Yerevan, 3 February, 2026 

In 2025, we continue to remain the leading asset manager in the Republic of Armenia’s mandatory funded pension system, with assets under management amounting to approximately AMD 750 billion as of December 2025.

Since inception, the Balanced, Conservative and Fixed Income pension funds - by combining international best practices in asset management with in-depth knowledge of the local market - we have been effectively managing the pension savings of around 558,000 participants.  

For more than a decade, we have maintained our leading position in the market and built a reliable track record of sustainable growth prioritizing capital preservation, transparency, and sustainable long-term returns, while also making a significant contribution to the development of Armenia’s financial landscape.

2025 in review: The year was marked by resilient performance supported by the application of effective strategies aligned with international standards and the diversification of investment portfolios across local and foreign assets, while appropriately managing currency and market risks. This approach has ensured positive outcomes in support of the long-term investment objectives of pension fund participants.

For 2025, the pension funds grew by AMD 180 billion, 40% of which was income generated from investments.

For the full year 2025, fund returns were as follows: [1]

Amundi-Acba Conservative (AMCON): +12.0%

Amundi-Acba Balanced (AMBAL): +12.4%

Amundi-Acba Fixed Income (AMFIX): +10.1%

Expansion of local investments: During 2025, Amundi-Acba broadened local investment activity and invested in corporate bonds issued by non-financial issuers, expended FX hedging capacity via new ISDA-governed cross-currency swaps, enhanced yield and liquidity management through new GMRA-governed reverse repos and leveraged capabilities in direct private investments.

Long term track record: as of December 30, 2025, assets under management of Amundi-Acba funds have reached approximately AMD 750 billion, of which 26% of this asset base coming from investment return.  Around 64% of assets are invested in Armenia, with the remainder diversified across international markets.

Since inception, the three pension funds have had average annual returns of between 7.5% and 8.2%. [1]

Looking ahead, Amundi-Acba aims to deepen tactical collaborations with various institutions to foster capital market development and create new investment opportunities for pension funds, as well as contribute to long-term local economic growth.

[1] Past performance is not a reliable indicator of future results.