Joint Stock Company Kaspi.kz - Depositary Receipt (Common Stock)
US ˙ OTCPK ˙ US48581R2058
DETTE SYMBOL ER IKKE LÆNGERE AKTIVT

SecurityKAKZF / Joint Stock Company Kaspi.kz - Depositary Receipt (Common Stock)
InstitutionCarmignac Gestion
Latest Disclosed Ownership228,970 shares
Latest Disclosed Value $ 17,901,176
Carmignac Gestion reports 8.63% decrease in ownership of KAKZF / Joint Stock Company Kaspi.kz - Depositary Receipt (Common Stock)

On February 13, 2026 - Carmignac Gestion filed a 13F-HR form disclosing ownership of 228,970 shares of Joint Stock Company Kaspi.kz - Depositary Receipt (Common Stock) (US:KAKZF) valued at $17,901,176 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 13, 2025 disclosing 250,587 shares of Joint Stock Company Kaspi.kz - Depositary Receipt (Common Stock). This represents a change in shares of -8.63% during the quarter. The current value of the position is $22,232,987 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.

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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)
2026-02-13 2025-12-31 13F KASPI.KZ JSC SPONSORED ADS 48581R205 228,970 -21,617 -8.63 17,901 -12.55 0.2421
2025-11-13 2025-09-30 13F KASPI.KZ JSC SPONSORED ADS 48581R205 250,587 66,557 36.17 20,469 30.93 0.3051
2025-08-13 2025-06-30 13F KASPI.KZ JSC SPONSORED ADS 48581R205 184,030 16,976 10.16 15,633 0.77 0.2406
2025-05-14 2025-03-31 13F KASPI.KZ JSC SPONSORED ADS 48581R205 167,054 0 0.00 15,514 -1.96 0.2547
2025-02-13 2024-12-31 13F KASPI.KZ JSC SPONSORED ADS 48581R205 167,054 -1,500 -0.89 15,825 -11.38 0.2522
2024-11-13 2024-09-30 13F JSC KASPI.KZ SPONSORED ADS 48581R205 168,554 -31,688 -15.82 17,857 -30.90 0.2981
2024-08-13 2024-06-30 13F JSC KASPI.KZ SPONSORED ADS 48581R205 200,242 200,242 25,844 0.4432
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.