ANALYSIS: Dynamics of conditional pension unit of Kazakhstan APF in year 2001 on the basis of complete data for 11 months

/IRBIS, Dec 24, 01/ - IRBIS information agency of financial markets (Almaty) continues publication of information provided by the Accumulative Pension Funds Regulation Committee of the Ministry of Labor and Social Protection of Kazakhstan (Committee). The following table contains values for conditional pension units (CPU) of accumulative pension funds' assets as of December 01, 2001 and also dynamics of this indicator in different periods of funds' activity (calculated by IRBIS). Funds have been sorted according to their activity starting date on a market. Trends are given in percents relative to the data on November 01, 2001. ------------------------------------------------------------------------------- CPU change in % APR Meaning ---------------------------------------------------- Data of of from the beginning of: during last: Title activity CPU on ------------------------ --------------------------- of fund start Dec 1.01 activity 2000 2001 6 months 3 months 1 month ------- --------- -------- -------- ------- ------- -------- -------- --------- SAPF Jan 15.98 228.7541 33.19 16.28 14.76 15.93 18.70 8.84 (+0.73) (-0.85) (-1.29) (-3.11) (-4.27) (-7.02) (-73.34) ------- --------- -------- -------- ------- ------- -------- -------- --------- HBK Feb 24.98 257.7409 41.84 17.10 14.20 11.84 12.38 11.30 (+0.93) (-0.69) (-0.58) (-1.06) (-0.37) (-1.19) (-15.44) ------- --------- -------- -------- ------- ------- -------- -------- --------- VTF Mar 20.98 246.1638 39.46 18.02 13.69 12.44 13.34 15.28 (+1.26) (-0.13) (+0.57) (+2.43) (-5.34) (+15.99) (+12.84) ------- --------- -------- -------- ------- ------- -------- -------- --------- HPF Mar 22.98 262.3605 43.90 17.93 14.89 12.81 12.37 12.75 (+1.05) (-0.56) (-0.24) (-0.36) (-18.24) (+5.27) (+5.16) ------- --------- -------- -------- ------- ------- -------- -------- --------- Kunaev Mar 24.98 230.8027 35.42 18.35 14.38 12.77 11.74 11.81 (+0.97) (-0.54) (-0.61) (-0.78) (-5.46) (+3.92) (+6.77) ------- --------- -------- -------- ------- ------- -------- -------- --------- Kazmys Apr 19.98 264.2459 45.35 17.79 14.28 13.05 11.06 11.05 (+0.91) (-0.83) (-0.77) (-1.29) (-2.92) (-9.01) (+11.12) ------- --------- -------- -------- ------- ------- -------- -------- --------- UlUm Apr 20.98 257.9589 43.64 16.59 13.65 12.50 11.49 11.19 (+0.92) (-0.79) (-0.53) (-0.84) (-2.01) (-17.82) (+0.96) ------- --------- -------- -------- ------- ------- -------- -------- --------- Kaz-n Apr 28.98 246.8852 40.83 17.76 15.57 13.67 12.95 15.29 (+1.26) (-0.20) (+0.63) (+1.08) (+1.91) (+5.38) (+52.68) ------- --------- -------- -------- ------- ------- -------- -------- --------- NGD Jun 07.98 251.0209 43.30 17.52 15.50 11.85 12.36 11.35 (+0.93) (-0.83) (-0.63) (-1.67) (-0.49) (+1.74) (+3.93) ------- --------- -------- -------- ------- ------- -------- -------- --------- Kurmet Jan 01.99 208.4659 37.17 17.13 15.88 14.01 13.71 15.72 (+1.29) (-0.38) (+0.92) (+1.19) (+4.00) (+4.23) (+42.73) ------- --------- -------- -------- ------- ------- -------- -------- --------- ААКMG Mar 03.99 178.8598 28.67 16.14 14.21 12.64 12.82 10.97 (+0.90) (-0.98) (-0.52) (-1.32) (-9.53) (-0.04) (-6.65) ------- --------- -------- -------- ------- ------- -------- -------- --------- SENIM Jul 20.99 139.3900 16.62 17.35 14.75 14.47 11.66 22.66 (+1.86) (+3.21) (+3.28) (+7.55) (+8.63) (+7.42) (+3959.0) ------- --------- -------- -------- ------- ------- -------- -------- --------- Korgau Dec 01.99 129.4845 14.72 15.26 14.95 13.94 11.01 10.43 (+0.86) (-0.39) (-0.55) (-2.06) (-2.32) (-26.88) (-5.24) ------- --------- -------- -------- ------- ------- -------- -------- --------- PMK Jul 04.01 104.9264 7.56 - - - 9.24 8.33 (+0.69) (+2.20) - - - (+1.22) (-10.00) ------- --------- -------- -------- ------- ------- -------- -------- --------- Otan Nov 26.01 100.0321 2.34 - - - - - - - - - - - - ------------------------------------------------------------------------------- It's worth to mention that after the publication of similar table according to data of 10 months of current year BEST INVEST Pension assets management company CJSC managing assets of APF SENIM CJSC (SENIM - in table) refuted the data on CPU of this fund given by IRBIS. However, repeating data for last three months presented by the Committee on IRBIS request on December 21 contained same values for APF SENIM CJSC. It's better to make conclusions about effectiveness of activity of APF (more precisely PAMC) based not on absolute value of CPU but its speed of change since the absolute value of the unit depends on operating tern of the fund. Due to this reason IRBIS agency operates in table with the speed of the change of CPU in different periods, expressed in percents APR. The indicator for each period is determined as a difference between the last and first values of CPU divided by first value, expressed in percents, then divided by number of days in the period and multiplied by 365. According to IRBIS analysts, derived parameter can be considered as a nominal (without taking into account inflation) yield of fund assets during period for the depositor. The following detailed table enables to observe dynamics of above described change indicator of CPU (% APR) in monthly sector during 2001.The data have been sorted alphabetically. ------------------------------------------------------------------------ Fund Jan Feb March April May June July Aug Sept Oct Nov ------ ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ААКMG 18.42 11.68 13.46 11.48 18.50 14.14 10.75 11.04 15.38 11.75 10.97 VTF 13.97 6.44 17.34 12.24 19.14 11.57 11.82 9.86 10.77 13.54 15.28 SPAF 13.66 13.62 10.14 10.19 12.97 13.19 11.10 13.16 12.92 33.15 8.84 Kazmys 17.96 12.80 13.92 14.11 13.30 16.82 12.37 14.24 11.90 9.95 11.05 Kaz-n 13.02 27.55 12.25 15.96 13.78 18.38 9.83 13.29 13.21 10.02 15.29 Korgau 17.21 16.01 18.16 9.99 12.37 12.33 13.82 22.24 11.31 11.01 10.43 Kunaev 19.10 12.14 11.94 15.44 15.98 16.00 13.35 10.51 12.01 11.06 11.81 Kurmet 12.46 30.02 15.11 13.61 12.61 16.87 10.23 14.02 14.04 11.01 15.72 HBK 26.00 16.75 14.83 9.28 11.55 10.85 10.00 11.76 12.07 13.36 11.30 NGD 14.72 47.84 9.91 10.07 11.68 11.39 10.59 10.76 14.48 10.92 11.35 PAF 15.50 11.61 12.90 10.29 28.84 17.58 9.81 10.93 11.88 12.12 12.75 Otan - - - - - - - - - - - SENIM 15.64 16.04 10.93 10.37 15.89 14.70 14.93 19.93 11.90 0.56 22.66 UlUm 16.61 13.22 12.52 14.13 12.66 7.44 12.89 18.44 11.88 11.08 11.19 Umit 16.51 20.53 13.64 24.75 11.38 11.31 10.10 10.53 - - - PMK - - - - 3.12 8.64 7.74 8.03 9.90 9.26 8.33 ------------------------------------------------------------------------ For simplicity, following abbreviations have been used in the table: Umit - APF Umit CJSC; VTF - PAPF Valut-tranzit fund CJSC; Kunaev - PAPFOT after Kunaev CJSC; HPF - OAPF Halyk Pension Fund CJSC; Kaz-n - PAPF Kazakhstan CJSC; HBK - APF Halyk Bank of Kazakhstan; Kazmys - APF Kazakhmys CJSC; UlUm - up to Oct 10,01 OAPF Ular CJSC, on October 1 - OAPF UlarUmit CJSC; NGD - PAPF NefteGas-Dem; Kurmet - POAPF Kurmet; AAKMG - APF ABN AMRO - KaspiiMunaiGas CJSC; SENIM - OAPF SENIM CJSC; Korgau - APF Korgau CJSC; PMK - KAPF Philip Morris Kazakhstan CJSC; Otan - OAPF OTAN CJSC; SAPF - State Accumulative Pension Fund CJSC; "-" - the data is absent because of no fund activity or fund liquidation and also due to that fund worked during non-full month. The information is published as deserving attention of all participants of Kazakhstan pension reform.