Investment portfolios of pension assets managed by the NBK and UIP as of March 1, 2022
On the enpf website.kz the section "Indicators – Investment activity" contains detailed information on the investment of pension assets by the National Bank of the Republic of Kazakhstan (NBK) and investment portfolio managers (IPM), as well as reviews of investment activities as of March 1, 2022.
It follows from the submitted reports: the total amount of pension assets under management as of March 1, 2022 amounted to 13.6 trillion tenge. At the same time, the pension assets of the UAPF held in trust by the NBK amounted to KZT 13,580.07 billion. Pension assets under the management of the UIP amounted to 8.2 billion tenge.
Investment portfolio of pension assets managed by the NBK
As of March 1, 2022, within the framework of the directions approved by the Management Council of the National Fund of the Republic of Kazakhstan, the main investments of the NBK (as a trustee) in financial instruments are as follows:
government securities of the Republic of Kazakhstan issued by the Ministry of Finance of the Republic of Kazakhstan, the current value of which is 5,116.81 billion tenge (37.68% of the total portfolio). The weighted average yield to maturity on government securities of the Ministry of Finance of the Republic of Kazakhstan denominated in tenge amounted to 9.6% per annum, in US dollars – 3.4% per annum.
bonds of quasi-governmental organizations of the Republic of Kazakhstan (the current value is 1,687.72 billion tenge (the share in the portfolio was 12.43%). The weighted average yield to maturity on bonds of quasi–governmental organizations of the Republic of Kazakhstan denominated in tenge amounted to 10.8% per annum, in US dollars - 5.5% per annum.
- bonds of second-tier banks of the Republic of Kazakhstan in the amount of 937.98 billion tenge (6.91%). As of the reporting date, the weighted average yield to maturity on the bonds of the STB RK amounted to 10.2% per annum.
- government securities of foreign states amounted to 757.46 billion tenge. Their share in the portfolio was 5.58%. The weighted average yield to maturity of foreign state securities in the portfolio of the UAPF PA at the reporting date was 0.4% per annum.
- bonds of international financial organizations amounted to 396.29 billion tenge. Their share in the portfolio was 2.92%. The weighted average yield to maturity on bonds of international financial organizations was 10.0% per annum.
The investment portfolio in the context of currencies in which financial instruments purchased at the expense of pension assets are denominated is presented as follows: investments in national currency – 65.67%, in US dollars – 34.27%, in another currency – 0.05% of the portfolio of pension assets.
As a result of investment activity, 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 since the beginning of 2022 amounted to KZT 534.17 billion. The profitability of the pension assets of the UAPF, distributed to the accounts of depositors (recipients) since the beginning of 2022, amounted to 4.00% with inflation of 1.50%. Thus, the real yield on the pension assets of the UAPF was 2.50%.
At the same time, as of March 1, 2022, the profitability of pension assets for the last 12 months (from March 2021 to February 2022) for UAPF depositors (recipients) amounted to 13.65% with inflation of 8.70%. Thus, over the past 12 months, the real return on pension assets of the UAPF amounted to 4.95%.
The detailed structure of the investment portfolio of financial instruments managed by the NBK with the indication of issuers and an overview of investment activities are posted on the official website of the UAPF.
Investment Portfolio Managers
The total amount of funds transferred to Kazakhstani management companies is 8.2 billion tenge.
Pension assets held in trust by JSC "Jusan Invest" amounted to 3.81 billion tenge. They were used to purchase: NBK notes (31.05% of the portfolio), shares of Exchange Traded Funds (ETFs), they account for 29.77%, state securities of the Ministry of Finance of the Republic of Kazakhstan (22.54%), assets in cash on investment accounts - 15.41%, Repo - 1.23%. Note that 54.89% of the portfolio is represented in tenge, 45.11% in US dollars.
As a result of investment activity, the profitability of pension assets since the beginning of the year amounted to 5.79%.
The detailed structure of the investment portfolio of financial instruments managed by JSC "Jusan Invest" with the indication of issuers is presented on the UAPF website.
Pension assets held in trust by Halyk Global Markets JSC amounted to 2.27 billion tenge as of March 1, 2022. In the portfolio structure, reverse repo operations comprise 40.74%, instruments of foreign issuers (ETF units) 19.79%, bonds of quasi-governmental organizations of the Republic of Kazakhstan 12.94%, shares and depositary receipts of foreign issuers 8.49%, bonds of second-tier banks of the Republic of Kazakhstan 6.85%, corporate bonds of organizations of the Republic of Kazakhstan 5.34%, MFIs 5.38%, cash on accounts 0.43%, other assets (accounts receivable, overdue debts, provisions) 0.04%. Investments in national currency accounted for 71.38% of the portfolio, in US dollars - 28.62%. The yield of pension assets from 01.01.2022 to 01.03.2022 amounted to 3.45%.
The detailed structure of the investment portfolio of financial instruments managed by Halyk Global Markets JSC with the indication of issuers is presented on the UAPF website.
Pension assets held in trust by JSC "BCC Invest" amounted to 1.35 billion tenge as of March 1 of this year. They are distributed in shares (ETFs on indices) 27.69%, Repo 20.69%, bonds of quasi-governmental organizations of the Republic of Kazakhstan 15.15%, shares and depositary receipts of foreign issuers 11.37%, bonds of MFIs 7.35%, bonds of STB RK 6.29%, corporate bonds of issuers-residents of the Republic of Kazakhstan 5.98%, cash on investment accounts 5.45%, other assets (accounts receivable, overdue debts, provisions) 0.02%. 55.55% of the portfolio was invested in instruments in the national currency, 44.45% in US dollars.
As a result of investment activity, the profitability of pension assets since the beginning of this year amounted to 5.74%.
The detailed structure of the investment portfolio of financial instruments managed by JSC "BCC Invest" with the indication of issuers is presented on the UAPF website.
As of March 1, 2022, the pension assets of the UAPF held in trust by Centras Securities JSC amounted to KZT 814.62 million. They are invested in the State Securities of the Ministry of Finance of the Republic of Kazakhstan 66.56%, Repo 18.54%, shares and depositary receipts of issuers of the Republic of Kazakhstan 13.20%, cash on investment accounts 1.57%, other assets (accounts receivable, overdue debt, provisions) 0.12%. All investments were made in the national currency.
As a result of investment activity, the profitability of pension assets since the beginning of 2022 has been (-2.60%).
The detailed structure of the investment portfolio of financial instruments managed by Centras Securities JSC with the indication of issuers is presented on the UAPF website.
In addition, on the UAPF website, in the "Indicators" tab, there is a section "A brief overview of the investment portfolio of pension assets", which provides general information on the structure of the investment portfolio
UAPF was established on August 22, 2013 on the basis of JSC "NPF "GNPF". The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan. The trust management of pension assets of the UAPF is carried out by the National Bank of the Republic of Kazakhstan. Since January 1, 2016, the functions of developing proposals to improve the efficiency of pension assets management have been transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts mandatory pension contributions, mandatory occupational pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, provides the depositor (recipient) with information on the status of his pension savings (more on www.enpf.kz )