Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Kaspi Kz Jsc (KSPI)

166 + Investors. Track Smart Money conviction in KSPI. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -8
Streak
2Q ▼
Buyers last Q
48%

Smart Money Signals — KSPI

Based on 166 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds reduced or closed their KSPI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 87% of 3.0Y peak

87% of all-time peak
166 funds currently hold this stock — 87% of the 3.0-year high of 190 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 13% fewer funds vs a year ago

fund count last 6Q
24 fewer hedge funds hold KSPI compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠

More sellers than buyers — 48% buying

87 buying93 selling
Last quarter: 93 funds reduced or exited vs 87 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️

Fewer new buyers each quarter (-6 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 17 → 43 → 29 → 23. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
📌

Mixed — 28% long-term, 28% new

■ 28% conviction (2yr+) ■ 43% medium ■ 28% new
Of the 166 current holders: 47 (28%) held >2 years, 72 held 1–2 years, and 47 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
➡️

Steady discovery — ~23 new funds/quarter

35 → 17 → 43 → 29 → 23 new funds/Q
New funds entering each quarter: 17 → 43 → 29 → 23. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊

Mixed cohorts — 2% veterans, 31% new entrants

■ 2% veterans ■ 67% 1-2yr ■ 31% new
Of 172 current holders: 4 (2%) held 2+ years, 115 held 1–2 years, 53 (31%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅

Strong quality — 23% AUM from major funds

23% from top-100 AUM funds
35 of 166 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.2
out of 10
Low Exit Risk
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — KSPI

In 2026 Q1, 87 hedge funds were net buyers of KSPI (23 opened a new position, 64 added to an existing one), while 93 reduced or exited (62 trimmed, 31 sold completely) — a 48% buyer ratio, indicating roughly balanced activity. Net selling has persisted for two consecutive quarters. 23% of total institutional value in KSPI is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -8 funds (more exits than new entries). Total institutional holders: 166.

Hedge Fund Ownership: KSPI

How many hedge funds hold KSPI — quarterly history vs. share price
Quarterly hedge fund ownership of KSPI vs. share price

Market Analysis: KSPI

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: KSPI

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Kaspi Kz Jsc (KSPI) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much KSPI has moved relative to its sector benchmark (XLK) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 79d ago
KSPI
+11.0%
XLK
+44.0%

KSPI outperformed XLK by -33.0% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 34d ago
KSPI
-6.1%
XLK
+8.6%

Since the filing became public, KSPI outperformed XLK by -14.7% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

8 top-rated funds 12 high-conviction
Consensus
4.1
/ 10
breadth
×
Elite
4.9
/ 10
conviction
Hedge Fund Positioning: KSPI
166 + Investors

Track Smart Money conviction in KSPI. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 166 174 -4.6%
13F Shares 84M 86M -2.65%
Total Value $6.22B $6.74B -7.69%
New Positions 23 29 -6
Increased Positions 62 69 -7
Closed Positions 31 42 -11
Reduced Positions 60 54 +6
Total Calls 4 5 -20.0%
Total Puts 4 3 33.33%
PUT/CALL Ratio 1.0 0.6 Neutral

Statistics: KSPI

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Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

166 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in KSPI. Verified SEC 13F-HR filings.

QUARTER:
Top 25 KSPI holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Brehaut David Pascal 100.00% 12,257,305 $907.9M
2 Baring Fintech Manager Holding Ltd 100.00% 18,051,851 $1.34B
3 Baring Fintech Fund III Managers Ltd 100.00% 12,061,997 $893.4M
4 Brightlight Capital Management LP 27.12% 371,235 $27.5M
5 Untitled Investments LP 10.86% 393,770 $29.2M
6 VR Advisory Services Ltd 9.44% 1,077,369 $79.8M
7 Cat Rock Capital Management LP 7.26% 631,001 $46.7M
8 Ranmore Fund Management Ltd 6.07% 620,000 $45.9M
9 Greenvale Capital LLP 5.28% 650,000 $48.1M
10 Lifetime Wealth Management P.C. 4.94% 117,329 $8.7M
11 Fairtree Asset Management (Pty) Ltd 4.58% 134,675 $10.0M
12 ABS Direct Equity Fund LLC 4.45% 74,885 $5.8M
13 Norwood Investment Partners, LP 4.15% 36,416 $2.7M
14 Gemsstock Ltd. 3.97% 509,147 $37.7M
15 North of South Capital LLP 3.79% 569,681 $42.2M
16 Armor Advisors, L.L.C. 3.51% 141,080 $10.4M
17 Cape Ann Asset Management Ltd 2.95% 175,512 $13.0M
18 Coronation Fund Managers Ltd. 2.92% 865,750 $64.1M
19 Renaissance Capital LLC 2.65% 42,619 $3.7M
20 Kora Management LP 2.55% 241,500 $17.9M
21 Flax Pond Capital, LLC 2.43% 40,824 $3.0M
22 Eschler Asset Management LLP 2.32% 31,473 $2.3M
23 Truffle Hound Capital, LLC 2.11% 110,000 $8.1M
24 Hyperion Capital Advisors LP 1.99% 55,810 $4.1M
25 Evergreen Wealth Management, LLC 1.95% 51,073 $3.8M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Kaspi Kz Jsc (KSPI)

What does the Smart Money Trend signal show for KSPI?

Selling streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds reduced or closed their KSPI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for KSPI?

More sellers than buyers — 48% buying: Last quarter: 93 funds reduced or exited vs 87 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for KSPI holders?

Strong quality — 23% AUM from major funds: 35 of 166 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held KSPI?

Mixed — 28% long-term, 28% new: Of the 166 current holders: 47 (28%) held >2 years, 72 held 1–2 years, and 47 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.

Is it too late to buy Kaspi Kz Jsc (KSPI) following the 2026 Q1 hedge fund 13F filings?

As of today, KSPI has moved -6.1% since the 2026 Q1 13F filing date (May 15, 2026), compared to +8.6% for the XLK sector ETF — an outperformance of -14.7%. Since the quarter end (March 31, 2026), KSPI has gained +11.0% vs +44.0% for XLK. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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