Eng
Conservative Fund(AMCON)
Risk level medium
Fund management fee 0,95%*
Fund management fee 0,95%*
Equity ≤
35%
Fixed Income Instruments ≥
65%
*Including custodian and registrar fees
Performance history as of 12/02/2026
Share Class
-
NOMINAL (INITIAL) VALUE:
1 000 AMD
NAV per share
re-evaluated daily
2548.2862
Weekly
0.95 %
Year to date(YTD)
2.10 %
Last year
11.99 %
Last 12 months
12.73 %
For the last three years(annualized)
12.04 %
For the last five years (annualized)
6.08 %
Since inception (annualized)
since inception date: 11/03/2014
8.15 %
Performance of previous years
11.99%
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 Conservative 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.
Characteristics
- Legal status Contractual, standard, open-ended investment fund
-
Risk level
risk is associated with exposure to equitiesmedium
- Investing in equity instruments Maximum 35%
-
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
-
NAV calculation frequency
the time period when the fund's net asset value is calculated and reported to the RegistrarDaily
-
NAV per unit publication time
no later than the end of business day: defined by the 10/09 Regulation of the Central Bank of Armenia15:00
-
Fund's net assets
assets minus accrued liabilities759938901679.62
-
Share nominal value
defined by RA Government1 000
-
NAV per share
re-evaluated daily2548.2862
-
The amount of participation of the fund manager
at least 1% of AUM, if it does not exceed 1 billion AMD1 749 658 814
- Entry charge (maximum) 0.00%
- Exit charge (maximum) 3.00%
- The amount of management fee including custodian fee 0.95% per annum
- Performance fees No
- Guarantee fund fee 0,02% per annum
-
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%
-
Audit fee
According to Armenian legislation, the maximum annual fee for an external audit cannot exceed AMD 17 million.12 941 062,2 included VAT
- Taxes Fund is not taxable
The redemption price of the unit may be less than the net asset value per unit
that has been calculated at the time of publication, by an amount equal to the fees and expenses stipulated in the rules of the fund.
The procedure for repurchasing, repaying, terms and conditions of pension fund shares are defined in the fund rules.
Responsible Investment policy
Working hours
Monday-Friday
09:00-18:00
Interested parties
Asset Management
Amundi-Acba Asset Management
10 V. Sargsyan, premises 100-101, Yerevan 0010, RA
(+374) 11 31 00 00
info-armenia@amundi.com
https://amundi-acba.am
Custodian and Registrar
Central Depository of Armenia
Fund Administration Agent
CACEIS FA
External auditor
KPMG Armenia
Erebuni Plaza Business Center, 8-th floor, 26/1 Vazgen Sargsyan Street, Yerevan 0010, Armenia
(+374) 10 59 59 99
general@kpmg.co.am
https://kpmg.com/am/en/home.html
How to choose this fund
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.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 actionsThrough CDA Online application (if there is a securities account).Through Converse Mobile application.Through AraratMobile application.Through Account Operators
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
- 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 BranchesTel: (+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.
Fund performance
Fund performance since inception (as for 1000)
Performance history as of 12/02/2026
Share Class
-
NAV per share
re-evaluated daily
2548.2862
Weekly
0.95 %
Year to date(YTD)
2.10 %
Last year
11.99 %
Last 12 months
12.73 %
For the last three years(annualized)
12.04 %
For the last five years (annualized)
6.08 %
Since inception (annualized)
8.15 %
Performance analytics data since inception
- Maximum drawdown -11.29%
- Recovery period (days) 315
- Lowest return -5.05%
- Highest return 3.69%
- Worst month 12/2014
- Best month 11/2020
Risk analysis data
- 1 year 3.43%
- 3 years 3.37%
- 5 years 3.96%
- Inception to date 3.85%
Volatility is a statistical indicator that measures an asset’s variations around its average value. The higher the value of the volatility index, more risky is the asset.
Fund structure
Structure by
- Asset classes
- Currency
The movement of assets under management
| Date | Assets | NAV per share |
|---|---|---|
|
Date
31/07/2025
|
Assets
641,686,615,842
|
NAV per share
2,340.93
|
|
Date
29/08/2025
|
Assets
657,666,887,608
|
NAV per share
2,367.03
|
|
Date
30/09/2025
|
Assets
677,796,875,572
|
NAV per share
2,408.69
|
|
Date
31/10/2025
|
Assets
697,258,230,909
|
NAV per share
2,444.64
|
|
Date
28/11/2025
|
Assets
715,671,894,256
|
NAV per share
2,466.31
|
|
Date
30/12/2025
|
Assets
733,242,854,572
|
NAV per share
2,495.77
|
Global distribution
- By region
- By country
- By sector
The exposures are calculated based on underlying assets
The exposures are calculated based on underlying assets
The exposures are calculated based on underlying assets
Breakdown by
- Country of listed securities
- Deposit by country
- Issuer country of investment funds
- Country of derivatives counterparty
Bond analysis
Structure by
- Issuer type
- Rating
- Countries
- Currencies
The exposures are calculated based on underlying assets
The exposures are calculated based on underlying assets
Distribution of government bonds by countries
The exposures are calculated based on underlying assets
Equity analysis
Structure by
- Geographic area
- Sector
- Country
- Market capitalization
The exposures are calculated based on underlying assets
The exposures are calculated based on underlying assets
The exposures are calculated based on underlying assets
Fund Manager comment
Past performance is not a guarantee or a reliable indicator for current or future performance and returns.
Reports
- 2025
- 2024
- 2023
- 2022
- 2021
- 2020
- 2019
Funds
Updated 11.02.2026 | 10:30
In December, foreign markets exhibited 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 dominated market dynamics during the month. As anticipated, the U.S. Federal Reserve and the Bank of England each cut interest 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 delivered the strongest performance in December. Equity gains were driven primarily by Europe and emerging markets, while fixed income produced weaker or negative returns.
In response to these market conditions, the fund increased its exposure to equities via the MSCI World and MSCI USA indices.
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. Consequently, the fund increased the weight of foreign-currency from 33.8% in the prior month to 34.1%.
The Central Bank of Armenia also cut its refinancing rate by 25 basis points in December, bringing it to 6.50% - a move that was somewhat unexpected by market participants.
On the government bond yield curve, yields rose for maturities beyond 20 years, whereas yields declined at shorter maturities.
Within local allocations, we increased the weight of time deposits from 19.8% to 20.2%.
December was also notable for investments in corporate bonds issued by two real-economy companies - Alfa Pharm LLC and Global Shipping (Globbing) LLC. While the allocations to these issues are small within the fund’s total assets, they represent an important step in diversifying the portfolio beyond the financial sector.
The fund returned 1.2% in December, contributed to by both local and foreign investments.