Eng
Fund management fee 1,15%*
Fund's profitability indicators include expenses and payments paid at the expense of the fund assets.Past performance is not a guarantee or a reliable indicator for future performance and returns.
The investment objective of the Balanced fund is to maximize the total return on assets, by investing in fixed income and equity instruments at acceptable level of risk. The assets of the Fund can be invested in money market instruments, government and corporate bonds, bank deposits and equities, denominated in AMD and foreign currency, as well as in exchange traded funds (ETFs) and mutual funds, investing solely in above mentioned instruments.
- Legal status Contractual, standard, open-ended investment fund
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Risk level
risk is associated with exposure to equitieshigh
- Investing in equity instruments Maximum 50%
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Distribution of fund income
on the principle of compound interest, i.e. performance is calculated based on both the initial principal and the accumulated interest from previous periodsIncomes are reinvested
- Fund manager Hrayr Aslanyan, Anush Amirjanyan
- Inception date 11/03/2014
- Fund currency AMD
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NAV calculation frequency
the time period when the fund's net asset value is calculated and reported to the RegistrarDaily
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NAV per unit publication time
no later than the end of business day: defined by 10/09 Regulation of the Central Bank15:00
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Fund's net assets
assets minus accrued liabilities10240875536.12
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Share nominal value
defined by RA Government1 000
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NAV per share
re-evaluated daily2579.2161
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The amount of participation of the fund manager
as of 31/12/2025120 815 413
- Entry charge (maximum) 0.00%
- Exit charge (maximum) 3.00%
- The amount of management fee including custodian fee 1.15% per annum
- Performance fees No
- Guarantee fund fee 0,02% per annum
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Transaction costs
According to Regulation 10/12 on “Items and Maximum Amounts of Costs by the Use of Mandatory Pension Fund Assets”Maximum 0.1%
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Audit fee
According to Armenian legislation maximum amount of annual fee for external audit cannot exceed 17 Mio AMD. Audit fee defined by the Audit agreement is distributed proportionally among the 3 funds according to the net asset value of the given fund as of the last business day of the year preceding the given year.13 240 000 included VAT
- Taxes Fund is not taxable
Redemption price of a unit may be less than the available net asset value per unit (at the time when the application is submitted to CDA) by an amount equal to the fees and expenses stipulated in the fund's rules.
The procedure for repurchasing, repaying, terms and conditions of pension fund shares are defined in the fund rules.
Online:
1. My account of Central Depository of Armenia, if you have ID card and card reader, you need:
Connect the identification card reader to the computer and insert your identification card into the deviceEnter the PIN code provided with the identification cardGo to "My Applications" section, select "Request for Mandatory Pension Fund and Pension Fund Manager" application and fill it outAfter completing the application, click the "Save" button and then the "Accept" button.
2. If you have Mobile Identification card (mID), you need:
Click the "Verification" buttonClick the "Identification" buttonChoose the "Mobile Identification Card" optionEnter phone numberClick the "Log in" buttonSelect "Confirm" in the window that opens on the mobile phoneEnter the PIN codeTake the necessary actions
3. Through CDA Online application (if there is a securities account).
4. Through Converse Mobile application.
5. Through AraratMobile application.
6. Through Account Operators
- Visit one of the following Account Operators, present ID card or passport and public service number (social security card)
Account Operators are:
Tel: (+374 10) 51 45 14 Head Office and Branches
Tel: (+374 10) 59 23 23 Head Office and Branches
Tel: (+374 10) 51 12 11 Head Office and Branches
Tel: (+374 12) 22 22 22 Head Office and Branches 
Tel: (+374 10) 59 20 20 Head Office and Branches The account operator is an intermediary organization between the registrar of participants, the Central Depository of Armenia, and participants of the funded pension system.
Changing the pension fund manager is free of charge once a year. In case of further changes during the year, a redemption fee (1%) is charged. Details are provided in the fund rules.
- Maximum drawdown -12.44%
- Recovery period (days) 335
- Lowest return -5.00%
- Highest return 4.04%
- Worst month 06/2022
- Best month 11/2020
- 1 year 4.80%
- 3 years 4.25%
- 5 years 4.66%
- Inception to date 4.27%
- Asset classes
- Currency
| Date | Assets | NAV per share |
|---|---|---|
|
Date
31/07/2025
|
Assets
8,795,264,433
|
NAV per share
2,374.58
|
|
Date
29/08/2025
|
Assets
8,992,630,623
|
NAV per share
2,403.08
|
|
Date
30/09/2025
|
Assets
9,293,833,692
|
NAV per share
2,450.57
|
|
Date
31/10/2025
|
Assets
9,533,752,942
|
NAV per share
2,488.59
|
|
Date
28/11/2025
|
Assets
9,722,809,278
|
NAV per share
2,506.57
|
|
Date
30/12/2025
|
Assets
9,960,350,014
|
NAV per share
2,538.45
|
- By region
- By country
- By sector
- Country of listed securities
- Deposit by country
- Issuer country of investment funds
- Country of derivatives counterparty
- Issuer type
- Rating
- Countries
- Currencies
- Geographic area
- Sector
- Country
- Market capitalization
Past performance is not a guarantee or a reliable indicator for future performance and returns..
- 2025
- 2024
- 2023
- 2022
- 2021
- 2020
- 2019
In December, foreign markets displayed mixed trends. Against this backdrop, the fund implemented a number of tactical adjustments to align the investment portfolio with the prevailing market environment.
Monetary policy was the dominant market driver during the month. As expected, the U.S. Federal Reserve and the Bank of England each cut policy rates by 25 basis points, the European Central Bank left rates unchanged, and the Bank of Japan raised its policy rate by 25 basis points to 0.75% - the highest level since 1995.
By asset class, equities and metals produced the strongest results in December. Equity gains were driven mainly by European and emerging markets, while fixed income delivered weaker or negative returns. In response to these conditions, the fund increased its equity exposure through MSCI World and MSCI USA index instruments.
In FX markets, the U.S. dollar showed no material change versus the Armenian dram, while the euro and the British pound appreciated by 1.8% and 2.4%, respectively. The fund’s foreign-currency weight fell from 36.0% to 35.8%, driven by net cash inflows.
The Central Bank of Armenia also lowered its refinancing rate by 25 basis points in December to 6.50%, a move that was somewhat unexpected by market participants. On the Armenian government yield curve, yields rose at maturities beyond 20 years while declining at shorter tenors.
Within local allocations, we increased the weighting of time deposits from 21.2% to 22.8%. December was also notable for investments in corporate bonds issued by two real-economy companies - Alfa Pharm LLC and Global Shipping (Globbing) LLC. Although these allocations are small in the context of the fund’s total assets, they represent a meaningful step in diversifying the portfolio beyond the financial sector.
The fund returned 1.3% in December, driven by both local and foreign investments.