INFORMATION NOTICE
Pension Asset Investment Portfolios Managed by the National Bank of the Republic of Kazakhstan (NBRK) and Investment Portfolio Managers (IPMs) as of July 1, 2025
JSC Unified Accumulative Pension Fund (hereinafter – UAPF) publishes a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (hereinafter – NBRK) and investment portfolio managers (hereinafter – IPMs) on the official website enpf.kz in the section “Indicators – Investment Activities”.
The total volume of pension assets under the management of the NBRK and IPMs as of July 1, 2025, amounted to KZT 24,001.78 billion. As of this date, UAPF pension assets held in trust management by the NBRK, formed from mandatory pension contributions (hereinafter – MPC), mandatory professional pension contributions (hereinafter – MPPC), and voluntary pension contributions (hereinafter – VPC), amounted to approximately KZT 23,474.82 billion[1]. The volume of pension assets formed from mandatory employer pension contributions (hereinafter – MEPC), managed by the NBRK, amounted to KZT 462.20 billion.
Pension assets managed by IPMs amounted to more than KZT 64.76 billion.
As the trustee of UAPF pension assets, the National Bank pursues a balanced investment policy, diversifying investments across various types of financial instruments, currencies, countries, sectors, and issuers.
The structure of pension asset investments formed from MPC, MPPC, and VPC as of July 1, 2025, is as follows:
Government securities of the Ministry of Finance of the Republic of Kazakhstan – 43.71%
Bonds of quasi-state companies – 9.02%
Bonds of second-tier banks of the Republic of Kazakhstan – 3.18%
NBRK deposits – 1.29%
Shares and depositary receipts of Kazakhstani issuers – 1.73%
International financial organizations (IFIs) – 1.20%
Currency composition of the investment portfolio as of July 1, 2025:
In national currency (tenge) – 58.33%
In US dollars – 41.66%
Despite short-term fluctuations in returns, over the 12 months from July 2024 to June 2025, accrued investment income amounted to approximately KZT 2.53 trillion, with a return of 12.22%, while inflation stood at 11.80%.
The structure of MEPC investments as of July 1, 2025, is as follows:
Government securities of the Ministry of Finance of the Republic of Kazakhstan – 97.04%
NBRK deposits – 2.62%
Cash on investment accounts – 0.34%
The MEPC investment portfolio includes only financial instruments denominated in the national currency. As of July 1, 2025, MEPC returns over the past 12 months amounted to 12.15%.
It should be noted that pension savings are long-term investments. Therefore, investment income should be assessed over a period of at least one year. Temporary declines in returns may occur due to exchange rate volatility, changes in market value of financial instruments, and inflationary effects. Diversification of the investment portfolio, where income from some instruments offsets temporary losses from others, ensures preservation and sustainable long-term returns of pension savings. Over the past three years, investment income has shown stable growth, and pension asset returns have outpaced inflation.
A detailed breakdown of the investment portfolio by issuers and an overview of investment activities are available on the UAPF official website. The website enpf.kz also provides information on the portfolio structure of MEPC-funded pension assets.
The total volume of pension assets managed by IPMs amounts to more than KZT 64.76 billion.
JSC “Jusan Invest”:
Pension assets under management as of July 1, 2025 – KZT 12.24 billion.
Main investments: ETF units – 22.35%, second-tier bank bonds of RK – 17.58%, MF RK government securities – 16.29%, repo – 13.98%, foreign corporate bonds – 7.42%, IFIs – 6.27%, RK corporate bonds – 5.25%, foreign government securities – 4.57%.
Currency structure: 66.16% in tenge, 32.42% in US dollars, 1.42% in other currencies.
Return for the last 12 months (distributed to contributors’ accounts) – 13.07%.
JSC “Halyk Global Markets”:
Pension assets under management – KZT 5.84 billion.
Main investments: reverse repo (≤ 90 days) – 37.08%, foreign corporate bonds – 12.43%, MF RK government securities – 11.94%, second-tier bank bonds of RK – 10.28%, ETF units – 7.62%, RK corporate bonds – 5.85%, quasi-state bonds of RK – 8.23%, foreign sovereign bonds – 4.04%, shares and depositary receipts of RK issuers – 2.44%.
Currency structure: 74.82% in tenge, 25.18% in US dollars.
Return – 13.08%.
JSC “BCC Invest”:
Pension assets under management – KZT 6.77 billion.
Main investments: second-tier bank bonds – 23.67%, quasi-state bonds of RK – 16.80%, RK corporate bonds – 16.25%, MF RK government securities – 14.43%, foreign corporate bonds – 12.73%, repo – 9.71%.
Currency structure: 75.13% in tenge, 24.87% in US dollars.
Return – 12.22%.
JSC “Centras Securities”:
Pension assets under management – KZT 2.50 billion.
Main investments: MF RK government securities – 19.62%, RK corporate bonds – 26.33%, quasi-state bonds of RK – 14.00%, second-tier bank bonds of RK – 13.38%, US government securities – 6.22%, repo – 2.36%, shares and depositary receipts of RK issuers – 4.10%.
Currency structure: approx. 67.57–72.41% in tenge, 27.59–32.43% in US dollars.
Return – 15.60%.
JSC Subsidiary of Halyk Bank of Kazakhstan “Halyk Finance”:
Pension assets under management – KZT 37.41 billion.
Main investments: MF RK government securities – 24.38%, RK corporate bonds – 5.83%, foreign corporate bonds – 9.87%, second-tier bank bonds – 11.06%, ETF units – 7.71%, foreign equities and depositary receipts – 2.89%, foreign sovereign bonds – 7.90%, quasi-state bonds of RK – 3.55%.
Currency structure: 58.02% in tenge, 41.98% in US dollars.
Return – 13.67%.
Since July 1, 2023, contributors have been allowed to transfer up to 50% of their pension savings from MPC and MPPC (without regard to the minimum sufficiency threshold) into the trust management of an IPM of their own choice. Contributors with voluntary pension savings may transfer 100% of those savings to an IPM.
[1] Excluding funds held in pension contribution and payment accounts.