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 enpf.kz website in the section "Indicators - Investment activities".
The total volume of pension assets as of December 1, 2024, under the management of the NBRK and IPM amounted to KZT22,119.93 bln. As of this date, UAPF pension assets under the 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 KZT21,838.31 bln[1]. The volume of pension assets formed through employer’s compulsory pension contributions (hereinafter referred to as ECPC), which are under the trust management of the NBRK, is KZT218.29 bln.
Pension assets under IPM management amounted to more than KZT63.33 bln.
Investment portfolio of pension assets managed by the National Bank of the Republic of Kazakhstan
The main areas of investment of pension assets formed through CPC, COPC, VPC, as of December 1, 2024, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 41.29%, bonds of quasi-public companies - 9.19%, bonds of second-tier banks of the Republic of Kazakhstan - 3.93%, deposits of the National Bank of the Republic of Kazakhstan - 3.14%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 1.77%, microfinance organizations - 1.32%. The investment portfolio by currencies in which financial instruments acquired through CPC, COPC, VPC are denominated, as of December 1, 2024, is as follows: investments in national currency - 59.98%, in US dollars - 40.01%, in other currencies - 0.01% of the pension asset portfolio.
From the analysis of the structure of the income received, it follows that income in the form of remuneration on securities, including on placed deposits and reverse repo transactions, amounted to KZT 1,433.06 bln, from the market revaluation of securities - KZT65.37 bln, from the revaluation of foreign currency - KZT471.14 bln, from assets under external management - KZT840.10 bln. Other income amounted to KZT6.22 bln.
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 from the beginning of 2024 as of December 1 amounted to KZT2.82 trln. The return on UAPF pension assets distributed to contributors' (beneficiaries') accounts since the beginning of 2024 as of 01.12.2024 was 14.85%.
ECPC investment directions as of December 1, 2024 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 78.18%, repo transactions - 17.38%, NBRK deposits - 4.22%, cash in investment accounts - 0.22%.
The investment portfolio at the expense of ECPC includes only financial instruments denominated in national currency.
The accrued investment income from ECPC since the beginning of 2024 as of December 1 was KZT 14.46 bln. ECPC return is 12.00%.
Let us 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 the issuers, and an overview of investment activities are posted on the official website of UAPF. Information on the structure of the portfolio
for pension assets formed through ECPC is also posted on the website enpf.kz.
Investment Portfolio Managers
The total volume of pension assets under IPM management is more than KZT63.33 bln.
As of 01.12.2024, pension assets under trust management of Jusan Invest JSC amounted to more than KZT10.36 bln.
The company's main investments: Government Securities of the Ministry of Finance of the Republic of Kazakhstan - 29.80%, Exchange Traded Funds (ETF) units - 22.44%, bonds of second-tier banks of the Republic of Kazakhstan - 11.89%, corporate bonds of foreign issuers - 8.40%, Government Securities of foreign states - 5.28%, corporate bonds of issuers of the Republic of Kazakhstan - 5.87%, Repo - 5.49%. It should be noted that 69.14% of the portfolio is presented in tenge, 29.44% - in US dollars, 1.42% - in other currencies.
As a result of investment activities, the accrued investment income for 11 months of 2024 amounted to approximately 1.33 KZT bln. The return on pension assets is 15.24%.
A detailed structure of the investment portfolio of financial instruments managed by Jusan Invest JSC with an indication of issuers is presented on the UAPF website.
As of 01.12.2024, pension assets under trust management of Halyk Global Markets JSC amounted to approximately KZT4.67 bln.
The main investments in the portfolio structure are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 19.81%, corporate bonds of foreign issuers - 16.60%, bonds of quasi-public organizations of the Republic of Kazakhstan - 12.75%, bonds of second-tier banks of the Republic of Kazakhstan - 13.38%, corporate bonds of organizations of the Republic of Kazakhstan - 11.91%, "reverse repo" (no more than 90 calendar days) - 10.66%, equity instruments of foreign issuers (ETF units) - 8.78%.
Investments in national currency amounted to 73.29% of the portfolio, in US dollars - 26.71%.
As a result of investment activities, the accrued investment income as of December 1, 2024 since the beginning of 2024 amounted to KZT602.50 mln. The return on pension assets is 14.46%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Global Markets JSC with an indication of issuers is presented on the UAPF website.
As of 01.12.2024, UAPF pension assets under the trust management of BCC Invest JSC amounted to more than KZT5.37 bln.
Main investment areas: bonds of quasi-public organizations of the Republic of Kazakhstan - 26.61%, corporate bonds of issuers-residents of the Republic of Kazakhstan - 15.96%, REPO - 13.09%, bonds of the second-tier banks of the Republic of Kazakhstan - 12.19%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 10.77%, corporate bonds of foreign issuers - 7.86%, units (ETF on indices) - 5.24%.
Investments in national currency amounted to 82.72% of the portfolio, in US dollars - 17.28%.
As a result of investment activities, the amount of accrued investment income for 11 months of 2024 amounted to KZT660.06 mln. Return on pension assets - 13.91%.
A detailed structure of the investment portfolio of financial instruments managed by BCC Invest JSC with an indication of issuers is available on the UAPF website.
As of 01.12.2024, UAPF pension assets under trust management of Centras Securities JSC amounted to more than KZT1.77 bln.
20.66% were invested in government securities of the Ministry of Finance of the Republic of Kazakhstan, 22.64% in repo, 12.26% in corporate bonds of issuers of the Republic of Kazakhstan, 11.14% in bonds of quasi-public organizations, 10.17% in shares and depositary receipts of issuers of the Republic of Kazakhstan, 9.95% in bonds of second-tier banks of the Republic of Kazakhstan, and 5.65% in US government bonds.
Investments in national currency amounted to 76.71% of the portfolio, in US dollars - 21.70%, in Canadian dollars - 1.59%.
As a result of investment activities and changes in the market value of financial instruments, the amount of accrued investment income as of December 1 since the beginning of 2024 amounted to KZT199.51 mln. The return on pension assets is 14.82%.
A detailed structure of the investment portfolio of financial instruments managed by Centras Securities JSC with an indication of issuers is presented on the UAPF website.
As of December 1, 2024, pension assets under the trust management of Halyk Finance Subsidiary of Halyk Bank of Kazakhstan JSC amounted to more than KZT41.16 bln.
The main investments in the portfolio structure are as follows: Government securities of the Ministry of Finance of the Republic of Kazakhstan - 25.77%, Exchange Traded Funds (ETF) units - 13.33%, bonds of quasi-public organizations of the Republic of Kazakhstan - 10.59%, corporate bonds of issuers of the Republic of Kazakhstan - 10.57%, bonds of second-tier banks of the Republic of Kazakhstan - 10.46%, corporate bonds of foreign issuers - 8.52%, government securities of foreign states - 7.27%, "reverse repo" (no more than 90 calendar days) - 4.97%.
65.20% of the portfolio is invested in instruments in national currency, 34.80% in US dollars.
As a result of investment activities, the amount of accrued investment income as of December 1 from the beginning of 2024 amounted to about KZT5.12 bln. The return on pension assets is 15.41%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Finance Subsidiary of Halyk Bank of Kazakhstan JSC with the indication of issuers is presented on the UAPF website.
Recall that from July 1, 2023, contributors can transfer no more than 50% of pension savings to trust management through compulsory pension contributions (CPC) and compulsory occupational pension contributions (COPC) without taking into account the minimum sufficiency threshold by investment portfolio managers (IPM), choosing such a company themselves. Contributors who have voluntary pension savings can transfer them to their IPM in the amount of 100%.
[1] excluding cash in pension contribution and benefit accounts
