UAPF JSC (hereinafter referred to as UAPF) presents a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (hereinafter referred to as NBRK) and investment portfolio managers (hereinafter referred to as IPM) on the website enpf.kz in the section “Indicators - Investment activities”.
The total volume of pension assets as of April 1, 2024 amounted to KZT18,852.6 bln. As of April 1, 2024, pension assets (hereinafter referred to as PA) of the UAPF, which are in trust management of the NBRK, formed through compulsory pension contributions (hereinafter referred to as CPC), compulsory occupational pension contributions (hereinafter referred to as COPC), voluntary pension contributions (hereinafter referred to as VPC) amounted to KZT18,807.36 bln. The volume of pension assets of the NBRK, formed at the expense of employer compulsory pension contributions (hereinafter referred to as PA ECPC), which are in trust management of the NBRK
- KZT36.7 bln.
Pension assets managed by IPM
amounted to more than KZT45.24 bln.
Investment portfolio of pension assets managed by the NBRK
The main directions for investing pension assets of the NBRK, formed at the expense of CPC, COPC, VPC, as of April 1, 2024 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 46.69%, bonds of quasi-public companies - 9.72%, bonds of second-tier banks of the Republic of Kazakhstan - 4.25%, deposits of the National Bank of Kazakhstan - 2.41%, government securities of foreign states - 2.22%, microfinance organizations - 2.06%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 1.98%.
The investment portfolio by currencies in which financial instruments purchased through CPC, COPC, VPC are denominated, as of April 1, 2024, looks like this: investments in national currency - 66.81%, in US dollars - 33.16% portfolio of pension assets.
From the analysis of the structure of income received, it follows that income in the form of remuneration on securities, including on placed deposits and reverse repo operations and from market revaluation of securities, amounted to KZT452.88 bln, for assets under external management - KZT183.17 bln. The revaluation of foreign currency was negative and amounted to KZT53.29 bln. Other losses amounted to KZT1.45 bln.
Due to the diversification of the investment portfolio of pension assets by instruments, industries and currencies, the total income for January-March 2024 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 for 3 months of 2024 amounted to KZT581.31 bln.
The return on UAPF pension assets distributed to the accounts of contributors (beneficiaries) as of April 01, 2024 from the beginning of the year amounted to 3.15%.
ECPC PA investment directions as of April 1, 2024 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 74.50%, repo transactions - 18.13%, NBRK deposits - 6.14%, cash in investment accounts - 1.23 %.
The ECPC PA investment portfolio includes only financial instruments denominated in national currency.
The amount of accrued investment income under ECPC PA as of April 1 from the beginning of 2024 amounted to KZT333.62 mln. The ECPC PA yield was 1.37%.
Let us recall that in the medium and long term, a positive real (exceeding accumulated inflation) return on pension savings is ensured.
The detailed structure of the investment portfolio of financial instruments managed by the National Bank of Kazakhstan, indicating issuers and an overview of investment activities are posted on the official website of the UAPF. Also on the website enpf.kz there is information about the structure of the portfolio of pension assets formed at the expense of the ECPC.
Investment Portfolio Managers
The total volume of pension assets managed by IPM is more than KZT45.24 bln.
As of April 1, 2024, pension assets under trust management of Jusan Invest JSC amounted to more than KZT7.8 bln.
The company's main investments: government securities of the Ministry of Finance of the Republic of Kazakhstan - 34.34%, shares of Exchange Traded Funds (ETF) - 25.64%, REPO - 18.39%, bonds of second-tier banks of the Republic of Kazakhstan - 7.93%, government securities of foreign countries - 7, 42% of the portfolio. Note that 65.34% of the portfolio is presented in tenge, 34.66% 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 for the first 3 months of 2024, the amount of accrued investment income amounted to 231.59 million tenge. The return on pension assets was 3.07%.
The detailed structure of the investment portfolio of financial instruments managed by Jusan Invest JSC, indicating the issuers, is presented on the UAPF website.
As of April 1, 2024, pension assets under trust management of Halyk Global Markets JSC amounted to more than KZT3.8 bln.
The main investments in the portfolio structure are as follows: “reverse repo” (no more than 90 calendar days) - 39.86%, bonds of quasi-public organizations of the Republic of Kazakhstan - 11.25%, corporate bonds of foreign issuers - 8.94%, equity instruments of foreign issuers (Units ETF) - 7.04%, IFO bonds - 6.85%, cash in accounts - 6.77%, bonds of second-tier banks of the Republic of Kazakhstan - 5.53%. Investments in national currency amounted to 70.52% of the portfolio, in US dollars - 29.48%.
As a result of investment activities, the amount of accrued investment income since the beginning of 2024, as of April 1, 2024, amounted to KZT63.90 mln. The return on pension assets was 1.70%.
The detailed structure of the investment portfolio of financial instruments managed by Halyk Global Markets JSC, indicating the issuers, is presented on the UAPF website.
As of April 1, 2024, the pension assets of the UAPF, which are in the trust management of BCC Invest JSC, amounted to more than KZT4.1 bln.
Main areas of investment: bonds of quasi-public organizations of the Republic of Kazakhstan - 25.44%, REPO - 18.96%, shares (ETF on indices) - 13.82%, government bonds of the Republic of Kazakhstan - 12.60%, bonds of second-tier banks of the Republic of Kazakhstan - 7.94 %, corporate bonds of foreign issuers - 7.32%, IFO bonds - 4.51%, US government bonds - 3.46% of the portfolio. 74.50% of the portfolio was invested in instruments in national currency, and 25.50% in US dollars.
As a result of investment activities for the first 3 months of 2024, the amount of accrued investment income amounted to KZT74.48 mln. The return on pension assets was 1.79%.
The detailed structure of the investment portfolio of financial instruments managed by BCC Invest JSC, indicating the issuers, is presented on the UAPF website.
As of April 1, 2024, the pension assets of the UAPF, which are in the trust management of Centras Securities JSC, amounted to about KZT1.2 bln.
29.76% of assets were invested in government securities of the Ministry of Finance of the Republic of Kazakhstan, repo - 27.54%, bonds of quasi-public organizations - 15.61%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 8.61%, bonds of second-tier banks of the Republic of Kazakhstan - 7%, US government bonds – 6.79%. 77.06% of the portfolio was invested in instruments in national currency, in US dollars - 21.03%, in Canadian dollars - 1.91%.
As a result of investment activities and changes in the market value of financial instruments, the amount of accrued investment income as of April 1 from the beginning of 2024 amounted to KZT51.75 m;n. The return on pension assets was 4.45%.
The detailed structure of the investment portfolio of financial instruments managed by Centras Securities JSC, indicating the issuers, is presented on the UAPF website.
As of April 1, 2024, pension assets held in trust by Halyk Finance the Subsidiary of the HalykBank of Kazakhstan JSC amounted to approximately KZT28.9 bln.
The main investments in the portfolio structure look like this: “reverse repo” (no more than 90 calendar days) – 50.31%, bonds of quasi-public organizations of the Republic of Kazakhstan – 9.92%, corporate bonds of foreign issuers – 8.90%, shares Exchange Traded Funds (ETF) - 7.71%, government securities of foreign countries - 6.58%, microfinance organizations - 4.64%, bonds of second-tier banks of the Republic of Kazakhstan - 3.39%.
73.63% of the portfolio was invested in instruments in national currency, 26.18% in US dollars, 0.19% in euros.
As a result of investment activities, the amount of accrued investment income as of April 1 from the beginning of 2024 amounted to KZT483.40 mln. The return on pension assets was 2.06%.
The detailed structure of the investment portfolio of financial instruments managed by Halyk Finance the Subsidiary of the HalykBank of Kazakhstan JSC, indicating the issuers, is presented on the UAPF website.
Let us remind you that from July 1, 2023, contributors can transfer into trust management no more than 50% of pension savings at the expense of compulsory pension contributions (CPC) and compulsory occupational pension contributions (COPC), without taking into account the minimum adequacy threshold for investment portfolio managers (IPM), by choosing such a company yourself. Contributors who have voluntary pension savings can transfer them to IPM in the amount of 100%.
