UAPF JSC (hereinafter referred to as UAPF) submits a report on pension asset management by the National Bank of the Republic of Kazakhstan (hereinafter referred to as NBRK) and investment portfolio managers (hereinafter referred to as IPMS) on the enpf website.kz in the section "Indicators - Investment activity".

As of September 1, 2025, the total amount of pension assets under the management of the NBRK and the UIP amounted to 25 083.08 billion tenge. As of that date, the pension assets of the UAPF held in trust by the NBRK, formed from mandatory pension contributions (hereinafter referred to as OPV), mandatory occupational pension contributions (hereinafter referred to as OPV), and voluntary pension contributions (hereinafter referred to as DPV), amounted to about 24,463.47 billion tenge[1]. The volume of pension assets formed at the expense of mandatory pension contributions from the employer (hereinafter referred to as OPVR), held in trust by the NBRK, is 551.25 billion tenge.

Pension assets under the management of the UIP amounted to more than 68.36 billion tenge.

Investment portfolio of pension assets managed by the NBK

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

The main investment directions of pension assets formed at the expense of OPV, OPV, DPV, as of September 1, 2025 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 42.58%, bonds of quasi–state companies - 8.85%, bonds of second-tier banks of the Republic of Kazakhstan – 2.78%, deposits of the NBK – 2.14%, shares and depository receipts of issuers of the Republic of Kazakhstan – 1.77%, MFIs – 1.20%.

As of September 1, 2025, the investment portfolio in terms of currencies in which financial instruments acquired through OPV, OPV, DPV are denominated looks like this: investments in national currency – 57.33%, in US dollars – 42.67% of the portfolio of pension assets.

From the analysis of the structure of income received, it follows that income in the form of remuneration on securities, including on placed deposits and reverse REPO operations, amounted to 1,277.10 billion tenge, income from revaluation of foreign currency, excluding assets under external management, amounted to 139.12 billion tenge, income on assets under external management, including taking into account the exchange rate revaluation - 456.19 billion tenge, other income - 5.16 billion tenge. The market revaluation of securities was negative.

The amount of accrued investment income for the last 12 months from September 2024 to August 2025 amounted to about 2.74 trillion tenge, the yield for this period was 12.60% with inflation of 12.20%.

As of September 1, 2025, the investment directions of the OPVR are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 97.58%, deposits of the NBRK – 2.22%, funds in investment accounts – 0.20%.

The investment portfolio at the expense of the OPVR includes only financial instruments denominated in the national currency.

As of September 1, 2025, the yield of OPVR over the past 12 months was 7.64%.

Let's remind that pension savings are long–term investments. Therefore, it is advisable to analyze the amount of investment income for a period of at least one year. In some periods, there may be a decrease in profitability due to the volatility of foreign exchange rates, changes in the market value of financial instruments, as well as the impact of inflation. Diversification of the investment portfolio, when income from one instrument covers temporary losses on others, ensures the safety and sustainable profitability of retirement savings in the long term. Thus, investment income has shown steady growth over the past 3 years, and the profitability of pension assets exceeds the inflation rate.

The detailed structure of the investment portfolio of financial instruments managed by the NBRK, indicating the issuers, and an overview of investment activities are posted on the official website of the UAPF. Also on the enpf website.kz contains information on the portfolio structure for pension assets formed at the expense of the pension Fund.

Investment Portfolio Managers

The total amount of pension assets under the management of the UIP is more than 68.36 billion tenge.

            As of 01.09.2025, pension assets held in trust by Alatau City Invest JSC amounted to KZT 12.74 billion.

            The company's main investments are: Government securities of the Ministry of Finance of the Republic of Kazakhstan – 18.59%, Shares of Exchange Traded Funds (ETFs) – 16.76%, bonds of second–tier banks of the Republic of Kazakhstan – 16.29%, REPO – 16.14%, bonds of quasi–governmental organizations of the Republic of Kazakhstan – 11.33%, corporate bonds of foreign issuers - 6.17%, MFIs - 5.90%, corporate bonds of issuers RK – 5.82%, government securities of foreign countries – 2.77%. It should be noted that 75.09% of the portfolio is represented in tenge, 23.47% – in US dollars, 1.43% – in other currencies.

As of September 1, 2025, the return on the pension assets of the UAPF over the past 12 months, distributed to the accounts of depositors (recipients), amounted to 10.94%.

The detailed structure of the investment portfolio of financial instruments managed by Alatau City Invest JSC, indicating the issuers, is presented on the UAPF website.

As of 01.09.2025, pension assets held in trust by Halyk Global Markets JSC amounted to KZT 6.42 billion.

The main investments in the portfolio structure are as follows: REPO (no more than 90 calendar days) – 44.31%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 10.41%, corporate bonds of foreign issuers – 9.54%, bonds of second–tier banks of the Republic of Kazakhstan - 8.73%, equity instruments of foreign issuers (ETF units) – 7.49%, corporate bonds organizations of the Republic of Kazakhstan – 5.25%, bonds of quasi–governmental organizations of the Republic of Kazakhstan - 4.99%, state-owned securities issued by central governments of foreign states – 3.84%.

Investments in national currency accounted for 76.27% of the portfolio, in US dollars - 23.73%.

As of September 1, 2025, the return on the pension assets of the UAPF over the past 12 months, distributed to the accounts of depositors (recipients), amounted to 12.59%.

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.

As of 01.09.2025, the pension assets of the UAPF, held in trust by BCC Invest JSC, amounted to 7.67 billion tenge.

The main investment areas are: STB bonds of the Republic of Kazakhstan – 25.92%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 16.53%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 15.71%, REPO - 12.33%, corporate bonds of issuers–residents of the Republic of Kazakhstan - 12.25%, corporate bonds of foreign issuers – 11.61%.

Investments in national currency accounted for 74.12% of the portfolio, in US dollars - 25.88%.

  As of September 1, 2025, the return on the pension assets of the UAPF over the past 12 months, distributed to the accounts of depositors (recipients), amounted to 12.85%. 

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 01.09.2025, the pension assets of the UAPF, held in trust by Centras Securities JSC, amounted to 2.98 billion tenge.

  17.81% was invested in bonds of quasi–governmental organizations of the Republic of Kazakhstan, STB bonds of the Republic of Kazakhstan – 17.48%, corporate bonds of issuers of the Republic of Kazakhstan – 16.33%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 16.05%, REPO – 9.30%, US government bonds - 5.40%, shares and depositary receipts of foreign issuers – 3.83%, shares and depositary receipts of resident issuers RK – 3.42%.

Investments in national currency accounted for 69.03% of the portfolio, and 30.97% in US dollars.

As of September 1, 2025, the return on the pension assets of the UAPF over the past 12 months, distributed to the accounts of depositors (recipients), amounted to 16.14%.

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 01.09.2025, pension assets held in trust by JSC DO National Bank of Kazakhstan Halyk Finance amounted to 38.55 billion tenge.

The main investments in the portfolio structure look like this: Government securities of the Ministry of Finance of the Republic of Kazakhstan – 23.31%, REPO – 16.96%, bonds of second–tier banks of the Republic of Kazakhstan – 9.78%, corporate bonds of foreign issuers – 9.52%, government securities of foreign states – 8.59%, MFIs – 8.47%, Shares of Exchange Traded Funds (ETFs) – 6.51%, corporate bonds of issuers of the Republic of Kazakhstan - 5.62%, bonds of quasi–governmental organizations of the Republic of Kazakhstan – 3.14%, shares and depositary receipts of foreign issuers - 2.79%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 2.70%.

59.33% of the portfolio is invested in instruments in national currency, 40.67% in US dollars.

As of September 1, 2025, the return on the pension assets of the UAPF over the past 12 months, distributed to the accounts of depositors (recipients), amounted to 13.25%.

The detailed structure of the investment portfolio of financial instruments managed by JSC DO National Bank of Kazakhstan Halyk Finance, indicating the issuers, is presented on the UAPF website.

Starting from July 1, 2023, depositors can transfer to trust management no more than 50% of pension savings due to mandatory pension contributions (OPV) and mandatory professional pension contributions (OPV) without taking into account the minimum sufficiency threshold for investment portfolio managers (IPM), choosing such a company independently. Depositors who have voluntary pension savings can transfer them to their UIP in the amount of 100%.

Source : https://www.gov.kz/memleket/entities/social-abay/press/news/details/1090556?lang=kk