July 01, 2012
Press release
Pension assets investment portfolio – June 2012
Conservative portfolio.
Table 1. PA conservative portfolio structure by shares.
Securities
Government securities of RK
Deposits
REPO
Cash and other assets
Total
Share on 01.06.2012 Share on 01.07.2012
73,74%
73,30%
17,44%
21,47%
0,00%
0,00%
8,82%
5,23%
100,00%
100,00%
As you can see from the Table 1, the conservative portfolio on July 01, 2012 is represented by the
Government securities of RK, deposits and cash on investment account. Share of the Government
securities of RK is 73.3%, share of deposits is 21.47% and share of cash is 5.23%.
Deposits in second tier banks of the Republic of Kazakhstan
Within the period from June, 01, 2012 to July 01, 2012 share of deposits in the conservative
portfolio increased by 4.03 p.p. upto 21.47%. This increase was caused by deposit allocation in
“ATF Bank” JSC.
Deposits of the conservative portfolio are allocated in the following second tier banks: - Zesna Bank
JSC, BankCenterCredit JSC, Sberbank Rossii SB JSC and ATF Bank.
Table 2. Structure of PA conservative portfolio by currencies.
Currencies
share
KZT
100%
Conservative portfolio PA
100%
As you can see from the Table 2, as of July 01, 2012 the conservative portfolio contains financial
instruments nominated in the national currency only.
Moderate portfolio
Table 3. Structure of the moderate portfolio by shares.
Securities
Government securities of RK
Foreign Government securities
Share on 01.06.2012 Share on 01.07.2012
41,60%
42,73%
1,61%
3,18%
IFO
3,14%
3,09%
Corporate bonds of Kazakhstani emitters
13,92%
13,71%
Foreign corporate bonds
1,32%
1,30%
PPN
2,46%
2,42%
Shares and depository reciepts of Kazakhstani emitters
1,05%
0,92%
Foreign shares and depository reciepts
1,01%
1,01%
Refined precious metals
9,77%
8,71%
Deposits
18,87%
20,23%
REPO
2,82%
1,47%
Cash and other assets
2,45%
1,22%
Total
100,00%
100,00%
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Government securities of the Republic of Kazakhstan
According to the Table 3 the moderate investment portfolio is basically represented by the
Government securities of RK. Its share on June 01, 2012 is 42.73%.
Foreign government securities and IFO bonds
Shares of investment into foreign government securities and IFO bonds are 3.18% and 3.09%.
Within June 2012 share of foreign government securities was increased by 1.6 p.p. due to purchase
of US Treasury securities.
Deposits in second tier banks of the Republic of Kazakhstan
Deposit share is 20.23% of moderate portfolio. The deposit share in the portfolio was increased by
1.4 p.p. because of additional allocation in BankCnterCredit.
Deposits are allocated in following banks: Kazkommertsbank, Sberbank Rossii, VTB Bank, ATF
Bank, Eurasian bank, Caspii Bank , Zesna Bank and BankCenterCredit.
Corporate bonds of Kazakhstani emitters
Pension assets of the moderate portfolio of GNPF are also allocated into bonds of Kazakhstani
companies with the state participation:
“SAMRUK KAZYNA” SWF” JSC – management holding for state assets of the Republic of
Kazakhstan under the government control;
“KazMunaiGaz” JSC – National petroleum company;
“Bank for Development of Kazakhstan” JSC – state bank of Kazakhstan;
“Kazakhstani mortgage company” JSC – operator of secondary market for mortgage, refunding of
long-term mortgage creditors;
“Food Contractual Corporation” NC” JSC – national company providing purchase, formation,
account, storage, refreshing, transportation, sale of the state’s grain resources and grain products as
well as other functions determining by the Government of RK;
“Mangystau Distributive Power Supply Company” JSC – one of the largest power supply
companies.
Share of corporate bonds was decreased by 0.2 p.p. and came to 13.71%. Within the report period
bonds of Eximbank JSC were redeemed and bonds of Caspii Bank were purchased.
Corporate bonds of foreign emitters
Share of corporate bonds of foreign emitters in the moderate portfolio is 1.3%. Investments include
bonds of following foreign emitters:
Citigroup Inc. – the largest international corporation, one of the world’s leaders in financial service;
JP Morgan Chase Bank – one of the oldest and most affluent financial organizations in the world.
Quartered in New York the financial institution is investment and commercial banking leader;
Shares and depository receipts of emitters of RK
Shares and depository receipts in the moderate portfolio amount to 0.92%. These investments
include shares and depository receipts of Kazakh companies such as:
Halyk Bank of Kazakhstan – second in assets volume backbone commercial bank of the country;
DM Kazmunaigaz – Kazakhstani Petroleum Company. The joint stock company is a subsidiary of
KazMunaiGaz National Company JSC;
Kazakhtelecom – one of the largest telecommunication companies in Kazakhstan with the status of
the national communication operator.
Foreign shares and depository receipts
Share of foreign shares in the portfolio remained unchanged - 1.01%. Investments include shares of
foreign companies as follows:
Freeport-McMoRan Copper & Gold Inc. – American and the world's lowest-cost copper producer
and one of the world's largest producers of gold;
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Deutsсhe Bank – the largest bank group of Germany. The bank is in investment banking and
commerce services mainly;
Deutsche Telekom – German telecom company is Europe’s largest and the third in the world;
Rio Tinto PLC – a world leader in finding, mining and processing the earth's mineral resources;
Sberbank – Russia’s largest bank.
Precious metals
Investments into precious metals are represented by investments in gold. Gold share in the moderate
portfolio decreased by 1.6 p.p. and came to 8.71%. This decrease was caused by partial sale of gold
in order to fix income.
Table 4. Structure of PA conservative portfolio by currency types.
As you can see from the Table 4, investments into instruments nominated in KZT came to 77.7%;
USD – 17%; EUR – 0.3%; RUB – 3.6%; BRL -1.1% and GBP – 0.1%.
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