A. A. Zhantayeva

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.

This study delves into the optimization of investment portfolios within the Unified Accumulative Pension Fund in Kazakhstan, employing the Quasi-Sharp model as a pivotal tool. Through a meticulous analysis of the UAPF's investment portfolio evolution, this research scrutinizes shifts in asset allocation and their ramifications on investment returns. The Quasi-Sharp model, a tailored adaptation of the Sharpe model, is harnessed to ascertain the optimal equilibrium between profitability and risk in pension asset management. The STATA program was used to calculate the indicators. Results divulge the imperative role of diversification across various asset classes in mitigating risk while maximizing returns. Optimal investment portfolios are meticulously crafted, considering an array of financial instruments such as stocks, bonds, and bank deposits. The findings underscore that while stocks proffer higher potential returns, bonds offer stability and lower risk. Additionally, bank deposits exhibit stable returns, albeit with limited growth prospects. The study revealed that the maximum expected return with a risk limit of less than 5% could be provided by a portfolio including shares of Halyk Savings Bank of Kazakhstan, Kcell, and KazTransOil in the ratio of 57%, 32%, and 11%, respectively. Key recommendations for investors encompass regular monitoring of market dynamics, diligent assessment of risk tolerance, and recourse to professional advice when warranted. This study furnishes invaluable insights for pension fund managers and investors endeavoring to augment portfolio performance while adeptly managing risk within the Kazakhstani market landscape.

Currently, the establishment and maintenance of management accounting is one of the priority conditions, which enables the Heads of enterprises to make timely decisions in the field of management. Directions of development, production capacity, types of produced products – all these parameters require analysis, systematization and accounting. The responsibility of all levels of administration for the efficiency of production, economic and financial activities is increasing. The authors studied the procurement process at sausage production enterprises, including the procedures for the purchase, delivery, acceptance, storage and pre-sale preparation of products. It has been determined that the following factors influence the organization of accounting system in this industry: finished products are obtained as a result of processing of primary raw materials; features of technological process depend on the type of raw materials, recipes; sausage production is distinguished by high level of mechanization and automation. The conducted studies show that management accounting does not always ensure the fulfillment of all tasks assigned to it. According to the authors, they can be supplemented with the following list: provision of information on the availability of raw material base; formation of budgets and forms of management reporting for raw materials supplied by the customer; control over compliance with sanitary and hygienic standards, quality of raw materials and finished products; providing data on product line, availability of ecological packaging. The solution of these problems contributes to the increase in the efficient and effective management; reduction of labor costs for executives and managers who make decisions on information and settlement processes.