On approval of the Asset Management Concept of the National Fund of the Republic of Kazakhstan until 2030
Decree of the President of the Republic of Kazakhstan dated July 10, 2023 No. 282.
In accordance with paragraph 2 of the Action Plan for the implementation of the Concept of Public Finance Management of the Republic of Kazakhstan until 2030, approved by Decree of the President of the Republic of Kazakhstan dated September 10, 2022 No. 1005, I DECREE: 1. To approve the attached Asset Management Concept of the National Fund of the Republic of Kazakhstan until 2030. 2. The National Bank of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan shall take measures arising from this Decree. 3. Control over the implementation of this Decree is entrusted to the Administration of the President of the Republic of Kazakhstan. 4. This Decree shall enter into force from the date of its signing.
President of the Republic of Kazakhstan
K. Tokaev
Approved by Decree of the President of the Republic of Kazakhstan on July 10, 2023 No. 282
Asset Management Concept of the National Fund of the Republic of Kazakhstan until 2030
Astana, 2023 Contents: Section 1. Passport (main parameters) Section 2. Analysis of the current situation Section 3. Review of international experience Section 4. Vision of asset management development of the National Fund of the Republic of Kazakhstan Section 5. Basic principles and approaches of management of the National Fund of the Republic of Kazakhstan 5.1. Basic principles of asset management of the National Fund of the Republic of Kazakhstan 5.2. Basic approaches to asset management of the National Fund of the Republic of Kazakhstan Section 6. Target indicators and expected results of the Application. The Action Plan for the implementation of the Asset Management Concept of the National Fund of the Republic of Kazakhstan until 2030.
Section 1. Passport (basic parameters)
The footnote. Section 1 as amended by Decree of the President of the Republic of Kazakhstan dated 03/26/2026 No. 1215.
Name
The Asset management Concept of the National Fund of the Republic of Kazakhstan (hereinafter referred to as the National Fund) until 2030
The basis for the development
The concept of public finance management of the Republic of Kazakhstan until 2030, approved by Decree of the President of the Republic of Kazakhstan dated September 10, 2022 No. 1005 Message from the Head of State to the People of Kazakhstan dated September 1, 2021 "Unity of the people and systemic reforms are a solid foundation for the country's prosperity"Message from the Head of State to the People of Kazakhstan dated September 8, 2025 "Kazakhstan in the era of artificial intelligence: current challenges and their solutions through digital transformation"
The Government agency responsible for the development of the Concept
The National Bank of the Republic of Kazakhstan (hereinafter - the National Bank), the Ministry of Finance of the Republic of Kazakhstan, the Ministry of National Economy of the Republic of Kazakhstan
Government agencies and organizations responsible for the implementation of the Concept
The National Bank
Terms of implementation
2023-2030 years
This Asset Management Concept of the National Fund of the Republic of Kazakhstan until 2030 (hereinafter referred to as the Concept) defines the vision of managing financial assets concentrated on the accounts of the Government of the Republic of Kazakhstan with the National Bank, transferred to the trust management of the National Bank on the basis of a trust management agreement of the National Fund concluded between the National Bank and the Government.
Section 2. Analysis of the current situation
The National Fund represents the assets of the state in the form of financial assets concentrated in the accounts of the Government of the Republic of Kazakhstan with the National Bank, minerals transferred to fulfill tax obligations to pay mining tax, rental tax on exports of crude oil, gas condensate, royalties and the share of the Republic of Kazakhstan in the division of products in kind or money from their sale, in the amount determined in accordance with the tax legislation of the Republic of Kazakhstan, as well as in the form of other property, with the exception of intangible assets. The trust management of the assets of the National Fund is carried out by the National Bank. The main purpose of the creation of the National Fund is to save financial resources through the formation of savings for future generations and to reduce the dependence of the republican budget and the country's economy on the oil sector and the impact of adverse external factors. Accordingly, the National Fund performs savings and stabilization functions: the savings function ensures the accumulation of financial assets and other property, with the exception of intangible assets, and the return on assets of the National Fund in the long term with a moderate level of risk, thus aimed at solving the long-term task of saving oil revenues for future generations of the country.; The stabilization function is designed to maintain a sufficient level of liquidity of the assets of the National Fund and is aimed at solving short-term tasks to meet the current needs of the republican budget. It is necessary to maintain a high share of the stabilization portfolio in the National Fund due to the fact that the implementation of the stabilization function involves the allocation of targeted transfers transferred to the national budget, as well as ensuring an annual guaranteed transfer, the volume and timing of which are often subject to revision and increase during the year. The stabilization portfolio, in turn, consists of highly liquid, risk-free and therefore low-yield money market instruments. At the same time, approaches to managing the savings portfolio of the National Fund were also based on conservative principles with a predominance of the goal of asset safety. Thus, after the global financial crisis of 2008 and the collapse of stock markets, the savings portfolio was formed with a high share of bonds from developed countries at 80% and a relatively low share of stocks at 20%. As a result, the returns received from asset management over the past 10-15 years have been lower than those of a number of sovereign wealth funds, including those of the Norwegian Global Pension Fund. In total, over the entire history of the National Fund (2000-2022), its average annual return was 3.02%, and investment income from asset management in foreign currency amounted to 15.1 billion US dollars (about 27% of the National Fund's foreign exchange assets). In 2022, significant changes took place in global financial markets, and major geopolitical upheavals contributed to a sharp increase in energy prices, which, combined with high demand and supply-side constraints, led to a marked increase in inflation worldwide. The central banks of developed countries have tightened monetary policy by raising interest rates in order to combat high inflation. At the same time, with record high inflation, the traditional correlation between stocks and bonds was disrupted, leading to their simultaneous negative returns. Since the assets of the National Fund are invested globally, it was not possible to avoid negative returns on its assets. Asset management of the National Fund is similar to a complex mechanism with a large number of details that must work smoothly. Thus, it is necessary to ensure compliance with regulatory requirements in dozens of countries, monitor and control thousands of transactions, maintain protection against cyber attacks, constantly evaluate new investment opportunities and at the same time avoid bad investments. A team of specialists at the National Bank, together with partners around the world, has been ensuring the operation of such a complex mechanism for more than 20 years since the establishment of the National Fund. It is important to note that fluctuations in financial markets and, as a result, low and in some years negative returns on investments are an integral and inevitable part of the investment process. At the same time, the higher the profitability goals, the higher the risks assumed, that is, the possible losses. For example, as a result of the financial crisis, the global stock market fell by (-)40.3% in 2008. Over the next 2 years, the MSCI index showed an increase of 47.1%. In 2020, the stock market declined by (-)31.7% amid the pandemic and global lockdowns. However, stimulating measures to support the economy from the governments of developed countries gave an impetus to the global stock market, as a result of which the stock index rose from its minimum values by 70.7% in the same year. At the same time, achieving a result in increasing returns from asset management of the National Fund is possible provided that a more risky and disciplined strategy is followed. accordingly, a more profitable investment policy, the development of which should be based on the basic principles and approaches of long-term investors, and reflected in this Concept. Work on improving the approaches of asset management of the National Fund began in 2016. Thus, a new Concept for the formation and use of the National Fund's funds was developed and approved, and a limit was set on the maximum size of the stabilization portfolio of 10 billion US dollars. In 2019, the transition began from a conservative (80% in bonds and 20% in stocks) to a balanced asset allocation of the National Fund's savings portfolio (60% in bonds, 30% in stocks, up to 5% in alternative instruments and up to 5% in gold). At the same time, the historical average annual return on a conservative-distributed savings portfolio for the period 2001-2018 was 3.79%. The new allocation also involves the diversification of the bond portfolio into government bonds of developed countries, corporate bonds and government bonds of developing countries. The uncertainty of further global economic growth, trade, political and geopolitical tensions in mid-2019 led to the next step in asset diversification - the inclusion of a gold portfolio with a gradual increase in its share from 3% to 5%. Investing the assets of the National Fund in alternative classes of instruments, a certain class of non-traditional financial instruments (assets), will increase profitability and reduce the correlation of investments to the market of traditional financial instruments, expanding additional diversification. Thus, the purpose of the Concept development is to strengthen the foundation and establish the foundations necessary for the National Bank to confirm its status as a long-term institutional investor. At the same time, the implementation of a long-term strategy is possible only if there is certainty on the issue of withdrawals from the savings portfolio. Otherwise, there is a high probability of fixing losses during downturns in financial markets, which makes it impossible to achieve the goal of increasing returns from asset management. Over the past 10 years, the National Fund's foreign exchange assets have decreased from $77.4 billion to $55.7 billion. One of the reasons for such a significant reduction in the country's assets is the increased trend of withdrawals from the National Fund to the national budget in excess of revenues from the oil sector. Thus, since 2014, the most intensive expenditure of the National Fund has been observed, with an increase of more than 39% compared to the previous period, with peaks in 2017 and 2020 (in 2017, with receipts of 2.1 trillion tenge, withdrawals amounted to 4.4 trillion tenge, in 2020 - with receipts of 1.4 trillion tenge, withdrawals amounted to 4.8 trillion tenge). Also, since 2022, the practice of allocating bond loans from the National Fund to quasi-public sector entities has resumed. As one of the solutions to the problem of depletion of the National Fund, the Government of the Republic of Kazakhstan, together with the National Bank, developed a countercyclical budget rule that sets a direct limit on the growth rate of planned expenditures of the republican budget at a level not higher than the average real GDP growth over the previous 10 years, increased by the inflation target. At the same time, the amount of the guaranteed transfer will be determined in an amount not exceeding the amount of revenues to the National Fund from the oil sector, projected at the estimated oil price (the "cut-off" price). This budget rule will be aimed at further accumulation of assets of the National Fund. An additional tool for solving the problem is to carry out a mandatory comprehensive procedure for evaluating, analyzing and working out both projects aimed at developing critical infrastructure and implementing projects of national importance, as well as quasi-public sector projects proposed for financing from the National Fund, as well as searching for alternative financial sources before deciding whether to finance them from the National Fund. At the same time, the National Fund faces the task of increasing its assets to $ 100 billion in 2030 and, starting in 2024, implementing the initiative of the President of the Republic of Kazakhstan to make payments to children of part of the investment income of the National Fund.
Section 3. Review of international experience
The footnote. Section 3 as amended by Decree of the President of the Republic of Kazakhstan dated 03/26/2026 No. 1215. According to the Global Sovereign Wealth Funds agency, by the end of 2022, there are about 174 sovereign wealth funds in the world, with the market value of assets under their management estimated at 11.4 trillion US dollars (Global SWF Annual Report, 2023). There are more than 30 countries in the world that have state welfare funds (stabilization and/or savings funds) generated by budget surpluses due to excess tax revenues from exports of non-renewable minerals. When forming the National Fund and developing concepts for managing its assets, the best practices of asset management of the largest foreign funds, such as the Global Pension Fund of Norway, the Pension Fund of New Zealand, the Alaska Permanent Fund and others, were taken into account. The Norwegian Global Pension Fund was established in 1990 and performs two functions: accumulative and stabilization. The Fund is financed by a surplus of oil revenues (minus annual transfers to the budget). Part of the oil revenues is used to cover the non-oil deficit, the level of which is set annually during the formation of the annual budget and is limited by the expected average real (adjusted for inflation) profitability of the fund. The assets of the Norwegian Global Pension Fund (hereinafter referred to as the Norwegian Fund) are invested exclusively abroad in order to avoid overheating of the Norwegian economy and protect the reserves of this fund from the effects of fluctuations in oil prices. The fund's investment portfolio is diversified and consists of investments in stocks - from 60% to 80%, in fixed income bonds - from 20% to 40%. In order to maximize income and take risks into account, investments in alternative asset classes are allowed as part of the investment policy: in real estate - up to 7% and in infrastructure for renewable energy sources - up to 2% of the fund's assets. This investment strategy involves taking higher risks, while the long-term profitability of the Norwegian Fund is also increasing. The actual investment management is carried out by the Norwegian Bank. According to the Norwegian Fund management mandate, the Norwegian Bank makes decisions and exercises ownership rights independently of the Norwegian Ministry of Finance. At the same time, the Norwegian Ministry of Finance has overall responsibility for the management of this fund and determines its management strategy. The New Zealand Pension Fund was founded in 2001 with the aim of accumulating funds to pay for future universal pension benefits and is a long-term, growth-oriented global investment fund. The New Zealand Pension Fund is managed by the Guardians of New Zealand Superannuation, which is an autonomous legal entity of the country operating independently of the New Zealand Government. Thus, it has operational independence in relation to investment decisions and is controlled by an independent board of directors. The New Zealand Pension Fund's target allocation in terms of risk and return expectations is a portfolio consisting of 80% stocks and 20% bonds. At the same time, in order to achieve such high profitability targets, the fund actively invests in illiquid assets such as private capital and investments in infrastructure. The Alaska Permanent Fund is a sovereign wealth fund established in 1976 by the residents of Alaska, USA, to preserve and transform the state's non-renewable oil and mineral wealth into a financial resource for all generations of Alaskans. The fund is managed by an independent government organization, the Alaska Permanent Fund Corporation, which is charged with managing and investing the assets of the Alaska Permanent Fund and other funds. The Alaska Permanent Fund consists of two parts: the main account and the reserve income account. The funds of both accounts are invested using the same asset allocation, but there are significant differences in how they can be used by law: the principal amount is permanent savings, and the funds of the reserve income account are available for use. The reference asset allocation of the Alaska Permanent Fund for 2023 is: stocks - 36%, bonds - 20%, alternative instruments - 41%, liquid money market instruments - 3%. This fund has a diversified asset structure with a focus on alternative investments, including private equity, real estate, and infrastructure companies. A common characteristic of these examples is the existence of strict rules for withdrawing funds from funds, and in some cases a complete ban on withdrawals. In some countries, revenue and withdrawal planning is at a fairly high level, which makes it possible to cut off withdrawals at the revenue level before funds are transferred to the fund. For example, the funds of the Norwegian Fund can be used as transfers to the state budget only in accordance with a resolution of the Norwegian Parliament. Withdrawals from the Norwegian Fund are carried out in accordance with the fiscal rule, according to which the transfer volume should not exceed the long-term expected real return of the fund. Whereas withdrawals from the Alaska Permanent Fund, in accordance with Alaska State Law, amount to 5% of the average market value of this fund for the first five of the previous six fiscal years. The New Zealand Pension Fund Management Strategy does not provide for the possibility of withdrawing funds in the short and medium term (the use of funds from this fund is not planned before 2050). In general, the rules for replenishment and/or withdrawal of assets from funds may differ from each other due to the internal characteristics of the economies of different countries. However, as a rule, the relevant asset management rules define the proportion of assets that are not subject to withdrawal, or the entire fund is considered as a long-term portfolio. This, in turn, makes it possible to apply aggressive management strategies and take higher risks, which, accordingly, affects the results of asset management. The long-term investment horizon allows a number of sovereign wealth funds to attract assets to invest in projects with significant market potential that have a positive impact on the development of the domestic economy (for example, pension funds of New Zealand, Canada and the sovereign wealth fund of the United Arab Emirates (Mubadala). In order to further develop and consolidate the practice of applying best practices, as well as sharing knowledge on the management of sovereign wealth funds, the National Bank will work on joining the International Forum of Sovereign Wealth Funds (IFSWF).
Section 4. Vision of the development of asset management of the National Fund
Against the background of the unpredictable geopolitical situation, the transition to a "green economy" and a low-carbon strategy, the task of strengthening the savings function of the National Fund becomes the highest priority. Increasing financial discipline through strict adherence to the countercyclical budget rule will help reduce withdrawals from the National Fund, which will significantly reduce the risks of transferring funds from the savings portfolio to the stabilization portfolio. Accordingly, compliance with the countercyclical budget rule will allow balancing the savings and stabilization functions of the National Fund, which, together with maintaining a balanced strategic asset allocation of the savings portfolio, will increase the efficiency of the National Fund's management. The National Fund is a fund for future generations, part of the investment income from the management of which will be allocated to children until they reach adulthood. Consequently, the asset management of the National Fund has a long-term investment horizon, which provides for the consistent implementation of the strategic asset allocation of the savings portfolio over a specified period, despite short-term fluctuations in profitability and negative returns in individual years. In accordance with the latest long-term (10-15 years) capital market expectations (LTCMA) of the world's leading financial institutions, the potential average annual return on savings portfolio assets will grow by 1% relative to the conservative asset allocation for the period from 2023 to 2030. In order to avoid the risk of violating a disciplined approach in the implementation of the strategic asset allocation of the savings portfolio in favor of speculative sentiment against the background of short-term trends in financial markets, frequent revision of the strategic allocation of the savings portfolio is not expected.
Section 5. Basic principles and approaches of National Fund management
5.1. Basic principles of asset management of the National Fund
Asset management of the National Fund is based on the following principles: 1) investment diversification - the distribution of investments by asset classes, countries and currencies, management styles, including through the involvement of external managers, which involves minimizing risks without reducing investment returns, due to the compensatory effect when the fall in value of one asset is offset by an increase in the value of another; 2) risk management is a constant search for a balance between the goals of maximizing profitability and minimizing risks in the face of uncertainty in financial markets within individual asset classes and collectively, which is ensured by a combination of experienced personnel, quantitative and qualitative analysis tools and reliable risk control mechanisms.; 3) accountability is the mandatory annual publication of information on the trust management of the assets of the National Fund as part of the Report on the Formation and Use of the National Fund, approved by Decree of the President of the Republic of Kazakhstan, indicating the results of investment returns over the long-term horizon over the past 5 and 10 years and since the beginning of asset management of the National Fund; 4) efficiency - asset management of the National Fund, based on the need to increase and ensure the safety of assets by achieving profitability in the long term with a moderate level of risk and in strict compliance with the countercyclical budget rule.
5.2. Basic approaches to asset management of the National Fund
The footnote. Subsection 5.2 as amended by Decree of the President of the Republic of Kazakhstan dated 03/26/2026 No. 1215. The National Bank will continue to use a number of investment strategies in managing the assets of the National Fund, where the main one is the use of strategic allocation in the savings portfolio. This strategy makes the greatest positive contribution to the profitability of the fund. It allows you to realize the advantages of a long investment horizon, when a limited need for liquidity helps to overcome a period of significant fluctuations in the value of the fund and continue investing to extract the benefits. In addition to the strategic allocation, the National Bank applies an investment selection approach based on fundamental analysis using both internal and external competencies. The experience of the National Bank's specialists and the delegation of some powers to external managers make it possible to make informed and timely investment decisions regardless of the market situation. The full list of acceptable instruments for investing the assets of the National Fund is indicated in the List of Permitted Financial Instruments and Transactions with them, with the exception of intangible assets, for the placement of the National Fund, determined by the Government of the Republic of Kazakhstan jointly with the National Bank on the proposal of the National Fund Management Council of the Republic of Kazakhstan (hereinafter - the List of Permitted Financial Instruments). The task of the National Bank in managing the National Fund is to ensure a high level of profitability in the long term with moderate risk, in order to preserve, maintain sufficient liquidity and increase the assets of the National Fund. In order to avoid overheating of the national economy and protect the assets of the National Fund from the effects of fluctuations in oil prices, the assets of the National Fund are placed in financial instruments traded on foreign financial markets. A detailed description of the investment parameters of the National Fund is defined in the Rules for Investment Operations of the National Fund of the Republic of Kazakhstan, approved by Resolution No. 65 of the Board of the National Bank dated July 25, 2006, registered in the Register of State Registration of Regulatory Legal Acts under No. 4361 (hereinafter referred to as the Rules). To minimize the risks of default, the Rules regulate all necessary limits and restrictions, including the minimum credit rating. Within the framework of the Rules, the National Bank independently invests the assets of the National Fund in instruments traded on foreign financial markets, including the transfer of part of the assets of the National Fund under the management of an external manager. The National Bank is responsible for monitoring the activities of external managers. At the same time, the transfer of part of the assets of the National Fund to external management implies only providing access to part of the assets in the accounts of the National Bank. During periods of economic growth, the National Fund ensures the sterilization of excess currency inflows, reducing pressure on the tenge exchange rate and inflation, thereby ensuring the macroeconomic stability of the country's economy. The National Fund's asset management policy is based on the following approaches: 1) portfolio asset management. This approach consists in selecting investments in the most efficient way in accordance with the objectives of the portfolios of the National Fund. Accordingly, the assets of the stabilization portfolio are invested in money market instruments due to regular withdrawals to the national budget, and the assets of the savings portfolio are invested in long-term financial instruments in accordance with a balanced strategic asset allocation. The implementation of the stabilization function involves ensuring transfers to the national budget. The part of the National Fund used to carry out the stabilization function is determined in the amount necessary to ensure a guaranteed transfer. Accordingly, the main purpose of the stabilization portfolio is to maintain a sufficient level of liquidity of the assets of the National Fund. The profitability of the stabilization portfolio of the National Fund is not an indicator of the effectiveness of asset management of the National Fund in both the short and long term. All receipts and withdrawals of assets are carried out through the stabilization portfolio of the National Fund. The maximum size of the National Fund's stabilization portfolio is USD 10 billion. If, by the end of the year, the size of the stabilization portfolio exceeds 10 billion US dollars, the money in the amount of the difference is transferred from the stabilization to the savings portfolio. If the assets of the stabilization portfolio are insufficient to allocate transfers to the national budget and (or) place the National Fund in Kazakhstani financial instruments, part of the assets from the savings portfolio is transferred to the stabilization portfolio. As part of the stabilization goal, the National Bank, depending on the current situation in the financial market, converts and reconverts the assets of the National Fund in the organized foreign exchange market in accordance with the procedure established by the Board of the National Bank. These operations are carried out to allocate transfers to the national budget and do not relate to the interventions of the National Bank. The implementation of the savings function implies the accumulation of funds from the sale of non-renewable energy resources for future generations, as well as their multiplication through investment income. At the same time, due to the volatility in financial markets, the value of the assets of the National Fund can fluctuate significantly from year to year. Accordingly, the purpose of a savings portfolio is to ensure a high level of profitability in the long term with a moderate level of risk. At the same time, an increase in profitability often leads to a disproportionate increase in risks, i.e. a much more significant increase in the probability of losses compared to potential profitability. In order to avoid taking excessive risks, the National Bank, in an attempt to increase the profitability of asset management of the National Fund, seeks to maintain or increase the risk premium, which is a significant challenge for the trustee. The National Fund's savings portfolio has no volume restrictions. The strategic allocation of the National Fund's savings portfolio determines its expected profitability and moderate risk level. Target shares of the strategic distribution of the savings portfolio from 2023 to 2025: 60% of bonds, 30% of shares, up to 5% of alternative instruments and up to 5% of gold, from 2026 to 2030: 50% of bonds, 35% of shares, 10% of alternative instruments and 5% of gold. It also involves the diversification of bonds into government bonds of developed countries, corporate bonds and government bonds of developing countries. As part of investing in alternative instruments to ensure the long-term profitability of the National Fund and its systematic participation in projects with a high market perspective aimed at developing the economy of Kazakhstan, an Open Investment Partnership Program is being implemented by investing the National Fund's funds in foreign financial instruments, including instruments traded on foreign financial markets, according to the List of Permitted Financial Instruments.. Investments under the Open Investment Partnership Program will be aimed at developing the economy of Kazakhstan, including the technology sector (mainly digitalization and artificial intelligence), logistics and transport, healthcare, education, agriculture, digital infrastructure, business services, financial sector and processing industry, as well as other high-tech industries. In recent years, digital assets have played an increasingly important role in the development of financial markets. Taking into account global trends, it is planned to include foreign digital financial assets (digital financial assets and derivative financial instruments, the underlying asset of which is digital assets), as well as shares and shares of foreign companies developing and (or) investing in digital assets in the portfolio of alternative instruments. The investment policy of the National Fund in relation to these assets is based on a balanced assessment of their market characteristics, as well as the risks associated with them. In order to increase the efficiency of asset management of the National Fund and achieve super profitability, tactical deviations from the balanced strategic asset allocation of the savings portfolio are allowed in accordance with the restrictions set out in the Rules. In order to achieve the goal of increasing the long-term expected return and maintaining the overall systematic risk of the savings portfolio, a return to the target shares is being carried out - portfolio rebalancing, that is, the countercyclical investment approach will be applied. Regular rebalancing of portfolios, which provides for a mandatory return to the target strategic asset allocation of the savings portfolio, allows not only to benefit from the "sell high, buy low" 1 strategy, but also protects against speculative investment decisions during periods of volatility. Rebalancing of portfolios is carried out on an annual basis if the share of the asset class of the balanced distribution deviates from its target weight above the 3% threshold value. At the same time, in relation to alternative instruments, it is carried out taking into account the liquidity and costs associated with rebalancing portfolios.
________________________________________ 1 One of the most common investment strategies involves selling at the peak, buying at the bottom. The management results for individual portfolios that ceased to exist during the reporting period are included in the historical analysis as components of portfolio profitability. The effectiveness of the management of the savings portfolio is assessed in the long term and, in general, reflects the effectiveness of asset management of the National Fund. The long-term investment horizon of the National Fund protects the assets of the National Fund from making situational investment decisions, especially during periods of significant turmoil in financial markets. At the same time, assessing the effectiveness of the National Fund's asset management based on short-term profitability indicators leads to negative consequences and a decrease in the effectiveness of asset management.
Section 6. Target indicators and expected results
The footnote. Section 6 as amended by Decree of the President of the Republic of Kazakhstan dated 03/26/2026 No. 1215. The target indicator is an increase in the long-term profitability of the National Fund's savings portfolio with a balanced strategic asset allocation of the National Fund (with a target distribution from 2023 to 2025: 60% of bonds, 30% of shares, up to 5% of alternative instruments and up to 5% of gold, from 2026 to 2030: 50% of bonds, 35% of shares, 10% of alternative instruments and 5% of gold) compared to a conservative distribution (80% - bonds of developed countries, 20% - stocks). The expected result is an increase in the return on assets of the National Fund for the period from 2023 to 2030 in the amount of at least 1% (in annual terms) relative to the conservative asset allocation, which will contribute to an increase (subject to the countercyclical budget rule) to $100 billion in assets of the National Fund by 2030. The measures to implement the Concept will be implemented in accordance with the Action Plan for the implementation of the National Fund's Asset Management Concept until 2030 in accordance with the annex to this Concept.
Appendix to the Asset Management Concept of the National Fund of the Republic of Kazakhstan until 2030
ACTION PLAN for the implementation of the Asset Management Concept of the National Fund of the Republic of Kazakhstan until 2030
The footnote. The appendix is in the wording of the Decree of the President of the Republic of Kazakhstan dated 03/26/2026 No. 1215.
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Asset Management Policy of the National Fund
Target indicator:Increasing the long-term profitability of the National Fund's savings portfolio with a balanced strategic asset allocation of the National Fund (with a target distribution from 2023 to 2025: 60% of bonds, 30% of shares, up to 5% of alternative instruments and up to 5% of gold, from 2026 to 2030: 50% of bonds, 35% of shares, 10% of alternative instruments financial instruments and 5% gold) compared to a conservative distribution (80% - bonds of developed countries, 20% - stocks)
1.
Amendments and additions to the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated July 25, 2006 No. 65 "On Approval Rules of investment operations of the National Fund of the Republic of Kazakhstan"
draft resolution of the Board of the National Bank
Year 2023,year 2026
NB, MF
2.
Publication of the results of investment management of assets of the National Fund within the framework of the annual report of the National Bank
posting the report on an online resource
Annually, June
NB
3.
Joining the International Forum of Sovereign Funds (IFSWF)
information in the AP
The year is 2027
NB, MF
4.
Interim assessment of profitability based on the results of 5 years after the transition to a balanced distribution of the National Fund's savings portfolio
posting the report on an online resource
The year is 2028
NB
Note: abbreviation: AP - Administration of the President of the Republic of Kazakhstan NB -National Bank of the Republic of Kazakhstan MF - Ministry of Finance of the Republic of Kazakhstan
President
Republic of Kazakhstan
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