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 February 1, 2025 under the management of the NBRK and IPM amounted to KZT 22,614.90 billion. 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 about KZT22,282.04 billion tenge. The volume of pension assets formed by employer’s compulsory pension contributions of the (hereinafter referred to as ECPC), which are in the trust management of the NBRK, is KZT269.10 billion.

Pension assets under the management of IPM amounted to more than KZT 63.76 billion. 

Investment portfolio of pension assets managed by the National Bank of the Republic of Kazakhstan 

The National Bank, as a trustee of the UAPF pension assets, pursues a balanced investment policy: invests in various types of financial instruments by currencies, countries, sectors and issuers.

The main areas of investment of pension assets formed through the CPC, COPC, VPC, as of February 1, 2025, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 41.40%, bonds of quasi-public companies - 8.81%, bonds of second-tier banks of the Republic of Kazakhstan - 4.29%, deposits of the NBRK - 3.58%, IFOs - 1.28%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 1.72%.

The investment portfolio by currencies in which the financial instruments acquired through the CPC, COPC and VPC are denominated, as of February 1, 2025, looks like this: investments in national currency - 60.23%, in US dollars - 39.76% of the pension asset portfolio.

From the analysis of the structure of the income received, it follows that the income in the form of interest on securities, including on placed deposits and reverse repo transactions, amounted to KZT 139.91 billion. The market revaluation of securities, foreign currency, on assets under external management was negative. Other income amounted to KZT 0.53 billion. 

As of February 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to the accounts of contributors (beneficiaries), amounted to 15.66% with inflation at 8.90%. 

The investment directions of ECPC as of February 1, 2025 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 78.48%, repo transactions - 14.30%, deposits of the National Bank of the Republic of Kazakhstan - 7.22%.

The investment portfolio due to ECPC includes only financial instruments denominated in the national currency.

As of February 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to the accounts of contributors (beneficiaries), amounted to 13.62%. 

It is important to understand that pension savings are long-term investments intended primarily to provide payments after the end of employment. It is advisable to analyze the amount of investment income for a period of at least one year. Short-term data (weekly, monthly, etc.) are not indicative, since they depend on constant current changes in the market situation. Diversification of the investment portfolio, when income from some instruments covers temporary losses from others, ensures the safety and sustainable profitability of pension savings in the long term. Thus, investment income in dynamics over the past 3 years shows stable growth, the profitability of pension assets exceeds the inflation rate.

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 the UAPF. Information on the portfolio structure for pension assets formed through ECPC is also posted on the enpf.kz website.

Investment Portfolio Managers 

The total volume of pension assets under the management of IPM is more than KZT63.76 billion.

As of 01.02.2025, pension assets under the trust management of Jusan Invest JSC amounted to about KZT11.04 billion.

The company's main investments: Government securities of the Ministry of Finance of the Republic of Kazakhstan - 23.44%, Exchange Traded Funds (ETF) units - 17.20%, bonds of second-tier banks of the Republic of Kazakhstan - 15.59%, Repo - 10.76%, corporate bonds of foreign issuers - 8.05%, corporate bonds of issuers of the Republic of Kazakhstan - 5.67%, government securities of foreign states - 4.96%. It should be noted that 70.47% of the portfolio is presented in tenge, 28.18% - in US dollars, 1.36% - in other currencies.

As of February 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to contributors (beneficiaries) accounts, was 16.96%.

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 01.02.2025, pension assets under trust management of Halyk Global Markets JSC amounted to more than KZT4.98 billion.

The main investments in the portfolio structure are as follows: "reverse repo" (no more than 90 calendar days) - 21.34%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 18.76%, corporate bonds of foreign issuers - 15.55%, bonds of second-tier banks of the Republic of Kazakhstan - 12.49%, bonds of quasi-public organizations of the Republic of Kazakhstan - 11.91%, corporate bonds of organizations of the Republic of Kazakhstan - 11.29%, shares and depositary receipts issued by organizations of the Republic of Kazakhstan - 2.99%.

Investments in national currency amounted to 80.31% of the portfolio, in US dollars - 19.69%.

As of February 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to contributor (beneficiaries) accounts, amounted to 16.63%.

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 February 1, 2025, UAPF pension assets under the trust management of BCC Invest JSC amounted to more than KZT5.64 billion.

Main investment areas: bonds of quasi-public organizations of the Republic of Kazakhstan - 24.49%, bonds of second-tier banks of the Republic of Kazakhstan - 19.11%, corporate bonds of issuers-residents of the Republic of Kazakhstan - 15.51%, REPO - 12.15%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 10.22%, corporate bonds of foreign issuers - 9.20%, units (ETF on indices) - 3.31%.

Investments in national currency amounted to 81.62% of the portfolio, in US dollars - 18.38%.

As of February 1, 2025, the yield of UAPF pension assets over the past 12 months, distributed to contributors (beneficiaries) accounts, amounted to 15.55%.

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 01.02.2025, UAPF pension assets under trust management of Centras Securities JSC amounted to more than KZT1.96 billion.

28.69% were invested in government securities of the Ministry of Finance of the Republic of Kazakhstan, 14.56% in repo, 14.42% in bonds of quasi-public organizations, 11.39% in corporate bonds of issuers of the Republic of Kazakhstan, 9.08% in bonds of second-tier banks of the Republic of Kazakhstan, 7.85% in shares and depositary receipts of issuers of the Republic of Kazakhstan, and 5.15% in US government bonds.

Investments in national currency amounted to 76.59% of the portfolio, 22.02% in US dollars, and 1.38% in Canadian dollars.

As of February 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to contributor (beneficiaries) accounts, amounted to 15.83%.

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 February 1, 2025, pension assets under the trust management of Halyk Bank SO Halyk Finance JSC amounted to more than KZT40.14 billion.

The main investments in the portfolio structure are as follows: Government securities of the Ministry of Finance of the Republic of Kazakhstan - 25.39%, bonds of issuers of the Republic of Kazakhstan - 12.33%, units of Exchange Traded Funds (ETF) - 11.39%, bonds of second-tier banks of the Republic of Kazakhstan - 10.59%, corporate bonds of foreign issuers - 10.09%, Government securities of foreign states - 7.42%, bonds of quasi-public organizations of the Republic of Kazakhstan - 7.26%, "reverse repo" (no more than 90 calendar days) - 5.59%.

63.10% of the portfolio is invested in instruments in national currency, 36.90% in US dollars.

As of February 1, 2025, the yield on UAPF pension assets over the past 12 months, distributed to contributors (beneficiaries) accounts, amounted to 17.23%.

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. 

We remind you that from July 1, 2023, depositors 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 adequacy threshold by the investment portfolio manager (IPM), choosing such a company independently. Contributors who have voluntary pension savings can transfer them to their IPM in the amount of 100%.