Investment portfolios of pension assets as of June 1, 2023
The website enpf.kz provides a report on the management of pension assets of the NBK and IPM as of June 1, 2023. A detailed report on the investment of pension savings is posted on the website enpf.kz in the section "Indicators - Investment activity", which monthly provides information on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPM). The total amount of pension assets as of June 1, 2023 amounted to about KZT15,846.7 bln. At the same time, UAPF pension assets amounted to KZT15,833.03 bln. amounted to KZT9.08 bln. held in trust by the National Bank of the Republic of KazakhstanPension assets managed by IPM
Investment portfolio of pension assets managed by the NBRK
The main areas for investing pension assets of the NBRK as of June 1, 2023 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 46.96%, bonds of quasi-public companies - 10.72%, bonds and deposits of second-tier banks of the Republic of Kazakhstan - 5.68%, State securities of foreign states - 4.70%, securities of international financial organizations - 2.38%, corporate bonds of Kazakhstani issuers - 0.10%.
As of June 1, 2023, the investment portfolio in terms of currencies in which financial instruments purchased using pension assets are denominated looks as follows: investments in the national currency - 70.95%, in US dollars - 29.01%, in other currency - 0.05% of the portfolio of pension assets. It follows from the analysis of the income structure that income in the form of interest on securities, including on placed deposits and reverse REPO operations and from market revaluation of securities, amounted to KZT564.07 bln, on assets under external management - KZT28.53 bln, other income - KZT2.09 bln. At the same time, the revaluation of foreign currency brought a loss in the amount of KZT86.2 bln.
Thus, due to the diversification of the investment portfolio of pension assets across instruments, industries and currencies, the total income for May 2023 is positive.
As a result of investment activities, as well as due to the volatility of foreign exchange rates and changes in the market value of financial instruments, the amount of accrued investment income since the beginning of 2023 amounted to KZT508.06 bln.
The return on UAPF pension assets distributed to the accounts of contributors (beneficiaries) from the beginning of 2023 amounted to 3.13% with inflation of 4.80%.
At the same time, as of June 1, 2023, the return on pension assets for the last 12 months (from June 2022 to May 2023) for UAPF contributors (beneficiaries) amounted to 11.39%.
Recall that in the medium and long term, a positive real (exceeding accumulated inflation) return on pension savings is ensured.
A detailed structure of the investment portfolio of financial instruments managed by the NBRK, indicating issuers and an overview of investment activities, are posted on the official website of the UAPF. Recall that in Kazakhstan there is a model of the state guarantee of the safety of pension savings. In accordance with Article 5 of the Law of the Republic of Kazakhstan On Pension Provision in the Republic of Kazakhstan, the state guarantees beneficiaries the safety of compulsory pension contributions and compulsory occupational pension contributions to the UAPF in the amount of contributions actually made, taking into account the inflation rate at the time of obtaining the right to pension benefits.
Investment portfolio managers
The total amount of funds managed by IPM is KZT9.08 bln.
As of June 1, 2023, pension assets held in trust by Jusan Invest JSC amounted to KZT3.87 bln.
The most significant investments of the company: Government securities of the Ministry of Finance of the Republic of Kazakhstan - 37.58%, shares of Exchange Traded Funds (ETF) - 33.5%, NBRK notes - 11.67%; Government securities of foreign states - 9.20% of the portfolio. Note that 57.13% of the portfolio is presented in tenge; 42.87% - in US dollars.
As a result of investment activities, as well as due to the volatility of foreign exchange rates and changes in the market value of financial instruments, the amount of accrued investment income since the beginning of the year as of June 1 amounted to KZT187.94 million. The return on pension assets amounted to 4.23%.
A detailed structure of the investment portfolio of financial instruments managed by Jusan Invest JSC, indicating issuers, is presented on the UAPF website.
As of June 1, 2023, pension assets held in trust by Halyk Global Markets JSC amounted to KZT2.53 bln.
The main investments in the portfolio structure are as follows: "reverse REPO" (no more than 90 calendar days) is 36.13%; bonds of quasi-public organizations of the Republic of Kazakhstan - 20.29%; equity instruments of foreign issuers (ETF units) – 14.86%; bonds of IFOs - 10.7%, securities with the status of government, issued by the central governments of foreign states - 6.95%. Investments in the national currency amounted to 77.69% of the portfolio, in US dollars - 22.31%.
As a result of investment activity, the amount of accrued investment income since the beginning of the year as of June 1 amounted to KZT177.65 million. The return on pension assets amounted to 6.52%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Global Markets JSC with indication of issuers is presented on the UAPF website.
UAPF pension assets held in trust by BCC Invest JSC amounted to KZT1.43 bln.
Among the main areas of investment, the following can be distinguished: government bonds of the Republic of Kazakhstan - 33.61%; bonds of quasi-public organizations of the Republic of Kazakhstan - 23.01%; REPO - 9.98%, IFO bonds - 6.38%, corporate bonds of resident issuers of the Republic of Kazakhstan - 5.68%, shares and depositary receipts of foreign issuers - 4.42% of the portfolio. 77.36% of the portfolio was invested in instruments in national currency, 22.64% in US dollars.
As a result of investment activity, the amount of accrued investment income since the beginning of the year as of June 1 amounted to KZT83.63 million. The return on pension assets amounted to 5.30%.
A detailed structure of the investment portfolio of financial instruments managed by BCC Invest JSC, indicating issuers, is presented on the UAPF website.
UAPF pension assets held in trust by Centras Securities JSC amounted to KZT972.75 million.
59.13% of assets are invested in government securities of the Ministry of Finance of the Republic of Kazakhstan; cash on investment accounts is 18.83%; shares and depository receipts issued by organizations of the Republic of Kazakhstan - 9.58%, bonds of quasi-public organizations - 8.36%. 77.75% of the portfolio was invested in instruments in national currency, 22.25% in US dollars.
As a result of investment activities and changes in the market value of financial instruments, the amount of accrued investment income since the beginning of the year as of June 1 amounted to KZT43.52 million. The return on pension assets amounted to 4.09%.
A detailed structure of the investment portfolio of financial instruments managed by Centras Securities JSC with indication of issuers is presented on the UAPF website.
As of May 1, 2023, pension assets held in trust by Halyk Finance Subsidiary of Halyk Bank of Kazakhstan JSC amounted to KZT267.90 million.
The main investments in the portfolio structure are as follows: "reverse REPO" (no more than 90 calendar days) - 69.10%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 8.25%, corporate bonds of issuers of the Republic of Kazakhstan - 7.52%, IFIs - 6.50%, bonds of quasi-public organizations of the Republic of Kazakhstan - 4.89%.
96.73% of the portfolio was invested in instruments in the national currency, 3.27% in the euro currency. As a result of investment activity, the amount of accrued investment income since the beginning of the year as of June 1 amounted to KZT10.99 million. The yield on pension assets amounted to 6.68%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Finance Subsidiary of Halyk Bank of Kazakhstan JSC with indication of issuers is presented on the UAPF website.
Recall that after receiving pension assets from UAPF, IPM invests them in permitted financial instruments specified in the Rules for the implementation of investment portfolio management activities, approved by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated February 3, 2014 No. 10, and provided for in the IPM Investment Declaration. When transferring pension savings to IPM management, the state guarantee is replaced by the guarantee of the management company to ensure the minimum level of profitability of pension assets. The minimum level of return is calculated based on the weighted average return on pension assets transferred to IPM management and operating on the market.
