← Holdings
KSPI

Kaspi.kz ADR

3 managers · $652M total
Data: SEC EDGAR 13F · 2026Q2
Manager holders · last 5 qtrs
3
2025Q2 – 2026Q2 · flat QoQ
Total position
$652M
Combined value across tracked managers
Net move this quarter
↑ Adding
Weighted by holders' share change
HolderQ actionValue% of port.Style
Baillie GiffordAdd+12.8%$501M0.45%Long-term growth / Global allocation
SandsTrim-3.49%$133M0.49%High-conviction growth / Innovation-led
SoutheasternTrim-11.48%$18M0.96%Deep value / Concentrated
What managers say
2026-07-01Pacific Horizon Investment Trust (Baillie Gifford)NeutralPacific Horizon Valuation - 30 April 2026Detail →
2025-12-31Southeastern Asset ManagementBull4Q25 Asia Pacific CommentaryDetail →
2025-01-22Colossus (Invest Like the Best / Business Breakdowns)BullKaspi.kz: The Kazakh Super-App - [Business Breakdowns, EP.204]Detail →
2023-08-09Colossus (Invest Like the Best / Business Breakdowns)NeutralNubank: David vs Goliaths - [Business Breakdowns, EP.123]Detail →
Earnings Calls
Q2 2026August 10, 2026
Overall Conclusion This quarter's results were in line with expectations, primarily driven by steady growth in the e-commerce business and an optimized loan portfolio structure in fintech, though the high-interest-rate environment continued to weigh on profitability.
Key Data - Revenue grew 16% year-over-year - E-commerce GMV increased 28% year-over-year (on a constant currency basis) - Average net loan portfolio expanded 18% year-over-year
Business Progress E-commerce remains the strategic core, with GMV growth of 28% jointly driven by Kazakhstan and Turkey. Consumer purchase frequency rose 33%, reaching 76 million transactions. Value-added services (delivery and advertising) revenue grew 49%, boosting monetization rates. On July 1, the company launched Kasper, an AI personal assistant integrated into the super app, supporting voice and text-based shopping recommendations. 80% of conversations resulted in product recommendations, 60% of users confirmed purchases, and shopping speed improved by 50%. The acquisition of Rabobank has been completed, and a banking license has been obtained. The company plans to invest $300 million to develop fintech. Shopping loans have been piloted in Turkey, accounting for 0.54% of GMV in June.
Guidance & Outlook Management reaffirmed full-year guidance: GMV growth of approximately 20%, average net loan portfolio growth of 15%, and EBITDA growth of around 15%. Following the rate cut by the Central Bank of Kazakhstan, the company has lowered some deposit rates, expecting profit pressure to ease in the second half of the year, though the full-year impact remains limited.
Risk/Highlight Signals Positive signals: Management described early indicators for the AI assistant Kasper (usage rates, response speed, conversion rates) as "very encouraging" and emphasized its cost controllability and scalability to other markets. Negative signals: The depreciation of the Turkish lira continues to affect reported results, and scaling fintech products in Turkey will still take time.
Financials
Financials coming soon — 10-K data not yet synced for this name