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Amundi-Acba press release
Amundi-Acba pension funds recovered in the second quarter of 2026 from the lowest levels recorded as a result of the conflict in the Middle East and posted positive returns.
For the second quarter of 2026, the returns* of the funds were as follows:
Balanced (AMBAL) Fund: 5.2%
Conservative (AMCON) Fund: 4.3%
Fixed Income (AMFIX) Fund: 1.5%
As of the end of June 2026, the assets of the three funds amounted to more than AMD 842.4 billion, of which around AMD 228 billion, or 27% of assets, was generated through management*.
During the second quarter, geopolitical tensions in the Middle East periodically increased market volatility. However, announcements regarding a framework agreement for a US-Iran ceasefire and a memorandum of understanding (MoU) somewhat eased concerns about regional escalation. As a result, energy prices declined and investor sentiment improved as fears of a prolonged disruption to global energy supplies eased.
Driven by ceasefire-related news, as well as a renewed sense of optimism around artificial intelligence (AI) capital expenditures, global equity markets rose, which in turn made a significant contribution to the positive returns of the Balanced and Conservative pension funds.
At the same time, movements in bond yields closely followed developments in energy markets. Midway through the quarter, when concerns about escalation intensified, government bond yields rose to multi-year highs, but later declined amid encouraging signals regarding a possible US-Iran agreement. Nevertheless, foreign debt instruments limited the increase in returns in the Conservative and Fixed Income funds.
Local investments; including Armenian government and corporate bonds, as well as deposits; had a positive impact on the returns of all funds, while Armenian equities supported the performance of the Balanced and Conservative funds.
For more details on the quarterly returns and investments of Amundi-Acba pension funds, please visit: https://amundi-acba.am/media/2026/07/28/Eng_Q2_26_Investment-and-performance.pdf
*Fund returns include fees and expenses charged to the fund’s assets. Past performance is not a reliable indicator of future returns.
Legal notice
This document is provided for informational purposes only. The information disclosed herein does not constitute investment advice or a recommendation to make, or refrain from making, any investment decision of any kind, and should not be relied upon as such.
The document is based on sources considered reliable by AMUNDI-ACBA ASSET MANAGEMENT CJSC. Before joining any pension fund, all potential participants should assess whether their risk appetite is consistent with their return expectations and should review the legal acts applicable to each fund. Participants in pension funds should not rely solely on this document when choosing a fund. AMUNDI-ACBA ASSET MANAGEMENT CJSC has no responsibility, including direct or indirect liability, that may arise from the use of the information contained in this material. AMUNDI-ACBA ASSET MANAGEMENT CJSC shall in no way be held liable for investment decisions made by participants on the basis of this information. Past performance of the funds is not a reliable guide to current or future returns.
AMUNDI-ACBA ASSET MANAGEMENT CJSC is a legal entity registered in the Republic of Armenia and conducts pension fund management activities in Armenia under Investment Fund Management License No. 0002 issued by the Central Bank of Armenia. Its registered office is located at 10 Vazgen Sargsyan St., premises 100–101, Yerevan, Republic of Armenia.
AMUNDI-ACBA ASSET MANAGEMENT CJSC is supervised by the Central Bank of Armenia.