A Study on Portfolio Management of Kazakhstan’s Unified Accumulative Pension Fund

Abstract

This research work investigates the Unified Accumulative Pension Fund (UAPF) of Kazakhstan, examining its structure and performance, and comparing them with two prominent global pension funds, namely, Norway’s Government Pension Fund Global (GPFG) and Japan’s Government Pension Investment Fund (GPIF). The study sheds light on existing inefficiencies in the UAPF's portfolio asset allocation and investment practices, addressing concerns regarding its complex organizational structure and management decisions. By analyzing public perception and international best practices, the research aims to enhance understanding of pension fund operations and identify potential areas for improvement in the UAPF's operations and policies. Through a mixed-method approach, which integrates quantitative analysis and qualitative assessment, the study compares key performance indicators, investment strategies, and risk profiles of the UAPF, GPFG, and GPIF. It examines how each fund’s investment strategy aligns with long-term sustainability and stability goals. Furthermore, the dissertation explores performance strategy frameworks governing the UAPF and explores possibilities for revision to enhance fund performance and transparency. The findings of this research contribute to the body of knowledge on pension fund management and offer insights into global best practices in portfolio asset allocation and investment strategies. Ultimately, the study aims to provide recommendations for optimizing the UAPF's portfolio asset allocation and investment strategies to ensure the provision of sustainable and stable retirement benefits for the citizens of Kazakhstan.