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Pension assets: what returns were achieved by the National Bank and the Pension Fund?

The total savings in the Unified National Pension Fund (ENPF) have reached 22.1 trillion tenge.
Pension assets: what returns were achieved by the National Bank and the Pension Fund?

As of December 1, 2024, the volume of pension assets managed by the National Bank and investment portfolio managers amounted to 22,119.93 billion tenge. The assets of the Unified National Pension Fund (ENPF) under the trust management of the National Bank of the Republic of Kazakhstan (NBRK), formed from mandatory pension contributions (OPV), mandatory professional pension contributions (OPPV), and voluntary pension contributions (DPV), totaled 21,838.31 billion tenge. The assets formed from mandatory employer pension contributions (OPVR) reached 218.29 billion tenge. Pension assets under the management of portfolio managers amounted to 63.33 billion tenge, as reported by the correspondent of the business information center Kapital.kz, citing data from the fund.

Investment Portfolio Managed by the National Bank

The main directions for investing pension assets formed from OPV, OPPV, and DPV 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-state companies – 9.19%, bonds of second-tier banks in the Republic of Kazakhstan – 3.93%, NBRK deposits – 3.14%, shares and depositary receipts of issuers in the Republic of Kazakhstan – 1.77%, microfinance organizations (MFO) – 1.32%.

The investment portfolio by currencies in which the financial instruments acquired from OPV, OPPV, and DPV 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 portfolio.

Income from securities, including from placed deposits and reverse repo transactions, amounted to 1,433.06 billion tenge, from market revaluation of securities – 65.37 billion tenge, from foreign currency revaluation – 471.14 billion tenge, from assets under external management – 840.10 billion tenge. Other income amounted to 6.22 billion tenge.

The accrued investment income since the beginning of 2024 as of December 1 amounted to 2.82 trillion tenge. The yield on the pension assets of the ENPF allocated to the accounts of depositors since the beginning of the year as of December 1 is 14.85%.

Investment directions of OPVR as of December 1, 2024, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 78.18%, repo operations – 17.38%, NBRK deposits – 4.22%, cash in investment accounts – 0.22%.

The investment portfolio from OPVR includes only financial instruments denominated in national currency. The amount of accrued investment income from OPVR since the beginning of the year as of December 1 amounted to 14.46 billion tenge. The yield on OPVR is 12.00%.

Portfolio Managers

The total volume of pension assets under the management of portfolio managers is over 63.33 billion tenge. As of December 1, 2024:

- pension assets under the trust management of Jusan Invest amounted to 10.36 billion tenge . The main investments of the company are: government securities of the Ministry of Finance of the Republic of Kazakhstan – 29.80%, Exchange Traded Funds (ETF) – 22.44%, bonds of second-tier banks in the Republic of Kazakhstan – 11.89%, corporate bonds of foreign issuers – 8.40%, government securities of foreign states – 5.28%, corporate bonds of issuers in the Republic of Kazakhstan – 5.87%, repo – 5.49%. Notably, 69.14% of the portfolio is represented in tenge, 29.44% in US dollars, and 1.42% in other currencies. As a result of investment activities, the amount of accrued investment income over the 11 months of 2024 was approximately 1.33 billion tenge. The yield on pension assets is 15.24%;

- pension assets under the trust management of Halyk Global Markets amounted to 4.67 billion tenge . 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-state organizations in the Republic of Kazakhstan – 12.75%, bonds of second-tier banks in the Republic of Kazakhstan – 13.38%, corporate bonds of organizations in the Republic of Kazakhstan – 11.91%, reverse repo (not more than 90 calendar days) – 10.66%, equity instruments of foreign issuers (ETF shares) – 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 amount of accrued investment income over the 11 months amounted to 602.50 million tenge. The yield on pension assets is - 14.46%;

- pension assets of the ENPF under the trust management of BCC Invest amounted to more than 5.37 billion tenge . The main investment directions are: bonds of quasi-state organizations of the Republic of Kazakhstan – 26.61%, corporate bonds of resident issuers of the Republic of Kazakhstan – 15.96%, repo – 13.09%, bonds of second-tier banks in 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%, shares (ETF on indices) – 5.24%. Investments in national currency accounted for 82.72% of the portfolio, in US dollars - 17.28%. As a result of investment activities, the amount of accrued investment income over the 11 months of 2024 amounted to 660.06 million tenge. The yield on pension assets is - 13.91%;

- pension assets of the ENPF under the trust management of “Sentrus Securities” amounted to more than 1.77 billion tenge . Investments in government securities of the Ministry of Finance of the Republic of Kazakhstan accounted for 20.66%, repo – 22.64%, corporate bonds of issuers in the Republic of Kazakhstan – 12.26%, bonds of quasi-state organizations – 11.14%, in shares and depositary receipts of issuers in the Republic of Kazakhstan – 10.17%, bonds of second-tier banks in the Republic of Kazakhstan – 9.95%, US government securities – 5.65%. Investments in national currency comprised 76.71% of the portfolio, in US dollars - 21.70%, in Canadian dollars - 1.59%. The amount of accrued investment income over the 11 months amounted to 199.51 million tenge. The yield on pension assets is - 14.82%;

- pension assets under the trust management of Halyk Finance, amounted to more than 41.16 billion tenge . 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) – 13.33%, bonds of quasi-state organizations of the Republic of Kazakhstan – 10.59%, corporate bonds of issuers in the Republic of Kazakhstan – 10.57%, bonds of second-tier banks in the Republic of Kazakhstan – 10.46%, corporate bonds of foreign issuers – 8.52%, government securities of foreign states – 7.27%, reverse repo (not more than 90 calendar days) – 4.97%. Investments in national currency accounted