Amundi-Acba: Pension funds again posted positive returns

Amundi-Acba pension funds recovered in the second quarter of 2026 from the lowest levels recorded as a result of the conflict in the Middle East and posted positive returns.

For the second quarter of 2026, the returns of the funds were as follows:

Balanced (AMBAL) Fund: 5.2%
Conservative (AMCON) Fund: 4.3%
Fixed Income (AMFIX) Fund: 1.5%

As of the end of June 2026, the assets of the three funds amounted to more than AMD 842.4 billion, of which around AMD 228 billion, or 27% of assets, was generated through management.

During the second quarter, geopolitical tensions in the Middle East periodically increased market volatility. However, announcements regarding a framework agreement for a US-Iran ceasefire and a memorandum of understanding (MoU) somewhat eased concerns about regional escalation. As a result, energy prices declined and investor sentiment improved as fears of a prolonged disruption to global energy supplies eased.

Driven by ceasefire-related news, as well as a renewed sense of optimism around artificial intelligence (AI) capital expenditures, global equity markets rose, which in turn made a significant contribution to the positive returns of the Balanced and Conservative pension funds.

At the same time, movements in bond yields closely followed developments in energy markets. Midway through the quarter, when concerns about escalation intensified, government bond yields rose to multi-year highs, but later declined amid encouraging signals regarding a possible US-Iran agreement. Nevertheless, foreign debt instruments limited the increase in returns in the Conservative and Fixed Income funds.

Local investments, including Armenian government and corporate bonds, as well as deposits, had a positive impact on the returns of all funds, while Armenian equities supported the performance of the Balanced and Conservative funds.
For more details on the quarterly returns and investments of Amundi-Acba pension funds, please visit the link.