UAPF JSC (hereinafter - UAPF) presents a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (hereinafter - NBRK) and investment portfolio managers (hereinafter - IPM) on the website enpf.kz in the section "Indicators - Investment activities".
The total volume of pension assets as of May 1, 2024 amounted to KZT18,983.1 bln. As of May 1, 2024, the pension assets 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 KZT18,878.61 bln. The volume of pension assets of the NBRK, formed at the expense of the employer’s compulsory pension contributions (hereinafter referred to as ECPC), which are in trust management of the NBRK
- KZT57.18 bln.
Pension assets in the trust management of IPMs amounted to more than KZT47,3 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 May 1, 2024 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 47.02%, bonds of quasi-public companies - 9.66%, bonds of second-tier banks of the Republic of Kazakhstan - 4.26%, government securities of foreign countries - 3.52%, shares and depository receipts of issuers of the Republic of Kazakhstan - 1.97%, microfinance organizations - 1.91%, deposits of the National Bank of Kazakhstan - 1.78%.
The investment portfolio by currencies in which financial instruments purchased through CPC, COPC, VPC are denominated, as of May 1, 2024, looks like this: investments in national currency - 66.34%, in US dollars - 33.66% 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 KZT464.03 bln, for assets under external management – KZT156.81 bln. The revaluation of foreign currency was negative and amounted to KZT89.06 bln. Other losses amounted to KZT1.44 bln.
Due to the diversification of the investment portfolio of pension assets by instruments, industries and currencies, the total income for January-April 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 4 months of 2024 amounted to KZT530.34 bln.
The return on UAPF pension assets distributed to the accounts of contributors (beneficiaries) has amounted to 2.87% since the beginning of 2024.
ECPC investment directions as of May 1, 2024 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 98.11%, cash in investment accounts - 1.20%, deposits of the National Bank of Kazakhstan - 0.69%.
The investment portfolio at the expense of the ECPC includes only financial instruments denominated in national currency.
The amount of accrued investment income under ECPC as of May 1 from the beginning of 2024 amounted to KZT366.79 mln. The ECPC yield was 1.76%.
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 the issuers and an overview of investment activities are posted on the official website of the UAPF. The website enpf.kz also contains information about the structure of the portfolio of pension assets formed at the expense of ECPC.
Investment portfolio managers
По состоянию на 01.05.2024 г. пенсионные активы, находящиеся в доверительном управлении АО «Jusan Invest», составили более 8,08 млрд тенге.
Основные инвестиции компании: ГЦБ МФ РК – 32,78%, паи Exchange Traded Funds (ETF) – 28,62%, РЕПО – 18,13%, облигации банков второго уровня РК – 7,76%, ГЦБ иностранных государств – 6,85% портфеля. Отметим, что 63,23% портфеля представлено в тенге, 36,77% - в долларах США.
The total volume of pension assets managed by the pension insurance company is more than KZT47.3 bln.
As of May 1, 2024, pension assets under trust management of Jusan Invest JSC amounted to more than KZT8.08 bln.
The company's main investments: government securities of the Ministry of Finance of the Republic of Kazakhstan - 32.78%, shares of Exchange Traded Funds (ETF) - 28.62%, REPO - 18.13%, bonds of second-tier banks of the Republic of Kazakhstan - 7.76%, government securities of foreign countries - 6, 85% of the portfolio. Note that 63.23% of the portfolio is presented in tenge, 36.77% 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 for 4 months of 2024 amounted to KZT156.48 mln. The return on pension assets was 2.14%.
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 May 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) - 38.99%, bonds of quasi-public organizations of the Republic of Kazakhstan - 11.31%, corporate bonds of foreign issuers - 16.97%, bonds of microfinance organizations - 6.84 %, equity instruments of foreign issuers (ETF Units) - 6.70%, securities with state status, issued by the central governments of foreign states - 6.38%, bonds of second-tier banks of the Republic of Kazakhstan - 5.53%. Investments in national currency amounted to 69.51% of the portfolio, in US dollars - 30.49%.
As a result of investment activities, the amount of accrued investment income since the beginning of the year as of May 1, 2024 amounted to KZT59.78 mln. The return on pension assets was 1.59%.
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 May 1, 2024, the pension assets of the UAPF, which are in the trust management of BCC Invest JSC, amounted to about KZT4.3 bln.
Main areas of investment: bonds of quasi-public organizations of the Republic of Kazakhstan - 31.67%, REPO - 20.45%, government bonds of the Republic of Kazakhstan - 12.22%, bonds of second-tier banks of the Republic of Kazakhstan - 9.04%, shares (ETF on indices) - 7.87 %, corporate bonds of foreign issuers – 7.20%, MFO bonds – 4.44%, US government bonds – 3.30% of the portfolio. 82.89% of the portfolio was invested in instruments in national currency, and 17.11% in US dollars.
As a result of investment activities, the amount of accrued investment income for the first 4 months of 2024 amounted to KZT85.48 mln. The return on pension assets was 2.03%.
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 May 1, 2024, the pension assets of the UAPF, which are in trust management of Centras Securities JSC, amounted to more than KZT1.2 bln.
28.38% were invested in REPO, government securities of the Ministry of Finance of the Republic of Kazakhstan - 27.97% of assets, bonds of quasi-public organizations - 15.17%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 9.98%, bonds of STBs of the Republic of Kazakhstan - 7%, US government bonds – 6.67%. 75.88% of the portfolio was invested in instruments in national currency, in US dollars - 22.41%, in Canadian dollars - 1.71%.
As a result of investment activities and changes in the market value of financial instruments, the amount of accrued investment income as of May 1 from the beginning of 2024 amounted to 49.27 million tenge. The return on pension assets since the beginning of 2024 has amounted to 4.24%.
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 May 1, 2024, pension assets held in trust by Halyk Finance Subsidiary of the Halyk Bank of Kazakhstan JSC amounted to more than KZT29.9 bln.
The main investments in the portfolio structure look like this: “reverse repo” (no more than 90 calendar days) – 51.94%, corporate bonds of foreign issuers – 9.88%, bonds of quasi-public organizations of the Republic of Kazakhstan – 9.69%, shares of Exchange Traded Funds (ETF) - 7.20%, government securities of foreign countries - 6.37%, microfinance organizations - 4.48%, bonds of second-tier banks of the Republic of Kazakhstan - 3.32%.
73.33% of the portfolio was invested in instruments in national currency, 26.49% in US dollars, 0.18% in euros.
As a result of investment activities, the amount of accrued investment income as of May 1 from the beginning of 2024 amounted to KZT410.54 mln. The return on pension assets is 1.81%.
The detailed structure of the investment portfolio of financial instruments managed by Halyk Finance Subsidiary of the Halyk Bank of Kazakhstan JSC, indicating the issuers, is presented on the UAPF website.
Let us remind you that from July 1, 2023, contributors can transfer to trust management no more than 50% of pension savings through compulsory pension contributions (CPC), 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 the IPM in the amount of 100%.
