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Data from SEC EDGAR filings: company financials and 13F holdings.

Disclaimer: QW Research is provided for informational and educational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Data is derived from public SEC 13F filings and may be incomplete, delayed, or inaccurate. Do not make investment decisions based on this content. QW Research does not share in any profits and accepts no liability for any losses or decisions made using this information. Past performance does not predict future results.

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KSPI — Fundamentals, Valuation & Ownership | QW Research

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Joint Stock Co Kaspi.kz (KSPI)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

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No collected fundamentals for a dividends & returns analysis.

No collected fundamentals for a capital-allocation analysis.

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Institutional Ownership

1.2%

of shares outstanding · 25 funds hold it

Ownership Change

—

vs last quarter

Crowding

72ᵗʰ pctl

more crowded than 72% of tracked stocks

Institutional Value

—

total position value across all 13F filers

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Institutional Holders

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We haven't collected financials for KSPI yet, so it can't be scored against its Unclassified peers.

Buy / Sell Volume by Quarter

Total shares institutions bought (green) vs sold (red) each quarter across all holders.

Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.

No collected fundamentals for this company, so none of the analysis below can be computed.

No collected fundamentals to build a valuation model.

No collected fundamentals for a debt & leverage analysis.

Crowding AnalysisModerate

Holders25of 2,417

Avg: 46

Uncrowded72th percentileCrowded

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Crowding AnalysisModerate

Holders25of 2,417

Avg: 46

Uncrowded72th percentileCrowded

Institutional Trends (8 Quarters)

Ownership Map

Top 35 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.

Size by

Drag any bubble to rearrange · size = dollar value of the position

Ownership Map

Top 35 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.

Size by

Drag any bubble to rearrange · size = dollar value of the position

No Form 4 filings for KSPI in the last 12 months.

Performance vs. S&P 500

Total return (dividends reinvested) vs the market, from quarter-end prices.

$10,000 invested 2024-03

$7,491

KSPI · -25%

$14,662

S&P 500 · +47%

−$7,170

behind the index

Total return (5Y)

-25%

S&P 500

+47%

vs. market

-72%

underperformed

Annualized

-12.1%

mkt 18.6%

Volatility

22%

annualized

Beta

0.72

vs S&P 500

Growth of $10,000

Hover the chart to read any quarter

KSPIS&P 500

Year by year

Annual return vs the market

Hover a year to compare.

KSPI (solid)S&P 500 (outline)Green = positive year, red = negative. Number = KSPI's return.

Beat the market

1 / 3 yrs

33% win rate

Best year

+16%

2026

Worst year

-22%

2024

Worst drawdown

-41%

still -28% below peak

Relative strength

Cumulative lead over the S&P 500

Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.

Downside

Drawdown from peak · max -41%

How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.

Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.