Review of the investment portfolio managed by the NBRK and the IPM as of October 1, 2025

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 "Statistics and analytics - Investment management of pension assets".

As of October 1, 2025, the total amount of pension assets under the management of the NBRK and UIP amounted to KZT 25,716.69 billion. As of this 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 25,047.64 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 594.85 billion tenge.

Pension assets under the management of the UIP amounted to more than 74.20 billion tenge.

Investment portfolio of pension assets managed by the NBK

The National Bank, as the trustee of the Pension Fund's pension assets, pursues a balanced investment policy: it invests in various types of financial instruments by currency, country, sector and issuer.

The main investment directions of pension assets formed at the expense of OPV, OPV, DPV, as of October 1, 2025 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 42.08%, bonds of quasi–state companies – 9.33%, bonds of second-tier banks of the Republic of Kazakhstan - 2.66%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 1.95%, MFIs – 1.23%, NBRK deposits – 0.87%.

As of October 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 – 56.75%, in US dollars – 43.25% 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 1,450.29 billion tenge, income from revaluation of foreign currency, excluding assets under external management, amounted to 235.62 billion tenge, income on assets under external management, including currency revaluation - 661.64 billion tenge, other income - 5.30 billion tenge. The market revaluation of securities was negative.

The amount of accrued investment income for the last 12 months from October 2024 to September 2025 amounted to about 3.11 trillion tenge, the yield for this period was 14.11% with inflation of 12.90%.

As of October 1, 2025, the investment directions of the OPVR are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 98.53%, funds in investment accounts - 0.86%, NBRK deposits - 0.61%.

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

As of October 1, 2025, the yield of OPVR over the past 12 months was 8.44%.

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 managed by the UIP is more than 74.20 billion tenge.

            As of 01.10.2025, pension assets held in trust by Alatau City Invest JSC amounted to KZT 13.29 billion.

            The company's main investments are: Government securities of the Ministry of Finance of the Republic of Kazakhstan – 17.78%, Shares of Exchange Traded Funds (ETFs) – 16.60%, bonds of second–tier banks of the Republic of Kazakhstan - 15.87%, REPO – 13.15%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 11.01%, corporate bonds of issuers of the Republic of Kazakhstan – 10.99%, corporate bonds of foreign issuers – 5.99%, MFIs – 5.75%, government securities of foreign countries – 2.75%. It should be noted that 75.31% of the portfolio is represented in tenge, 23.27% – in US dollars, 1.42% – in other currencies.

As of October 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 11.99%.

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 01.10.2025, pension assets held in trust by Halyk Global Markets JSC amounted to KZT 6.98 billion.

The main investments in the portfolio structure are as follows: reverse REPO (no more than 90 calendar days) – 42.57%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 16.12%, corporate bonds of foreign issuers – 8.99%, bonds of second-tier banks of the Republic of Kazakhstan – 8.13%, equity instruments of foreign issuers (ETF units) – 7.13%, securities government–owned securities issued by central governments of foreign states – 5.30%, corporate bonds of organizations of the Republic of Kazakhstan – 4.90%, bonds of quasi-governmental organizations of the Republic of Kazakhstan - 4.64%.

Investments in national currency accounted for 77.54% of the portfolio, in US dollars - 22.46%.

As of October 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 13.02%.

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 01.10.2025, the pension assets of the UAPF, held in trust by BCC Invest JSC, amounted to KZT 8.51 billion.

The main investment areas are: STB bonds of the Republic of Kazakhstan – 23.69%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 20.63%, REPO – 14.44%, corporate bonds of issuers-residents of the Republic of Kazakhstan – 13.81%, bonds of quasi–governmental organizations of the Republic of Kazakhstan - 13.04%, corporate bonds of foreign issuers – 10.74%.

Investments in national currency accounted for 75.04% of the portfolio, in US dollars - 24.96%.

  As of October 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 13.22%.   

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 01.10.2025, the pension assets of the UAPF, held in trust by Centras Securities JSC, amounted to 3.33 billion tenge.

  17.40% was invested in corporate bonds of issuers of the Republic of Kazakhstan, bonds of quasi-governmental organizations of the Republic of Kazakhstan - 16.20%, bonds of STBs of the Republic of Kazakhstan - 15.73%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 14.43%, REPO - 13.78%, shares and depositary receipts of issuers-residents of the Republic of Kazakhstan - 3.45%, shares and depositary receipts of foreign issuers - 3.35%, government bonds USA - 3.30%.

Investments in national currency accounted for 68.34% of the portfolio, in US dollars - 31.66%.

As of October 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 18.19%.

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 01.10.2025, pension assets held in trust by JSC DO National Bank of Kazakhstan Halyk Finance amounted to 42.09 billion tenge.

The main investments in the portfolio structure look like this: Government securities of the Ministry of Finance of the Republic of Kazakhstan – 21.39%, reverse Repo (no more than 90 calendar days) – 21.38%, bonds of second–tier banks of the Republic of Kazakhstan – 9.07%, corporate bonds of foreign issuers – 8.95%, government securities of foreign states – 7.64%, MFIs - 7.50%, shares of Exchange Traded Funds (ETFs) – 6.14%, corporate bonds of issuers of the Republic of Kazakhstan – 7.03%, bonds of quasi–governmental organizations of the Republic of Kazakhstan – 2.38%, shares and depositary receipts of foreign issuers – 3.80%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 1.92%.

61.62% of the portfolio was invested in instruments in national currency, 38.38% in US dollars.

As of October 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 13.81%.

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/1106853?lang=kk