The ENPF presents a report on the investment of pension savings as of June 1, 2026
The ENPF JSC (the ENPF, 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 enpf.kz website in the "Statistics and Analytics - Investment Management of Pension Assets" section.
The total volume of pension assets managed by the NBRK and IPMs as of June 1, 2026, amounted to 27,630.11 billion tenge. As of this date, the ENPF's pension assets held in trust by the NBRK, formed through mandatory pension contributions (MPCs), mandatory professional pension contributions (MPPCs), and voluntary pension contributions (VPCs), amounted to approximately 26,424.41 billion tenge. The volume of pension assets formed through mandatory employer pension contributions (MPPC) held in trust by the NBRK is 1,095.72 billion tenge.
Pension assets under the management of the MPPC amounted to 105.88 billion tenge.
Investment portfolio of pension assets managed by the NBRK
As the trustee of the ENPF pension assets, the NBRK pursues a balanced investment policy: it invests 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 for pension assets formed through mandatory pension contributions, mandatory pension contributions, and extended pension contributions, 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-state companies – 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 countries – 1.62%, and microfinance organizations – 1.13%.
37.65% of assets are invested through index management. This approach involves forming an investment portfolio focused on a benchmark portfolio, which is a set of securities reflecting the investor's strategic interests. The return on the benchmark portfolio serves as a metric for assessing management effectiveness. The benchmark portfolio uses 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 manages index assets both independently and with the involvement of foreign management companies in specific areas, including subportfolios of developed and developing country bonds, corporate bonds, and stocks.
The investment portfolio, broken down by the currencies in which the financial instruments acquired through the OPV, OPV, and DPV are denominated, as of June 1, 2026, is as follows: investments in national currency account for 58.94%, and investments in US dollars account for 41.06% of the pension asset portfolio.
As a result of investments, interest income on securities, including deposits and reverse repo transactions, amounted to 928.70 billion tenge; income from assets under external management, including those adjusted for exchange rate revaluation, amounted to 42.48 billion tenge; income from the market revaluation of securities amounted to 9.76 billion tenge; and other income amounted to 2.90 billion tenge.
The market revaluation of securities invested in foreign currency was negative.
Accrued investment income for the last 12 months from June 2025 to May 2026 amounted to approximately 2.71 trillion tenge, with a return of 11.46% for this period.
The investment portfolio of the OPVR 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 investment portfolio from the OPVR includes only financial instruments denominated in the national currency. Interest income on securities, including deposits and reverse repo transactions, amounted to 55.62 billion tenge. The revaluation of securities brought investors 1.95 billion tenge.
As of June 1, 2026, accrued investment income over the past 12 months amounted to 115.29 billion tenge, with a return of 17.12% for the period. A detailed breakdown of the investment portfolio of financial instruments managed by the NBRK, including issuers and an overview of investment activities, is available on the official website of the ENPF. Information on the portfolio structure for pension assets formed through the OPVR is also available on the enpf.kz website.
Investment Portfolio Managers
The total volume of pension assets under the management of the UPIM is 109.98 billion tenge.
As of June 1, 2026, pension assets under the trust management of Alatau City Invest JSC amounted to 17.53 billion tenge.
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 states - 9.11%, corporate bonds of issuers of the Republic of Kazakhstan - 8.93%, bonds
