UAPF presents a report on investing pension savings

Investment portfolios of pension assets as of October 1, 2023

The website enpf.kz provides a report on the management of pension assets of the NBRK and IPM
as of October 1, 2023. A detailed report on the investment of pension savings is posted on the enpf.kz
website in the “Indicators - Investment Activity” section, which provides monthly information on the
management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and
investment portfolio managers (IPM). The total volume of pension assets as of October 1, 2023 amounted
to about KZT17,228.7 billion. At the same time, pension assets of the UAPF, which are in trust
management of the National Bank of the Republic of Kazakhstan, amounted to KZT17,216.9 billion.
Pension assets managed by IPM amounted to KZT11.8 billion.

Investment portfolio of pension assets managed by the NBRK

The main directions for investing pension assets by the NBRK as of October 1, 2023 are as
follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 47.2%, bonds
of quasi-state companies - 10%, bonds of second-tier banks of the Republic of Kazakhstan - 5.02%,
government securities of foreign states - 4.1%, deposits of the NBRK - 3%, securities of international
financial organizations - 2.2%.
The investment portfolio by currencies in which financial instruments acquired using pension
assets are denominated, as of October 1, 2023, is as follows: investments in national currency - 68.2%, in
US dollars - 31.8% of the pension portfolio assets.
The structure of the income received demonstrates that income in the form of interest on
securities, including on placed deposits and reverse repo operations and from market revaluation of
securities, amounted to KZT1,069.8 billion, income on assets under external management, brought in
KZT239.9 billion, income from revaluation of foreign currency - KZT89 billion, other income - KZT3.9
billion.
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 since the
beginning of 2023 as of October 01, 2023 amounted to KZT1,402.6 billion.
The return on UAPF pension assets distributed to the accounts of contributors (beneficiaries) for 9
months of the current year amounted to 8.9% with inflation of 7.2%.
Moreover, as of October 1, 2023, the return on pension assets for the last 12 months (from
October 2022 to September 2023) for UAPF contributors (beneficiaries) amounted to 10.14%.
Note that in the medium and long term, positive real (exceeding accumulated inflation) returns on
pension savings are ensured.
The detailed structure of the investment portfolio of financial instruments managed by the
National Bank of Kazakhstan, indicating the issuers and an overview of investment activities are posted
on the official website of the UAPF. Let us recall that in Kazakhstan there is a model of state guarantee of
the safety of pension savings. In accordance with Article 217 of the Social Code of the Republic of

Kazakhstan, the state guarantees beneficiaries the safety of compulsory pension contributions and
compulsory occupational pension contributions to the UAPF in the amount of contributions actually
made, taking into account the level of inflation at the time of receipt of the right to pension benefits.
Investment Portfolio Managers
The total amount of funds managed by IPM is 11.8 billion tenge.
As of October 1, 2023, pension assets under trust management of Jusan Invest JSC amounted to
KZT4.5 billion.
The company's main investments: Government securities of the Ministry of Finance of the Republic
of Kazakhstan - 32.4%; Exchange Traded Funds (ETF) units – 27%; notes of the National Bank of
Kazakhstan - 23.7%; “reverse repo” – 10.4%, foreign government securities – 6.4%. Note that 66.5% of
the portfolio is presented in tenge; 33.5% - in US dollars.
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 as of
October 01, 2023 from the beginning of the year amounted to KZT392 million. The return on pension
assets for 9 months of the current year is 9.3%.
The detailed structure of the investment portfolio of financial instruments managed by Jusan Invest
JSC, indicating the issuers, is presented on the UAPF website.
As of October 1, 2023, pension assets under trust management of Halyk Global Markets JSC
amounted to KZT2.6 billion.
The main investments in the portfolio structure are as follows: notes of the National Bank of
Kazakhstan - 27.8%, bonds of quasi-public organizations of the Republic of Kazakhstan - 15.9%;
“reverse repo” (no more than 90 calendar days) - 12.4%; MFO bonds – 10.7%; securities with
government status issued by central governments of foreign countries – 8.4%; equity instruments of
foreign issuers (ETF units) – 7.7%. Investments in national currency accounted for 75.7% of the portfolio,
in US dollars – 24.3%.
As a result of investment activities, the amount of accrued investment income as of October 1, 2023
from the beginning of the year amounted to KZT347.4 million. The return on pension assets amounted to
13.5% for 9 months of the current year.
The detailed structure of the investment portfolio of financial instruments managed by Halyk
Global Markets JSC, indicating the issuers, is presented on the UAPF website.
Pension assets of the UAPF, which are in trust management of BCC Invest JSC amounted to
KZT1.9 billion.
Among the main areas of investment are the following: government bonds of the Republic of
Kazakhstan – 26% of the portfolio; bonds of quasi-public organizations of the Republic of Kazakhstan –
20.4%; units (index ETF) – 7%; bonds of microfinance organizations – 4.6%, corporate bonds of resident
issuers of the Republic of Kazakhstan – 4.2%. 81.8% of the portfolio was invested in instruments in
national currency, and 18.2% in US dollars.

As a result of investment activities, the amount of accrued investment income as of October 1, 2023
from the beginning of the year amounted to KZT157.2 million. The return on pension assets for 9 months
of the current year is 10.2%. The majority of accrued investment income came from remuneration on
reverse repo transactions and income from market revaluation of securities.
The detailed structure of the investment portfolio of financial instruments managed by BCC Invest
JSC, indicating the issuers, is presented on the UAPF website.
As of October 1, 2023, the pension assets of the UAPF, which are in trust management of Centras
Securities JSC amounted to KZT927.1 million.
57.28% of assets are invested in government securities of the Ministry of Finance of the Republic
of Kazakhstan; cash in investment accounts is 11.5%; “reverse repo” – 10.7%; shares and depositary
receipts issued by organizations of the Republic of Kazakhstan – 8.8%; bonds of quasi-public
organizations – 9.6%. 78.2% of the portfolio was invested in instruments in national currency, and 21.8%
in US dollars.
As a result of investment activities and changes in the market value of financial instruments, the
amount of accrued investment income as of October 1, 2023 from the beginning of the year amounted to
KZT80.6 million. The return on pension assets for 9 months of the current year amounted to 8.2%.
The detailed structure of the investment portfolio of financial instruments managed by Centras
Securities JSC, indicating the issuers, is presented on the UAPF website.
As of October 1, 2023, pension assets held in trust by Halyk Finance Subsidiary of the Halyk
Bank of Kazakhstan JSC amounted to KZT1,891.7 million.
Investments in the portfolio structure are as follows: NBRK notes – 26.3%; government securities
of the Ministry of Finance of the Republic of Kazakhstan – 25.9%; bonds of quasi-public organizations of
the Republic of Kazakhstan – 21.2%; “reverse repo” (no more than 90 calendar days) - 9.3%; Exchange
Traded Funds (ETF) units – 4.2%; Government securities of foreign countries – 4.1%.
86.5% was invested in instruments in national currency, 13% in US dollars, 0.5% in euros.
As a result of investment activities, the amount of accrued investment income as of October 1,
2023 from the beginning of the year amounted to KZT57.3 million. The return on pension assets for 9
months of the current year is 12.1%.
The detailed structure of the investment portfolio of financial instruments managed by Halyk
Finance Subsidiary of the Halyk Bank of Kazakhstan JSC, indicating the issuers, is presented on the
UAPF website.
Let us note that after receiving pension assets from the Unified Pension Pension Fund, IPM invests them
in permitted financial instruments specified in the Rules for the implementation of investment portfolio
management activities, approved by Resolution of the Board of the National Bank of the Republic of
Kazakhstan dated July 1, 2023 No. 62, and provided for in the IPM Investment Declaration. When
transferring pension savings to IPM management, the state guarantee is replaced by a guarantee from the
management company to ensure a minimum level of return on pension assets. The minimum level of
return is calculated based on the weighted average return of pension assets transferred to the management
of IPM, operating on the market.

Let us remind you that from July 1, 2023, contributors can transfer no more than 50% of pension savings
into trust management at the expense of compulsory pension contributions (CPC) and compulsory
occupational pension contributions (COPC), without taking into account the minimum adequacy
threshold for investment portfolio managers (IPM), by choosing such a company yourself. Investors who
have voluntary pension savings can transfer them to IPM in the amount of 100%.
The UAPF was established on August 22, 2013 on the basis of GNPF APF JSC. The UAPF founder and shareholder is the
Government of the Republic of Kazakhstan represented by the State Institution “Committee of State Property and
Privatization” of the Ministry of Finance of the Republic of Kazakhstan. UAPF pension assets are managed by the National
Bank of the Republic of Kazakhstan. From January 1, 2016, the functions for developing proposals to improve the
management of pension assets were transferred to the National Fund Management Council. In accordance with the pension
legislation, the UAPF attracts compulsory pension contributions, compulsory occupational pension contributions, voluntary
pension contributions, pension benefits, individual accounting of pension accumulations and benefits, provides the contributor
(beneficiary) with information on the status of his pension accumulations (for more information visit www.enpf.kz)