股份公司 Kaspi.kz - 存託憑證（普通股）
US ˙ NasdaqGS ˙ US48581R2058

SecurityKSPI / Joint Stock Company Kaspi.kz - Depositary Receipt (Common Stock)
InstitutionVR Advisory Services Ltd
Latest Disclosed Ownership1,077,369 shares
Latest Disclosed Value $ 79,800,722
VR Advisory Services Ltd ownership in KSPI / Joint Stock Company Kaspi.kz - Depositary Receipt (Common Stock)

On May 15, 2026 - VR Advisory Services Ltd filed a 13F-HR form disclosing ownership of 1,077,369 shares of Joint Stock Company Kaspi.kz - Depositary Receipt (Common Stock) (US:KSPI) valued at $79,800,722 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on February 18, 2026 disclosing 1,077,369 shares of Joint Stock Company Kaspi.kz - Depositary Receipt (Common Stock). This represents a change in shares of 0.00% during the quarter. The current value of the position is $87,450,042 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

Upgrade to unlock premium data and export to Excel .

Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F KASPI KZ JSC SPONSORED ADS 48581R205 1,077,369 0 0.00 79,801 -5.20 9.4447
2026-02-18 2025-12-31 13F/A-1 KASPI KZ JSC SPONSORED ADS 48581R205 1,077,369 0 0.00 84,175 -4.35 13.3225
2026-02-17 2025-12-31 13F KASPI KZ JSC SPONSORED ADS 48581R205 1,077,369 0 84,175 16.1145
2025-11-14 2025-09-30 13F KASPI KZ JSC SPONSORED ADS 48581R205 1,077,369 0 0.00 88,000 -3.78 21.3377
2025-08-14 2025-06-30 13F KASPI KZ JSC SPONSORED ADS 48581R205 1,077,369 121,907 12.76 91,458 3.09 24.3767
2025-05-15 2025-03-31 13F KASPI KZ JSC SPONSORED ADS 48581R205 955,462 119,299 14.27 88,715 12.02 23.1369
2025-02-14 2024-12-31 13F KASPI KZ JSC SPONSORED ADS 48581R205 836,163 101,955 13.89 79,193 1.77 19.7894
2024-11-14 2024-09-30 13F KASPI KZ JSC SPONSORED ADS 48581R205 734,208 254,864 53.17 77,819 25.84 26.8121
2024-08-14 2024-06-30 13F KASPI KZ JSC SPONSORED ADS 48581R205 479,344 479,344 61,840 24.9809
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.