USING THE MULTIDIMENSIONAL ANALYSIS METHOD IN THE MANAGEMENT OF FINANCIAL ASSETS OF PENSION FUNDS

Abstract

Effective management of pension assets is crucial for ensuring the long-term financial stability of national pension systems. In Kazakhstan, the Unified Accumulative Pension Fund (UAPF) plays a key role in accumulating and investing pension savings, yet its asset management strategies face challenges due to inflation, market volatility, and limited investment options. As of 2024, UAPF's total assets exceeded 18.6 trillion tenge, growing by 16% year-over-year. However, with inflation surpassing pension returns (9.8% vs. 8.3% in 2023), the real value of savings is declining. This study aims to develop a methodological approach for optimizing pension asset management using multidimensional classification techniques. The research employs a quantitative approach, utilizing data from the Bureau of National Statistics of Kazakhstan for 2013–2023. Statistical and econometric methods, including correlation analysis, cluster analysis, and variance analysis, were applied to classify assets based on risk and return characteristics. The study identifies three pension portfolio categories: (1) moderately aggressive, with returns up to 8.3% and higher risk; (2) moderately conservative, offering 5.5% returns with balanced risk; and (3) conservative, providing stable but low returns, failing to offset inflation. Findings highlight that Kazakhstan's pension system remains highly dependent on government securities (46% of total assets), limiting growth potential. The research suggests diversification strategies, including alternative assets, ESG investments, and digital financial tools. The study contributes to the literature on pension fund management in emerging markets and offers practical recommendations for enhancing investment efficiency and long-term financial security for pensioners.

Keywords: pension asset management, investment strategy, financial stability, risk diversification, cluster analysis, pension fund, Kazakhstan, digital financial tools, economic modeling, ESG investments.