ANALYSIS: Dynamics of conditional pension unit of Kazakhstan APF since beginning of their activities till September 1, 2003

/IRBIS, September 22, 03 / - Information agency of financial markets IRBIS (Almaty) continues publication of information on pension market provided by the National Bank of Kazakhstan. In the following table values of condition pension unit (CPU) of accumulative pension funds' (APF) assets of the republic as of September 1, 2003 and also dynamics of this indicator for different periods of funds' activity (calculated by IRBIS) are given. Funds have been sorted in the order, which corresponds to the start of their activity at the market. Trends are given in percents relative to corresponding data on August 1, 2003. ------------------------------------------------------------------------------- CPU change in % APR -------------------------------------------------------- Data Value since the beginning of: for last: Title of of ----------------------------- -------------------------- of acti-ty CPU on acti- fund start Sep 1.03 vity 2001 2002 2003 6 mon. 3 mon. 1 mon. ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- SAPF Jan15. 276.0106 31.26 13.86 11.25 5.30 5.10 0.46 -0.54 98 (-0.05) (-1.6) (-3.3) (-5.4) (-13.9) (-5.2) (-90.5) (-114.0) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- HBK Feb24. 307.1218 37.52 13.00 10.40 6.51 7.17 6.66 4.19 98 (+0.36) (-1.0) (-1.8) (-2.8) (-4.6) (+43.8) (-19.4) (-565.7) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- VTF Mar20. 291.8908 35.18 12.54 9.82 5.79 7.25 6.90 11.13 98 (+0.95) (-0.1) (+0.6) (+1.7) (+16.7) (+46.4) (+25.9) (+272.3) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- NPF Mar22. 313.9575 39.26 13.49 10.46 7.07 10.29 5.42 11.41 98 (+0.97) (-0.2) (+0.5) (+1.5) (+10.9) (+50.5) (+116.4) (-692.5) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- Kuna- Mar24. 269.5180 31.14 12.06 9.18 4.90 5.29 4.66 14.02 ev 98 (+1.19) (+0.3) (+1.7) (+4.1) (+39.0) (+75.8) (+296.6) (-45.3) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- Kaz- Apr19. 303.8306 37.94 11.26 7.92 -0.09 1.04 -2.83 11.37 mys 98 (+0.97) (-0.2) (+1.0) (+3.4) (-95.1) (-142.0) (-54.2) (-400.3) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- UlUm Apr20. 305.8491 38.33 12.52 9.99 3.07 5.14 5.21 5.15 98 (+0.44) (-0.9) (-1.5) (-2.1) (+11.5) (+127.6) (+20.0) (-233.7) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- Kaz-n Apr28. 293.2789 36.14 13.40 10.09 5.25 8.04 8.13 8.82 98 (+0.75) (-0.5) (-0.4) (+0.1) (+11.9) (+58.0) (+30.5) (-1276) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- NGD Jun07. 297.4319 37.69 13.24 8.94 4.73 5.27 3.20 7.92 98 (+0.67) (-0.6) (-0.6) (+0.1) (+11.7) (+129.8) (-20.6) (-1079) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- Kur- Jan22. 247.5056 31.99 13.50 10.10 5.10 8.04 8.12 8.66 met 98 (+0.74) (-0.6) (-0.4) (-0.03) (+12.2) (+63.1) (+26.4) Х ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- ААКMG Mar03. 214.3606 25.41 13.29 10.73 7.17 7.62 8.22 5.79 99 (+0.49) (-1.0) (-1.3) (-1.9) (-2.3) (+15.7) (+3.9) (-206.2) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- SENIM Jul20. 167.2752 16.33 13.58 10.92 6.46 5.40 4.73 13.41 99 (+1.14) (+0.8) (+1.1) (+2.4) (+20.0) (-3.9) (+453.8) (+45.8) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- Kor- Dec01. 150.1144 13.35 11.93 8.47 4.09 5.25 4.40 10.67 gau 99 (+0.91) (+0.4) (+0.6) (+2.3) (+32.0) (+81.8) (+154.3) (-10.2) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- PMK Apr07. 124.0999 10.03 - 9.89 7.14 10.33 6.41 9.87 01 (+0.84) (+0.8) - (+0.8) (+6.8) (+42.1) (+80.6) (-452.2) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- Otan Nov26. 115.2434 8.64 - 8.74 6.24 7.50 9.76 8.67 01 (+0.74) (+0.8) - (+0.7) (+6.8) (+25.4) (+21.9) (+26.1) ----- ------- -------- ------ ------ ------- ------- -------- -------- -------- Kapi- Mar06. 108.2241 5.52 - - 4.24 6.54 3.86 9.35 tal 02 (+0.79) (+5.2) - - (+22.4) (+73.1) (+189.4) (+191.0) ------------------------------------------------------------------------------- * Trend of CPU change for the last month on Kurmet fund is not calculated because according to the National Bank's information value of CPU concerning this fund did not change in July of 2003. It's better to make conclusions about effectiveness of assets management based not on absolute value of CPU but its speed of change since the absolute value of the unit depends on operating term of the fund. On this reason IRBIS agency operates in table with the speed of the change of CPU in different periods, expressed in percents per annum. 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. In the opinion of 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 described above change indicator of CPU (% APR) in monthly sector for the last 12 months. Funds in this table have been sorted alphabetically. ------------------------------------------------------------------------------------ 2002 2003 ----------------------- ------------------------------------------------- Ave- Fund Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug rage ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ------ ----- ----- ---- ААКMG 10.57 7.58 11.63 15.69 11.36 -0.87 6.93 8.75 4.89 24.88 -5.45 5.79 8.48 VTF 10.54 13.71 9.96 11.36 4.86 -2.92 7.31 8.06 6.96 6.45 2.99 11.13 7.53 SAPF 13.69 7.28 18.45 17.28 10.40 0.63 5.59 10.85 12.53 -1.98 3.84 -0.54 8.17 Kaz-n 11.28 6.44 17.88 13.81 2.30 -9.54 13.34 6.63 3.25 16.48 -0.75 8.82 7.49 Kaz- 12.33 6.40 10.44 19.66 2.60 -10.39 6.70 6.88 1.27 -16.37 -3.79 11.37 3.92 mys Capi- 6.66 5.50 7.17 11.88 1.57 -7.75 4.46 21.34 1.87 -1.17 3.21 9.35 5.34 tal Kor- 8.33 4.66 7.09 13.09 4.25 -3.77 6.69 8.68 2.76 -9.74 11.88 10.67 5.38 gau Ku- 7.83 7.47 8.18 9.59 6.46 0.44 6.06 7.79 3.68 -26.12 25.64 14.02 5.92 naev Kur- 12.93 6.18 19.51 15.80 2.25 -10.70 12.48 7.07 3.69 15.82 0.00 8.66 7.81 met HBK 10.43 7.55 19.45 14.02 17.16 -9.76 4.57 9.10 8.87 16.99 -0.90 4.19 8.47 NGD 8.54 4.95 15.35 14.24 15.39 -10.66 4.73 6.61 10.38 2.45 -0.81 7.92 6.59 NPF 9.77 7.07 11.29 18.25 3.54 -9.85 23.80 17.94 2.80 6.78 -1.93 11.41 8.41 Otan 9.57 7.03 10.09 10.65 4.90 -0.71 5.52 6.22 3.56 13.63 6.88 8.67 7.17 SENIM 9.61 7.22 10.73 22.13 3.85 15.68 8.04 8.04 1.91 -8.79 9.19 13.41 8.42 UlUm 16.02 5.14 11.00 35.14 5.60 -13.06 4.86 7.56 2.59 14.63 -3.85 5.15 7.56 PMK 12.44 5.66 10.19 12.94 3.15 -9.10 19.80 20.66 1.44 12.31 -2.80 9.87 8.05 ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ------ ----- ----- ---- Ave- rage 10.66 6.86 12.40 15.97 6.23 -5.15 8.81 10.14 4.53 4.14 2.71 8.74 7.17 ------------------------------------------------------------------------------------ For simplicity, following abbreviations have been used in the table: VTF - PAPF Valut-tranzit fund CJSC; Kunaev - PAPFOT after Kunaev CJSC; NPF - OAPF Narodniy Pensionniy Fond CJSC; Kaz-n - PAPF Kazakhstan CJSC; HBK - APF of Halyk Bank of Kazakhstan CJSC; 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; Capital - APF Capital CJSC; "-" - the data is absent because of no fund activity or fund liquidation and also due to that fund worked during non-full month or data cannot be taken into account as objectively unstable. [2003-09-22]