Halyk Finance, BCC Invest, Centras Securities disclose pension portfolio breakdowns

July 27, 2026 at 10:26 AM1 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan’s three largest private pension managers—Halyk Finance, BCC Invest, and Centras Securities—disclosed the breakdown of assets transferred from the state pension fund. Their portfolios are heavily weighted toward bonds, with differing allocations to government, bank, and corporate debt. Dollar-denominated assets range from 34% to 35% across the three managers.

Halyk Finance’s Allocation

Halyk Finance, the largest private manager, invests 22.7% of its portfolio in bank bonds, 12.9% in quasi-state organization bonds, and 10.5% in international financial institution bonds. Government securities and National Bank notes each account for 8.5%. Another 10.5% is placed in investment funds, and about 6.6% in Kazakh equities. Overall, 65% of assets are tenge-denominated and 35% in dollars.

BCC Invest’s Strategy

BCC Invest allocates nearly 23% to bank bonds, 20.3% to Kazakh government securities, and 14% to quasi-state sector bonds. Corporate bonds of Kazakh companies make up about 9%. An additional 8.1% is held in reverse repo operations, a short-term liquid instrument. The portfolio is conservative and sensitive to National Bank rate decisions, with about 34% of assets in dollars.

Centras Securities’ Focus

Centras Securities concentrates almost 60% of its portfolio on bonds of banks (23.7%), quasi-state organizations (21.3%), and Kazakh companies (14.6%). This high exposure to credit risk means performance depends more on issuer quality than on general interest rate movements. The portfolio’s dollar share is in line with peers at roughly 35%.