"БЖЗК" JSC (hereinafter - БЖЗК, Fund) on enpf.kz In the "Indicators - Investment activity" section, a report on the management of pension assets of the National Bank of the Republic of Kazakhstan (hereinafter - NKRB) and investment portfolio managers (hereinafter - IPB) was presented.

As of February 1, 2025, the total amount of pension assets under the management of the National Bank of the Republic of Kazakhstan and IPBs is 22,614.90 billion tenge. As of today, the pension assets of the pension fund under the trust management of the RKNB formed at the expense of mandatory pension contributions (hereinafter - MZZ), mandatory professional pension contributions (hereinafter - MZZZ), voluntary pension contributions (hereinafter - ZZZ) amounted to 22,282.04 billion tenge[1]. The amount of pension assets formed at the expense of employer's mandatory pension contributions (hereinafter referred to as pension contributions) under NRB trust is 269.10 billion tenge.

Pension under IB management. assets approximately 63.76 billion tenge.

Investment portfolio of pension assets under the management of NRB

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

As of February 1, 2025 The main areas of investment of pension assets formed at the expense of MZZ, MKZZ, EZZ are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 41.40%, bonds of quasi-state companies - 8.81%, bonds of second-tier banks of the Republic of Kazakhstan - 4.29%, deposits of the National Bank of the Republic of Kazakhstan - 3.58%, MFIs - 1.28%, shares of issuers of the Republic of Kazakhstan and depositary receipts - 1.72%.

As of February 1, 2025, the investment portfolio in the division of currencies in which financial instruments are purchased at the expense of MZZ, MKZZ, EZZ is as follows: investments in national currency - 60.23%, in US dollars - 39.76% of the portfolio of pension assets.  

From the analysis of the structure of the received income, the income in the form of interest on securities, including placed deposits and "reverse repo" operations and market revaluation of securities - 139.91 billion tenge. The market revaluation of foreign currency securities and assets under foreign management was negative. Other income - 0.53 billion tenge. 

As of February 1, 2025, the yield of pension assets of the Pension Fund allocated to the accounts of depositors (recipients) in the last 12 months was 15.66%, and the inflation rate was 8.90%. 14.30%, RKNB deposits - 7.22%.

Investment portfolio at the expense of ZMZZ consists only of financial instruments denominated in national currency. 

As of February 1, 2025, the return on the pension assets of BZZK allocated to the accounts of depositors (beneficiaries) in the last 12 months was 13.62%.

It is important to understand that pension savings are primarily long-term investments intended to provide payments after the end of employment. The amount of investment income should be analyzed for at least one year. Short-term data (weekly, monthly, etc.) cannot be indicative, as they depend on the ever-changing volatility of market conditions. Diversification of the investment portfolio, in which income from some instruments covers temporary losses from other instruments, ensures long-term preservation and stable profitability of pension savings. The investment income in the last 3 years has been steadily growing, and the return on pension assets has exceeded the inflation rate.

Detailed structure of the investment portfolio with issuers of financial instruments under the management of the NRB and investment activities. The review is available on the official website of the BJSC. Also, information on portfolio structure was placed on the enpf.kz site for pension assets formed at the expense of the National Pension Fund.

Investment portfolio managers

The total volume of pension assets under the management of IPB exceeds 63.76 billion tenge.

02.01.2025. as of now, the pension assets under trust management of JSC "Jusan Invest" are approximately 11.04 billion tenge.

The main investments of the company: RK MoM MBK - 23.44%, Exchange Traded Funds (ETF) shares - 17.20%, bonds of second-tier banks of the RK - 15.59%, repos - 10.76%, corporate bonds of foreign issuers - 8.05%, corporate bonds of RK issuers - 5.67%, MBK of foreign countries - 4.96%. It should be noted that 70.47% of the portfolio is presented in tenge, 28.18% in US dollars, and 1.36% in other currencies.  detailed structure is presented on the website of BZZK.

01.02.2025. as of now, the pension assets under the trust management of JSC "Halyk Global Markets" amounted to approximately 4.98 billion tenge. The main investments in the portfolio structure: "reverse repo" (not exceeding 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-level banks of the RK - 12.49%, bonds of quasi-state organizations of the RK - 11.91%, corporate bonds of organizations of the RK - 11.29%, shares and depository receipts issued by organizations in the Republic of Kazakhstan - 2.99%.  

Investments in national currency are equal to 80.31% of the portfolio, 19.69% in US dollars.

As of February 1, 2025, the yield of pension assets of the Pension Fund allocated to the accounts of depositors (recipients) in the last 12 months was 16.63%.

Issuers of the investment portfolio of financial instruments under the management of JSC "Halyk Global Markets" href="https://portfoliows.enpf.kz/portfoliopdf/downloadPdf/guid=c886fd81-12ac-42fe-acc7-ac013ad2cd5d">detailed structure is presented on the website of the PBZ.

01.02.2025. as of now, pension assets of BCC under the trust management of JSC "BCC Invest" - about 5.64 billion tenge.

The main directions of investments: bonds of quasi-state organizations of the Republic of Kazakhstan - 24.49%, bonds of EDB of the Republic of Kazakhstan - 19.11%, corporate bonds of resident issuers of the Republic of Kazakhstan - 15.51%, REPO - 12.15%, MBK of the Ministry of Finance of the Republic of Kazakhstan - 10.22%, corporate bonds of foreign issuers - 9.20%, shares (ETF indices) - 3.31%.

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

As of February 1, 2025. The profitability of the pension assets of the BCC allocated to the accounts of depositors (recipients) in the last 12 months was 15.55%.

Issuers of the investment portfolio of financial instruments managed by JSC "BCC Invest" href="https://portfoliows.enpf.kz/portfoliopdf/downloadPdf/guid=3638ebab-8c8e-41a1-b36f-d3007e615cae">detailed structure is presented on the website of BZZK.

01.02.2025. as of now, the pension assets of the pension fund under the trust management of JSC "Sentras Securities" are about 1.96 billion tenge.

28.69% of the assets were invested in the Ministry of Finance of the Republic of Kazakhstan, 14.56% in repo, 14.42% in bonds of quasi-state organizations, corporate bonds of the issuers of the Republic of Kazakhstan. bonds - 11.39%, EDB bonds of the RK - 9.08%, shares and depositary receipts of RK issuers - 7.85%, US government bonds - 5.15%.

76.59% of the portfolio in national currency instruments, 22.02% in US dollars, 1.38% in Canadian dollars. invested.

As of February 1, 2025, the yield of pension assets of the Pension Fund allocated to the accounts of depositors (recipients) in the last 12 months was 15.83%. href="https://portfoliows.enpf.kz/portfoliopdf/downloadPdf/guid=174dfcd6-0b99-49e3-9f62-660f23d90ff3">detailed structure is presented on the website of the National Bank of Ukraine.

As of February 1, 2025 "Halyk Finance" JSC of Halyk Bank of Kazakhstan pension assets under trust management exceed 40.14 billion tenge. The nature of the main investments in the portfolio structure is as follows: 25.39% of the Ministry of Finance of the Republic of Kazakhstan, bonds of the Republic of Kazakhstan issuers - 12.33%, shares of Exchange Traded Funds (ETF) - 11.39%, bonds of second-tier banks of the Republic of Kazakhstan - 10.59%, corporate bonds of foreign issuers bonds - 10.09%, MBK of foreign countries - 7.42%, bonds of quasi-governmental organizations of the Republic of Kazakhstan - 7.26%, "reverse repo" (not exceeding 90 calendar days) - 5.59%. invested.

As of February 1, 2025, the yield of pension assets of the Pension Fund allocated to the accounts of depositors (recipients) in the last 12 months was 17.23%. href="https://portfoliows.enpf.kz/portfoliopdf/downloadPdf/guid=64328cab-f605-48eb-9c63-09265c0bd24f">detailed structure is presented on the website of the PBZ. can give no more than 50% of the pension savings formed at the expense of mandatory occupational pension contributions (MZZH) and mandatory occupational pension contributions (MZZH) without taking into account the minimum adequacy limit. Depositors with voluntary pension savings can transfer it to the IPB in the amount of 100%. The founder and shareholder of BZZK is the Government of the Republic of Kazakhstan through the MM "State Property and Privatization Committee" of the Ministry of Finance of the Republic of Kazakhstan. The National Bank of the Republic of Kazakhstan carries out trust management of the pension assets of the Pension Fund. In accordance with the pension legislation, the State Pension Fund takes into account mandatory pension contributions, employer's mandatory pension contributions, mandatory professional pension contributions, voluntary pension contributions, as well as voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation on a guaranteed deposit transferred by an organization that provides a mandatory guarantee of deposits in accordance with the Law of the Republic of Kazakhstan "On providing mandatory guarantees for deposits placed in second-tier banks of the Republic of Kazakhstan", and maintains its account, ensures the implementation of pension payments does. The Fund also records target assets and target claims, records and calculates target savings (NT) to target savings accounts, calculates NT payments to their recipient's bank accounts, records NT returns in accordance with the procedure determined by the Government of the Republic of Kazakhstan within the framework of the "National Fund for Children" program (more www.enpf.kz site).