Investment Portfolios Managed by the NBK and Investment Portfolio Managers (IPMs)
as of September 1, 2026
Unified Accumulative Pension Fund JSC (UAPF, the Fund) provides a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBK) and Investment Portfolio Managers (IPMs) on its website, enpf.kz, under the section "Statistics and Analytics – Investment Management of Pension Assets."
As of September 1, 2026, the total volume of pension assets managed by the NBK and IPMs amounted to 28,449.60 billion tenge. On this date, UAPF pension assets held in trust by the NBK—comprising mandatory pension contributions (MPC), mandatory professional pension contributions (MPPC), and voluntary pension contributions (VPC)—totaled approximately 26,950.74 billion tenge. The volume of pension assets derived from mandatory employer pension contributions (MEPC), also held in trust by the NBK, amounted to 1,347.58 billion tenge.
Pension assets managed by IPMs totaled 151.28 billion tenge.
Investment Portfolio of Pension Assets Managed by the NBK
Acting as the trustee for UAPF pension assets, the NBK pursues a balanced investment policy, allocating funds across various types of financial instruments and diversifying the portfolio by currency, country, sector, and issuer. According to information provided by the National Bank of the Republic of Kazakhstan (NBRK), the primary investment allocations for pension assets—derived from mandatory pension contributions (MPC), mandatory professional pension contributions (MPPC), and voluntary pension contributions (VPC)—as of September 1, 2026, are as follows: government securities issued by the Ministry of Finance of the Republic of Kazakhstan (43.46%), bonds of quasi-sovereign entities (8.00%), deposits with the NBRK (3.42%), bonds of second-tier banks in the Republic of Kazakhstan (2.53%), equities and depositary receipts of Kazakhstani issuers (2.14%), government securities of foreign nations (1.75%), and international financial organizations (0.99%).
A total of 37.38% of the assets are managed through an index-based approach. This strategy involves constructing an investment portfolio aligned with a benchmark—a specific set of securities that reflects the investor’s strategic objectives. The performance of this benchmark serves as a yardstick for evaluating management efficiency. The benchmarks used are indices developed and tracked by leading global financial firms or the NBRK itself. Index-based asset management is conducted by the NBRK, both directly and through the engagement of foreign asset management firms for specific segments, including sub-portfolios of bonds from developed and emerging markets, corporate bonds, and equities.
As of September 1, 2026, the investment portfolio—broken down by the currencies in which the financial instruments (acquired via MPC, MPPC, and VPC) are denominated—consists of 58.99% in the national currency and 41.01% in US dollars. Investment activities generated 1,510.73 billion tenge in income from securities (including interest on deposits and reverse repo transactions), 119.33 billion tenge from the market revaluation of securities, and 3.87 billion tenge from other sources.
Market revaluation of foreign currency and assets under external management—including adjustments for exchange rate fluctuations—resulted in a negative outcome.
The investment income accrued over the 12-month period from September 2025 to August 2026 totaled approximately 1.58 trillion tenge, representing a yield of 6.17% for this period.
As of September 1, 2026, the investment allocation for Mandatory Pension Contributions (MPC) was as follows: 96.30% in government securities issued by the Ministry of Finance of the Republic of Kazakhstan, and 3.69% in deposits with the National Bank of the Republic of Kazakhstan (NBRK).
The investment portfolio funded by Mandatory Pension Contributions consists exclusively of financial instruments denominated in the national currency. Income from securities—including interest on deposits and reverse repo transactions—amounted to 99.70 billion tenge, while the market revaluation of securities contributed 18.80 billion tenge for the account holders.
As of September 1, 2026, the investment income accrued over the preceding 12 months totaled 158.51 billion tenge, with a yield of 18.65% for that period. A detailed breakdown of the investment portfolio of financial instruments managed by the National Bank of the Republic of Kazakhstan (NBRK), including a list of issuers and an overview of investment activities, is available on the official website of the Unified Accumulative Pension Fund (UAPF). The website enpf.kz also provides information on the portfolio structure for pension assets formed through Mandatory Employer Pension Contributions (MEPC).
Investment Portfolio Managers (IPMs)
The total volume of pension assets under the management of IPMs amounts to 151.28 billion tenge.
As of September 1, 2026, pension assets under the fiduciary management of Alatau City Invest JSC totaled 24.12 billion tenge.
The company’s primary investments include: shares in Exchange-Traded Funds (ETFs) – 29.19%; stocks and depositary receipts of issuers from the Republic of Kazakhstan – 14.80%; repo transactions – 13.96%; bonds of second-tier banks of the Republic of Kazakhstan – 10.88%; government securities of foreign states – 9.36%; corporate bonds of issuers from the Republic of Kazakhstan – 6.46%; and bonds of quasi-public organizations of the Republic of Kazakhstan – 4.64%.
