National Fund of the Republic of Kazakhstan

At a glance. The National Fund is Kazakhstan's oil savings and stabilisation fund, built from oil-sector taxes and investment income and managed in trust by the National Bank. Its market value was USD 73.8 billion at the end of 2025 (KZT 39.64 trillion). Almost all of it is invested abroad in equities, bonds, gold and alternatives, and it returned 15.1 percent in 2025. S5 S3

Key points

• Foreign currency assets reached USD 65.5 billion on 1 July 2026, up USD 3.1 billion in the quarter, with investment income of USD 2.92 billion. S7
• Return of 15.1 percent on foreign currency assets in 2025, or USD 8.72 billion; the savings portfolio made 16.1 percent. S5
• 2025 inflows were KZT 10.22 trillion, about 63 percent from investment income and 36 percent from oil-sector taxes. S3 S4
• 2025 outflows were KZT 5.3 trillion, almost all transfers to the state budget. S3
• A new 50/50 target for the savings portfolio was set in 2025: half in equities, gold and alternatives, half in bonds. S5
• Gold returned 64.7 percent in 2025 and rose to USD 4.2 billion. S5
• The fund does not publish a list of single holdings. S5

Interesting facts

• Through the National Fund for Children, half of the fund's average investment income is credited each year to savings accounts for every citizen under 18. S8
• Up to USD 350 million of the alternatives book may go into a National Strategic Cryptoreserve of digital assets. S5
• Investment income has overtaken oil taxes as the largest source of new money: KZT 6.45 trillion against KZT 3.73 trillion in 2025. S3

Mandate and goals

The fund has two jobs: stabilise the budget against swings in commodity markets and save oil wealth for future generations. The National Bank manages it for safety of assets, enough liquidity and long-term returns at a suitable level of risk. S5 S1

• Reduce the state budget's dependence on raw material prices. S5
• Accumulate savings for future generations. S5
• Preserve assets and keep sufficient liquidity. S5
• Earn long-term returns at an appropriate level of risk. S5
• Spending rule: A guaranteed transfer to the budget is fixed by law, KZT 2.77 trillion a year for 2026 to 2028, with targeted transfers on top. S5

How it invests

Asset mix: Equities 36.9%, Developed-country bonds 25.3%, Emerging-country bonds 18.8%, Corporate bonds 9.2%, Gold 7.0%, Alternatives 2.8% (as of 2025-12-31) S5

Largest holdings: Gold USD 4.2B (as of 2025-12-31) S5

Published criteria

• Savings portfolio target of 50 percent equities, gold and alternatives and 50 percent bonds, set in 2025. S5
• Inflation-indexed government bonds of developed countries make up 10 percent of the developed bond portfolio. S5

Past investments

Case studies

Rebalancing to 50/50 S5

• What: Raised the target for equities, gold and alternatives to half of the savings portfolio and cut developed bonds.
• When: 2025
• Size: Savings portfolio of USD 60.7B
• Why: To lift long-term returns as investment income becomes the main source of growth.
• Outcome: The savings portfolio returned 16.1 percent in 2025.

National Fund for Children S8

• What: Credits half of the fund's 18-year average investment income to savings accounts for citizens under 18.
• When: From 2024
• Size: USD 902M accrued for 2026
• Why: To share oil wealth directly with the next generation.
• Outcome: Net savings of USD 2.3B by 2026.

Investment process

The President and Government set the fund's rules and budget transfers; the National Bank Board, chaired by the Bank's Chairman, approves investment operations and quarterly results under trust management. S1 S5

1. The Government sets the management concept (to 2030) and transfer rules. S5
2. The National Bank invests under its Rules for Investment Operations, last amended in October 2025. S5
3. NIC handles alternatives and partnership programmes. S5 S6
4. Results are approved quarterly and reported within about two months. S7

How to approach: No open intake for the fund itself. The NIC-run technology partnership programme is the stated route for managers and co-investors. S10 S5

Size and returns

• Headline size: USD 73.8B (Fund market value, as of 2025-12-31) S5
• In US dollars: about USD 73.8B. The National Bank reports the market value in US dollars.
• Assets in tenge (1 January 2026): KZT 39.64 trillion (Fund market value, as of 2026-01-09) S3
• Foreign currency assets (1 July 2026): USD 65.5B (Fund market value, as of 2026-08-28) S7
• Return, 2025: 15.1 percent (foreign currency assets) S5
• Size over time (USD billion): 2025-01 58.8, 2026-01 63.9, 2026-07 65.5 S5 S7

Leadership

Governance and transparency

• Legal basis: Presidential Decree No. 402 of 23 August 2000, the asset management concept to 2030 and National Bank investment rules S1 S5
• Oversight: National Bank Board; the National Bank annual report is approved by Presidential decree S5
• Santiago Principles: The fund is not an IFSWF member; its alternatives operator NIC is a full member with its own self-assessment S2 S6
• Management and external audit costs were KZT 54.4 billion in 2025, about 1 percent of outflows. S3

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, annual return, asset allocation, governance and mandate documents, named leadership, regular reporting schedule. S1 S5 S7 S9
• Partly published: long-term returns, geographic or sector split, audited financial statements. S3 S5
• Not published: holdings or deal list. S5

History

Reports

• Report on the National Fund for 2025: https://nationalbank.kz/file/download/130774 S5
• National Fund report page: https://nationalbank.kz/en/page/National-Fund-Report S10

Common questions

How big is the National Fund of Kazakhstan?

USD 73.8 billion market value at the end of 2025, and USD 65.5 billion of foreign currency assets on 1 July 2026. S5 S7

Who manages it?

The National Bank of Kazakhstan, chaired by Timur Suleimenov, manages it in trust. Its National Investment Corporation runs alternatives. S5

What did it return in 2025?

15.1 percent on foreign currency assets, or USD 8.72 billion. S5

How much goes to the budget?

Outflows were KZT 5.3 trillion in 2025, almost all transfers to the state budget. S3

Is it an IFSWF member?

Not the fund itself. Its alternatives operator, the National Investment Corporation, is a full member. S2 S6

Related profiles

• State Oil Fund of the Republic of Azerbaijan (SOFAZ) Azerbaijan · USD 72.6B
• Hong Kong Future Fund Hong Kong SAR, China · HK$235.1B
• Kumpulan Wang Amanah Negara (National Trust Fund) Malaysia · RM22.43B (end 2024)
• Chinggis Khaan Sovereign Wealth Fund (Mongolia) Mongolia · MNT 7.5T
• Sarawak Sovereign Wealth Future Fund Malaysia (Sarawak) · RM 8.6B
• Brunei Investment Agency (BIA) Brunei Darussalam · Not disclosed, estimate

All sovereign wealth funds in Asia · All savings and future generations funds · All funds in Kazakhstan

Sources

1. S1Presidential Decree No. 402 of 23 August 2000 on the National Fund
2. S2IFSWF, Our members
3. S3Zakon.kz, National Fund results for 2025 (Ministry of Finance data)
4. S4BES Media, National Fund growth in 2025
5. S5National Bank of Kazakhstan, report on the National Fund for 2025
6. S6IFSWF, member profile of the National Investment Corporation of the National Bank of Kazakhstan
7. S7Kazinform, National Fund foreign currency assets at 1 July 2026
8. S8National Bank of Kazakhstan, National Fund for Children
9. S9National Bank of Kazakhstan, leadership
10. S10National Bank of Kazakhstan, National Fund report page
11. S11Interfax-Kazakhstan, reappointment of the National Bank Chairman