Overview of the investment portfolio under the control of the NBRK and UIP as of March 1, 2026  

On the enpf website.kz presents a report on the management of pension assets of the NBRK and the UIP as of March 1, 2026 UAPF JSC (UAPF, Fund) presents a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPMS) on the enpf website.kz in the section "Statistics and analytics - Investment management of pension assets". As of March 1, 2026, the total amount of pension assets under the management of the NBRK and the UIP amounted to 26,851.19 billion tenge. As of this date, the pension assets of the UAPF, held in trust by the NBRK, formed from mandatory pension contributions (OPV), mandatory occupational pension contributions (OPV), and voluntary pension contributions (DPV), amounted to about 25,874.71 billion tenge[1]. The volume of pension assets formed at the expense of mandatory pension contributions from the employer (OPVR), held in trust by the NBRK, is 877.09 billion tenge. Pension assets under the management of the UIP amounted to 99.39 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, differentiating the portfolio by currencies, countries, sectors and issuers. According to the information provided by the National Bank, the main investment directions of pension assets formed at the expense of OPV, OPV, DPV, as of March 1, 2026 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 41.92%, bonds of quasi–state companies – 9.19%, deposits of the NBK – 2.93%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 2.59%., bonds of second–tier banks of the Republic of Kazakhstan – 2.37%, government securities of foreign countries - 2.06%, MFIs – 1.17%. 36.21% of assets are in index management, which provides for the formation of a portfolio of investments in relation to a reference portfolio, which is a set of securities reflecting the strategic interests of the investor. The profitability of the reference portfolio serves as a measure for evaluating management effectiveness. The indexes developed and tracked by the world's leading financial companies or the NBRK are used as a reference portfolio. Index-based asset management is carried out both by the NBRK independently and with the involvement of foreign management companies in relation to a sub-portfolio of bonds from developed countries, a sub-portfolio of bonds from developing countries, a sub-portfolio of corporate bonds and a sub-portfolio of shares. As of March 1, 2026, 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 – 59.63%, in US dollars – 40.36% of the portfolio of pension assets. As a result of the investment, income in the form of remuneration on securities, including on placed deposits and reverse REPO operations, amounted to 359.93 billion tenge, income from market revaluation of securities – 211.27 billion tenge, income on assets under external management – 15.08 billion tenge, other income – 0.56 billion tenge. The market revaluation of securities invested in foreign currency, with the exception of assets under external management, taking into account the exchange rate revaluation, was negative. The amount of accrued investment income for the last 12 months from March 2025 to February 2026 amounted to about 2.66 trillion tenge, the yield for this period was 11.39%. As of March 1, 2026, the investment directions of the OPVR are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 86.06%, REPO operations – 8.57%, NBRK deposits – 5.36%, funds in investment accounts - 0.01%. The investment portfolio at the expense of the OPVR includes only financial instruments denominated in the national currency. Income in the form of remuneration on securities, including on placed deposits and reverse REPO operations, amounted to KZT 19.48 billion. The market revaluation of securities brought investors 1.48 billion tenge. The amount of accrued investment income under the OPVR over the past 12 months from March 2025 to February 2026 amounted to about 72.84 billion tenge, the yield for this period was 10.63%. 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 99.39 billion tenge.             As of March 1, 2026, pension assets held in trust by Alatau City Invest JSC amounted to KZT 16.52 billion.             The company's main investments are: shares of Exchange Traded Funds (ETFs) – 24.09%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 12.34%, bonds of second–tier banks of the Republic of Kazakhstan – 12.26%, corporate bonds of issuers of the Republic of Kazakhstan - 9.80%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 9.62%, REPO – 7.16%, corporate bonds of foreign issuers – 5.13%, MFIs – 4.51%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 3.22%, government securities of foreign countries – 2.02%. It should be noted that 55.41% of the portfolio is represented in tenge, 43.52% – in US dollars, 1.06% – in other currencies. The return on pension assets over the past 12 months from March 2025 to February 2026 was 12.90%. 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 March 1, 2026, pension assets held in trust by Halyk Global Markets JSC amounted to KZT 7.88 billion. The main investments in the portfolio structure are as follows: equity instruments of foreign issuers (ETF units) – 26.64%, bonds of second–tier banks of the Republic of Kazakhstan – 14.97%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 13.52%, notes of the NBK – 12.05%, bonds of quasi-governmental organizations of the Republic of Kazakhstan - 10.78%, reverse REPO (no more than 90 calendar days) – 6.72%, corporate bonds of organizations of the Republic of Kazakhstan – 5.52%. shares and depositary receipts issued by organizations of the Republic of Kazakhstan – 4.19%, government securities of foreign states – 5.03%. It should be noted that 64.38% of the portfolio is represented in tenge, 35.62% – in US dollars. The return on pension assets over the past 12 months from March 2025 to February 2026 was 11.49%. 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 03/01/2026, the pension assets of the UAPF, held in trust by BCC Invest JSC, amounted to KZT 12.61 billion. The main investment areas are: STB bonds of the Republic of Kazakhstan – 21.50%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 16.44%, REPO – 15.46%, bonds of quasi–governmental organizations of the Republic of Kazakhstan - 14.13%, corporate bonds of issuers–residents of the Republic of Kazakhstan – 10.12%, government securities of foreign states – 7.82%, corporate bonds of foreign issuers - 6.93%, shares and depositary receipts resident issuers of the Republic of Kazakhstan – 2.19%. Investments in national currency accounted for 68.53% of the portfolio, in US dollars – 31.47%. The return on pension assets over the past 12 months from March 2025 to February 2026 was 10.82%. 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 03/01/2026, the pension assets of the UAPF, held in trust by Centras Securities JSC, amounted to about 6.4 billion tenge.   24.25% was invested in bonds of quasi-governmental organizations of the Republic of Kazakhstan, corporate bonds of issuers of the Republic of Kazakhstan – 16.21%, bonds of STBs of the Republic of Kazakhstan – 15.52%, corporate bonds of foreign issuers – 9.02%, US government bonds – 8.65%, REPO – 8.06%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 5.44%, shares and depositary receipts of issuers-residents of the Republic of Kazakhstan – 3.77%, shares and depositary receipts of foreign issuers – 2.56%. Investments in national currency accounted for 66.68% of the portfolio, in US dollars – 33.32%. The return on pension assets over the past 12 months from March 2025 to February 2026 was 17.65%. 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 03/01/2026, pension assets held in trust by JSC DO National Bank of Kazakhstan Halyk Finance amounted to 55.98 billion tenge. The main investments in the portfolio structure look like this: reverse Repo (no more than 90 calendar days) – 18.95%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 15.13%, bonds of second–tier banks of the Republic of Kazakhstan – 14.54%, MFIs – 12.24%, shares of Exchange Traded Funds (ETFs) - 9.05%, corporate bonds of issuers of the Republic of Kazakhstan – 7.12% corporate bonds of foreign issuers – 6.24%, notes of the NBRK – 5.16%, bonds of quasi–governmental organizations of the Republic of Kazakhstan – 5.02%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 3.89%. 65.64% of the portfolio was invested in instruments in national currency, and 34.36% in US dollars. The return on pension assets for the 12 months from March 2025 to February 2026 was 10.29%. 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/1197182?lang=kk