01M | +309,616 | 0.23% |
| Pzena Investment Management LLC | 3,071,888 | 1.61% | $266.15M | +399,501 | 0.78% |
| Spice Expeditions, LP | 2,584,454 | 1.36% | $223.92M | New | 100.00% |
| Schroder Investment Management Group | 2,319,420 | 1.22% | $200.95M | +753,135 | 0.14% |
| FMR LLC | 1,983,010 | 1.04% | $171.81M | +371,088 | 0.01% |
| Sands Capital Management, LLC | 1,531,017 | 0.80% | $132.65M | −55,317 | 0.49% |
| Samlyn Capital, LLC | 1,498,332 | 0.79% | $129.82M | +431,337 | 2.11% |
| Capital World Investors | 1,143,698 | 0.60% | $99.09M | +115,124 | 0.01% |
| Ameriprise Financial Inc | 1,116,967 | 0.59% | $96.78M | +1,031 | 0.02% |
| BlackRock, Inc. | 1,085,784 | 0.57% | $94.07M | +46,210 | 0.00% |
| VR Advisory Services Ltd | 1,049,999 | 0.55% | $90.97M | −27,370 | 8.07% |
| North of South Capital LLP | 987,390 | 0.52% | $85.55M | +417,709 | 6.30% |
| Brandes Investment Partners, LP | 833,669 | 0.44% | $72.23M | +89,570 | 0.51% |
| Coronation Fund Managers Ltd. | 814,783 | 0.43% | $70.59M | −50,967 | 2.70% |
| Wellington Management Group Llp | 759,803 | 0.40% | $65.83M | +113,975 | 0.01% |
| Polar Capital Holdings Plc | 673,258 | 0.35% | $58.33M | +4,919 | 0.14% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 207 | 84M | 44.0% | 55 / 66 | 61 / 14 | 9M | 9M |
| Q1 2026 | 167 | 85M | 44.5% | 21 / 65 | 61 / 27 | 6M | 7M |
| Q4 2025 | 175 | 86M | 45.0% | 35 / 70 | 52 / 42 | 19M | 8M |
| Q3 2025 | 185 | 75M | 39.3% | 44 / 74 | 50 / 20 | 5M | 6M |
| Q2 2025 | 162 | 75M | 39.5% | 14 / 65 | 61 / 42 | 3M | 17M |
| Q1 2025 | 191 | 89M | 46.8% | 35 / 65 | 66 / 17 | 4M | 5M |
| Q4 2024 | 174 | 89M | 47.0% | 31 / 54 | 62 / 26 | 50M | 4M |
| Q3 2024 | 170 | 44M | 22.9% | 41 / 56 | 52 / 23 | 10M | 5M |
| Q2 2024 | 154 | 43M | 22.8% | 48 / 35 | 58 / 19 | 9M | 5M |
| Q1 2024 | 126 | 40M | 21.1% | 125 / 1 | 0 / 0 | 40M | 0M |
| Q4 2023 | 1 | 0M | 0.1% | 0 / 0 | 1 / 0 | 0M | 0M |
| Q3 2023 | 1 | 0M | 0.1% | 0 / 0 | 1 / 1 | 0M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of KSPI | Value | % of fund | As of |
|---|---|---|---|---|---|
| Fidelity Emerging Markets Fund | 1,297,600 | 0.68% | $115.20M | 1.06% | Jul 31, 2026 |
| Strategic Advisers Fidelity Emerging Markets Fund | 1,175,211 | 0.62% | $106.24M | 0.25% | May 31, 2026 |
| New World Fund Inc | 1,004,185 | 0.53% | $89.15M | 0.10% | Jul 31, 2026 |
| Pzena Emerging Markets Value Fund | 936,034 | 0.49% | $84.62M | 1.97% | May 31, 2026 |
| Touchstone Strategic Trust-Touchstone Sands Capital Emerging Markets Growth Fund | 673,547 | 0.35% | $58.36M | 2.38% | Jun 30, 2026 |
| Baillie Gifford Emerging Markets Equities Fund | 504,551 | 0.27% | $43.71M | 0.49% | Jun 30, 2026 |
| Columbia Overseas Value Fund | 448,275 | 0.24% | $40.52M | 0.60% | May 31, 2026 |
| Global Macro Capital Opportunities Portfolio | 400,600 | 0.21% | $35.57M | 0.88% | Jul 31, 2026 |
| Columbia Variable Portfolio - Overseas Core Fund | 339,533 | 0.18% | $29.42M | 0.78% | Jun 30, 2026 |
| Dodge & Cox Emerging Markets Stock Fund | 245,339 | 0.13% | $21.26M | 1.46% | Jun 30, 2026 |
| Strategic Advisers Emerging Markets Fund | 218,289 | 0.11% | $19.73M | 0.12% | May 31, 2026 |
| Brandes Emerging Markets Value Fund | 195,634 | 0.10% | $16.95M | 1.29% | Jun 30, 2026 |
| Cullen Emerging Markets High Dividend Fund | 182,599 | 0.10% | $15.82M | 0.71% | Jun 30, 2026 |
| First Trust WCM International Equity ETF | 157,932 | 0.08% | $13.68M | 0.83% | Jun 30, 2026 |
| Baillie Gifford International Alpha Fund | 138,217 | 0.07% | $11.98M | 0.70% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Mikheil Lomtadze | Chairman, CEO, Director, 10% owner | – | – | Mar 18, 2026 |
| Yuri Didenko | Deputy Chair (Cap. Markets) | – | – | Aug 19, 2026 |
| Tengiz Mosidze | Deputy Chairman, CFO | – | – | Mar 18, 2026 |
| Pavel Mironov | Deputy Chairman, COO | – | – | Mar 18, 2026 |
| Vyacheslav Kim | Director | – | – | Sep 30, 2026 |
| Alina Prawdzik | Director | – | – | May 14, 2026 |
| Szymon Gutkowski | Director | – | – | Apr 6, 2026 |
| Zurab Nikvashvili | Director | – | – | Mar 18, 2026 |
| Douglas W. Gardner | Director | – | – | Mar 18, 2026 |
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Vyacheslav Kim Director | Aug 31, 2026 | 1,932,309 | $204.03M | Aug 31, 2026 | RegS GDRs converted into ADS at the time of the Issuer IPO |
| Partners Ltd Fintech Affiliate | Aug 18, 2026 | 1,200,000 | $118.86M | Aug 18, 2026 | Transfer under Participation Deed |
| Didenko Iurii Affiliate | Aug 17, 2026 | 50,000 | $4.94M | Aug 17, 2026 | ESOP |
| Vyacheslav Kim Director | Aug 17, 2026 | 300,000 | $29.75M | Aug 17, 2026 | RegS GDRs converted into ADS at the time of the Issuer IPO |
| Vyacheslav Kim Director | Jun 4, 2026 | 1,000,000 | $86.82M | Jun 4, 2026 | RegS GDRs converted into ADS at the time of the Issuer IPO |
| Partners Ltd Fintech Affiliate | May 29, 2026 | 1,000,000 | $90.40M | May 29, 2026 | Transfer under Participation Deed |
| Partners Ltd Fintech Affiliate | Apr 1, 2026 | 951,140 | $70.45M | Apr 1, 2026 | Transfer under Participation Deed |
| Vyacheslav Kim Director | Mar 10, 2026 | 1,000,000 | $74.00M | Mar 10, 2026 | RegS GDRs converted into ADS at the time of the Issuer IPO |
| Equity Partners Ltd. Asia Affiliate | Dec 19, 2025 | 758,447 | $58.82M | Dec 19, 2025 | Private Placement |
| Equity Partners Ltd. Asia Affiliate | Nov 12, 2025 | 357,779 | $26.83M | Nov 12, 2025 | Private Placement |
| Equity Partners Ltd. Asia Affiliate | Oct 17, 2025 | 1,190,456 | $88.00M | Oct 17, 2025 | Private Placement |
| Equity Partners Ltd. Asia Affiliate | Oct 6, 2025 | 186,382 | $14.91M | Oct 6, 2025 | Private Placement |
| Equity Partners Ltd Asia Affiliate | Sep 9, 2025 | 1,000,000 | $87.24M | Sep 9, 2025 | Private placement |
| Vyacheslav Kim Chairman of the Board of Directors | Aug 28, 2025 | 1,000,000 | $93.00M | Aug 28, 2025 | RegS GDRs converted into ADS at the time of Issuer IPO |
| Mironov Pavel Affiliate | Aug 14, 2025 | 50,000 | $4.89M | Aug 14, 2025 | Compensation |