The final session of the Global Investment Outlook, symbolically titled "Keep it Turning" focused on the asset allocation perspectives. 

Held in the format of an expert dialogue, the discussion bridged global macroeconomic developments with practical investment solutions.

The session featured Frederic Pascal, Head of Outsourced CIO solutions, France Amundi, and Hrayr Aslanyan, Chief Investment Officer of Amundi-Acba.

Presenting the local market landscape, Hrayr Aslanyan noted that the economy has entered a more stable phase, which on the demand side has been driven by consumption and private investments, while on the supply side he highlighted the most active sectors of the economy, particularly construction and services. Referring to inflation, he emphasized that macroeconomic stability was maintained thanks to the timely and decisive response of the Central Bank of Armenia (CBA).

Speaking about the asset market, Mr. Aslanyan highlighted the key role of government bonds. Throughout 2025, their yield curve shifted downward, aligning with global trends in emerging markets.

At the same time, significant activity has been observed in the corporate bond market, particularly in bonds issued by non-financial institutions. According to the expert, this is a strategic direction, as corporate securities play a crucial role in the diversification of pension funds. "Our efforts will continue to be primarily focused on the corporate bond market denominated in the local currency (AMD). Increasing private sector investment in the funds will also be important," added Hrayr Aslanyan.

In 2025, pension funds closed the year with significant results, driven by the application of efficient strategies in line with international standards and the diversification of investment portfolios across both local and foreign assets, while properly managing currency and market risks. This approach has delivered positive results in the interest of the long-term investment goals of pension fund participants.

The efficiency of fund management is further reflected in the figures: in 2025 alone, pension funds grew by more than AMD 180 billion, of which 40% was exclusively generated through investment income.

As part of this session, Frederic Pascal presented the principles of Strategic Asset Allocation which underpin Amundi’s investment activities. The investment framework is built on the analysis of risk and expected returns. Speaking about asset classes, Mr. Pascal noted: "Equities are the riskiest assets yet at the same time the most promising assets. Over a 5, 10, or even 20-year horizon, equities can provide maximum results. The Japanese equity and emerging markets are the best performers in terms of expected returns”.

Amundi has established an investment culture in Armenia in which portfolios are constructed considering both conservative stability and balanced growth perspectives.

Mr. Pascal also raised a critical challenge previously discussed with the CBA Governor and Amundi partners. "Although we have clear targets (such as allocating 10% of the portfolio to private equity), the limited availability of investment opportunities in the local market prevents the full realization of these objectives".

Choosing the right time to enter the market allows investors to maximize returns, even in volatile market conditions. The Head of Outsourced CIO Solutions at Amundi France specifically emphasized that in investing, "when" is just as important as "what." 

In the final part of the session, the speakers answered questions regarding assets and pension funds.

Access the full Global Investment Outlook 2026 here