ANALYSIS: According to AFS amount of net pension assets in Kazakhstan as of May 1, 2006 reached $5,937.1 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, May 30, 06/ - According to data of Agency of the Republic of Kazakhstan for regulation and supervision of financial market and financial organizations (AFS) total amount of net pension assets (PA) in the republic (total pension assets excluding obligations on charged commission interests, accounts payable on pension payments) as of May 1, 2006 reached KZT7738,693.0 m. or $5,937.1 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicators as of April 1, 2006 - KZT713,999.5 m. or $5,560.7 m. In April, 2006 net assets of accumulative pension funds (APF) grew by 3.46% in tenge and by 6.77% in dollar equivalent. In March, 2006 assets increased by 2.95% in tenge and by 4.37% in dollar equivalent. By the beginning of May, 2006 total amount of PA was KZT741,326.9 m., out of them KZT733,615.6 m. were invested. During April, 2006 there were seven specialized organizations conducting pension assets investment management activity (PAIMO) and 14 APF. Three funds - Accumulative pension fund of Halyk Bank of Kazakhstan JSC, APF SAPF JSC and APF BTA Kazakhstan JSC, which are actually also PAIMO, controlled pension assets independently. Stake of PA, which was controlled by these funds, by the beginning of May of 2006, totaled 53.77% of all PA of the republic (as of April 1 this indicator was 53.36%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of May 1, 2006. Figures in parentheses give the same picture as of April 1, 2006. ------------------------------------------------------------------------------ Total assets ---------------------- Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested ------------------------------------------------------------------------------ PAIMO ABN AMRO Asset Management JSC ------------------------------------------------------------------------------ GRANTUM APF JSC 49,429 49,552 6.68 (6.75) 49,502 APF Kapital JSC 12,584 12,602 1.70 (1.68) 12,562 ----------------------------------- ------- ------- ------------- -------- Total 62,013 62,154 8.38 (8.43) 62,063 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------------ PAPF of open type named after 2,532 2,537 0.34 (0.35) 2,468 Kunayev JSC OAPF SENIM JSC 30,710 30,777 4.15 (4.21) 30,525 APF Korgau JSC 10,405 10,413 1.40 (1.44) 10,196 APF NefteGas-Dem JSC 17,994 18,027 2.43 (2.46) 17,912 ----------------------------------- ------- ------- ------------- -------- Total 61,641 61,753 8.33 (8.46) 61,102 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------------ OAPF Otan JSC 14,333 14,342 1.93 (1.96) 14,093 ----------------------------------- ------- ------- ------------- -------- Total 14,333 14,342 1.93 (1.96) 14,093 ----------------------------------- ------- ------- ------------- -------- PAIMO ALFA-TRUST JSC ------------------------------------------------------------------------------ APF Kazakhmys JSC 16,871 16,861 2.27 (2.35) 16,325 ----------------------------------- ------- ------- ------------- -------- Total 16,871 16,861 2.27 (2.35) 16,325 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmit JSC 134,270 134,637 18.16 (18.21) 133,592 ----------------------------------- ------- ------- ------------- -------- Total 134,270 134,637 18.16 (18.21) 133,592 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------------ PP Valut-Tranzit Fund JSC 34,553 34,606 4.83 (4.87) 33,891 Total 34,553 34,606 4.83 (4.87) 33,891 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 17,767 17,838 2.41 (2.39) 17,796 ----------------------------------- ------- ------- ------------- -------- Total 17,767 17,838 2.41 (2.39) 17,796 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ------------------------------------------------------------------------------ APF SAPF JSC 132,944 133,064 17.95 (18.34) 131,622 APF BTA Kazakhstan JSC 65,326 66,031 8.91 (8.52) 64,311 APF of Halyk Bank of Kazakhstan JSC 198,447 199,494 26.91 (26.50) 198,681 ----------------------------------- ------- ------- ------------- -------- Total 396,717 398,589 53.77 (53.36) 394,614 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 738,693 741,327 100.0 733,616 ------------------------------------------------------------------------------ The biggest APF by the end of April by volume of net PA (in descending order of PA amount): APF Halyk Bank of Kazakhstan JSC, APF SAPF JSC and APF Ular Ymit CJSC. By the volume of managed assets APF Halyk Bank of Kazakhstan JSC is still leading (26.9% of all PA in management). The second place belongs to PAIMO ZHETYSU JSC (18.16%), the third place - APF SAPF JSC (17.25%). The highest assets growth rate (8.23% in tenge) in March was recorded in APF BTA Kazakhstan JSC. In absolute monetary terms the leader is APF Halyk Bank of Kazakhstan JSC by the biggest amount of assets growth. Its assets increased within the month by KZT9,842.4 m. The second place belongs to APF BTA Kazakhstan JSC (growth by KZT5,022.6 m.); the third one - APF UlarUmit JSC (growth by KZT4,308.0 m.). Invested assets by financial instruments as at May 1, 2006 were allocated as follows (figures in parentheses display data for previous two months in reverse chronological order, % are given from full PA): - long-term domestic GS of the Ministry of Finance (KZT) - 21.17% (19.78%; 21.14%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.10% (0.55%; 1.46%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 9.15% (9.14%, 5.41%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.00% (0.00%; 0.01%); - shares of foreign issuers (foreign currencies) - 0.33% (0.41%; 0.44%); - corporate bonds of foreign issuers (foreign currencies) - 4.66% (4.54%; 4.40%); - foreign states securities - 3.52% (3.92%; 3.84%); - securities of international financial organizations (foreign currencies) - 0.44% (0.49%; 0.53%); - Kazakhstan companies' shares - 12.96% (12.68%; 11.96%); - Kazakhstan companies' bonds - 30.00% (30.74%; 29.86%); - deposits and deposit certificates in the National bank of Kazakhstan and second tier banks (KZT) - 15.68% (16.40%; 16.53%) - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold - 0.90% (0.72%; 0.21%); - stakes of Kazakhstan mutual funds - 0.00% (0.00%; 0.00%); - stakes of foreign mutual funds - 0.04% (0.04%; 0.04%). Funds on investment accounts and other assets according to AFS data as of April 1 were 0.58% (0.58%; 4.17%) from total amount of PA. Given data allow marking out 2 pronounced tendency of April: heightened attention of Kazakhstan pension funds to long-term bonds of Finance ministry of Kazakhstan and to shares of Kazakhstan issuers. First tendency is explained by growth of emission activity of Finance ministry, which managed to conduct two offerings of its bonds in April. Second tendency was caused by speculative attractiveness of Kazakhstan share market, prices on which were growing with unexampled speed until April 19. This induced several funds to significantly increase part of investments of its assets in shares in chase of high yield. The leader of this "race" in analyzed month was APF BTA Kazakhstan JSC, which, according to AFS, invested 24.82% of its assets in shares of Kazakhstan companies (at average on whole pension system at 12.96%). It is no wonder that by results of April exactly this APF was characterized by best indicators of yield, judging by value K2 for the period April, 2003 - April, 2006. [2006-05-30]