Which funds own KSPI
Kaspi.KZ JSC in the Q2 2026 filings. At least 6 of the 91 current managers on file reported a position, worth $586m between them. It is among the largest positions of fewer than a fifth of the current managers on file. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.
- Managers holding
- 6
- at least, of 91 current
- Combined value
- $586m
- as reported
- Opened
- 0
- new this quarter
- Added to
- 3
- already held
- Trimmed or sold out
- 3
- 0 sold out entirely
Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.
Managers reporting a position
Largest first. Weight is the share of that manager’s whole reported book, which is the number worth quoting: $400m is a rounding error in one book and a defining bet in another.
| Manager | Value | Weight | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| Baillie Gifford & Co Long-only · $110bn book | $501m | 0.5% | 5,779,168 | +$121m+655,961 | Added |
| Artisan Partners LP Long-only · $63.1bn book | $41m | 0.1% | 471,473 | +$12m+85,378 | Added |
| Dodge & Cox Activist · $191bn book | $22m | 0.0% | 252,826 | +$6.3m+42,600 | Added |
| Southeastern Asset Management Inc Activist · $1.9bn book | $19m | 1.0% | 212,999 | +$600k-27,629 | Trimmed |
| ARK Investment Management LLC Long-only · $15.4bn book | $3.6m | 0.0% | 41,525 | -$1.0m-21,107 | Trimmed |
| Ruane Cunniff & Goldfarb LP Activist · $6.4bn book | $300k | 0.0% | 3,934 | unchanged-149 | Trimmed |
Ownership through time
At least 7 of the 95 managers whose filings are on file listed KSPI in Q2 2026, against 1 in Q4 2020. The same number as in Q1 2026.
Each manager’s largest 500 positions a quarter are read, so a small holding in a very large book can be missing, and a manager is counted as leaving only where its own filing shows it.
- Q4 2020: 1
- Q1 2021: 1
- Q2 2021: 1
- Q3 2021: 1
- Q4 2021: 1
- Q1 2022: 1
- Q2 2022: 1
- Q3 2022: 1
- Q4 2022: 1
- Q1 2023: 1
- Q2 2023: 1
- Q3 2023: 1
- Q4 2023: 1
- Q1 2024: 12
- Q2 2024: 11
- Q3 2024: 6
- Q4 2024: 6
- Q1 2025: 6
- Q2 2025: 7
- Q3 2025: 8
- Q4 2025: 7
- Q1 2026: 7
- Q2 2026: 7
- Q4 2020: $2.6m
- Q1 2021: $11m
- Q2 2021: $25m
- Q3 2021: $22m
- Q4 2021: $26m
- Q1 2022: $11m
- Q2 2022: $11m
- Q3 2022: $12m
- Q4 2022: $13m
- Q1 2023: $14m
- Q2 2023: $14m
- Q3 2023: $17m
- Q4 2023: $16m
- Q1 2024: $421m
- Q2 2024: $713m
- Q3 2024: $623m
- Q4 2024: $501m
- Q1 2025: $613m
- Q2 2025: $559m
- Q3 2025: $536m
- Q4 2025: $481m
- Q1 2026: $523m
- Q2 2026: $685m
Between the quarter ends of Q1 2026 and Q2 2026. Each change in shares is valued at the Q2 2026 price, so the price’s own move is left out; a 13F shows the two quarter ends, not when in between anything was bought or sold.
Started in Q2 2026
No manager on file started a position.
Largest increases, by shares
- Baillie Gifford & Co5,123,207 to 5,779,168 shares+$57m
- Capital World Investors1,028,574 to 1,143,698 shares+$10.0m
- Artisan Partners LP386,095 to 471,473 shares+$7.4m
- Dodge & Cox210,226 to 252,826 shares+$3.7m
Largest decreases, by shares
- Southeastern Asset Management Inc240,628 to 212,999 shares-$2.4m
- ARK Investment Management LLC62,632 to 41,525 shares-$1.8m
- Ruane Cunniff & Goldfarb LP4,083 to 3,934 shares-$13k
Left it
No manager on file is shown leaving it.
| Manager | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Baillie Gifford & Co | Q1 2024 | $501m | $501m | |
| Capital World Investors | Q1 2024 | $99m | $99m | |
| Artisan Partners LP | Q1 2024 | $42m | $41m | |
| Dodge & Cox | Q1 2024 | $22m | $22m | |
| Southeastern Asset Management Inc | Q2 2025 | $19m | $18m | |
| ARK Investment Management LLC | Q4 2020 | $26m | $3.6m | |
| Ruane Cunniff & Goldfarb LP | Q3 2025 | $341k | $341k | |
| AllianceBernstein LP | Q2 2024 | $82m | last listed Q3 2024 | |
| Arrowstreet Capital LP | Q1 2024 | $49m | last listed Q3 2025 | |
| Squarepoint Ops LLC | Q1 2024 | $41m | last listed Q1 2024 | |
| Verition Fund Management LLC | Q1 2024 | $33m | last listed Q2 2024 | |
| Marshall Wace LLP | Q1 2024 | $23m | last listed Q1 2024 | |
| Voloridge Investment Management LLC | Q4 2024 | $14m | last listed Q4 2024 | |
| Acadian Asset Management LLC | Q1 2024 | $6.3m | last listed Q2 2024 | |
| Holocene Advisors LP | Q1 2024 | $3.5m | last listed Q1 2024 | |
| Polen Capital Management LLC | Q2 2024 | $1.3m | last listed Q4 2024 | |
| Tybourne Capital Management HK Ltd | Q1 2024 | $931k | last listed Q2 2024 |
What KSPI is worth
Knowing who owns it is half the question. The other half is what it is worth against the companies it trades beside, which is the one an interviewer will follow up with.
Build the comp set around KSPI →How much of the picture this is
A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.
What to do with a name the funds are buying
Knowing who owns something is the start of a pitch, not the pitch. The next questions are what it is worth and why they were buying.
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The holdings, every quarter, and the week between
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