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30.05.2006 22:00

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]