ANALYSIS: Dynamics of conventional pension unit of Kazakhstan APF from the beginning of their activities till June 1, 2005
20.06.05 11:08
/IRBIS, Sergey Yakovlev, June 20, 05/ - Following table comprises values of
conventional pension unit (CPU) of Kazakhstan accumulative pension funds
(APF) as of June 1, 2005, presented to IRBIS agency for spreading by
Kazakhstan agency for financial market and financial organizations
regulation and supervision, and also dynamics of this indicator for different
periods of funds' activity (calculated by IRBIS).
Funds have been sorted in the order, which corresponds to the start of their
activity on the market. Trends are given: for CPU value - in percents relative
to corresponding data as of May 1, 2005, for CPU changing - in percentage
points (i.e. value of previous period is deducted from the current yield in
percents APR) relative to the same date.
---------------------------------------------------------------------------------
CPU change in % APR
Value ---------------------------------------------------------
since the beginning of: for last:
Data of of --------------------------------- -----------------------
activi- CPU on acti-
Fund ty start Jun 1,05 vity 2002 2003 2004 6 mon. 3 mon. 1 mon.
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
SAPF Jan15.98 297.9316 26.82 8.25 4.86 2.19 4.53 2.54 3.10
(+0.26) (-0.20) (-0.11) (-0.05) (+0.06) (-1.08) (+0.43) (+2.8)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
HBK Feb24.98 336.4638 32.52 8.35 5.92 4.33 9.41 7.21 3.93
(+0.33) (-0.23) (-0.08) (-0.05) (-0.01) (+0.61) (-0.33) (-4.1)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
VTF Mar20.98 322.4972 30.88 8.36 6.10 5.25 7.56 7.50 9.11
(+0.77) (-0.02) (+0.08) (+0.16) (+0.28) (+1.25) (+0.24) (+6.6)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
NPF Mar22.98 359.0630 35.98 10.04 8.17 7.97 11.68 8.77 9.96
(+0.85) (-0.01) (+0.08) (+0.13) (+0.19) (+0.16) (+3.96) (+3.1)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
Ku- Mar24.98 297.8609 27.50 8.02 5.84 6.53 10.42 11.46 11.83
naev (+1.00) (+0.09) (+0.18) (+0.27) (+0.40) (+1.43) (+1.02) (+7.2)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
Kaz- Apr19.98 346.7127 34.63 8.54 5.81 6.00 10.74 8.11 9.41
mys (+0.80) (-0.03) (+0.09) (+0.18) (+0.26) (+0.78) (+3.81) (+3.1)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
UlUm Apr20.98 339.2677 33.60 8.60 5.46 5.80 9.54 4.73 0.75
(+0.06) (-0.37) (-0.19) (-0.17) (-0.32) (-0.80) (+0.26) (-3.1)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
Kaz-n Apr28.98 329.2132 32.29 9.11 6.69 7.17 9.17 7.37 9.38
(+0.80) (-0.02) (+0.08) (+0.15) (+0.20) (+0.15) (-0.02) (+4.0)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
NGD Jun07.98 332.3736 33.25 8.31 6.32 6.44 11.32 6.60 0.22
(+0.02) (-0.40) (-0.20) (-0.22) (-0.40) (-1.01) (-2.64) (-8.8)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
ААКMG Mar03.99 234.6415 21.54 8.49 6.08 5.00 7.40 4.94 0.34
(+0.03) (-0.29) (-0.21) (-0.21) (-0.30) (-0.96) (-0.57) (-5.1)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
SENIM Jul20.99 185.3414 14.54 9.06 6.44 6.32 11.81 10.89 11.38
(+0.97) (+0.09) (+0.15) (+0.24) (+0.38) (+2.68) (+2.04) (+1.1)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
Kor- Dec01.99 164.6290 11.74 7.36 5.24 4.60 9.62 8.68 15.92
gau (+1.35) (+0.22) (+0.31) (+0.45) (+0.77) (+2.27) (+0.50) (+18.8)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
Otan Nov26.01 129.5876 8.42 8.44 7.08 7.16 10.31 7.94 6.25
(+0.53) (-0.01) (-0.01) (+0.01) (-0.02) (-0.48) (+1.17) (-0.9)
----- -------- -------- -------- ------- ------- -------- ------- ------- -------
Kapi- Mar06.02 121.5915 6.66 - 6.42 5.83 8.22 7.01 5.73
tal (+0.49) (+0.007) - (+0.01) (+0.022) (+0.04) (+0.86) (+0.3)
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It's recommended 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 CPU
changing in different periods, expressed as 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 table below lets observe dynamics of the described above indicator of
CPU changing (% APR) in monthly terms for the last 12 months.
-------------------------------------------------------------------------------
2004 2005
------------------------------------ ----------------------------- Ave-
Fund Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May rage
------- ---- ---- ----- ---- ---- ---- ----- ----- ----- ----- ----- ----- ----
AAKMG +3.6 +5.7 +7.5 +5.8 +5.4 +5.7 +13.9 +12.8 +1.6 +9.0 +5.5 +0.3 +6.4
VTF +4.6 +2.4 +13.1 +4.7 +1.6 +1.8 +4.7 +9.2 +8.5 +10.6 +2.5 +9.1 +6.1
SAPF +0.3 -5.9 +9.3 +0.1 +1.7 +9.5 +10.8 +6.5 +1.8 +4.1 +0.3 +3.1 +3.5
Kaz-n +7.7 +6.2 +11.0 +6.9 +7.5 +8.6 +22.5 Х +9.7 +7.1 +5.4 +9.4 +8.5
Kaz-mys +0.5 +1.8 +14.8 +7.5 +3.6 +4.9 +16.6 +23.5 -2.4 +8.4 +6.3 +9.4 +7.9
Kapital +6.0 +5.8 +7.2 +7.4 +4.6 +5.4 +12.1 +12.1 +2.9 +9.7 +5.4 +5.7 +7.0
Korgau -0.1 +7.3 +8.9 +2.8 -2.1 +2.9 +10.1 +6.1 +15.1 +12.5 -2.8 +15.9 +6.4
Kunaev +6.4 +0.8 +6.3 +9.3 -6.6 +3.6 +12.1 +6.2 +8.7 +17.4 +4.6 +11.8 +6.7
Kurmet +7.2 +6.1 +12.4 +5.7 +2.2 +6.0 +23.2 - - - - - +5.2
HBK +4.1 +3.0 +5.7 +3.6 +1.9 +0.3 +14.8 +14.0 +4.6 +9.6 +8.0 +3.9 +6.1
NGD +1.3 +5.5 +7.7 +3.9 +3.4 +5.7 +19.7 +18.8 +7.8 +10.6 +9.0 +0.2 +7.8
NPF +4.0 +5.6 +10.0 +5.3 +6.8 +9.0 +16.0 +27.5 -2.3 +9.2 +6.9 +10.0 +9.0
Otan +5.5 +6.4 +6.3 +5.2 +3.8 +8.9 +27.0 +6.8 +2.4 +10.2 +7.2 +6.2 +8.0
SENIM +6.2 +3.3 +8.8 +3.1 +0.6 -4.0 +0.3 +31.0 +5.1 +10.7 +10.3 +11.4 +7.2
UlUm +1.4 +4.8 +4.4 +4.8 +2.9 +5.1 +13.5 +28.1 -0.5 +9.5 +3.9 +0.8 +6.6
PMK +4.1 +7.9 +6.9 +5.5 +3.6 +4.2 - - - - - - +2.7
------- ---- ---- ----- ---- ---- ---- ----- ----- ----- ----- ----- ----- ----
Average +3.9 +4.2 +8.8 +5.1 +2.6 +4.8 +13.6 +12.7 +3.9 +8.7 +4.5 +6.1 +6.6
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For simplicity, following abbreviations have been used in the table: VTF -
PAP Valut-Tranzit-Fund JSC; Kunaev - PAPF of open type named after
Kunaev JSC; NPF - OAPF Narodniy pensionniy fond JSC; Kaz-n - till
Janaury 31, 05 - PAPF Kazakhstan JSC, afterwards - APF BTA Kurmet-
Kazakhstan JSC; HBK - APF Halyk Bank of Kazakhstan JSC; Kazmys -
APF Kazakhmys JSC; UlUm - till Oct 10,01 OAPF Ular CJSC, afterwards -
APF UlarUmit CJSC; NGD - APF NefteGas-Dem CJSC; Kurmet - POAPF
Kurmet JSC; AAKMG - APF ABN AMRO - KaspiyMunaiGas JSC; SENIM -
OAPF SENIM JSC; Korgau - APF Korgau JSC; PMK - KAPF Philip Morris
Kazakhstan JSC; Otan - OAPF OTAN JSC; SAPF - State accumulative
pension fund JSC; Kapital - APF Kapital JSC; "-" - data is absent because
of inactivity or liquidation of the fund; "X" - data on CPU of reformed APF
BTA Kurmet-Kazakhstan JSC is absent as of February 1 of 2005.
[2005-06-20]