Q2 2026

Amundi-Acba pension funds recovered in the 2nd quarter of 2026 from the lows recorded as a result of Middle East tensions and delivered positive returns.

In the second quarter, geopolitical tensions in the Middle East periodically increased market volatility. However, announcements regarding a US-Iran ceasefire agreement framework and a Memorandum of Understanding (MoU) somewhat eased concerns about broader regional escalation. As a result, energy prices declined and investor sentiment improved as concerns about prolonged global energy supply disruptions weakened.

Driven by ceasefire-related news and renewed optimism regarding artificial intelligence (AI) capital expenditures, global equity markets grew, which in turn greatly contributed to the positive returns of the Balanced and Conservative pension funds.

At the same time, bond yield movements tracked energy market developments very closely.  In the middle of the quarter, when concerns over escalating tensions intensified, government bond yields increased, reaching multi-year highs, but later declined amid encouraging signals regarding a possible US-Iran agreement. Nevertheless, foreign debt instruments limited return growth in the Conservative and Fixed Income funds.

Among local investments, Armenian government and corporate bonds, as well as deposits, had a positive impact on the returns of all funds, while Armenian equities contributed positively to the results of the Balanced and Conservative funds.

Since inception, the average annual return of the pension funds as of the reporting quarter ranged from 7.36% to 8.27%, depending on the fund type, while year-to-date returns for the funds were respectively as follows:*

Balanced Fund (AMBAL): 4.8%
Conservative Fund (AMCON): 4.1%
Fixed Income Fund (AMFIX): 2.6%

As of June 30, 2026, the combined assets of the three funds exceeded 842.4 billion AMD, of which approximately 228 billion AMD, representing 27% of total assets, was generated through active management*.

*The reported return figures include all fees and expenses charged to the funds’ assets. Past performance is not a reliable indicator of future results.

For more detailed information on the quarterly returns and investments of Amundi-Acba pension funds, please see document below.