UAPF JSC (UAPF, the Fund) presents a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPM) on the website enpf.kz in the section "Statistics and Analytics - Investment Management of Pension Assets".
As of June 1, 2026,the total volume of pension assets managed by the NBRK and the IPMamounted to27,630.11 billiontenge. As of this date, UAPF pension assets held in trust by the NBRK, formed throughcompulsory pension contributions (CPC),compulsoryoccupational pension contributions (COPC), and voluntary pension contributions (VPC), amounted to approximately26,424.41 billiontenge. The volume of pension assets formed through employer’scompulsorypension contributions (ECPC) held in trust by the NBRK was1,095.72 billiontenge.
Pension assets under IPM management amounted to105.88 billiontenge.
Investment portfolio of pension assets managed by
theNational Bank of the Republic of Kazakhstan
The National Bank of the Republic of Kazakhstan, as the trustee of the UAPF pension assets, pursues a balanced investment policy: investing in various types of financial instruments, diversifying the portfolio by currency, country, sector, and issuer.
According to information provided by the National Bank of the Republic of Kazakhstan, the main investment areas ofpension assets formed through CPC, COPC, and VPC, as of June 1, 2026, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 43.38%, bonds of quasi-publiccompanies – 8.18%, deposits of the National Bank of the Republic of Kazakhstan – 3.12%, bonds of second-tier banks of the Republic of Kazakhstan – 2.57%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 2.07%, government securities of foreign states – 1.62%, and microfinance organizations – 1.13%.
37.65%of assets are invested through index management. This approach involves creating an investment portfolio focused on a benchmark portfolio, a set of securities reflecting the investor's strategic interests. The benchmark portfolio's performance serves as a benchmark for assessing management effectiveness. The benchmark portfoliois basedon indices developed and monitored by leading global financial companies or the National Bank of the Republic of Kazakhstan. The National Bank of the Republic of Kazakhstan performs index management of assets both independently and with the involvement of foreign management companies in specific areas, includingsubportfoliosof developed andemergingmarket bonds, corporate bonds, and equities.
The investment portfolio, broken down by currencies in which financial instruments acquired through CPC, COPC, and VPC are denominated, as of June 1, 2026, is as follows: investments in national currency account for 58.94%, while investments in US dollars account for 41.06% of the pension asset portfolio.
As a resultof investments, interest income on securities, including deposits and reverse repo transactions, amounted to 928.70 billiontenge; income from assets under external management, including those adjusted for exchange rate revaluation, amounted to 42.48 billiontenge; income from the market revaluation of securities amounted to 9.76 billiontenge; and other income amounted to 2.90 billiontenge.
The market revaluation of securities invested in foreign currency was negative. The accrued investment income for the last 12 months from June 2025 to May 2026 amounted to approximately 2.71 trilliontenge, with a return of 11.46% for this period.
ECPC'sinvestment portfolio as of June 1, 2026, is as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 87.69%, repo transactions – 10.52%, NBRK deposits – 1.78%, and cash in investment accounts – 0.01%.
The ECPC investment portfolio includes only financial instruments denominated in national currency. Interest income on securities, including deposits and reverse repo transactions, amounted to 55.62 billiontenge.Market revaluation of securities brought investors 1.95 billiontenge.
As of June 1, 2026, accrued investment income over the past 12 months amounted to 115.29 billiontenge, with a return of 17.12% for the period.
A detailed breakdown of the investment portfolio of financial instruments managed by the National Bank of the Republic of Kazakhstan, including issuers, and an overview of investment activities are available on the UAPF's official website. Information on the portfoliostructure of pension assets formed through the ECPC is also available on the enpf.kz website.
Investment Portfolio Managers
The total volume of pension assets under the management of theIPMis109.98 billiontenge.
As of June 1, 2026, pension assets under the trust management ofAlatauCity Invest JSCamounted to17.53 billiontenge.
The company's main investments: Exchange Traded Funds (ETF) units – 29.90%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 15.45%, bonds of second-tier banks of the Republic of Kazakhstan – 11.99%, government securities of foreign governments – 9.11%, corporate bonds of issuers of the Republic of Kazakhstan – 8.93%, bonds of quasi-public companies of the Republic of Kazakhstan – 8.74%, corporate bonds of foreign issuers – 5.03%, repos – 3.31%, microfinance organizations – 3.18%.
Itshould be notedthat 48.89% of the portfolio is held intenge, 50.14% in US dollars, and 0.98% in other currencies.
The return on pension assets over the past 12 months from June 2025 to May 2026 was 15.14%.
A detailed breakdown of the investment portfolio of financial instruments managed byAlatauCity Invest JSC, including issuers, is available on the UAPF website.
As of June 1, 2026, UAPF pension assets held in trust byBCC Invest JSCamounted to14.07 billiontenge.
Main investment areas: bonds of second-tier banks of the Republic of Kazakhstan – 22.56%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 20.32%, bonds of quasi-public companies of the Republic of Kazakhstan – 14.03%, corporate bonds of issuers-residents of the Republic of Kazakhstan – 8.96%, repo – 8.13%, shares and depositary receipts issued by organizations of the Republic of Kazakhstan – 7.37%, corporate bonds of foreign issuers – 5.95%, government securities of foreign states – 5.17%.
Investments in national currency accounted for 65.84% of the portfolio, in US dollars – 34.16%.
The return on pension assets over the past 12 months from June 2025 to May 2026 was 12.10%.
A detailed breakdown of the investment portfolio of financial instruments managed by BCC Invest JSC, including issuers, is available on the UAPF website.
As of June 1, 2026, pension assets under trust management byHalykGlobal Markets JSCamounted to7.25 billiontenge.
The main investments in the portfolio structure are as follows: equity instruments of foreign issuers (ETF units) – 24.87%, reverse repos (up to 90 calendar days) – 18.49%, bonds of second-tier banks of the Republic of Kazakhstan – 15.00%, notes of the National Bank of the Republic of Kazakhstan – 10.04%, bonds of quasi-public companies of the Republic of Kazakhstan – 9.84%, corporate bonds of organizations of the Republic of Kazakhstan – 5.58%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 5.27%, shares and depositary receipts issued by organizations of the Republic of Kazakhstan – 5.06%, securities with government status issued by the central governments of foreign states – 4.80%.
Note that 65.56% of the portfoliois representedintenge, 34.44% in US dollars.
The return on pension assets over the past 12 months was 12.57%.
A detailed structure of the investment portfolio of financial instruments managed by JSCHalykGlobal Markets, including issuers, is available on the UAPF website.
As of June 1, 2026, pension assets under trust management byHalykBank of Kazakhstan SubsidiaryHalykFinance JSCamounted to61.69 billiontenge.
The portfolio's key investments are as follows: bonds of second-tier banks of the Republic of Kazakhstan – 22.69%, bonds of quasi-public companies of the Republic of Kazakhstan – 12.89%, microfinance organizations – 10.52%, Exchange Traded Funds (ETF) units – 10.51%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 8.52%, notes of the National Bank of the Republic of Kazakhstan – 8.49%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 6.62%, corporate bonds of issuers of the Republic of Kazakhstan – 6.42%, reverse repo (up to 90 calendar days) – 3.57%, and corporate bonds of foreign issuers – 3.13%.
64.97%of the portfolio is invested in national currency instruments, while 35.03% is invested in US dollars.
The return on pension assets over the past 12 months from June 2025 to May 2026 was 12.82%.
A detailed breakdown of the investment portfolio of financial instruments managed byHalykBank of Kazakhstan SubsidiaryHalykFinance, including issuers, is available on the UAPF website.
As of June 1, 2026, UAPF pension assets held in trust byCentrasSecurities JSCamounted to approximately9.33 billiontenge.
23.31% of the portfolio was invested in bonds of Kazakhstan's second-tier banks, 21.24% in bonds of quasi-public companies of Kazakhstan, 13.94% in corporate bonds of Kazakhstan issuers, 7.22% in US government bonds, 7.15% in corporate bonds of foreign issuers, 6.78% in government securities of the Ministry of Finance of Kazakhstan, 5.01% in shares and depositary receipts of Kazakhstan resident issuers, and 4.62% in shares and depositary receipts of foreign issuers.REPO transactions accounted for 3.28%.
Investments in national currency accounted for 68.59% of the portfolio, while those in US dollars accounted for 31.41%.
The return on pension assets over the past 12 months from June 2025 to May 2026 was 18.28%.
A detailed breakdown of the investment portfolio of financial instruments managed byCentrasSecurities JSC, including issuers, is available on the UAPF website.
As of June 1, 2026, pension assets under trust management byTansarCapital JSCamounted to0.11 billiontenge.
The main investments in the portfolio structure are as follows: repo – 63.56%, units (ETFs on major stock indices) – 21.68%, shares and depositary receipts issued by organizations of the Republic of Kazakhstan – 13.87%.
TansarCapital JSC's investment portfolio includes only financial instruments denominated in the national currency.
78.11%of the portfolio is invested in national currency instruments, and 21.89% in US dollars.
TansarCapital JSC began managing pension assets on April 8, 2026. The return on pension assets since the start of management has been 1.34%.
A detailed breakdown of the investment portfolio of financial instruments managed byTansarCapital JSC, including issuers, is available on the UAPF website.
Starting July 1, 2023,contributors can transfer up to 50% of their pension savings to investment portfolio managers (IPMs) for trust management, regardless of the minimum adequacy threshold, through CPCs and COPCs. They can choose their chosen investment portfolio manager (IPM).Contributors with voluntary pension savings can transfer 100% of their savings to IPMs.
As a reminder, the UAPF has launched a unified online information platform for investment management of citizens' pension assets,invest.enpf.kz, which consolidates all key information about IPMs in a single digital space and provides a systematic approach to providing data on investment activities.
UAPF was founded on August 22, 2013on the basis ofGNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assetsis carried outby the National Bank of the Republic of Kazakhstan.In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details atwww.enpf.kz )
