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04.10.2007 22:20

ANALYSIS: Dynamics of conventional pension unit of Kazakhstan APF from the beginning of the activity till September 1, 2007

/IRBIS, Sergey Yakovlev, October 3, 07/ - The following table comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of September 1, 2007, presented to IRBIS agency to spread by Agency of Republic of Kazakhstan for regulation and supervision of financial market and financial organizations, and also dynamics of this indicator for the different periods of funds' activity (calculated by IRBIS).

The efficiency of assets management should be judged not by absolute value of CPU, but by speed of its changing, as absolute value of unit depends on the term of fund's activity. Exactly by this reason IRBIS agency operates in the table by speed of CPU changing in different periods, expressed in percentage APR (these indicators are given without parenthesis). This indicator for each year was received as differences between final and initial values of CPU referred to initial value, expressed in percentage, after that divided by number of days in the period and multiply by 365. According to IRBIS's specialists, received indicator may be considered as indicated yield of fund's assets in the period for depositor (without taking into account of inflation influence).

Funds have been sorted out by order, which corresponds to the start of their activity in the market. Trends are given in parenthesis: for CPU value - in percents relative to corresponding data as of August 1, 2007, for CPU changing - in percentage items (i.e. value of previous period is deducted from the current yield expressed as percents per annum) relative to the same date.

-------------------------------------------------------------------------------
                                                              CPU change, % APR
         Acti    value ------------------------------- ------------------------
                               Since the beginning of:                For last:
        -vity       of ------------------------------- ------------------------
        start   CPU on   acti-    2004    2005    2006       6        3       1
Fund     date 01.09.07    vity                            mon.     mon.    mon.
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Sapf 15.01.98 348,8122   25,82    5,64    6,98    5,57    7,30     8,90   12,12
               (+1,06) (+0,15) (+0,22) (+0,25) (+0,28) (+1,17)  (+4,95) (+3,67)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Hbk  24.02.98 435,7295   35,24   10,20   12,70    8,55    6,67     1,72   -9,16
               (-0,80) (-0,70) (-0,56) (-0,85) (-0,68) (-3,58) (-10,78) (-10,1)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Atam 22.03.98 445,4989   36,54   10,37   11,07    6,73    6,72     6,97    4,77
               (+0,42) (-0,14) (-0,09) (-0,17) (-0,04) (-0,24)  (-0,36) (-5,12)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Kuna 24.03.98 379,9025   29,62   10,72   12,29    8,22   14,54    11,81    1,59
ev             (+0,14) (-0,22) (-0,21) (-0,35) (-0,21) (-1,63)  (-13,4) (-14,8)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Kaz  19.04.98 417,7631   33,88    8,37    9,44    5,55    3,07     4,33   -2,40
mys            (-0,21) (-0,41) (-0,28) (-0,42) (-0,28) (-2,86)  (-2,30) (-3,81)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Ul   20.04.98 415,2815   33,63    8,84   10,03    6,28    8,88    17,12   17,34
um             (+1,52) (+0,35) (+0,34) (+0,39) (+0,46) (+8,53)  (+7,78) (-5,82)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Ka   28.04.98 522,9195   45,22   20,42   23,61   18,43   11,51     8,95   -6,13
sn             (-0,54) (-0,73) (-0,76) (-1,14) (-0,94) (-2,38)  (-12,7) (-19,9)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Ngd  07.06.98 381,4673   30,45    6,87    7,22    4,05    6,25     7,01   -6,24
               (-0,55) (-0,52) (-0,36) (-0,50) (-0,37) (-2,58)  (-4,17) (-21,5)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Gra  03.03.99 270,4501   20,04    6,38    6,79    4,17    1,23    -1,78  -12,83
ntum           (-1,12) (-0,57) (-0,55) (-0,75) (-0,63) (-3,94)  (-7,98) (-9,76)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Sen  20.07.99 214,5071   14,09    7,11    8,44    3,75   -4,04     3,39   -3,52
im             (-0,31) (-0,24) (-0,28) (-0,43) (-0,26) (-4,05)  (-1,02) (-16,6)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Kor  01.12.99 195,0340   12,25    7,13    8,66    5,28    7,25     2,78   -1,74
gau            (-0,15) (-0,18) (-0,23) (-0,37) (-0,25) (-1,44)  (-7,40) (-5,54)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Otan 26.11.01 163,5931   11,02   10,63   11,15    7,67    7,86     6,89   -3,73
               (-0,33) (-0,26) (-0,39) (-0,54) (-0,41) (-5,06)  (-8,04) (-27,3)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Kap  06.03.02 155,9862   10,19   10,59   12,06    8,73   14,26     8,14    0,14
ital           (+0,01) (-0,16) (-0,25) (-0,40) (-0,29) (-1,62)  (-8,22) (-10,6)
---- -------- -------- ------- ------- ------- ------- ------- -------- -------
Res  18.05.07 100,9846    3,36       -       -       -       -        -    9,81
               (+0,86) (+2,76)       -       -       -       -        -       X
-------------------------------------------------------------------------------

The table below let us observe dynamics of the described above indicator of CPU changing (%APR) inmonthly terms for the last 12 months. Funds are sorted out in alphabetical order in this table.

--------------------------------------------------------------------------------------
                          2006                                             2007
                           year                                             year
        ----------------------- ------------------------------------------------  Aver
Fund       IX     X    XI   XII     I    II    III    IV     V    VI   VII  VIII  -age
------- ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ----- ----- -----
Grantum  +4,8  +8,5  +7,8 +11,7  +2,7 +10,2   +6,5  -4,2 +10,3 +11.5  -3,1 -12,8  +4,5
Vtf      +7,5 -18,0  +6,1  +7,1  +1,1  +3,7 -104,2  +2,2     Х     X     X     X -11,8
Sapf     +6,5  +3,5  +4,2 +58,4  +0,9  +5,4  +16,1  +2,8  -2,3  +5.7  +8,4 +12,1 +10,2
Kazn     +4,7  +2,5 +11,2 +16,8  +3,9  +5,9   +5,1  +5,6 +30,1   +20 +13,8  -6,1  +9,5
Kazmys   +7,3  +7,1  +5,7 +19,5 +19,5   +15   -0,8  +2,0  +4,1 +14.6  +1,4  -2,4  +7,7
Kapital +12,4 +53,5 +16,2 +19,7  +2,8    +8   +4,2 +31,7 +23,8 +13.8 +10,8  +0,1 +16,4
Korgau  +17,3  +1,5  +5,3  +6,9  +4,2    +6   +7,3  +7,4 +19,9  +6.5  +3,8  -1,7  +7,0
Kunaev  +6, 3  -0,8  -0,7 +33,4  +5,2  +9,7   +5,7  +4,1 +39,9 +17.7 +16,4  +1,6 +11,5
Nbk      +4,3  -3,1  +3,4 +61,2  +6,2 +10,8   -2,7 +15,4 +22,1 +14.2  +1,0  -9,2 +10,3
Ngd     +16,3 -14,6  -8,2 +21,5  +0,7  +8,1   +5,3  +5,4  +5,4 +12.6 +15,3  -6,2  +5,1
Atam    +16,9  -8,1 +11,5 +12,1  +8,6  +6,0   +5,5  +7,7  +5,8  +6.2  +9,9  +4,8  +7,2
Otan    +16,6  +1,3  +9,2 +32,1  +3,7   +26   -5,2   +12 +19,3  +1.0 +23,6  -3,7 +11,3
Senim   +10,7  -4,8  +8,3 +14,9  -0,2 +23,2   -3,3 -31,0  -0,7  +0.8   +13  -3,5  +2,3
Ulum    +15,7 -10,8  -0,9 +36,8 +42,8 -35,0   -7,0 +14,2  -5,1  +9.9 +23,2 +17,3  +8,4
Res         -     -     -     -     -     -      -     -     -     -     X  +9,8  +9,8
------- ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ----- ----- -----
Average +10,5  +1,3  +5,6 +25,1  +7,3  +7,4   -4,8  +5,4 +12,3  +9,6 +10,6 >0.01  +7,3
--------------------------------------------------------------------------------------

Abbreviations are used in the table for compactness,as follows:VTF-PAP Valut-Tranzit-FundJSC;Kunaev-PAPF of open type named after Kunaev JSC; Atam-APF Atameken JSC; Kaz-n-till December 30,05-APF BTA Kurmet-Kazakhstan JSC,afterwards-APF BTA Kazakhstan JSC; HBK-APF of Halyk Bank of KazakhstanJSC; Kazmys-APF Kazakhmys JSC;UlUm-till Oct1,01 OAPF Ular CJSC,afterwards-APF UlarUmit CJSC; NGD-APF NefteGas-DEMC JSC; Kurmet-PO APF Kurmet JSC; Grantum- till April 6, 06- ABN AMRO -KaspiyMunayGas APF JSC, afterwards-GRANTUMAPF JSC(Subsidiary company of Kazkommertsbank JSC); SENIM-OAPF Senim JSC; Korgau- APFKorgau JSC; PMK-KAPF PhilipMorrisKazakhstan JSC;
Otan-OAPFOTAN JSC; SAPF-Accumulative pension fund SAPF JSC;
Capital-APF CAPITAL JSC; RES-APF RESPUBLIKA JSC.

"X"-data absent due to inactivity or liquidation of a fund.

[2007-10-03]