4th Quarter, 2025

As of the end of Q4 2025, the net asset value of the three pension funds amounted approximately AMD 751 billion, 26% of which represents returns generated through funds management.

Since inception, the average annual return as of the end of December 2025 has ranged between 7.5% and 8.2%.

The Balanced (AMBAL), Conservative (AMCON), and Fixed-Income (AMFIX) pension funds recorded positive performance, driven primarily by local investments.

Detailed information on the funds’ investments and performance is available in our quarterly fact sheet.